Energean Oil and Gas plc (LON: ENOG, TA: ENOG), the London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations offshore Israel, Greece and the Adriatic today issued the following Trading Update for the period from 1 July to 13 November 2018. The Group will publish a Trading Statement and Operational Update on 16 January 2019 and Full Year results for 2018 will be announced on 21 March 2019.
Highlights
· On track to deliver first gas from the 2.4 Tcf Karish – Tanin development in 1Q 2021.
· Scheduled first steel cut on the Karish – Tanin FPSO for 26 November 2018.
· Targeting 2.3 Tcf gas and 31 million barrels liquids gross prospective resources with a high probability of success through the 2019 Israeli drilling programme.
· Aiming to fill the 3.8 BCM per annum (‘bcma’)1 of FPSO spare capacity in the medium term. Identified strong incremental demand for gas with future sales contracts targeting growing domestic and regional export markets.
· Expecting first oil from the Epsilon extended reach well in late 2018 and achieved first steel cut on the Epsilon jacket on 26 September.
· Started trading on the Tel Aviv Stock Exchange (“TASE”) on 29 October and expecting to enter the TA-90, TA-125 and TA-Oil & Gas Indices.
· Strengthened the senior management team with the appointment of Iman Hill as Chief Operating Officer.
· Well-funded for all development projects. At 30 September 2018 the group had gross cash of $289 million (net cash $160 million), plus liquidity of $68 million under its RBL and $1,275 million under its project finance facility.
Mathios Rigas, CEO of Energean said:
“Our developments are on schedule and we have an active programme of drilling in both Israel and Greece in the months ahead, targeting significant increases in prospective resources and production.
We are seeing strong incremental demand for our gas and aim to prove up enough resources to fill the 3.8 bcma of spare capacity in our 8 bcma FPSO. Future gas sales agreements will focus on both further contributing to security and diversity of supply in the Israeli markets as well as targeting key regional export markets.”
