Reuters: Energean trims top production forecast for 2019; EBITDAX at US$52.4 mln in 2018

Thursday, 21 March 2019 12:37
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Reuters on Thursday reports that Energean has revised, downwards, its top 2019 production forecast, citing delays at its Epsilon well in the northern Aegean.

Energean now forecasts production of between 5,000 and 5,500 barrels of oil daily in 2019, compared to its previous outlook of 5,000 and 6,000 bopd.

Reuters reported that full-year adjusted core earnings more than doubled for Energean, due to higher output in Greece operation and lower production costs.

Energean announced adjusted EBITDAX at US$52.4 million in 2018, up from $20.7 million in 2018.

Revenue rose 56 percent to $90.3 million, Reuters added. Energean has an offshore presence in Israeli and Greek waters, as well as the Adriatic.

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