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(Sharecast News) - Hydrocarbon exploration and production company Energean has inked a new gas sales and purchase agreement that will see it supply up to 800.0m cubic meters of natural gas per year to the East Hagit Power Plant in Israel.
Energean said on Tuesday that the gas sales and purchase agreement was for a term of approximately 15 years, for a total contract quantity of up to 12.0bn cubic meters, and contains provisions regarding floor pricing, offtake exclusivity, and a price indexation mechanism.
The FTSE 250-listed firm added that the agreement had been signed at levels that were "in line" with the other large, long-term contracts within its portfolio and has the potential to generate revenues of up to $2.0bn over the offtake period.
Separately, Energean added that its Energean Power FPSO had sailed away from Singapore and remained on track to deliver first gas from its Karish project in the third quarter.
As of 0835 BST, Energean shares were up 2.62% at 1,215.30p.
