Start-up of Cassiopea in Italy
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London, 19 August 2024 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to confirm the successful start-up of the Cassiopea field, offshore Italy.
Currently, initial test production is from one of the four subsea wells. The remainder of the wells and associated facilities are expected to be brought online, tested and commissioned over the coming months.
The Cassiopea gas development (Eni 60% operator; Energean 40%), located offshore Italy, contains approximately 10 bcm[1] of gross reserves with gross annual production expected to peak at around 1.5 bcm1. This field is part of the portfolio that is in the process of being sold to an entity controlled by Carlyle International Energy Partners ("Carlyle").
Mathios Rigas, Chief Executive Officer of Energean, commented:
"This news, while not part of the future Energean story, represents the positive involvement of Energean in yet another successful gas development. Energean has always been focused on the development of strategically important resources that supports both energy security and broader socioeconomic stability."
[1] As per the Operator's estimates
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