Latest milestone for the eastern Mediterranean energy sector
Greece’s oil and gas producer Energean listed on the London Stock Exchange (LSE) today, raising $460m to develop two Israeli offshore gas fields.
The firm offered 72.6m new shares at £4.55 ($6.35) apiece in the first flotation of an oil and gas producer on London’s main market since Zenith Energy in January 2017, according to LSE data.
The company will receive around £330m ($460m) from the listing, which gave Energean a market capitalisation of around $968m, the company said in a statement.
Talking about the latest milestone for the rapidly expanding eastern Mediterranean energy sector, Mathios Rigas, chief executive of Energean told Reuters: “East Med has had a lot of activity. Investors saw an opportunity to participate in the only independent E&P (exploration and production company) in the East Mediterranean, which is dominated by the majors.”
“This is for us a very important pipeline that, when developed, would open a huge markets for us and others,” Rigas said. The Karish floating production platform could be linked to other fields and process more gas that would be used for exports, he added.
Energean shares were trading flat at 1213 GMT.