8th May 2018 11:31
LONDON (Alliance News) - Energean Oil & Gas PLC on Tuesday said it has received class approval for the design of its Karish-Tanin floating production storage and offloading facility.
The approval comes from DNV-GL, which it said is the relevant global quality assurance body, and Energean said it reflects the maturity of the design at the time of the approval of the final development decision in late March.
Energean said it was a "critical" milestone, and the company is on track to cut first steel by the end of 2018.
Karish-Tanin is offshore Israel, and on Thursday last week the company said the court in Israel had thrown out a petition against the project.
Energean is a new addition on the London Stock Exchange, having raised USD460.0 million in March with most of the funds to be provided on the USD1.6 billion Karish-Tanin project, with the rest funded by partner Kerogen Capital and a loan agreement.
Shares were flat Tuesday at 480.00 pence each.
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