ENERGEAN PLC LS -,01

The board of Energean has, following a formal competitive tender process, approved the reappointment of Ernst & Young LLP as external statutory auditor for the year ending 31 December 2027. The reappointment is subject to shareholder approval at the annual general meeting, expected to take place in May 2027. The process was carried out in accordance with the CMA Statutory Audit Services Order 2014 and the UK Corporate Governance Code 2024; four firms were invited, three were shortlisted, and the audit and risk committee recommended the reappointment. » More on de.investing.com

Energean has received clearance from the Ministry of Energy and Infrastructure to resume production and operation of its Energean Power FPSO. The company is working on a safe restart and intends to restore normal operations according to established procedures. No details were given on the reasons for the shutdown, its duration, production capacity, or a timetable for full capacity; further information is expected to follow. » More on de.investing.com

Energean achieved a pro rata production of 154,000 barrels of oil equivalent per day in 2025 but recorded a net loss of $258 million after a $127 million profit in 2024. Revenue remained stable at $1.77 billion, with supported gas revenues offsetting declines in liquid hydrocarbons; adjusted EBITDAX fell slightly, while operating cash flow stayed robust. The loss was driven by a non-cash impairment and the temporary suspension of operations in Israel. Energean reaffirmed its strategic diversification, including a planned acquisition in Angola. Management has withdrawn the 2026 guidance due to the Israel situation and reported debt of $3.26 billion (leverage 2.9x), while citing several near-term measures to reduce debt and resume production. » More on de.investing.com