Energean Shares Drop Over Concerns of Middle East Escalation

Monday, October 9, 2023

Shares in European-listed companies with major business exposure to Israel fell on Monday on concerns over the potential for their operations there to be affected by a possible escalation of the conflict in the Middle East.

Energean fell as much as 16.8% in London, making the UK and Israel-listed oil producer focused on the Eastern Mediterranean the top loser on the region-wide STOXX Europe 600 benchmark index. 

Energean said the northern area of Israel, where its operations are based, was currently not under attack and that production, supply, and offshore work were ongoing.

"We are and will continue monitoring the events closely and are prepared to manage any scenario and will update as and when necessary," the company said in an emailed statement. 

London-listed shares in BATM Advanced fell 8.5% even as the Israel-based technology firm said it did not expect the recent developments to have a material impact on trading. 

Israel-based antennas maker MTI Wireless also fell in London. They were last down more than 11%.

In India, shares of billionaire Gautam Adani's Adani Ports and Economic Zone, which owns the shipping container and tourist cruise Haifa Port in Northern Israel, fell as much as 5.2%. Adani Ports said the port was operational.

Israel's troops were still battling on Monday to clear out Hamas gunmen more than two days after they burst across the fence from Gaza on a deadly rampage, and the army said it would soon go on the offensive after the biggest mobilization in Israeli history.

Fighting raged at several locations inside Israel where the fighters were still holed up after killing 700 Israelis and seizing dozens of hostages in a raid that shattered Israel's reputation of invincibility. 


 (Reuters - Reporting by Danilo Masoni; Editing by Amanda Cooper and Deborah Kyvrikosaios)

Categories: Middle East Geoscience Industry News Activity Asia

Related Stories

ASCO Sets Up Shop in Qatar to Drive Middle East Expansion

Oil Slumps as US-Iran Reach Initial Peace Deal to Reopen Strait of Hormuz

ADNOC Looks to Canada for Upstream and LNG Growth Through XRG

Oil Prices Slide as Israel-Iran Suspend Strikes

Iran Restarts Output at Three South Pars Offshore Gas Platforms

Mitsui Eyes New LNG Investments to Power Data Center Growth

Oil Prices Rise as Iran Talks Stall and Inventories Shrink

Global Oil Supply to Fall Short of Demand as Iran War Goes On, IEA Says

QatarEnergy, TotalEnergies and ConocoPhillips Team Up on Syria Offshore Block

Oil Prices Edge Higher Amid Uncertainty Over Iran Deal

Current News

ASCO Sets Up Shop in Qatar to Drive Middle East Expansion

Oil Falls as Signs of Hormuz Recovery Weigh on Market

Mako Offshore Field Takes Step Toward First Gas with PT PAL Contract Award

Perenco Inks Gas Sales Deal for Vietnamese Offshore Field

Iran War Sparks Global Rush to Build Strategic Oil Reserves

Qatari LNG Carriers Re-Enter Hormuz as Traffic Through Strait Slumps

Explosion at Qatar's Ras Laffan LNG Hub Injures 54, Leaves 18 Missing

Valeura Concludes Nong Yao Drilling Ops, Boosts Gulf of Thailand Production

Oil Edges Higher as Uncertainty Clouds US-Iran Truce

Aramco Explores Asset Sales in Multi-Billion Dollar Fundraising Push

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com