Good work there. I still hold DEC and topped up again yesterday as SP has bombed again, seemingly because the market doesn’t understand or rate the latest acquisition of assets, amongst other things.

ENOG (Energean) is also down in the doldrums again, as usual it’s mainly down to overblown fears about the Eastern Mediterranean. They’ve recovered slightly recently but still (probably!) worth considering if you’re neither a widow nor an orphan.

I’ve read that market estimates are for higher gas prices in the medium term, which would be an unsurprising next part of the cycle.

Also, I wonder how much cheaper ENOG might get tomorrow morning, given today’s unpleasant developments?

https://www.bbc.co.uk/news/articles/cjw398njqj4o

Interesting to look back at previous results, outlooks, and the reaction and actual levels the SP reached, travelling in both directions of course! Year high is 1219p and low is 807p. Low point was around the last time tensions boiled over, in October last year.

In Jan 2024, ENOG announced its annuals
Chief executive Mathios Rigas said: "2023 was the year we became the major independent gas producer in the Mediterranean. Despite the challenging regional geopolitical developments, we stabilised the production of the Energean Power FPSO.

"2024 shows significant potential; we are well advanced with our core strategic projects across Israel, Egypt, Italy and Greece, and have extended our footprint with a new gas development in Morocco. As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region."

As of 0850 GMT, Energean shares were down 2.02% at 921.0p.


And this from March…

Energean posted a surge in annual sales and earnings on Thursday, after the successful ramp-up of production from the Karish offshore gas field.

Average working interest production at the oil and gas firm, which is listed in both London and Tel Aviv, jumped 200% in the end to December end to 123 kboed (thousand barrels of oil equivalent per day).

Energean said the hike was primarily down to a full year of production at the flagship Karish field. Located offshore Northern Israel in the eastern Mediterranean, the field accounts for around 75% of Energean's output.

As a result, revenues climbed 93% to $1.4bn, while underlying adjusted earnings jumped 121% to $931m. Operating profits surged 158% to $598m.

Shares in Energean tumbled last October, following the outbreak of violence in Israel and Gaza.

But chief executive Mathios Rigas said the ongoing conflict had not impacted the business. "2023 was another transformational year," he said.

"Despite the challenging geopolitical environment, all of our operations were managed without any impact from the regional conflicts.

"Since the year end, the start-up of Karish North and the second gas export riser mean we are now able to utilise the FPSO's (floating production storage and offloading) maximum gas capacity and our production guidance illustrates the next step towards our near-term target of 200 kboed."

Energean currently expects 2024 production to come in between 155 and 175 kboed.

As at 0900 GMT, Energean's London-listed shares were up 2% at 1,054.04p.


Since then, in July they’ve confirmed the investment in the Kaslan field in Israel and more recently started production at the Cassiopea field off the Italian coast. Plus an asset disposal in the Med announced in June. So never a dull moment.

Just thought I’d share these manic musings, apologies for hijacking (poor choice of word discussing a part-Israeli company, sorry) the thread.