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Energean - Shares near highs after gas agreement

February 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • ENOG
  • Price:
  • 635p
The shares raced back towards all-time highs after Energean announced it had signed a gas sales & purchase agreement with I.P.M. Beer Tuvia to supply an estimated 5.5 BCM of gas from its Karish and Tanin FPSO over a period of 19 years.The contract is contingent on results from its 4-well drilling program in Israel, which commences with the spud of Karish North this March, targeting 36.8 BCM or 1.3 trillion cubic feet gas – that’s around 224 million barrels of oil equivalent. Management have given it a “volume weighted geological chance of success” at 69%.The agreement adds between 0.265 and 0.38 BCM a year of gas sales commencing 2024 and will provide c.US$0.9bn over the life of the contract. ...

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