Energean reiterates full-year production targets

(Sharecast News) - Energean said it remained on track to meet full-year production targets on Thursday, despite the outbreak of war in Israel. The oil and gas company, which is listed in both London and Tel Aviv, has a number of projects in the Mediterranean, including the Israeli Karish gas field, which accounts for about 75% of production.

Updating on trading, however, chief executive Mathios Rigas said the "ongoing security situation" has not impacted production.

He continued: "The successful ramp-up of production from our flagship Karish gas field in Israel has increased group production to above 150 kboed (thousand barrels of oil equivalent per day) in recent days."

As a result, the firm said it remained on track to deliver full-year production between 120 and 130 kboed.

Boosted by the Karish field coming online, total production in the nine months to 30 September was 118.5 kboed, sharply higher than the 35.2 kboed achieved in the same period a year earlier.

Sales and revenues jumped 85% to $1.02bn, while adjusted EBITDA before exploration expenses (EBITDAX) rose 79% to $623.3m.

Rigas said: "I am sincerely grateful to all our employees, who have shown remarkable resilience, dedication and professionalism in the face of the challenging environment.

"We have made significant progress on our growth projects, which will support our near-term targets."

As at 1030 GMT, Energean's London shares were up nearly 1% at 892p.

The stock had been trading comfortably above 1,000p for most of the year before the outbreak of violence in Israel in early October sent the shares tumbling.