3rd Nov 2021 10:55
(Alliance News) - Energean PLC on Wednesday narrowed its annual production guidance range as it exceeded expectations across all countries of operation in the first nine months of 2021.
The London-based hydrocarbon exploration and production company reported average working interest output for the nine months to September 30 of 42,600 barrels of oil equivalent per day. Last year, Energean reported pro forma production for the nine-month period of 50,000 barrels of oil equivalent per day.
Energean increased the lower end of the range of its 2021 guidance to 40,000 to 42,000 barrels of oil equivalent daily from 38,000 to 42,000 barrels of oil equivalent daily expected previously.
Revenue for the nine months was USD350 million and earnings before interest, taxes, depreciation, amortization, and exploration expense was USD141 million, thanks to high commodity prices. A year ago, Energean posted nine-months pro forma revenue of USD252 million.
Energean said it is on track to deliver record full-year results, with revenue in excess of USD450 million and Ebitdax of more than USD190 million.
Turning to operations, Chief Executive Mathios Rigas said: "Our flagship project Karish remains on track to deliver first gas in mid-2022 and we will spud the first well of our new Israel growth campaign in the first quarter of 2022. Good progress is also being made across our key development projects in Egypt, Italy and Greece."
FTSE 250-listed Energean shares were trading 0.3% higher in London on Wednesday morning at 927.00 pence each.
By Evelina Grecenko; [email protected]
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