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(Alliance News) - Energean PLC on Thursday said it remained on track to meet its annual production targets despite ongoing conflict in Israel.
Eneargean is a London-based hydrocarbon exploration and production company, focused on natural gas, with operations in Israel, Egypt, Italy, Greece, Croatia and the UK.
The company declared production of 118,500 barrels of oil equivalent per day in the nine months to September 30, a sharp increase from 35,200 barrels in the corresponding period a year ago, which was ramped up by "steady production" from the Karish North field in Israel. In the third quarter, production was 143,000 barrels of oil equivalent per day.
As a result, Energean said it is on track to meet its production guidance of 120-130,000 barrels of oil equivalent per day, adding that it expects no production impact from the current situation regarding the Israel-Hamas war. Last year, the gas explorer's total production was 41,200 barrels of oil equivalent per day.
Commenting on the results, Chief Executive Officer Mathios Rigas said: "The ongoing security situation has not impacted our production. The successful ramp-up of production from our flagship Karish gas field in Israel has increased Group production to above [150,000 barrels of oil equivalent per day] in recent days."
Meanwhile, revenue jumped 85% to USD1.02 billion in the nine-month period, from USD550.2 billion a year prior, while earnings before interest, tax, depreciation and amortisation grew 79% to USD623 million from USD348.5 million the year before.
On Thursday Energean also declared a quarterly dividend of 30 US cents, unchanged from the third quarter of 2022.
"I am sincerely grateful to all our employees, who have shown remarkable resilience, dedication and professionalism in the face of the challenging environment. Their unwavering commitment to our business and our values has been instrumental in delivering both operational excellence and growth. We are proud of our diverse and talented team, and we will continue to invest in their development and well-being," added Rigas.
Shares in Energean were down 0.1% at 886.50 pence each in London on Thursday midday.
By Sabrina Penty, Alliance News reporter
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