Mediterranean oil and gas firm Energean targets London listing

Oil and gas explorer and producer Energean revealed its plans to list on the London Stock Exchange (LSE), in order to raise US$500 million to fund its gas prospects in the Eastern Mediterranean.

The company will look to spend $395 million of the capital raise on the Karish and Tanin gas fields off the coast of Israel, two development stage projects from a wide portfolio which incorporates operations in Montenegro and Greece.

Energean’s main production comes from the Prinos fields located in Greek waters, which produced around 2,803 barrels per day (bpd) of oil last year. It expects to deliver first gas from the Karish field in 2021.

“Over the past few years Energean has built a strong production, development and exploration portfolio in the Eastern Mediterranean to position itself as one of the leading independent oil and gas companies,” commented CEO Mathios Rigas.

The remaining funds from its London IPO would go towards a bridge investment repayment ($10 million) and fees, capital expenditure and other costs ($95 million). The company is also considering a secondary listing in Tel Aviv.