Energean invests in the Irena gas field development, offshore Croatia Energean is pleased to announce that it, alongside its partner INA – INDUSTRIJA NAFTE d.d. (“INA”), have taken Final Investment Decision (“FID”) for the development of the Irena gas field, offshore Croatia.

Energean has a 70% working interest (“W.I.”) in the project. The development plan is for a single platform tie-back to the existing infrastructure at the Izabela field. First gas is expected in H1 2027.

Francesco Federici, Energean’s Croatia Country Manager, stated:

“We are thrilled to move forward with the development of the Irena gas field. This FID underscores Energean’s commitment to advancing natural resource development in Croatia and the wider Adriatic region. This is a strategic investment and we extend our gratitude to our partner, INA, for their fruitful collaboration over the years and look forward to continued success together.”

Josip Bubnić, Operating Director of Exploration and Production at INA, stated:

“The decision to invest in the development of the Irena gas field is another important step in advancing our strategy of strengthening domestic oil and gas production and ensuring Croatia’s long-term energy security. We are investing with a clear vision – to enhance energy supply security and maintain our leadership position in the region.”

Irena project overview:

   -The Irena gas field is located in the Izabela concession, which is operated by Edina d.o.o., a 50:50 joint venture between Energean and INA. Energean has a 70% W.I. in the concession.
   -he concession is located in shallow water, with a water depth of around 45 metres.
   -P50 reserves are approximately 30.5 Bcf gross (5.4 mmboe).
   -First gas from the Irena field is expected in H1 2027, with peak production anticipated ataround 8-10 mmscfd gross (1,400-1,700 boe/d).
   -The total estimated capital expenditure for the project is EUR 71 million (100% gross), with Energean’s share at EUR 50 million (70% W.I.).
   -Energean’s net entitlement gas will be sold under its long-term Gas Sales Agreement with INA.

About Energean

Energean (LSE: ENOG, TASE: אנאג) is a London Premium Listed FTSE 250 and Tel Aviv Listed E&P company with operations in eight countries across the Mediterranean and UK North Sea. Since IPO, Energean has grown to become the leading independent, gas-focused E&P company in the Eastern Mediterranean, with a strong production and development growth profile. The Company explores and invests in new ideas, concepts and solutions to produce and develop energy efficiently, at low cost and with a low carbon footprint.

About INA Group

The Group comprises a number of companies either partially or fully owned by the company INA, d.d. The registered office of the company is at Avenija Većeslava Holjevca 10, Zagreb, Croatia. On December 31, 2023 INA Group had 9,476 employees. The Group holds a dominant position in oil business in Croatia; it is a leader in oil and gas exploration and production, in oil processing and in oil and oil derivatives distribution.