Energean Oil & Gas PLC (LON:ENOG), in a statement ahead of its full year results, told investors it increased revenues by 56% during 2018;
The company noted that, in Greece, it produced 4,053 bopd and that falls within the expected range of 4,000 to 4,250 bopd. Guidance for 2019 pitches production expectations at 5,000 to 6,000 bopd in Greece.
Meanwhile, Energean continues to advance the Karish and Tanin projects in Israel for ‘first gas’ in the first quarter of 2021.
This year, the company aims to expand the assets with the drill-bit. It plans to target some 2.3 trillion cubic feet of potential gas resources through the 2019 drill programmes.
"2018 was a very successful year for Energean. We increased revenues by 56% while reducing cost of production by 29%, made significant progress on our development projects and converted significant volumes of resources into reserves,” said Mathios Rigas, Energean chief executive.
