Energean: Seeking a Partner for Drilling in Greece and Gas Exports to Egypt

Energean is actively searching for a strategic partner to conduct exploratory drilling in Block 2 of the Northwest Ionian Sea, which presents significant prospects for exports. This was announced today alongside the publication of the company’s first-quarter results. According to the update provided to the London and Tel Aviv stock exchanges, Energean’s daily production during the first quarter reached 180,000 barrels of oil equivalent per day (kboed), with 84% being natural gas. Simultaneously, the development of the Katlan field in Israel is progressing, and the company plans to secure capacity on the Nitsana pipeline to ensure future gas exports from Israel to Egypt. Additionally, Energean has signed new non-binding MoUs for carbon storage in Prinos. Executive Advisor Mathios Rigas stated that they have secured approximately $2 billion in contract revenues from Israeli customers alone, creating stable and predictable cash flows that protect Energean from market volatility while supporting its quarterly dividend of $0.30 per share. The FPSO Energean Power continues reliable operations in Israel with 96% uptime as of April’s end. The second oil unit project is on track for completion by the end of Q2 2025, and the Katlan field development remains within budget and schedule for first gas production in early 2027. In Greece, progress is noted in transitioning Prinos into the region’s first carbon storage project. Collaboration with the Egyptian government aims to optimize offshore license terms ahead of drilling at the East Bir El Nus (“EBEN”) land concession. In Italy, government approval is sought for the low-risk Vega West infrastructure expansion to boost production and extend field life. Lastly, Energean is evaluating merger and acquisition opportunities across Europe, the Middle East, and Africa (EMEA) to drive further growth.