REG - Energean PLC - First Gas from Karish

EnergeanAnnouncement

26/10/2022 13:45

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RNS Number : 2222E  Energean PLC  26 October 2022

 

 

 Energean plc

("Energean" or the "Company")

 

First gas from Karish

London, 26 October 2022 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased
to confirm that first gas has been safely delivered at the Karish field,
offshore Israel.

Highlights

·      First gas has been achieved on the Karish project

·      Gas is being produced from the Karish Main-02 well and the flow
of gas is being steadily ramped up

·      Preparation for transmission through the gas sales pipeline is
progressing and gas sales to Energean's customers are expected to commence in
the next couple of days

·      Karish Main-01 and Karish Main-03 wells are expected to be opened
up in approximately two and four weeks, respectively

The Energean Power FPSO and the sales gas pipeline have an ultimate capacity
of 8 bcm/yr. The initial capacity is up to 6.5 bcm/yr, and commercial gas
sales are expected to reach this level approximately four to six months
following first gas. Energean's growth projects - the Karish North
development, the second oil train and the second export riser - are on track
for completion in late 2023, following which Energean will be able to produce
to the full 8 bcm/yr capacity of its infrastructure.

Mathios Rigas, Chief Executive Officer of Energean, commented:

 

"I am delighted to confirm that Energean has reached first gas at the Karish
field, offshore Israel.

 

"We have delivered a landmark project that brings competition to the Israeli
gas market, enhances security of energy supply in the East Med region and
brings affordable and clean energy that will displace coal-fired power
generation, making a material impact to the environment.

 

"We are committed to reach our medium-term targets of 200 kboed production and
$1.75 billion of annualised EBITDAX and the delivery of the Karish project is
a major milestone towards this goal. We are now focused on ramping up
production and delivering the full 8 bcm capacity through our expansion
project to the Energean Power FPSO."

 

Enquiries

 

For capital markets: ir@energean.com (mailto:ir@energean.com)

 

Kate Sloan, Head of IR and
ECM
                    Tel: +44 7917 608 645

 

For media: pblewer@energean.com (mailto:pblewer@energean.com)

 

Paddy Blewer, Head of Corporate
Communications
Tel: +44 7765 250 857

 

Forward looking statements

This announcement contains statements that are, or are deemed to be,
forward-looking statements. In some instances, forward-looking statements can
be identified by the use of terms such as "projects", "forecasts", "on track",
"anticipates", "expects", "believes", "intends", "may", "will", or "should"
or, in each case, their negative or other variations or comparable
terminology. Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that may cause actual results and events to
differ materially from those expressed in or implied by such forward-looking
statements, including, but not limited to: general economic and business
conditions; demand for the Company's products and services; competitive
factors in the industries in which the Company operates; exchange rate
fluctuations; legislative, fiscal and regulatory developments; political
risks; terrorism, acts of war and pandemics; changes in law and legal
interpretations; and the impact of technological change. Forward-looking
statements speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise. The information contained in this
announcement is subject to change without notice.

 

 

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