Energean submits full-year results

Sales revenue at independent E&P firm Energean reached $497mn in the 2021 financial year, up from $335.9mn in 2020, it said in its full-year update on April 27.

Production costs rose from $11.3/barrel of oil equivalent to $17.5/boe. Energean said capital expenditures had reduced, from $565.4mn to $407.9mn, but that net debt almost doubled to $2bn, from $1.2bn in 2020.

It comes as Energean prepares for the launch of its flagship asset at Karish gas field in Israel. Karish remains on track for first gas in the third quarter of this year, Energean said, and it has secured offtake for its output, through a spot sales agreement with Israel Electricity Company.

Energean will also bring on stream its North El Amriya and North Idku gas projects in Egypt in the first half of 2022, and will launch its Epsilon development project in Greece in 2023. It also has upstream assets in Italy.

Production averaged 41,000 boe/d in the full-year, and 72% of that output was gas. Energean's medium-term goal is to reach more than 200,000 boe/d to generate annual revenues of $2bn and adjusted core earnings of $1.4bn.