ENERGEAN PLC

Energean PLC is a London-listed oil and gas company focused on the Eastern Mediterranean region. It has producing assets and a portfolio of major development projects across Israel, Egypt, Italy, Greece, and Croatia.

The company's flagship project is the Karish gas field offshore Israel, which came online in October 2022 and is now producing around 6 bcm per year of gas. Energean also has a large position in the adjacent Olympus area where it has made discoveries and is maturing additional prospects. Its other core assets are the NEA/NI-producing gas fields in Egypt and the Cassiopea development project offshore Italy, which is set for first gas in 2024.

In the first half of 2023, Energean produced 105,900 boepd, nearly triple that of the comparable 2022 period. This growth is set to continue, with the company targeting 200,000 boepd in the near term. It has 19 years of reserves life based on 2P reserves of 1.4 billion boe. Energean's portfolio is gas-focused, representing around 80% of production.

Overall, Energean has built a material gas-focused E&P business concentrated in the Eastern Med region. With its Karish hub now online and major growth projects progressing, it is rapidly increasing production and cash flows and Energean has focused strategies to maximize shareholder returns.