Business
Results for Half Year Ended 30 June 2023
Results for Half Year Ended 30 June 2023.
About this update from Energean Plc
[{"type":"text","content":"\n\n \nEnergean plc\n(\"Energean\" or the \"Company\")\n \nResults for Half Year Ended 30 June 2023\nStrong financial results; Karish production steady at ~6 bcm/yr equivalent\nLondon, 7 September 2023 - Energean plc (LSE: ENOG TASE: אנאג) is pleased to announce its half-year results for the six months ended 30 June 2023 (\"H1 2023\").\nOperational Highlights:\n· Production for the period was 105.9 kboed, near triple that of H1 2022\n· Karish production currently steady at ~6 bcm/yr equivalent\no Completion of commissioning under the gas sales agreements (\"GSAs\") achieved in April, with Practical Completion under the EPCIC with Technip achieved in June\no Optimisation activities on the FPSO and subsea systems have progressed well, and the Energean Power FPSO achieved 97% uptime in August. Efficiency levels have followed a similarly positive trajectory and production is currently steady, averaging around 570 mmscfd (~6 bcm/yr equivalent) over the last three weeks\n· Key growth projects on track\no Energean Power FPSO capacity increase to 8 bcm/yr on track for delivery by year-end 2023\no Positive results achieved at the second and third NEA/NI (Egypt) development wells, reinforcing Energean's view that the results from NEA#6 would have no read-across to the remainder of the field; NEA#5 came onstream in July 2023 and is producing in line with pre-drill expectations, whilst PY#1 testing has delivered results in line with expectations. Remaining two wells expected onstream in 2023\no Cassiopea, Italy (Energean 40%), development progressing in line with expectations: pipelaying complete and subsea installation activities progressing well\no Final investment decision (\"FID\") on Katlan (Israel)[1] expected in late 2023\no Orion 1X exploration well, Egypt, drilling expected to commence in Q4 2023\n· Guidance\no 2023 production guidance revised to 120 - 130 kboed (from 125 - 140 kboed), reflecting start-up issues that have now been substantially overcome\no On track to deliver near-term targets of 200 kboed, $2.5 billion revenues, $1.75 billion EBITDAX and leverage c.1.5x in H2 2024\n \nFinancial Highlights:\n· ...