Energean’s Production in Egypt Exceeds Four-Month Guidance

Energean’s Production in Egypt has amounted to 31,700 barrels of oil equivalent per day (bbloe/d) in Q1 2021, exceeding its four-month guidance of 27,000-30,000 bbloe/d, according to a statement

During the same period, the company’s total production has amounted to 44,200 bbloe/d. By April 30, Egypt’s net receivables reached $167 million, of which $97 million were classified as overdue. Following the closing of the Edison E&P acquisition in December 2020, Energean has since collected $122 million in revenues.

Mathios Rigas, CEO of Energean commented on these statistics saying “Although COVID-19 continues to present challenges, we continue to deliver upon all of our promises that are within our control. Our production is 15% ahead of guidance, we have taken Final Investment Decision on three low-cost, high-return organic projects and have $1.1 billion of cash on our balance sheet, providing financial flexibility and ensuring that we are fully funded for all of our planned investments.”