The Israeli Government has approved the first phase of the Katlan natural gas field development, as announced by Energean, in its Trading Statement & Operational Update to the London and Tel Aviv stock exchanges.

The Katlan field, discovered by Energean in 2022, contains confirmed reserves of 31 billion cubic meters of natural gas and 37 billion cubic meters of gas resources with reduced risk. This field could also be used for exports to neighboring markets, subject to the Israeli Government granting the necessary permits.

Energean clarified that the first phase of development will commence with the "Athena" and "Zeus" structures, followed by the "Hera" and "Apollo" structures. However, it is noted that the final investment decision is expected to be made upon the completion of negotiations related to the exploitation of the field. Additionally, the exploitation of the Tanin field will also be expanded.

According to the company's 2023 financial report, Energean announced that the average daily production was 123 thousand barrels of oil equivalent (kboed), 83% of which was natural gas. This represents a 200% increase on an annual basis, with production now at 150kboed per day. Furthermore, in December, the development project of the NEA/NI offshore fields in Egypt was completed within schedule and budget, with the group's revenues reaching $1.419 billion (+93% annually), and earnings before interest, taxes, depreciation, and amortization (EBITDAX) at $925 million (+119% annually).

Commenting on these developments, Mathios Rigas, CEO of Energean Group, stated, "2023 was the year Energean became the largest independent natural gas producer in the Mediterranean." Despite challenging geopolitical developments in the region, he highlighted that "the company stabilized production from the FPSO 'Energean Power', which operated at 99% of the time in Q4." "Energean has always aimed at creating stable and long-term value for all our stakeholders," added Mr. Rigas.

Mr. Rigas extensively discussed Energean's investment program for 2024. "We have made significant progress in our strategic projects in Israel, Egypt, Italy, Greece, and expanded into Morocco with a new natural gas development," he noted, adding, "The company will continue to optimize its portfolio, aiming to strengthen its position as a leading independent exploration and production company in the region, with a focus on natural gas."