Energean Oil and Gas, a London Premium Listed independent FTSE250 E&P company with operations offshore Israel, Greece and the Adriatic, expects the process for its Secondary Listing on the Tel Aviv Stock Exchange to be completed on 29 October 2018, the company has announced in a statement.
Energean, whose portfolio carries 349 mmboe of 2P reserves and 48 mmboe of 2C resources, expects to become a constituent of the TA-90 and TA-Oil and Gas Indices.
The TA-90 is composed of the 90 most highly capitalized companies listed on the Tel Aviv Stock Exchange that are not included in the TA-35 Index. Energean maintains its Primary Listing on the Premium Listing Segment of the Official List of the FCA and its shares will continue to trade on the main market of the London Stock Exchange. Shares will be fully transferrable and fungible between the two markets. Energean is not issuing any new shares in connection with the Secondary Listing.
Energean is pursuing the Secondary Listing in order to further expand the accessibility of its Oil & Gas growth story to a wider pool of investors; improve the breadth and depth of the company shareholder base, ultimately improving the liquidity and tradability of the shares; and fulfil the commitment the Company made at IPO to pursue a secondary listing on the Tel Aviv Stock Exchange.
Mathios Rigas, Chief Executive, Energean Oil & Gas commented: “Israel is a core component of our portfolio and we are on track to start producing gas from the only FPSO in the Eastern Mediterranean in 1Q 2021. We have already secured contracts to supply 4.2 bcma of gas into the growing Israeli domestic market, contributing diversity and security of supply. Looking ahead, our future gas sales agreements will target both domestic and key export markets in the region. Our Tel Aviv Stock Exchange Listing fulfils a further commitment that we made to shareholders at the time of our London Stock Exchange IPO and I am pleased to further expand the accessibility of our company to a wider pool of investors.”
In August, 2017, Energean Oil & Gas received Israeli Governmental approval for the FDP for its flagship Karish-Tanin gas development project, where it intends to use an FPSO and produce first gas in 2021. Energean has already signed firm contracts for 4.2 bcma of gas sales into the Israeli domestic market. Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region.
In Greece, the company is pursuing an ongoing investment and development program to increase production from its Prinos and Prinos North oil fields and to develop the Epsilon oil field, located in the Gulf of Kavala, northern Greece.