The Energean share price is down today after the company announced that it has completed the sale of its subsidiary, Energean Oil & Gas PLC, to a consortium led by private equity firm Kerogen Capital LLP.
Energean Oil & Gas was sold for an enterprise value of $1.225 billion and a cash consideration of $625 million. The sale includes all of Energean’s assets in Israel, including the Karish and Tanin gas fields.
The sale is part of Energean’s strategy to focus on its core business of developing and operating oil and gas projects in the Mediterranean region.
Since its inception in 2015, Energean has been one of the most prolific oil and gas exploration and production companies in the Mediterranean Sea.
The company is headquartered in Athens, Greece, and is listed on both the Athens Stock Exchange and the London Stock Exchange.
Energean has a strong portfolio of assets in Israel, Italy, Montenegro and the United Kingdom.
In 2019, the company made two major discoveries with the Karish North-1 well offshore Israel and the Barents Sea West-1 well offshore Norway.
These discoveries have further bolstered Energean’s position as a leading exploration and production company in Europe.
The shares of Energean Oil & Gas plc (LSE: ENOG) are currently trading at GBP 1.38 (as of 09:00 GMT).
The stock has lost 4.72% of its value so far today after closing at GBP 1.45 yesterday.
Energean Share Price Forecast
Energean (LSE: ENOG) is an independent oil & gas company with a portfolio of development, production and exploration assets in the Eastern Mediterranean. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
The share price of Energean has been on a rollercoaster ride over the past year, but it has started to stabilise around the £2 mark in recent months.
There are a number of factors that could impact the share price in the short to medium term, including:
The final investment decision for the Karish North project, which is expected to be made in H1 2021. This could provide a boost to the share price if it goes ahead as planned.
The continued development of the company’s other assets in Greece and Israel. If these progress well, it could provide positive news flow and support the share price.
The oil price.
As an oil & gas producer, Energean is naturally sensitive to changes in crude prices. If prices continue to rise, it will be good news for shareholders. However, if there is another sharp drop then it could put pressure on the shares once again.
Credit: www.ekathimerini.com
What is the Current Share Price of Energean
Energean is a leading independent oil and gas exploration and production company with a diversified portfolio of high-quality assets across the Mediterranean. The company is listed on both the London Stock Exchange and the Tel Aviv Stock Exchange. As of June 2020, the current share price of Energean is $1.53.
The company has had a strong start to 2020, with its share price rising by over 50% since January. This reflects growing investor confidence in Energean’s ability to weather the challenges posed by the Covid-19 pandemic and oil market volatility.
Looking ahead, Energean is well positioned to take advantage of the recovering oil markets as demand for energy begins to rebound.
With a strong balance sheet and a robust asset base, the company is well placed to continue delivering value for shareholders in the years ahead.
A View From Italy | con Mathios Rigas, CEO Energean PLC
Conclusion
The Energean share price has been on a rollercoaster ride in recent years. However, the company is now back on track and its share price is on the rise. The company is an international oil and gas exploration and production company with operations in the Mediterranean, North Sea and West Africa.
It is currently developing the Karish field offshore Israel, which is one of the largest natural gas fields in the world. The company is also expanding its operations into Greece and Montenegro.
