Energean (LSE:ENOG, FTSE 250, TASE:אנאג, TA-35) is a London-based independent E&P company focused on developing resources in the Mediterranean. 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 a more than 70% gas weighted portfolio with more than 800 mmboe 2P reserves and 2C resources.
The Company’s flagship development assets are the Karish and Tanin fields, offshore Israel. The 100% working interest in the Karish and Tanin leases are held via its subsidiary, Energean Israel, in partnership with Kerogen Capital (70/30). Moreover, Energean Israel holds 100% working interest in nine exploration licences, offshore Israel.
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 3.48 TCF (98.6 BCM) gas plus 82 mmbls liquids 2P reseves and 2C resources, representing a total of 698 mmboe, 88% out of which is gas. Energean's Working Interest 2P reserves and 2C reserves in the Israeli fields is 489 mmboe.
Production from the Karish field is expected to commence in 2H 2021. Including Karish and Edison E&P portfolio, Energean's daily production will reach 130,000 boepd in 2021 (app. 80% gas). Final Investment Decision for the Karish North field is expected within 2H 2020 and production is expected to start in 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.