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Energean - Increased 2P reserves by 20%

May 2023

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:
  • 1304p
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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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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