At a Glance
Energean Oil & Gas (LSE:ENOG) is an independent E&P company focused on developing resources in the Eastern Mediterranean, where it holds 13 licenses and operates assets with a production track record of more than 37 years.
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 51 mmboe 2P reserves in Greece, and 1.7 TCF of natural gas 2C resources and 45.9 mmbbls of oil 2C resources in both countries. In addition, the Company is committed to realizing the significant growth potential emerging from its development and exploration projects, such as the Karish and Tanin fields, offshore Israel and other license blocks in Greece and Montenegro.
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. Consumption increased further to 10.4 BCM in 2017. According to NSAI's Competent Persons Report (CPR), Energean's flagship development fields, Karish and Tanin contain 2.4 TCF of natural gas (2C) gross resources (1.7 TCF net to Energean) and 32.8 mmboe of light hydrocarbon liquids. In total, Karish and Tanin contain 315 mmboe net to Energean 2C resources.
Energean is also producing from the Prinos and North Prinos oil fields as well as the South Kavala natural gas field, offshore NE Greece and employs 393 (excluding sailors, subcontractors etc.) dedicated and highly-skilled professionals. According to Netherland Sewell & Associates, Inc.’s (NSAI) Competent Persons Report (CPR), Energean has 39.5 million barrels of oil and 6 BCF of natural gas (2P) reserves and 22.9 million barrels of oil and 5.3 Bcf of gas classified as contingent (2C) resources in the Prinos basin fields in Greece, as of 31 October 2017.
The proven oil field West Katakolo, offshore Greece, contains 10.5 mmboe 2P resources, according to NSAIs CPR.
In addition, the Company has significant development and exploration potential in the licences held in Israel, the Adriatic, Western Greece, which provide the basis for future organic growth.