Source - Alliance News

Energean PLC on Thursday said it had a ‘strong’ start to 2022 and is expecting the first gas from its Karish project in the third quarter.

The London-based oil and gas company said revenue in the quarter that ended March 31 was up 80% to $170.7 million from $94.9 million in the first quarter of 2021.

Earnings before interest, tax, depreciation, amortisation and exploration expense for the three-month period more than doubled to $89.6 million, from $32.9 million in quarter one.

Production for the four months to April 30 was 36,100 barrels of oil equivalent per day. This was within Energean’s full-year guidance, excluding Israel, of 35,000 to 40,000 boe per day.

Energean said the Karish project, which is in Israel, was around 93% complete at the end of April. It is expected to be delivering gas by the third quarter.

Once complete, 2022 production guidance will increase to 60,000-70,000 boe per day.

Chief Executive Mathios Rigas said: ‘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.’

Shares in Energean were down 0.7% to 1,360.00 pence each in London on Thursday morning.

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