Officials at Energean Oil & Gas, nowadays a publically traded company following last March’s listing on the London Stock Exchange’s main market, avoided disclosing too much information at a company presentation yesterday but confirmed the achievement of a 20-year production high of 1.5 million barrels for 2018, at a production rate of nearly 4,100 bpd.
Half this amount – 2,000 bpd – was provided by the company’s Prinos North oil field, which began producing last February following horizontal drilling.
Company officials also noted a new drilling effort will be staged at the Epsilon oil field, located in the Gulf of Kavala, northern Greece. Output here will signal Greece’s first point of utilization and oil production since the Prinos and Prinos North fields.
Energean’s detailed new production guidelines are expected to be announced by the board in January.
Beyond Greece, Energean, a leading independent E&P company focused on the Eastern Mediterranean region, plans to commence 3D seismic surveys at a section of offshore licenses held in Israel as well as at two offshore licenses in Montenegro.
In March, Energean plans to drill at its Karish North license in Israel, aiming to discover 34 billion cubic meters of natural gas. This drill has been given an almost 70 percent chance of succeeding.
Last November, Energean began constructing a Floating Production, Storage and Offloading (FPSO) unit to be installed in the east Mediterranean region. It will offer an annual production capacity of 8 billion cubic meters.
Energean’s listing on the London Stock Exchange was the biggest IPO by a petroleum firm in the past four years and the sole entry in 2018. Energean’s share has since been one of the best FTSE 250 performers, rising 35 percent.
Just under two months ago, Energean was also listed on the Tel Aviv Stock Exchange (TASE) secondary list.