London, 11 September 2024 – Energean plc (LSE: ENOG TASE: \u05d0\u05e0\u05d0\u05d2 (is pleased to announce its half-year results for the six months ended 30 June 2024 (\u201cH1 2024\u201d).<\/p>\n
Operational Highlights:<\/p>\n
\u2022 Record production to date in the period, with Group production in June 2024 averaging 177 kboed (84% gas), including 140 kboed (86% gas) from the continuing operations1
\n, reflecting the step-up in demand during the summer in Israel.<\/p>\n
\u2022 Group production during H1 2024 was 146 kboed (82% gas), a 38% increase year-on-year (H1 2023: 106 kboed).<\/p>\n
o Production from the continuing operations1 during H1 2024 was 106 kboed (84% gas), a 47% increase year-onyear (H1 2023: 72 kboed).<\/p>\n
o Group production for the eight-months to August 2024 was 154 kboed, of which 115 kboed was from the continuing operations1
\n.
\no Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments. FPSO uptime2 (excluding planned shutdowns) was 99% in H1 2024.<\/p>\n
\u2022 Strategic sale of Egypt, Italy and Croatia portfolio (the \u201cTransaction\u201d) to an entity controlled by Carlyle International Energy Partners (“Carlyle”) targeted to complete by year-end 2024, subject to customary regulatory and antitrust approvals.<\/p>\n
o Anti-trust and government approvals submitted and progressing on schedule. Carlyle received unconditional clearance from the Italian Competition Authority in August and approval of the Italian Presidency of the Council of Ministers in September, in respect of the Italian Golden Power Law.<\/p>\n
o Energean continues to expect to have sufficient funds at closing to repay in full the $450 million PLC Corporate Bond in priority and facilitate a special dividend of up to $200 million.<\/p>\n
\u2022 Key projects brought online.<\/p>\n
o In Israel, Karish North first gas and the second gas export riser completion was achieved in February 2024.<\/p>\n
Second oil train heavy lift vessel contract signed, expected to be installed in the coming months.<\/p>\n
o In Italy, Cassiopea started-up in August 2024. The remaining three wells and associated facilities are expected to be brought online, tested and commissioned over the coming months.<\/p>\n
o In Egypt, Location B gas production was brought online in August 2024.<\/p>\n
\u2022 Core gas projects underway and decarbonisation business progressing to facilitate future growth.<\/p>\n
o Final Investment Decision (\u201cFID\u201d) on Katlan (Israel) taken in July 2024; first gas is planned for H1 2027. Energean expects spending to accelerate reflecting progress so far and anticipated progress for the year.<\/p>\n
o Anchois (Morocco) drilling operations continue, with preliminary analysis indicating volumes found in the Anchois-3 well are lower than pre-drill estimates. Further updates to follow once Anchois-3 ST drilling operations and ongoing technical evaluation are complete.<\/p>\n
o Prinos carbon storage project: (1) Front-End Engineering Design (\u201cFEED\u201d) activities progressing, including phase 2 that targets to establish a facility with a capacity of up to 3 million tons of CO2 per year; (2) storage permit for phase 1 (1 million tons of CO2 per year) anticipated to be received in the coming months.<\/p>\n