StockMarketWire.com - Energean Oil and Gas said it expected revenue to fall despite an increase in annual output.

Full-year revenue was expected to be approximately $76m in 2019, down from $90.3m last year.

Working interest reserves and resources were expected to rise 38% to 554m boe on-year, driven primarily by the 190m boe Karish north discovery.

The company also reported capital expenditure jumped to $721m from $492m and said the Karish development was on track to deliver first gas in the first half of 2021.

For 2020, the company expected production in a range of 42,500-50,000 boe per day and capital expenditure of $995m of which $620, would be spent in Israel.

'Karish and Tanin is on track to deliver first gas in 1H 2021 and we have now secured 5.0 bcm/yr of firmly contracted gas sales to Israeli domestic buyers, 1.3 bcm/yr of contingent gas sales and 2.0 bcm/yr of potential sales to be discussed under a Letter of Intent with Greece's DEPA,' Energean said.

At 8:34am: [LON:ENOG] Energean Oil Gas Plc share price was -1p at 822p



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