Energean lifts production guidance; pushes out date for first gas from Karish

Mon, 24th May 2021

Oil and gas company Energean boosted its production guidance despite a delay to expectations of first gas from its Karish operations following fresh Covid-19 restrictions in Singapore. Guidance was increased to between 38 and 42 kboepd from 36 to 41 kboepd. For the 3-months to 31 March 2021, production in the four-months to 30 April 2021 was 44.2 kboepd, about 15% ahead of the midpoint of full-year guidance. First production from Karish was now expected in mid-2022 following the 're-introduction of enhanced COVID-19-related restrictions in Singapore,' the company said. 'Although unfortunate, the revised timetable should not have a material impact on the 15+ year secured revenue stream of our Israeli gas business,' it added. 'In the near-term, we expect to sign a rig contract for our Israel-growth programme, commencing 2022, and with the potential to double the size of our resource base.' At 8:05am: (LON:ENOG) Energean PLC share price was 0p at 677.6p Story provided by StockMarketWire.com

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