Business
2019 Full Year Results
2019 Full Year Results.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n RNS Number : 7618G\n Energean Oil & Gas PLC\n 19 March 2020\n \n \n \n \n \n \n Energean Oil & Gas plc\n \n \n (\"Energean\" or the \"Company\")\n \n \n 2019 Full Year Results \n \n \n On track to deliver first gas from Karish in 1H 2021;\n \n \n FPSO Hull Sailaway expected in the coming weeks\n \n \n \n \n \n London, 19 March 2020 - Energean Oil and Gas plc (LSE: ENOG, TASE: א), the oil and gas producer focused on the Mediterranean, is pleased to announce its audited full-year results for the year ended 31 December 2019 (\"FY 2019\")[1]. Having grown its reserve base at 39% year-on-year, Energean is now at its next transition point as we begin converting this into cash flows and production, de-risking our investment case and moving us closer to our medium-term ambition of paying a sustainable dividend. \n \n \n Mathios Rigas, Chief Executive Officer, Energean Oil & Gas commented:\n \n \n \"Energean continued its strong growth trajectory in 2019, becoming firmly established as a leading, FTSE 250 E&P independent. \n \n \n \"The COVID-19 pandemic and OPEC+ price war have put us into uncertain times, but we are well-placed to weather the challenges. Once the Edison E&P transaction is completed, around 70% of our production will be sold under long-term gas sales agreements that insulate our future revenues against oil price volatility. Following completion of the Edison E&P transaction, we will continue to own and operate the majority of our asset base, and are well-funded for all of our projects. This will ensure that we can respond quickly and appropriately to the macro environment and take the right decisions to protect our business and our shareholders, as demonstrated by the $155 million cut to our 2020 capex guidance. The crisis finds Energean well prepared with full discretion on our non-Israeli capex programme and a very strong balance sheet further strengthened only recently by a further $175 million committed funding for our Karish project, demonstrating the strength of our banking relationships and the commitment of our lenders to the project.\n \n \n \"In the coming weeks, you will see our FPSO hull sailaway from China to Singapore, a key milestone in the delivery of first gas from Karish, which is on track for 1H 2021. During 2019 we complet...