Greece’s independent oil and gas exploration and production company Energean Oil and Gas announced on October 29 the first day of dealings of the Group’s shares on its secondary listing on the Tel Aviv Stock Exchange (TASE).
Energean is the first London listed, international oil and gas operator to list its shares on the TASE, the company said.
According to the company, delivery of the Karish and Tanin gas development, offshore Israel, remains on track for first gas in the first quarter of 2021. The fields would provide energy security and supplying gas to the Israeli domestic market, Energean said, adding that first steel cut for Energean’s floating production storage and offloading (FPSO), the only FPSO in the East Mediterranean, is scheduled for November 26, 2018.
Drilling of the Karish North well is planned to commence in March 2019, with the potential to de-risk up to 1.8 trillion cubic feet of resources across Karish North and Karish East, Energean said, adding that the company will continue to de-risk the wider Israeli portfolio which has 7.5 trillion cubic feet of gross prospective resources across the Karish and Tanin leases and Blocks (12, 21, 22, 23 and 31).
The company said future gas sales contracts, to target both the growing Israeli domestic market and key export markets in the region, with a view to delivering value to all stakeholders.
Energean also added that the company sees significant further upside from Energean’s diverse Eastern Mediterranean portfolio including exploration and appraisal opportunities in Israel, Greece and Montenegro.
“There is strong momentum at Energean as we prepare to begin our active Israeli work programme to deliver our flagship Israel gas project which will not only deliver significant shareholder value but provide competition and energy security to the Israeli domestic market,” Energean CEO Mathios Rigas said. “Alongside this in Greece, we continue to focus on growing our low-cost production.”
“As such, we are delighted to be the first UK listed international oil and gas operator to list its shares on the Tel Aviv Stock Exchange, fulfilling our commitment that we made to shareholders at the time of our IPO, improving the breadth and depth of the Company shareholder base,” Rigas said, attending the ceremony.
Also present at the Stock Exchange listing, Israel’s National Infrastructure, Energy and Water Resources Minister Yuval Steinitz said noted that having Energean in the Israeli Stock Exchange is an important development. “It is a positive message to the stock market, but mostly a positive message to the developing energy market of the country, a message that shows that Israel is emerging as a player in the global energy market,” he said.