Business
2018 Full Year Results (Unaudited)
2018 Full Year Results (Unaudited).
About this update from Energean Plc
[{"type":"text","content":"\n \nRNS Number : 5124T Energean Oil & Gas PLC 21 March 2019 \n\n \n \n \nEnergean Oil & Gas plc\n(\"Energean\" or the \"Company\")\n \n2018 Full Year Results (Unaudited)\n \nOn track to deliver first gas from Karish and Tanin in 1Q 2021;\nFour well drilling campaign in Israel commenced February 2019\n \nLondon, 21 March 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג), the oil and gas producer focused on the Mediterranean, is pleased to announce its full-year results for the year ended 31 December 2018 (\"FY 2018\").\n \nMathios Rigas, Chief Executive, Energean Oil & Gas commented:\n\"In 2018 we made substantial progress in advancing our flagship Karish and Tanin development project and remain on-track to deliver first gas in 1Q 2021. We secured $13 billion of future revenues by signing 12 Gas Sales Agreements to deliver a total volume of 4.6 bcma, firmly underpinning the project's economics, signed a lump-sum, turnkey EPCIC contract with TechnipFMC, simplified project management, reduced our financial risk exposure, and secured funding for the project through the combination of a $1.3 billion project finance facility and the funds raised through our IPO on the LSE in March 2018. We remain focused on delivering the project and our medium-term strategy is to secure both the additional resource and offtake for the remaining spare capacity in our 8 bcma FPSO, which we believe will create significant further value for all of our stakeholders. In Greece, we grew production by 45% whilst simultaneously reducing costs per barrel by 29%, a tangible result of our commitment to optimising cash flows from our producing assets. We also commenced exploration activities in Western Greece and Montenegro. We continue to target value-enhancing opportunities in the Mediterranean area and aim to replicate the growth achieved over the last decade.\"\n \nOperational and Financial highlights\n· Increased 2P reserves to 347 million barrels with 2C resources of 58 million barrels, a combined 35% year-on-year increase.\n· Delivered upon our milestones for achieving first gas from Karish and Tanin in 1Q 2021:\n- Secured $460 million of equity and a US$1.275 billion project finance facility in March 2018;\n- Took Final ...