(qlmbusinessnews.com via telegraph.co.uk – – Mon, 19 Feb, 2018) London, Uk – –
Oil and gas explorer Energean plans to raise $500m (£357m) with a listing on the London Stock Exchange, as it hopes to capitalise on increasing demand for energy supplies from the eastern Mediterranean.
The firm plans to use $395m of the money raised to develop its offshore Israel Karish and Tanin gas fields and a further $10m would go to the company’s founders. The remaining $95m would be spent on fees, capital expenditure and other costs.
Mathios Rigas, chief executive of Energean, said the company had “advanced plans for the development of the Karish and Tanin fields, offshore Israel, together with the significant development programme for the Prinos licences in Greece”.
He said that the listing would help the firm to grow its pipeline of “attractive exploration projects”.
Chairman Simon Heale, who has previously served as chair of copper miner Kaz Minerals, said that the eastern Mediterranean was attracting interest from oil and gas majors.
Energean, which was founded in 2007, operates five projects in Greece, as well as others in Motenegro and Israel.
The eastern Mediterranean region has become an increasingly active exploration and production region, with recent discoveries the Zohr gas field in Egypt and the Leviathan site in Israel attracting investment in the region.
Exxon Mobil, Total, Edison and Repsol have already acquired or expressed interest in acquiring hydrocarbon interests in Greek exploration areas. These would help Greece to reduce its reliance on Russia, which currently provides about 60pc of its oil supplies.
“As an independent, locally based exploration and production company, the directors believe the group is well positioned to compete and move swiftly on opportunities in the region,” the company said.