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Energean - Shares hit new high of 846p

June 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The strong run up in the shares preceded Energean’s drilling offshore Israel, which came up trumps and it duly confirmed a significant new discovery at Karish North, sending the shares to a new high of 844p.Management said the well successfully encountered gas in the main sands and guidance is for a discovery of 1.0-1.5 TCF (trillion cubic feet) gas in place, which could equate to recoverable resources of 875 BCF (billion cubic feet). Karish North should be commercialized via a tie-back to the Energean Power FPSO platform, which will be located 4.5 km from the Karish North well.Following further evaluation the rig will return to drilling the three Karish Main development wells.Considering we only highlighted t ...

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