ENERGEAN PLC LS -,01

Energean CEO Mathios Rigas said the company’s ageing British North Sea fields would be better suited to another owner because they offer tax loss carryforwards of £715m that a larger producer portfolio could utilise. Energean produces about 1,000 barrels of oil equivalent per day from the fields but is not currently in active sale talks. The company is focusing on expansion off the coast of Israel, seeking partners for drilling at Abu Qir in Egypt, and is assessing opportunities in Angola and other West African countries. Arbitration proceedings with ENI over Cassiopeia are expected to begin in the first half of 2027. » More on de.investing.com

Energean reports free cash flow of USD 350m (+36%) and net profit of USD 160m (+45%) for the first half of 2026, despite a 12% drop in production due to a 41-day shutdown at the Karish field. Operating cash flow was USD 550m, while revenue fell 8% to USD 715m. The company secured an additional USD 1.4bn of contracted revenues through a new gas deal with Sorek and confirms its full-year production guidance of 130,000–140,000 boe/d. The Katlan project remains on budget and on schedule for first production in H1 2027, and management is targeting a midterm net debt ratio of around 2.0x. » More on de.investing.com

Energean reported a 45% increase in profit after tax to $160 million for the first half of 2026 and a 35% rise in free cash flow to $250 million, and confirmed its full-year production guidance. The shares rose about 4.9% to 830 pence, supported by Jefferies’ upgrade to “hold” with a 800 pence price target. Additional drivers include a gas supply contract with Sorek worth about $1.4 billion, terms for the consolidation of an Egyptian concession, and contractually secured revenues in Israel of around $20 billion. » More on de.investing.com