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Karish and Tanin remains on track for first gas in 1Q 2021

Gasoil News - Published on Fri, 18 Jan 2019

Image Source: Offshore Technology
Energean Oil and Gas plc the London Premium Listed FTSE 250 and Tel Aviv Listed TA-90 E&P company with operations offshore Israel, Greece and the Adriatic intends to announce its preliminary results for the year to 31 December 2018 on Thursday 21 March 2019. In advance of these results, Energean is pleased to provide an update on recent operations and the Group’s trading performance in 2018 together with guidance for 2019. This information is unaudited and subject to further review.

Mathios Rigas, Chief Executive, Energean Oil & Gas said"2018 was a very successful year for Energean. We increased revenues by 56% while reducing cost of production by 29%, made significant progress on our development projects and converted significant volumes of resources into reserves. In Israel, Karish and Tanin remains on track for first gas in 1Q 2021 and we have secured $12.9 billion of future revenues through 4.6 bcm/yr of contracted gas sales, firmly underpinning the project’s economics. I look forward to continuing this positive momentum in 2019, which will include the drilling of at least six new wells across our acreage in Israel and Greece, targeting significant increases in reserves, resources and production. In Israel we continue to see increasing demand for our gas and are aiming to fill the 3.4 bcm/yr of spare capacity in our FPSO in the medium term. We continue to target value-enhancing opportunities in the Mediterranean area and aim to match the growth achieved over the last decade.”

Energean’s Karish and Tanin development project remains on track to deliver first gas into the Israeli domestic market in 1Q 2021. The next visible milestone will be mobilisation of the Stena Drillship in February 2019 ahead of spudding of Karish North in March.

2019 Drilling Programme
The Company’s 2019 drilling programme will target up to 2.3 Tcf of gross prospective gas resources and is well aligned with its exploration strategy to target resources that can be quickly, economically and safely monetised.

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Posted By : Joykumar Irom on Fri, 18 Jan 2019
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