Energean announced its sixth natural gas field discovery in the Eastern Mediterranean, on the London and Tel Aviv stock exchanges.
According to the preliminary analysis, gas-initially-in-place (“GIIP”) volumes are expected to reach approximately 87129 Bcf1 based on the P90 to P10 range. First production is expected in Q3 2024.
It is recalled that Energean in 2019 discovered the Karish North field in the sea of Israel, which has been in operation since February.
During 2022 it discovered four more, with the first two recognised as part of the Katlan discovery by the Israeli government, which has also given its approval for the first development phase. The Katlan deposit can also be used for export purposes.
Main points:
- Production for the period was 142 kboed (82% gas), a 49% increase versus Q1 2023 (94 kboed).
- Group 2024 production guidance is reiterated at 155 – 175 kboed, which is weighted towards the second half of the year.
- Revenues for the period were 413 million dollars, a 43% increase versus Q1 2023 (289 million).
- Adjusted EBITDAX for the period was 259 million dollars, a 60% increase versus Q1 2023 (162 million).
- Drilling operations continue on Cassiopea (Italy) with the second and third well (out of four).
- Morocco farm-in completed and rig contract signed for the Anchois appraisal well.
- Long-lead items ordered for the Katlan development (Israel) to maintain project schedule ahead of Final Investment Decision.
