Energean (ENOG): Katlan and Irena developments
This situation live
ENOG Energean
26 Nov 2025 · On time and budget; first gas H1 2027 · −4% until the next step
Katlan (Israel) and Irena (Croatia) first gas both expected in H1 2027, with Katlan expenditure milestones being achieved earlier-than-anticipated.
27 Jan 2026 · Pivotal 2026 build year; first gas H1 2027 · +5% until the next step
First gas on both projects expected in H1 2027.
19 Mar 2026 · Timetable unchanged; suspension impact being assessed · −4% until the next step
As of the time of writing, there is no anticipated change to the Katlan first gas timetable of H1 2027.
20 May 2026 · On track for H1 2027 first gas · −2% until the next step
Katlan first gas and Nitzana export pipeline completion remain on track for H1 2027 and no later than October 2028 respectively.
9 Sep 2026 · Principal terms agreed with EGPC · −15% since
First gas from Katlan in H1 2027.
Katlan and Irena developments
Principal terms agreed with EGPC
JAN1
Next: Parliament ratification; new terms effective 1 January 2027 in 69 days
Every step · 5
- 26 Nov 2025 On time and budget; first gas H1 2027 – Katlan (Israel) and Irena (Croatia) first gas both expected in H1 2027, with Katlan expenditure milestones being achieved earlier-than-anticipated. ↗
- 27 Jan 2026 Pivotal 2026 build year; first gas H1 2027 – First gas on both projects expected in H1 2027. ↗
- 19 Mar 2026 Timetable unchanged; suspension impact being assessed – As of the time of writing, there is no anticipated change to the Katlan first gas timetable of H1 2027. ↗
- 20 May 2026 On track for H1 2027 first gas – Katlan first gas and Nitzana export pipeline completion remain on track for H1 2027 and no later than October 2028 respectively. ↗
- 9 Sep 2026 Principal terms agreed with EGPC – First gas from Katlan in H1 2027. ↗
What is happening
Energean: Katlan and Irena developments – Principal terms agreed with EGPC. ['Principal terms agreed with EGPC']
- In short
- 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.
- Announced
- 26 Nov 2025 · On time and budget; first gas H1 2027
- Latest
- 9 Sep 2026 · On track for H1 2027 first gas
- Next approval
- Parliament ratification to follow
- Expected benefit
- Better commercial and fiscal conditions, additional reserves, extended field life
- Receivables
- Net $75m at 30 June 2026, lowest since 2020
- Overdue
- $32 million, from $166 million at 31 December 2025
- Exploration
- East Bir El-Nus Gamma well, 5-10 mmbbl, to start late June/early July 2026
- Terms
- Enhanced fiscal terms and improved gas pricing
- Investment
- Initial $150m over four years; up to 50 mmboe, could double production
- Ratification
- Parliament by mid-2027; effective 1 January 2027
What comes next
Parliament ratification; new terms effective 1 January 2027 (1 Jan 2027).
Briefing Pro
New to Energean? Get up to speed in 2 minutes.
What it does, how it got here, what management promised and delivered – written from its own announcements.
Get the ENOG briefing →From the company's own announcements. Not investment advice.
Also at Energean 4 open
Upgrade / downgrade cycleIsrael production disruptions – Recovered; H1 Israel accounts show resilience
Large acquisition / reverse takeoverAngola Block 14 acquisition – Etu signed SPA under pre-emption; Energean SPA still in effect
Insider conviction4 directors buying – £1,117k in 6 buys
Legal & regulatoryCassiopea arbitration and impairment – Impairment booked in FY2025 results
Insider conviction5 directors buying – £3,846k in 7 buys · closed
Energean – company page →