Energean Oil & Gas PLC GSPA signed with MRC (1304U)
November 21 2019 - 1:00AM
UK Regulatory
TIDMENOG
RNS Number : 1304U
Energean Oil & Gas PLC
21 November 2019
Energean Oil & Gas plc
("Energean" or the "Company")
GSPA signed with MRC
London, 21 November 2019 - Energean Oil and Gas plc (LSE: ENOG,
TASE: ), the oil and gas producer focused on the Mediterranean, is
pleased to announce that Energean Israel and MRC Alon Tavor Ltd.
("MRC") have signed a Gas Sales and Purchase Agreement ("GSPA") for
the sale of approximately 0.5 Bcm/yr, or up to 8 Bcm over the term
of the contract. Supply will commence at Karish first gas and the
contract term is for a period of 15 years from the date of
signature. The GSPA is linked to the Israeli Electricity Production
Index and has floor pricing and take-or-pay provisions. Energean
estimates that the GSPA will add revenues in excess of $1 billion
over the term of the contract.
Energean also recently signed a contract amendment with OPC
Rotem that accelerated the rate of gas consumption and increased
annual gas supply by 0.2 Bcm/yr. This was accompanied by a
shortening of the contract term such that there was no change in
the total contract quantity of gas.
Energean now has firm GSPAs for the supply of 5.0 Bcm/yr of gas
into the Israeli domestic market, excluding the contingent GSPAs
that have been signed with I.P.M Beer Tuvia (0.4 Bcm/yr) and Or
Power Energies ("Or") (0.7 Bcm/yr).
Enquiries
Energean Tel: 07917 608645
Kate Sloan, Head of IR & ECM
Camarco (Financial PR) Tel: 020 3757 4980
Billy Clegg, Owen Roberts
About Energean Oil & Gas plc
Energean is a London Premium Listed FTSE 250 and Tel Aviv Listed
E&P company with operations offshore Israel, Greece and the
Adriatic. In August 2017 the Company received Israeli Governmental
approval for the FDP for its flagship Karish-Tanin gas development
project, where it intends to use the only FPSO in the Eastern
Mediterranean to produce first gas in 2021. Energean has already
signed firm contracts for 5.0 Bcm/yr of gas sales into the Israeli
domestic market. Future gas sales agreements will focus on both the
growing Israeli domestic market and key export markets in the
region.
Energean has nine exploration licences offshore Israel, and a
25-year exploitation licence for the Katakolo offshore block in
Western Greece and additional exploration potential in its other
licences in Western Greece and Montenegro.
On 4 July 2019, Energean announced the conditional acquisition
of Edison E&P for $750 million plus $100 million of contingent
consideration.
www.energean.com
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END
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