Energean makes 'solid progress' at Karish, Prinos goes 100% renewable

Exploration and production company Energean said on Tuesday that it had continued to make "solid progress" on its Karish development throughout the third quarter of the year.

Energean stated that Karish, which was scheduled to deliver first gas in the fourth quarter of 2021, had seen its cash-flow and return profile be "further enhanced" by increased gas sales and a heightened level of expected hydrocarbon liquids production.

The FTSE 250-listed firm also highlighted that its acquisition of Edison, expected to complete in December, would also further secure its long-term, resilient cash flow profile and option-rich portfolio, insulate its revenue and enable the group to realise its medium-term ambition to pay "a meaningful and sustainable" dividend.

Chief executive Mathios Rigas added: "We have also switched to 100% renewable energy in powering our assets in Prinos, which has driven a 100% reduction in the asset's Scope 2 carbon emissions and an approximate 45% reduction of Scope 1 & 2 carbon emissions. We are exploring opportunities to roll this strategy out across all operated assets in the post-completion portfolio, which will mark a near-term step towards our net-zero goal.

"We are confident that we can achieve this target and are also assessing a number of other options that would leverage our upstream expertise, such as carbon capture and storage, to help to deliver a lower carbon world."

As of 0835 GMT, Energean shares were up 0.48% at 707.40p.