Energean (LSE:ENOG, FTSE 250, TASE:אנאג, TA-35) is a London-based independent E&P company focused on developing resources in the Mediterranean and UK North Sea. Energean is committed to sustainable development and to be a net zero emitter by 2050. The company also strives to meet United Nations' 17 Sustainable Development Goals through its day-to-day operations and a wide range of CSR initiatives.
Including the acquisition of Edison E&P, which is expected to be completed within 2020, Energean will be operating production, development and exploration assets and running projects in nine countries in the Med and the North Sea with an excellent HSE track record.
The company has an approximately 70% gas weighted portfolio with more than 800 MMboe 2P reserves and 2C resources.
The Company’s flagship development assets are the multi-tcf Karish, Karish North and Tanin gas fields, offshore Israel.
Energean Israel holds 100% interests in the Karish and Tanin leases and in Blocks 12, 21, 22, 23 and 31, as well as 80% interests in four licenses in Zone D in Israel’s Exclusive Economic Zone (“EEZ”), with Israeli Opportunity holding the remaining 20%. Energean Israel is a subsidiary in which the Group holds a 70% economic interest. Kerogen Capital holds the remaining 30%.
According to Netherland Sewell & Associates, Inc.’s (NSAI) and DeGolyer & MacNaughton (D&Ms) Competent Persons Reports (CPRs), Energean's Karish, Karish North and Tanin fields contain gross 2P reserves and 2C resources of 3.5 Tcf (99 Bcm) of gas and 82 MMbbls of liquids. This represents a total of 698 MMboe, of which approximately 88% is gas. Energean's Working Interest 2P reserves and 2C reserves in the Israeli fields is 489 MMboe.
First gas from the Karish field is expected in 2H 2021. Inclusive of Karish and the Edison E&P portfolio, Energean's medium-term working interest production target is approximately 130,000 boepd, the majority of which will be gas. Energean expects to take Final Investment Decision for the Karish North development in 2H 2020, with first gas anticipated during 2022.
In Greece, Energean has 54 mmboe 2P reserves and 59 mmboe 2C resources.
In addition, the Company has significant exploration potential in the licences held in Israel, the Adriatic, and Western Greece, which provides the basis for future organic growth.