Greek energy company Energean raised £330 million ($460 million) in an IPO on the London Stock Exchange, for the development of the Karish and Tanin Israeli offshore gas fields. Energean announced it will consider dual listing on the Tel Aviv Stock Exchange (TASE) as well.
Energean acquired the Karish and Tanin reservoirs after the government of Israel required Delek Drilling LP (TASE: DEDR.L) and Noble Energy Inc. (NYSE: NBL), the partners who controlled the Tamar and Leviathan offshore fields to sell their stakes in the two locations.
Mathios Rigas, the CEO of Energean, said: “The proceeds of this primary raise will be used to deliver production from our flagship development project offshore Israel, Karish and Tanin, bringing competitive gas to the burgeoning Israeli market. With the project financing in place, the EPCIC contract with TechnipFMC agreed, and gas supply contracts for over 4 BCM per year underpinning our cashflow expectations on the project, this equity financing completes another key milestone that allows us to progress with FID. We are confident that our ability to acquire, de-risk and develop projects of significant scale can deliver a flow of new opportunities in the region and attractive returns for our shareholders.”
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