At a Glance

Energean Oil & Gas (LSE:ENOG, FTSE 250, TASE:אנאג, TA-35) is a London-based independent E&P company focused on developing resources in the Mediterranean, where it  holds 13 licenses and operates assets that have been producing hydrocarbons with an excellent HSE track record for 38 years.



 

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Energean started its operations by acquiring the Prinos licences, offshore North East Greece in 2007, containing just 2 mmboe of audited 2P reserves at that time. Ten years later, the Company had created a balanced portfolio of production and development assets, totaling 347 mmboe 2P reserves, and 58 mmboe 2C resources. The company employs 414 dedicated and highly-skilled professionals.

According to updated Netherland Sewell & Associates, Inc.’s (NSAI) Competent Persons Report (CPR), Energean's flagship development offshore fields, Karish and Tanin contain 2.2 TCF natural gas (2P) reserves and 31.8 mmbls light hydrocarbon liquids (70% net to Energean) plus 0.2 TCF of gas and 1 mmbls light hydrocarbon liquids 2C resources. In total, Karish and Tanin contain 275.4 mmboe net to Energean 2P reserves and 25 mmboe 2C resources.

Israel is one of the world's most rapidly growing natural gas market as gas demand increased by an average 15.5% from 2006 to 2016, when it reached 9.7 BCM. Consumption increased further to 10.3 BCM in 2017 and 10.9 BCM in 2018, according to the Adiri Committee report. Consumption is expected to reach 14.3 BCM in 2025 and 25.8 in 2042.

Energean is on track to start producing from the Karish field in Q1 2021. Including Karish, daily production will reach 80,000 boepd, with more than 80% coming from gas. 

Energean is also producing from the Prinos and North Prinos oil fields as well as the South Kavala natural gas field, offshore NE Greece.  Production averaged 4,053 barrels per day (+45% y-o-y increase). Energean has 39 mmboe liquids (2P) reserves and 34 mmboe liquids (2C) resources in the Prinos basin fields in Greece. 

The proven oil field West Katakolo, offshore Greece, contains 10.5 mmboe 2P reserves, according to NSAI's CPR.

In addition, the Company has significant exploration potential in the licences held in Israel, the Adriatic, Western Greece, which provides the basis for future organic growth. Based on NSAI's CPRs,  Energean's un-risked prospective recoverable resources are estimated to be 7.1 TCF of gas plus 215 mmbbls of hydrocarbon liquids.

Energean is committed to sustainable development, and strives to meet United Nations' 17 Sustainable Development Goals through its day-to-day operations and a wide range of CSR initiatives.