Business
Results for Half Year Ended 30 June 2022
Results for Half Year Ended 30 June 2022.
About this update from Energean Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n Energean plc\n \n \n \n \n (\"Energean\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n Results for Half Year Ended 30 June 2022\n \n \n \n \n London, 8 September 2022\n \n - Energean plc (LSE: ENOG TASE: א) is pleased to announce its half-year results for the six months ended 30 June 2022 (\"H1 2022\").\n \n \n \n Mathios Rigas, Chief Executive of Energean, commented:\n \n \n \n \"During H1 2022, Energean delivered strong operational and financial results. The ex-Edison assets have outperformed our expectations and our flagship Karish project is on track to start production within weeks and will enhance energy security in Israel and the region. In addition, our growth drilling and development operations offshore Israel have enhanced our portfolio by de-risking 58 bcm of natural gas, and we are evaluating multiple geographical routes to monetisation through either increased Israeli domestic sales or key regional export markets. The strong financial performance of our existing assets, the current readiness status of our Karish project, and our strong liquidity position have allowed us to, today, declare our maiden quarterly dividend, in line with our previously announced dividend policy. We are concurrently raising our medium-term targets to annual revenues of $2.5 billion and Adjusted EBITDAX of $1.75 billion, underpinned by production of more than 200 kboed.\n \n \n \"In a year where global focus has shifted to security of energy supply and affordability of energy for the consumers, we remain proud of our landmark ESG commitments, which remain at the heart of our operations. From choosing to focus on gas as the driver of energy transition; to a 74% reduction in emissions intensity since 2019\n \n [1]\n \n ; to our commitment to be net zero by 2050, and our ongoing positive engagement with the communities that host our operations, we commit to being the best version of Energean possible.\n \n \n \"Finally, the global energy dynamic changed in February 2022. Russia's tragic invasion of Ukraine revealed a major weakness in European energy security and, by extension, European energy policy. Overreliance on a single supplier has - and will continue to - fundamentally disrupt the European global energy dynam...