- Energean Oil and Gas hailed 2018 a 'successful' year as revenue rose 56%, the cost of production decreased 29% and significant progress was made on projects.

'2018 was a very successful year for Energean. We increased revenues by 56% while reducing cost of production by 29%, made significant progress on our development projects and converted significant volumes of resources into reserves,' said CEO Mathios Rigas.

'In Israel, Karish and Tanin remains on track for first gas in 1Q 2021 and we have secured $12.9 billion of future revenues through 4.6 bcm/yr of contracted gas sales, firmly underpinning the project's economics. I look forward to continuing this positive momentum in 2019, which will include the drilling of at least six new wells across our acreage in Israel and Greece, targeting significant increases in reserves, resources and production.'

'In Israel we continue to see increasing demand for our gas and are aiming to fill the 3.4 bcm/yr of spare capacity in our FPSO in the medium term. We continue to target value-enhancing opportunities in the Mediterranean area and aim to match the growth achieved over the last decade.'

At 9:54am: [LON:ENOG] Energean Oil Gas Plc share price was +13p at 636.3p

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