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Energean Oil to tap gas opportunity in Israel with US$500mln float

The company has been operating in the Eastern Mediterranean for over ten years, principally focusing on the Prinos Basin offshore Greece

gas pipes
Isreal is supportive of plans, said Energean

A company hoping to tap gas opportunity in Israel is set to list in London in March.

Energean PLC aims to raise around US$500mln from the premium listing, money that has earmarked to develop the Karish and Tanin gas fields in Israel.

On listing, Energean and specialist oil investor Kerogen will own roughly half of the Israeli assets, but the company’s economic interest eventually can rise to 70%.

The company has been operating in the Eastern Mediterranean for over ten years, principally focusing on the Prinos Basin offshore Greece, where production was running at the equivalent of 2,800 barrels per day.

BP buys the production from Prinos, which is expected to rise to 4,864 barrels daily this year and by more further out following a US$353mln investment programme.

In October, Energean's total 2P reserves were 50 MMbbls (mln) of oil and 6.0BcF (billion cubic feet) of gas and its total 2C resources were 55.8 MMbbls of oil and 2.4 Tcf.

Secondary listing

Of that, Karish and Tanin had an estimated 2.4 Tcf of natural gas and 32.8 MMbbls of condensate and light oil (contingent 2C resources).

Energean has scheduled first gas from the Karish field for 2021, while the company said it will consider a secondary listing in Tel Aviv.

Mathios Rigas, chief executive, said: Energean has built a strong production, development and exploration portfolio in the Eastern Mediterranean.

“The offer will provide us with a platform to secure this next phase of growth for our pipeline of attractive exploration projects."

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