Energean Oil and Gas plc Announces its Half-year Results for the Half Year Ended 30 June 2018
Thursday 13 September 2018
Operational and Financial highlights
- Raised $460 million through Premium London Stock Exchange IPO, the largest Oil & Gas IPO for nearly four years.
- Arranged $1,275 million of project financing with an attractive estimated average margin of 4%.
- Took Final Investment Decision for Karish-Tanin in March 2018; on track to deliver first gas in 1Q 2021.
- Increased net 2P reserves to 349 mmboe, a more-than-six times increase versus the 51 mmboe identified at the point of Listing.
- Identified 7.5 Tcf of gross prospective resources offshore Israel with a high geological chance of success.
- Committed to the high impact Karish North exploration well, commencing 1Q 2019 and targeting 1.3 Tcf and 16 million bbls of gross recoverable prospective resource (Energean 70%) with a volume weighted geological chance of success of 69%.
- Delivered 3,801 bopd of production, a 50% increase versus the comparable period for 2017.
- Drilled an Extended Reach Horizontal well into Prinos North; well contributed > 1,000 bopd in 1H 2018.
- Reduced production costs by 27% to $19/bbl (1H 2017: $26/bbl); costs per barrel forecast to reduce further.