Energean makes Egypt discovery, pays Q1 dividend
Energean plc announced a significant find in offshore Egypt, continued natural gas supply in Israel, and declared a first quarter dividend of 30 cents a share. The company’s production for the first quarter was 142,000 boed, with 82% gas, representing a 49% year-on-year increase. Success was recorded in the Abu Qir infill well drilling campaign in Egypt, with preliminary analysis indicating gas-initially-in-place volumes of approximately 87-129 billion cubic feet. The well encountered around 270 feet of net pay across formations, with first production expected in Q3 2024.