Energean expects secondary listing in Tel Aviv to complete by end of month

Energean Oil and Gas said on Tuesday that it expects the process for its secondary listing on the Tel Aviv Stock Exchange to complete on 29 October.

The FTSE 250 company said it expected to become a constituent of the TA-90 and TA-Oil and Gas Indices.

It said the TA-90 is composed of the 90 most highly capitalised companies listed on the exchange that were not included in the TA-35 Index.

Energean would maintain its primary listing on the Premium Listing Segment of the Official List in London, and its shares would continue to trade on the main market of the London Stock Exchange, its board confirmed.

Shares would be fully transferable and fungible between the two markets, with Energean not issuing any new shares in connection with the secondary listing.

Energean said it was pursuing the secondary listing in order to further expand the accessibility of its oil and gas growth story to a wider pool of investors; improve the breadth and depth of its shareholder base, ultimately improving the liquidity and tradability of the shares; and fulfil the commitment the company made at initial public offering to pursue a secondary listing on the Tel Aviv Stock Exchange.

“Israel is a core component of our portfolio and we are on track to start producing gas from the only FPSO in the Eastern Mediterranean in the first quarter of 2021,” said chief executive officer Mathios Rigas.

“We have already secured contracts to supply 4.2 bcma of gas into the growing Israeli domestic market, contributing diversity and security of supply.”

Looking ahead, Rigas said the company’s future gas sales agreements would target both domestic and key export markets in the region.

“Our Tel Aviv Stock Exchange Listing fulfils a further commitment that we made to shareholders at the time of our London Stock Exchange IPO and I am pleased to further expand the accessibility of our company to a wider pool of investors.”