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Energean - Increased 2P reserves by 20%

May 2023

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The shares spiked by almost £3 after Energean revealed a 20% increase in 2P reserves to 1,161 million barrels oil equivalent (boe) after five out of five discoveries including the Athena, Zeus and Hera structures, in the Olympus block. Revenues rose 48% to US$737m while EBITDA before exploration was US$422m (+99% year-on-year) on production of 41,200 boepd (FY’21: 41,000), far exceeding Peel Hunt’s EBITDA forecasts of US$347m. Net debt rose a quarter to just over US$2.5 billion. First gas at the flagship Karish block in Israel was achieved in Q4’22 and (reiterated) forecast production is for 131,000 boepd this year rising to over 200,000 in H2 ‘24. Capex is expected to remain elevated this year at US$814m (FY’22: US$866m) b ...

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Energean - Increased 2P reserves by 20%

May 2023

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