Energean PLC First gas from NEA / NI (4711S)
09 March 2023 - 11:23PM
UK Regulatory
TIDMENOG
RNS Number : 4711S
Energean PLC
09 March 2023
Energean plc
("Energean" or the "Company")
First gas from NEA / NI
London, 9 March 2023 - Energean plc (LSE: ENOG, TASE: ) is
pleased to confirm that first gas has been safely delivered at
North El Amriya and North Idku ("NEA/NI"), offshore Egypt.
Highlights:
-- Gas is being produced from the NEA#6 well.
-- The remaining three wells are expected to be brought online over the course of 2023
The NEA/NI development, located in shallow water, offshore
Egypt, contains an estimated 39 mmboe[1] of 2P reserves (88% gas)
with net working interest production expected to peak at 15 - 20
kboed (88% gas) in 2024. The development leverages existing
infrastructure and involves the subsea tieback of four wells to
Energean's North Abu Qir PIII platform. Energean sanctioned the
project in January 2021, representing a development period from
final investment decision to first gas of 2 years and 2 months.
Mathios Rigas, Chief Executive Officer of Energean,
commented:
"Our successful development of first gas at NEA/NI is a good
example of our commitment to Egypt and longstanding partnership
with the Egyptian Ministry of Petroleum, EGPC and EGAS, creating
value for all stakeholders. We are delighted to bring on new
production into our East Mediterranean gas-focused portfolio, as
well as meeting the needs of Egypt and Egyptians through
underwriting energy security with reliable supply that has a lower
carbon footprint than alternative sources of domestic energy."
Enquiries
For capital markets: ir@energean.com
Kate Sloan, Head of IR and ECM Tel: +44 7917 608 645
For media: pblewer@energean.com
Paddy Blewer, Head of Corporate Communications Tel: +44 7765 250
857
Forward looking statements
This announcement contains statements that are, or are deemed to
be, forward-looking statements. In some instances, forward-looking
statements can be identified by the use of terms such as
"projects", "forecasts", "on track", "anticipates", "expects",
"believes", "intends", "may", "will", or "should" or, in each case,
their negative or other variations or comparable terminology.
Forward-looking statements are subject to a number of known and
unknown risks and uncertainties that may cause actual results and
events to differ materially from those expressed in or implied by
such forward-looking statements, including, but not limited to:
general economic and business conditions; demand for the Company's
products and services; competitive factors in the industries in
which the Company operates; exchange rate fluctuations;
legislative, fiscal and regulatory developments; political risks;
terrorism, acts of war and pandemics; changes in law and legal
interpretations; and the impact of technological change.
Forward-looking statements speak only as of the date of such
statements and, except as required by applicable law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. The information contained in this
announcement is subject to change without notice.
[1] Including 10 mmboe that is located in the Abu Qir licence,
but will be developed through the NEA/NI development
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END
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