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Energean Takes FID on Karish & Tanin Gas Project
Energean Takes FID on Karish & Tanin Gas Project.
About this update from Energean Plc
[{"type":"text","content":"\n \nRNS Number : 5663I Energean Oil & Gas PLC 22 March 2018 \n\n \nPress Release 22 March 2018\n \n \nEnergean Takes FID on Karish & Tanin Gas Project\n \nFollowing the Company's successful IPO on the London Stock Exchange, Energean takes FID to proceed with its $1.6 billion Karish & Tanin development offshore Israel.\n \nEnergean Oil & Gas PLC (\"Energean\" or \"the Company\"; ENOG:LN) is pleased to announce that its Board of Directors has approved the Final Investment Decision (\"FID\") to proceed with the $1.6 billion Karish & Tanin Development Project, offshore Israel. \n \n$405 million of the $460 million raised from the recent IPO of Energean will be used to fund the Company's 70% share in the project, while the remaining 30% will be funded by Kerogen Capital, Energean's partner in the project.\n \nThe project is also being financed through a Senior Credit Facility of US$1.275 billion recently announced and underwritten by Morgan Stanley, Natixis, Bank Hapoalim and Société Générale. \n \nEnergean has secured long-term gas agreements with some of the largest private power producers and industrial companies in Israel. The Company has contracted for the purchase of a total of 61 BCM of gas over a period of 16 years, at an annual rate of approximately 4.2 BCM per year (on an ACQ basis).\n \nEnergean will develop the project through a new build, owned FPSO with gas treatment capacity of 800 MMscf/day (8 BCM/per annum) and liquids storage capacity of 800,000 bbls, which the Company believes provides...