Energean Oil & Gas : Results underpinned by the start-up of Karish
>Outperform recommendation and target price raised to 1,300p - We are sticking with our Outperform recommendation and have adjusted our earnings forecasts in the wake of the publication of H1 2023 results (decline in 2023e EPS linked to the slower-than-anticipated ramp-up of FPSO). We have raised our DCF-derived target price to 1,300p. As a reminder, Energean is a leading player in the Mediterranean basin with strong exposure to the gas segment. The ramp-up of th...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.
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