Business
2024 Full Year Results
2024 Full Year Results.
About this update from Energean Plc
[{"type":"text","content":"\n\n Energean plc\n(\"Energean\" or the \"Company\")\n \n2024 Full Year Results\n \nLondon, 20 March 2025 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to announce its audited full-year results for the year ended 31 December 2024 (\"FY 2024\").\n \nMathios Rigas, Chief Executive Officer of Energean, commented:\n\"During 2024, we have continued our growth trajectory with FY 2024 Group production rising by 24% to 153 kboed, of which 112 kboed came from our flagship Karish and Karish North fields in Israel. Despite the geopolitical challenges in the region during the year, we operated continuously, sustaining 99% uptime[1] at the Energean Power FPSO.\n \n\"We continue to develop and optimise our assets. We took Final Investment Decision (\"FID\") on Katlan, which remains on track for first gas in H1 2027; commissioning of the second oil train is ongoing and is scheduled to complete in Q2 2025, this will increase the liquids production capacity of the FPSO; and the Ministry of Energy confirmed the Drakon (License 31) and Hercules (License 23) discoveries, setting the foundations for continued growth in Israel. In Greece, our regionally unique Prinos carbon storage project has been approved for around EUR 270 million of funding from the EU's Recovery and Resilience (\"RRF\") and Connecting Europe Facilities (\"CEF\"). In the UK, we took over operatorship to take control of the current decommissioning operations.\n \n\"As noted in our 17 March 2025 announcement, Carlyle has not yet obtained certain regulatory approvals for the Transaction[2] per the terms of the SPA. These are high-quality, diversified, cash flow generating assets with stable underlying production in Egypt and Italy, with production growth from the start-up of Cassiopea and Location B.\n \n\"We are an operator in eight countries and through a focused but diversified East Mediterranean oil and gas portfolio we have a solid foundation that underpins our continuing growth trajectory, that started from around 2 mmboe in Greece in 2007 and has grown to 1.1 bnboe of 2P reserves in 2024, with ~20 year[3] reserves life. \n \n\"Operational growth was matched by strong financial performance, with Group revenues of $1,779 million and adjusted EBITDAX of $1,162 million up 25% and 25% year-on-year. This has underpinned ...