- Energean PLC on Thursday declared its maiden dividend after strong commodity prices boosted its interim results.

Shares in the gas exploration and production company were up 11% at 1,384.00 pence in London early Thursday, the stock sitting atop the FTSE 250 index.

Revenue in the first half of 2022 rose to $339.0 million from $205.5 million a year before.

Revenue jumped 65% year-on-year, but cost of sales only rose 7.0%. This led to a significant swing to profit of $109.8 million from a loss of $20.5 million.

Adjusted earnings before interest, tax, depreciation and amortisation surged to $198.2 million from $74.7 million.

Average working interest production was 35,400 barrels of oil equivalent per day, down 20% on a year before. However, the realised weighted average oil price jumped 85% to $87.5 per barrel.

‘The strong financial performance of our existing assets, the current readiness status of our Karish project, and our strong liquidity position have allowed us to, today, declare our maiden quarterly dividend, in line with our previously announced dividend policy,’ said Chief Executive Mathios Rigas.

Energean declared a maiden quarterly dividend of 30 US cents per share.

‘We are concurrently raising our medium-term targets,’ he added, with annual revenue now targeted at $2.5 billion, up from a prior aim of $2.0 billion, and adjusted Ebitda seen at $1.75 billion from a previous target of $1.4 billion.

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