10/09/2020
Strong performance in 1H 2021 with 52.1 kboed pro forma production
Energean has today announced HY results for the period ended 20 June 2020. The highlights
include:
Combined business pro forma production was 52.1 kboed, compared with full year guidance
of 44.5 – 51.5 kboed
• Combined business pro forma revenue was $177 million and operating cash flow was $66
million
• Completion of the acquisition of Edison E&P expected in 4Q 2020
• Significant operational progress at flagship Karish project in Israel, with first gas expected in
2H 2021
Contracted gas sales of 5.6bcm/yr (equivalent to gross production of 100,000
boepd)
• All projects are well-funded with cash and undrawn debt facilities of $872.5 million as at 30
June
• Further reduction in 2020 combined business pro forma capital expenditure guidance to
$635 – 705 million
$75 – 125 million reduction on guidance issued in June and total of c. $350
million reduction since start of the year
• There are a number of near-term value catalysts alongside the completion of the Edison E&P
deal:
CPR following completion of the Karish Main drilling programme to refine
reserves and resources in the coming weeks
FID on Karish North (2C resources of 250 million boe)
