Energean Announces Trading Statement & Operational Update

Source: www.gulfoilandgas.com 5/26/2022, Location: Middle East

Energean plc (LSE: ENOG) is pleased to provide an update on recent operations and the Group's trading performance in the 3-months to 31 March 2022.


- Revenues for the period were $170.7 million, an 80% increase versus Q1 2021 ($94.9 million)

- EBITDAX for the period was $89.6 million, a 172% increase versus Q1 2021 ($32.9 million)

- Group cash as of 31 March 2022 was $812.7 million (including restricted amounts of $135.6 million)

- Production in the four-months to 30 April 2022 was 36.1 kboed (73% gas)
- Within full-year guidance (excluding Israel) of 35-40 kboed

- First gas from Karish on track for Q3 2022, development was 93.2% complete and the FPSO 99.3% complete as at 30 April 2022
- The Energean Power FPSO has sailed-away from Singapore and is expected to arrive in Israel in early June

- Inaugural dividend policy announced

- Commercial discovery made by the Athena exploration well, containing recoverable gas volumes of 8 bcm (283 bcf / 51 mmboe) on a standalone basis.
- Discovery de-risks an additional 50 bcm (1.8 tcf / 321 mmboe) of mean unrisked prospective resources across Energean's Olympus Area (total 58 bcm / 372 mmboe including Athena).

- New GSPA signed in May 2022 for up to 0.8 bcm/yr to supply gas to the East Hagit Power Station

Mathios Rigas, Chief Executive Officer of Energean, commented:

"I am pleased to report that Energean has had a strong start to the year. We have delivered record quarterly revenue and EBITDAX, our production performance is within guidance and our flagship project Karish is on track for first gas in Q3 this year.

"2022 will be a transformational year for Energean and we have already delivered on several of our 2022 milestones. We have announced our inaugural dividend policy, we have made a commercial gas discovery at Athena in our Israel drilling campaign, and we have signed an additional commercialisation agreement for our gas in Israel. I look forward to continuing to deliver on our promises to our shareholders and broader stakeholder communities for the remainder of the year."

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