Energean

ENOG · Main Market · Energy · mcap £1,371m · 735.0p 5 open situations →

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2026 Katlan and Irena developments Israel production disruptions Angola Block 14 acquisition 4 directors buying Cassiopea arbitration and impairment 5 directors buying

Open · 5

Project milestones◷ in 69 days

Katlan and Irena developments

Principal terms agreed with EGPC

Talks to merge Egypt's three offshore concessions targeted mid-2026. Principal terms were agreed with EGPC after the period (H1 results, 9 September 2026), subject to parliament ratification expected by mid-2027, with effect from 1 January 2027. Energean will invest an initial $150m over four years.

Next approval: Parliament ratification to follow 19 Mar 2026 ↗
Expected benefit: Better commercial and fiscal conditions, additional reserves, extended field life 19 Mar 2026 ↗
Receivables: Net $75m at 30 June 2026, lowest since 2020 9 Sep 2026 ↗
Overdue: $32 million, from $166 million at 31 December 2025 20 May 2026 ↗
Exploration: East Bir El-Nus Gamma well, 5-10 mmbbl, to start late June/early July 2026 20 May 2026 ↗
Terms: Enhanced fiscal terms and improved gas pricing 9 Sep 2026 ↗

Next: Parliament ratification; new terms effective 1 January 2027 · 1 Jan 2027

9 Sep 2026 On track for H1 2027 first gas
20 May 2026 On track for H1 2027 first gas
19 Mar 2026 Timetable unchanged; suspension impact being assessed
27 Jan 2026 Pivotal 2026 build year; first gas H1 2027

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Upgrade / downgrade cycle

Israel production disruptions

Recovered; H1 Israel accounts show resilience

The ministry shut the Energean Power FPSO from 28 February to 9 April 2026 (41 days). The 20 May update cut 2026 Group guidance to 130-140 kboed. The 9 September results showed recovery and reiterated guidance. The Israel H1 accounts show revenue of $481m and net profit of $101m, both flat year on year, with the going concern basis kept.

Restart: FPSO fully operational on 10 April 2026 9 Sep 2026 ↗
Risk: Any event affecting Karish and Karish North production could have a material adverse impact 9 Sep 2026 ↗
Production: 8-month 2026 average 135 kboed; August above 180 kboed 9 Sep 2026 ↗
H1 production: 124 kboed versus 138 kboed in H1 2025 9 Sep 2026 ↗
Guidance: Group 130-140 kboed reiterated 9 Sep 2026 ↗
H1 revenue: $481.3m versus $482.6m in H1 2025 9 Sep 2026 ↗

9 Sep 2026 Recovered; H1 Israel accounts show resilience
9 Sep 2026 Production recovered; FY guidance reiterated
20 May 2026 FPSO restarted; Q1 accounts show impact
20 May 2026 FPSO restarted; guidance cut to 130-140 kboed

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Large acquisition / reverse takeover

Angola Block 14 acquisition

Etu signed SPA under pre-emption; Energean SPA still in effect

Energean signed on 12 March 2026 to buy Chevron's Block 14 and 14K stakes offshore Angola for $260m. Etu Energias gave pre-emption notice on 3 June 2026. In August 2026 Etu executed its own SPA with Chevron. Energean's SPA stays in effect until that one completes, so the deal now looks likely to be lost.

Conditions: ANPG approval, other consents, waiver of pre-emption rights 20 May 2026 ↗
Timetable: Final approvals expected in H2 2026; closing by end-2026 20 May 2026 ↗
Pre-emption notice: Etu Energias purports to exercise pre-emption rights, notified 3 June 2026 3 Jun 2026 ↗
SPA status: Energean-Chevron SPA remains in effect until the Chevron-Etu SPA is completed 9 Sep 2026 ↗
Equivalent terms: Any assignment must be on the same or equivalent terms as the Energean SPA 3 Jun 2026 ↗
Operator condition: Buyer must evidence it is a proven deepwater operator of an existing producing asset in water over 300 metres 3 Jun 2026 ↗

Next: Chevron-Etu SPA completion, ending Energean SPA

9 Sep 2026 Etu signed SPA under pre-emption; Energean SPA still in effect
3 Jun 2026 Pre-emption claim by Etu Energias; SPA remains in effect
20 May 2026 Approvals in progress; closing by end-2026
19 Mar 2026 Signed; awaiting approvals; closing by end-2026

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Insider conviction

4 directors buying

£1,117k in 6 buys

4 Aug 2026 Andreas Persianis £38k
9 Jul 2026 OilCo Investments Limited - PCA of Efstathios Topouzoglou £184k
9 Jul 2026 Growthy Holdings Co. Limited - PCA of Mathios Rigas £185k
23 Jun 2026 OilCo Investments Limited - PCA of Efstathios Topouzoglou £340k

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Legal & regulatory

Cassiopea arbitration and impairment

Impairment booked in FY2025 results

Arbitration began in January 2026 between Energean Italy and the Cassiopea operator, with the field performing below the operator's expectations. The 19 March 2026 FY2025 results book the impairment: a $258m loss after tax, mainly non-cash. Group 2P reserves include a 25 mmboe Cassiopea downgrade. The results say nothing new on the arbitration.

Amount claimed: EUR 265 million, not recorded as an asset
Operator's claim: About EUR 154 million for disputed invoices
Impairment: About EUR 300 million non-cash, preliminary
Reserves: 25 mmboe downward revision to Cassiopea 2P reserves 19 Mar 2026 ↗
Next milestone: FY2025 results on 19 March 2026
FY2025 result: Loss after tax $(258)m versus profit of $127m in 2024 19 Mar 2026 ↗

19 Mar 2026 Impairment booked in FY2025 results
27 Jan 2026 Arbitration under way; impairment expected

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Closed · 1

Insider conviction5 directors buying £3,846k in 7 buys · 24 Mar 2025 – 9 Jul 2025 −5%

Company filings. Not investment advice.