Today, Energean announced its sixth discovery of a natural gas field in the Eastern Mediterranean, this time in Egypt, on the London and Tel Aviv stock exchanges.

The initial estimate is that the new discovery contains 87-129 billion cubic feet of natural gas, and is scheduled to come into production during the third quarter of the year. It is recalled that Energean in 2019 discovered the Karish North field in the sea of ​​Israel, which has been in production since February. During 2022 it discovered the Athena, Zeus, Hermes and Heracles deposits, with the first two recognized as part of the Katlan discovery by the Israeli government, which has also given its approval for Phase 1 development. The Katlan deposit can also be used for export purposes.

In addition to the new discovery, the main developments in the first quarter of the year as well as the outlook for the continuation are as follows:

  • The daily production of the period was 142 thousand barrels of oil equivalent (+49% on an annual basis), 82% of which was in natural gas. The company maintains its daily production forecast of between 155,000 and 175,000 barrels of oil equivalent for all of 2024.
  • Revenue was $413 million (+43% year-on-year), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDAX) was $259 million (+60% year-on-year). The company will distribute on June 28 a dividend of $0.3 per share for this period.
  • The Cassiopea offshore gas field, one of the largest natural gas developments in Italy, is expected to come on stream during the summer, while confirmation drilling at the Anchois field in Morocco is scheduled for August.
  • The application for obtaining a CO2 storage license in Prinos is expected to be submitted within June.
  • The Final Investment Decision for the development of the Katlan natural gas field in Israel is expected in the next period.

Mathios Rigas, CEO of the Energean group, said: “We continue to achieve strong operational and financial results, with an increase in production, revenue and EBITDAX year-on-year. In Israel, our activity remained unaffected by geopolitical developments, with the expected peak in demand for natural gas in the summer leading to production maximization. In addition, we are pleased with the success of our drilling program at Abu Qir in Egypt with our new discovery.

We consistently continue our dividend policy and focus on our core business directions: reliable dividend, loan improvement, growth and our commitment to a zero balance of greenhouse gas emissions. At the same time, we remain alert for opportunities that fit these directions so that we are able to move quickly and efficiently when they arise.

Looking ahead, we have several milestones in our portfolio in Italy, Morocco, Egypt, Greece and, of course, Israel, where we will start supplying natural gas based on the contract we recently signed.”