REG - Energean PLC - Start-up of Cassiopea in Italy

EnergeanAnnouncement

19/08/2024 15:00

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RNS Number : 9730A  Energean PLC  19 August 2024

 

 Energean plc

("Energean" or the "Company")

 

Start-up of Cassiopea in Italy

London, 19 August 2024 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased
to confirm the successful start-up of the Cassiopea field, offshore Italy.

Currently, initial test production is from one of the four subsea wells. The
remainder of the wells and associated facilities are expected to be brought
online, tested and commissioned over the coming months.

The Cassiopea gas development (Eni 60% operator; Energean 40%), located
offshore Italy, contains approximately 10 bcm 1  of gross reserves with gross
annual production expected to peak at around 1.5 bcm(1). This field is part of
the portfolio that is in the process of being sold to an entity controlled by
Carlyle International Energy Partners ("Carlyle").

Mathios Rigas, Chief Executive Officer of Energean, commented:

"This news, while not part of the future Energean story, represents the
positive involvement of Energean in yet another successful gas development.
Energean has always been focused on the development of strategically important
resources that supports both energy security and broader socioeconomic
stability."

Enquiries

 

 For capital markets: ir@energean.com (mailto:ir@energean.com)
 Kyrah McKenzie, Investor Relations Manager                         Tel: +44 (0) 7921 210 862

 For media: pblewer@energean.com (mailto:pblewer@energean.com)
 Paddy Blewer, Corporate Communications Director & Head of CSR      Tel: +44 (0) 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.

 1  As per the Operator's estimates

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