Energean – Increase in production and profits for the first half of the year.

Specifically, the total production of the group for the first half of the year amounted to 44 thousand barrels of oil equivalent per day (72% in gas), compared to production of 2.1 thousand barrels in the first six months of 2020, when production came exclusively from Prinos, while this year, Edison production acquired by Energean has been integrated.

Accordingly, total revenue increased to $ 206 million, compared to $ 2 million last year, while earnings before interest, taxes, depreciation and amortization stood at $ 75 million, compared to losses before interest, taxes, depreciation and amortization of $ 8.9 million during the corresponding period last year.

Pollutants were reduced by almost 20% and, in particular, to 18 kg per barrel of equivalent oil.

It is noted that at the end of August, the largest project that Energean has in progress, that of the development of the Caris field in Israel, was completed at a rate of 91.5% with the prospect of starting gas production in the first half of 2022.

In addition, in the first quarter of the new year, the new drilling program in Israel will begin, targeting an additional 1 billion barrels of oil equivalent.

The North El Amriya / North Idku gas fields in Egypt are expected to be put into production in the second half of 2022.

Commenting on the developments, the group’s CEO Mr. Mathios Rigas said, among other things: “This takes Energean to another level. Based on our gas-focused strategy, we have achieved an important milestone in our path to evolving in the coming years into a group producing 200,000 barrels of oil equivalent per day, with a revenue of $ 2 billion annually and a sustainable dividend policy.

In addition, we have further strengthened and removed any risk from our financial base with the successful issuance of the largest high-yield bond in the history of the non-US energy sector and with all our plans in the nine countries in which we operate to have fully secured funding.

Despite the adversity created by the COVID-19 pandemic, we have made significant progress in our major project to develop the Karis field in Israel, which remains on track to start gas production in mid-2022, while looking at a number of prospects for further acceleration. Given the strong international gas prices, we are already considering the commercial possibilities of accessing new markets, if we make new discoveries.  In the second half of the year, we are looking forward to further progress in our main projects for the development of natural gas fields in Egypt and Italy, which will give new growth impetus in the short term, creating added value for the group in the Mediterranean region.”