Greek Oil and Gas firm Energean expects the process for its Secondary Listing on the Tel Aviv Stock Exchange to complete on 29 October.
It is to become a constituent of the TA-90 and TA-Oil and Gas Indices. The TA-90 is composed of the 90 most highly capitalised companies listed on the Tel Aviv Stock Exchange that are not included in the TA-35 Index.
Energean maintains its Primary Listing on the Premium Listing Segment of the Official List of the FCA and its shares will continue to trade on the main market of the London Stock Exchange. Shares will be fully transferrable and fungible between the two markets.
The firm said it would not be issuing any new shares in connection with the Secondary Listing.
Energean is pursuing the Secondary Listing in order to attract a wider pool of investors and improve the shareholder base to boost liquidity and tradability of the shares.
Mathios Rigas, Chief Executive of Energean Oil & Gas said: “Israel is a core component of our portfolio and we are on track to start producing gas from the only FPSO in the Eastern Mediterranean in 1Q 2021.”
“We have already secured contracts to supply 4.2 bcma of gas into the growing Israeli domestic market, contributing diversity and security of supply. Looking ahead, our future gas sales agreements will target both domestic and key export markets in the region,” he added.
In August 2017 the company received Israeli Governmental approval for the FDP for its flagship Karish-Tanin gas development project, where it intends to use an FPSO (Floating Production Storage and Offloading) and produce first gas in 2021.
It wants to sell some this gas to Cyprus but is unhappy that it is excluded from a tender to supply the island via a gas pipeline because the bids relate to LNG infrastructure only
Energean says it has submitted a proposal to the Cypriot government to supply natural gas to the country in Q1 2021 with “no upfront cost and at a very competitive price”.
It is seeking approval from Cyprus to build a 200km pipeline from its Israeli Tanin and Karish offshore gas fields and import 0.5 to 1 billion cubic metres (bcm) of gas per year to the island.
Nicosia has said the offer was “unsolicited” but not much else.
“Future gas sales agreements will focus on both the growing Israeli domestic market and key export markets in the region,” said Energean in a statement on Tuesday.
In Greece, the company is pursuing an ongoing investment and development programme to increase production from its Prinos and Prinos North oil fields and to develop the Epsilon oil field, located in the Gulf of Kavala, Northern Greece.
Energean has five exploration licences offshore Israel, and a 25-year exploitation licence for the Katakolo offshore block in Western Greece and additional exploration potential in its other licences in Western Greece and Montenegro.
