Energean Oil & Gas : Could Karish be slightly delayed? We think the risk is manageable
>Outperform rating – target price raised to 900p - We maintain our Outperform rating and have adjusted our earnings sequence following the group’s 2000 earnings release. We have raised our target price to 900p vs 730p. It is derived from a DCF model, applying a discount of 10% to reflect the risk of the Karish project being pushed out. The ongoing restrictions on movement put in place to tackle the pandemic may mean a slight delay to the start-up of the Karish FPSO. B...Energean Oil & Gas PLC is an exploration and production (E&P) company that is focused on the Eastern Mediterranean region, where it operates in offshore Israel, Greece, the Adriatic and Egypt. The Company has 13 E&P licenses, and 16 wells. The Company has proven plus probable (2P) reserves of 50 million barrels (MMbbls) of oil and 6 billion cubic feet (Bcf) of gas and 2C resources of 22.9 MMbbls of oil and 11.5 Bcf of gas at its Prinos Basin and Katakolo fields, and its associate, Energean Israel, has 2C resources of 32.8 MMbbls of liquids and 2.4 trillion cubic feet (Tcf) of gas. The Company also has exploration potential in the other licences held in offshore Israel, Western Greece, and Montenegro.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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