The Facility Agreement will fund the development of the Karish offshore gas field over the next three years, with first gas production expected to set out in early 2021.

It also provides momentum for the Company to make a Final Investment Decision on Karish and Tanin.

Energean Oil & Gas CEO, Mathios Rigas, mentioned:

Furthermore, Energean has signed a US$1.36 billion contract with TechnipFMC for the construction of an FPSO with a production capacity of 8 BCM per year, potentially enabling us to take advantage of future production potential from our existing licences or adjacent fields to deliver gas to a rapidly growing regional market. The Company is in the process of raising the equity required to develop Karish and Tanin through a premium listing on the London Stock Exchange’s Main Market. At the same time, we are pressing ahead with the expansion programme of our existing production and development base in the Eastern Mediterranean, to deliver our next phase of growth.