26th May 2022 11:24
(Alliance News) - Energean PLC on Thursday said it had a "strong" start to 2022 and is expecting the first gas from its Karish project in the third quarter.
The London-based oil and gas company said revenue in the quarter that ended March 31 was up 80% to USD170.7 million from USD94.9 million in the first quarter of 2021.
Earnings before interest, tax, depreciation, amortisation and exploration expense for the three-month period more than doubled to USD89.6 million, from USD32.9 million in quarter one.
Production for the four months to April 30 was 36,100 barrels of oil equivalent per day. This was within Energean's full-year guidance, excluding Israel, of 35,000 to 40,000 boe per day.
Energean said the Karish project, which is in Israel, was around 93% complete at the end of April. It is expected to be delivering gas by the third quarter.
Once complete, 2022 production guidance will increase to 60,000-70,000 boe per day.
Chief Executive Mathios Rigas said: "2022 will be a transformational year for Energean and we have already delivered on several of our 2022 milestones. We have announced our inaugural dividend policy, we have made a commercial gas discovery at Athena in our Israel drilling campaign, and we have signed an additional commercialisation agreement for our gas in Israel."
Shares in Energean were down 0.7% to 1,360.00 pence each in London on Thursday morning.
By Sophie Rose; [email protected]
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