Energean recorded an increase in production in the first two months of the year. More specifically, production reached 144 kboe per day in January – February.
Operational Highlights
– First major step-up in production achieved.
– FY23 production of 123 kboed (83% gas), up 200% year-on-year, primarily as a result of a full-year of production from Karish (Israel).
– Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments.
– FPSO uptime (excluding planned shutdowns) was 99% in Q4 2023.
– Full year 2023 working interest 2P reserves were 1,115 mmboe, stable year-on-year before produced 2023 volumes
(47 mmboe) and demonstrating material reserves life of around 19 years.
– New gas contract signed in Israel in February 2024 which adds circa 2 billion dollars of revenues over the life of the contract and is in line with the Group’s strategy to secure long-term reliable cash flows.
– 2023 sales and other revenues of 1,420 million dollars, representing a 93% increase.
– 2023 adjusted EBITDA of 931 million dollars, representing a 121% increase. Profit after tax of 185 million euros was a significant improvement versus the previous year.
– Q4 2023 dividend of 30 cents/share declared on 22 February 2024 and scheduled to be paid on 29 March 2024.
– 42% year-on-year reduction in carbon emissions intensity to 9.3 kgCO2e/boe.
– 2024 production guidance reiterated at 155 – 175 kboed.
– Cassiopea (Italy) first gas expected in the summer of 2024.
– Morocco country entry through farm-in to Chariot Limited’s Lixus and Rissana licences, expected to complete
imminently.
Mathios Rigas, Chief Executive Officer of Energean, commented:
“2023 was another transformational year for Energean. We grew production by 200% year-on-year, reached c. 150 kboed peak production and brought NEA/NI online on time and on budget. Despite the challenging geopolitical environment, all of our operations were managed without any impact from the regional conflicts. Since the year-end, the start-up of Karish North and the second gas export riser mean we are now able to utilise the FPSO’s maximum gas capacity and our production guidance illustrates the next step towards our near-term target of 200 kboed.”
