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

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.