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Energean Facing Delays at Epsilon

March 21, 2019

File photo: GSP Jupiter rig towed to Epsilon Oil Field (Photo: Energean)
File photo: GSP Jupiter rig towed to Epsilon Oil Field (Photo: Energean)

Energean trimmed the top end of its 2019 production forecast after facing delays at its Epsilon well in Greece, the oil and gas producer said on Thursday.

Energean expects to produce between 5,000 and 5,500 barrels of oil per day in 2019, compared to its earlier outlook range of between 5,000 and 6,000 bopd.

The company, which is focused in the Mediterranean, said full-year adjusted core earnings more than doubled, driven by higher output at its Greece operation and lower production costs.

Energean said adjusted earnings before interest, taxes, depreciation, amortization and exploration expense (EBITDAX) rose to $52.4 million in the year ended Dec. 31 from $20.7 million a year earlier.

Revenue rose 56 percent to $90.3 million. The company has operations offshore Israel, Greece and the Adriatic Sea.

(Reporting by Justin George Varghese; Editing by Anil D'Silva, Bernard Orr)



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