Greek energy co Energean to dual list on TASE

Mathios Rigas Photo: PR

Energean owns the rights to the Tanin and Karish gas fields as well as five new blocks recently awarded to it by the Israeli government.

Greek energy company Energean Oil & gas plc (LSE: ENOG), the owner of the Karish and Tanin Israeli offshore Mediterranean gas fields announced today that it is to dual list on the Tel Aviv Stock Exchange (TASE) in the final quarter of 2018.

In announcing the company's second quarter results, Energean CEO Mathios Rigas said, "During the period we made substantial progress in de-risking our flagship Karish and Tanin development project. We signed a lump-sum, turnkey EPCIC contract with TechnipFMC, simplifying project management and reducing our financial risk exposure, and secured $12 billion of future revenue by signing 12 firm Gas Sales Agreements to deliver a total of 4.2 bcm/yr. Over the next 18 months we aim to prove up sufficient resource to fill the 3.8 bcm/yr of spare capacity in our Karish FPSO, delivering significant incremental value to our stakeholders."

According to the results of a geological analysis published last month about the licenses for the five new blocks that Energean has received from the Israeli government, there is a potential of 126 BCM in the new fields, the equivalent of half the Tamar gas field. Energean also sees an extra 86-154 BCM potential in the Karish and Tanin fields.

Rigas said, "Our independent reserves auditor has identified 7.5 Tcf of Israeli prospective resources with a high geological probability of success, which gives us confidence that we can meet this target whilst adhering to our exploration strategy to target resource that can be quickly and economically monetized. We look forward to the results from the Karish North exploration well in the second quarter of 2019.”

In March Energean raised $460 million in its IPO on the London Stock exchange after raising $140 million from Israeli institutional investors.

Published by Globes [online], Israel business news - www.globes-online.com - on September 12, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Mathios Rigas Photo: PR
Mathios Rigas Photo: PR
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