Energean plc on Thursday announced that the government of Israel approved the first phase of a development plan on the Katlan field field.
In an announcement to the London Stock Exchange and the Tel Aviv Stock Exchange, Energean said the Katlan field could be used for exports to neighbouring countries if the Israeli government approved such licenses.
The company provided an update on recent operations and the Group's trading performance in the 12-months to 31 December 2023 together with guidance for 2024.
Average daily productoin was 123,000 barrels equivalent of oil of which 83% in natural gas, an increase of 200% on an annual basis. Revenues totaled 1.419 billion euros, a 93% increase (FY 2022: 737.1 million). Energean said its third quarter 2023 dividend was 30 US $ cents/share and was paid on 29 December 2023, raising the total dividend at 120 US $ cents/share ( $ 214million) returned to shareholders in 2023.
Mathios Rigas, Chief Executive Officer of Energean, commenting on the report said: " 2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO, which operated at 99%1 uptime during Q4 2023, and we produced at a maximum rate of 150 kboed from our 1 billion+ boe pan-Mediterranean portfolio, with full year production in line with our latest guidance. " Energean has always focused on stable, long-term value creation and delivery for all our stakeholders. We are making good progress on the path to our near-term targets of 200 kboed, $ 1.75 billion adjusted EBITDAX and leverage of c.1.5x. Our strong operational and financial performance underpins our stated dividend policy.
" 2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region.”
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