First Gas from Karish

RNS Number : 2222E

Energean PLC

26 October 2022

 

 Energean plc

("Energean" or the "Company")

First gas from Karish

London, 26 October 2022 - Energean plc (LSE: ENOG, TASE: א) is pleased to confirm that first gas has been safely delivered at the Karish field, offshore Israel.

Highlights

· First gas has been achieved on the Karish project

· Gas is being produced from the Karish Main-02 well and the flow of gas is being steadily ramped up

· Preparation for transmission through the gas sales pipeline is progressing and gas sales to Energean's customers are expected to commence in the next couple of days

· Karish Main-01 and Karish Main-03 wells are expected to be opened up in approximately two and four weeks, respectively

The Energean Power FPSO and the sales gas pipeline have an ultimate capacity of 8 bcm/yr. The initial capacity is up to 6.5 bcm/yr, and commercial gas sales are expected to reach this level approximately four to six months following first gas. Energean's growth projects - the Karish North development, the second oil train and the second export riser - are on track for completion in late 2023, following which Energean will be able to produce to the full 8 bcm/yr capacity of its infrastructure.

Mathios Rigas, Chief Executive Officer of Energean, commented:

" I am delighted to confirm that Energean has reached first gas at the Karish field, offshore Israel.

"We have delivered a landmark project that brings competition to the Israeli gas market, enhances security of energy supply in the East Med region and brings affordable and clean energy that will displace coal-fired power generation, making a material impact to the environment.

"We are committed to reach our medium-term targets of 200 kboed production and $1.75 billion of annualised EBITDAX and the delivery of the Karish project is a major milestone towards this goal. We are now focused on ramping up production and delivering the full 8 bcm capacity through our expansion project to the Energean Power FPSO."

Enquiries

For capital markets: [e-mail]

Kate Sloan, Head of IR and ECM     Tel: [phone]

For media: [e-mail]

Paddy Blewer, Head of Corporate Communications  Tel: [phone]

Forward looking statements

This announcement contains statements that are, or are deemed to be, forward-looking statements. In some instances, forward-looking statements can be identified by the use of terms such as "projects", "forecasts", "on track", "anticipates", "expects", "believes", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results and events to differ materially from those expressed in or implied by such forward-looking statements, including, but not limited to: general economic and business conditions; demand for the Company's products and services; competitive factors in the industries in which the Company operates; exchange rate fluctuations; legislative, fiscal and regulatory developments; political risks; terrorism, acts of war and pandemics; changes in law and legal interpretations; and the impact of technological change. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in this announcement is subject to change without notice.

 

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