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Shorts reducing, coming up fast.
Shame the share price doesn't reflect the company fundamentals.
Fallen every day this week.
Huge profits following ramp up of production to 123,000 boed average in 2023.
Forecast 155,000 to 175,000 boed in 2024!
2023 revenues climbed 93% to $1.4bn. Underlying adjusted earnings jumped 121% to $931m. Operating profits surged 158% to $598m.
"Since the year end, the start-up of Karish North and the second gas export riser mean we are now able to utilise the FPSO’s (floating production storage and offloading) maximum gas capacity and our production guidance illustrates the next step towards our near-term target of 200 kboed."
Energean plc posted audited full-year results for the year ended 31 December 2023 this morning. The first major step up in Group production has been achieved with FY23 production of 123 kboed (83% gas), up 200% year-on-year, primarily as a result of a full-year of production from Karish (Israel). Management also reconfirmed that day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments. Financial performance was commensurately strong. 2023 sales and other revenues were up 93% to $1,420 million. 2023 profit after tax was $185 million up from $17 million in 2022. The Group’s balance sheet was strengthened considerably with Group cash at 31 December 2023 of $372 million and a 50% reduction in Group leverage to 3x. A Q4 2023 dividend of 30 US$cents/share was also declared on 22 February 2024. Valuation remains very attractive with forward PE ratio at just 3.9x and dividend yield over 10%. The share price lacks positive momentum and geopolitical risks remain to the forefront, but the strength of distributions alone makes this an appealing share to own. And management guided for another uptick in production to 155 - 175 kboed in 2024. BUY....
...from WealthOracle
wealthoracle.co.uk/detailed-result-full/ENOG/835
Agree, for me, this is one undiscovered gem with sound management on board and enormous potential. A resolution to the Israeli situation alone should add c40-50p on the SP - exciting times to be inversted in ENOG!
Think we are going to see a SP revival on the back of today's results. Throwing off cash and expanded acreage as well as good visibility in revenues. Divi looks likely to increase which should fire the SP. Buy!
Not sure if we will see much movement on this news downwards. Price is massively depressed and I can’t see much down side. Roll on Thursday
Dissapointed that neither the ENI board meeting or the market update provided an update on Orion. Rig still on-site and presumably still drilling . Hoping it's not a duster but the longer this goes on...
ENI did say during their earnings call on 21 Feb that they were still drilling and had not hit the target yet.
Hoping it is not a duster and a couple of lines added to the update next Thursday , thinking that might be the case but then again Energean have such a small % that I think Eni must announce to the market especially with the well costing a small fortune and lots of media interest. Either way we will know soon. Fingers crossed
During the last operational update on 18 Jan they mentioned that results were expected in 40-60 days. Day 57 now. Lets hope that is a good sign.
Agree let’s hope it comes in , I note Energean farmed down from 30 to 19 % .
Hoping for an update tomorrow.
I doubt it.
Look what happened when Nasser tried to nationalize the Suez canal!
Default on what it ones to ENOG? I do like the share and am a holder but I didn't factor this in.
Yes, about time ENI told us what was happening.
The share price is now where it was prior to Oct 7th.
Onwards and upwards......
Great news indeed. Orion drilling results should also be out any day now.
And Mr market is starting to wake up this morning. Really undervalued and especially if we get a ME peace deal. Ex divi date due soon but I am sure this will be absorbed. Today's news underpins the capacity for divi increases. Buy!
Brilliant company and we would be trading a lot higher if it wasn’t for the obvious issues in the area.
Peace deal???!😀
Good progress being made with solid income for the future.
What's not to like about that.
Shorters start burning ;)
This share 🏓 pings about a bit so any SP appreciation is not baked but catalysts are...
Good deal with Chariot
Prospects of ceasefire in ME
Oversold
Directors buys at the level it was at
High yield which could possibly double
Excellent recent update
Energy stocks back in vogue.
Just my take.