- Energean Oil and Gas cut output guidance after swinging to a loss in the first half of the year as a ramp-up in operations drove up costs offsetting a jump in revenues.

The company lowered 2019 full-year production to a range of 3,400 to 3,600 barrels of oil per day (bopd) from 4,300 to 4,800 bopd.

For the half year ended 30 June 2019, the company reported a pre-tax loss of $3.1m compared with a profit of $82.1m a year earlier.

Cost of sales rose 61% to $28.6m.

The company said it expected an active 18 months, with the completion of Edison E&P expected in the fourth quarter of the year, at which point Energean would become a company of ‘considerable scale in the Mediterranean with pro-forma 2P reserves of 639 mmboe, weighted 80% towards gas, further enhancing our energy transition strategy.’

‘We are on track and on budget to deliver first gas from the Karish Tanin development in Q1 2021 having delivered key milestones in the project, discovered more gas to monetise through the successful Karish North well as well as making good progress elsewhere across the portfolio,’ the company said.

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