Energean has provided an update on recent operations and the Group's trading performance in the 3-months to 31 March 2025, together with updated Group guidance for 2025, an outlook on the Egypt, Italy and Croatia portfolio, and confirmation of the regular ongoing quarterly dividend. The numbers contained herein are unaudited and may be subject to further review and amendment.
Mathios Rigas, Chief Executive Officer of Energean, commented:
'We are pleased to continue to safely operate as a diversified, gas-focused independent E&P company in the Mediterranean, holding over a billion barrels of oil equivalent with a 2P reserves life of 19 years. During the quarter, we produced an average of 145 kboed, with a maximum of 180 kboed. This is a differentiated business that has secured around $20 billion in contracted revenues from our Israeli customers alone, generating steady and predictable cashflows that provide a solid foundation that insulates Energean from market volatility and underpins our regular quarterly dividend of 30 US cents/share.
'Our operating costs remain low at $6/boe, proving the effectiveness and efficiency of Energean as a deepwater operator. In Israel, the Energean Power FPSO continues to perform reliably, recording 96% uptime to end-April, the second oil train project is progressing towards completion in late Q2 2025, Katlan is on track and on budget for first gas in H1 2027, and we intend to book capacity in the new Nitzana pipeline to secure midstream capacity for gas exports. We also have additional opportunities within the existing portfolio via our yet-to-be-developed Tanin and Arcadia areas to further extend the production life.
'Outside of Israel, in Greece we are making good progress in the transition of our Prinos asset into the first carbon storage project in the East Mediterranean. In Egypt, we are working with the government to optimise the terms of our offshore licenses whilst preparing to drill our low-cost onshore East Bir El Nus (“EBEN”) Concession, and in Italy, we are seeking authorisation from the government for the low-risk infrastructure-led Vega West opportunity, with the aim to increase production, optimise cash flows and extend the asset life.
'Finally, we are actively assessing M&A opportunities in addition to a number of organic growth options, with strict capital discipline, within the broader Europe, Middle East and Africa ('EMEA') region to drive a new growth trajectory and repeat our development and production success in the East Mediterranean, in an expanded region'.
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Source: Energean
