Group production during H1 2024 was 146 kboed (82% gas), a 38% increase year-on-year (H1 2023: 106 kboed).
- Production from the continuing operations1 during H1 2024 was 106 kboed (84% gas), a 47% increase year-onyear (H1 2023: 72 kboed).
- Group production for the eight-months to August 2024 was 154 kboed, of which 115 kboed was from the continuing operations1 .
- Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments. FPSO uptime2 (excluding planned shutdowns) was 99% in H1 2024
Strategic sale of Egypt, Italy and Croatia portfolio (the “Transaction”) to an entity controlled by Carlyle International Energy Partners ("Carlyle") targeted to complete by year-end 2024, subject to customary regulatory and antitrust approvals.
In Israel, Karish North first gas and the second gas export riser completion was achieved in February 2024. Second oil train heavy lift vessel contract signed, expected to be installed in the coming months. In Italy, Cassiopea started-up in August 2024. The remaining three wells and associated facilities are expected to be brought online, tested and commissioned over the coming months. In Egypt, Location B gas production was brought online in August 2024.
Final Investment Decision (“FID”) on Katlan (Israel) taken in July 2024; first gas is planned for H1 2027. Energean expects spending to accelerate reflecting progress so far and anticipated progress for the year.
Anchois (Morocco) drilling operations continue, with preliminary analysis indicating volumes found in the Anchois-3 well are lower than pre-drill estimates. Further updates to follow once Anchois-3 ST drilling operations and ongoing technical evaluation are complete.
Prinos carbon storage project: (1) Front-End Engineering Design (“FEED”) activities progressing, including phase
2 that targets to establish a facility with a capacity of up to 3 million tons of CO2 per year; (2) storage permit
for phase 1 (1 million tons of CO2 per year) anticipated to be received in the coming months.
Record financial results for the 6-months to 30 June 2024
The company reported record revenues of $867 million, a 47% increase (H1 2023: $588 million), of which $643 million is associated with the continuing operations1 .
Adjusted EBITDAX3 of $568 million, a 65% increase (H1 2023: $345 million), of which $436 million is associated with the continuing operations1 .
The Group recorded total impairments of $76 million during the period, $61 million of which was in relation to the Orion X1 exploration well in Egypt.
Profit after tax of $89 million, a 27% increase (H1 2023: $70 million), of which $116 million is associated with
the continuing operations.
Group cash as of 30 June 2024 was $345 million, including restricted amounts of $86 million5
, and total liquidity
was $511 million6
. This includes cash for the continuing operations1 of $317 million, including restricted
amounts of $86 million6
, and total liquidity of $483 million.
