13th Nov 2019 09:27
(Alliance News) - Energean Oil & Gas PLC held its interim production guidance on Wednesday, while saying development projects remain on track.
London-based Energean continues to see 2019 production between 3,400 barrels and 3,600 barrels of oil per day from producing assets in Greece. In September, the company had cut production guidance from the previous 4,300 barrels to 4,800 barrels a day, due to the shut-in of some wells to carry out maintenance work.
Energean has agreed to sell UK and Norwegian assets for USD280 million to Neptune Energy Group Holdings Ltd. These were originally bought earlier in the year from Edison E&P, in a wider USD750 million acquisition, but Energean is focused on the Mediterranean.
The firm said the Edison deal is on track to complete by the end of 2019, with the sale of the UK and Norway assets finalising shortly after.
Elsewhere, at the Karish Tanin offshore gas project in Israel, Energean is on track to deliver first gas in early 2021.
Shares were 0.2% lower on Wednesday morning in London at 879.33 pence each.
By George Collard; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Energean Oil & Gas