Energean Oil & Gas is pleased to announce that Energean Israel has signed a secured Senior Credit Facility (the “Facility Agreement”) of up to US$1.275 billion with Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale as Mandated Lead Arrangers (“MLAs”).

The Facility Agreement will be the primary source of funding for the development of the Karish offshore gas field over the next three years, with first gas production expected in early 2021.

It also provides further momentum for the Company to make a Final Investment Decision (“FID”) on Karish and Tanin.

Energean Oil & Gas CEO, Mathios Rigas, commented: “We are rapidly advancing the Karish and Tanin development by continually delivering on substantial project milestones.

“The participation of four international banks in the Facility Agreement is a strong vote of confidence in Energean’s flagship project. Long-term cash flow from Karish and Tanin has been secured through our previously signed gas supply agreements for approximately 4.2 BCM per year with 12 established counterparties.

“Furthermore, Energean has signed a US$1.36 billion contract with TechnipFMC for the construction of an FPSO with a production capacity of 8 BCM per year, potentially enabling us to take advantage of future production potential from our existing licences or adjacent fields to deliver gas to a rapidly growing regional market.

“The Company is in the process of raising the equity required to develop Karish and Tanin through a premium listing on the London Stock Exchange’s Main Market. At the same time, we are pressing ahead with the expansion programme of our existing production and development base in the Eastern Mediterranean, to deliver our next phase of growth.”

About Energean Oil & Gas

Energean is a leading independent E&P company focused on the Eastern Mediterranean region, where it operates in offshore Israel, Greece, the Adriatic and Egypt. It is the only oil and gas producer in Greece and it and its predecessors have a combined 36-year history of operating offshore and onshore assets in environmentally sensitive areas.
Energean employs 388 oil and gas professionals in total. The Group has 2P reserves of 50.0 MMbbls of oil and 6 Bcf of gas and 2C resources of 22.9 MMbbls of oil and 11.5 Bcf of gas at its Prinos Basin and Katakolo fields, and its associate, Energean Israel, has 2C resources of 32.8 MMbbls of liquids and 2.4 Tcf of gas.