The average daily production of Energean (LSE: ENOG, TASE: אנאג) in the third quarter reached 143 thousand barrels of oil equivalent, with over 80% of it in natural gas. This represents a 35% increase compared to the production in the first half of the year, which was around 106 thousand barrels of oil equivalent per day.

The new significant increase in production, unaffected by the situation in Israel, along with progress in the carbon dioxide (CO2) storage project in Prinos, were the two most significant developments in the third quarter, as presented Thursday morning on the London and Tel Aviv stock exchanges during the regular Trading Statement & Operational Update.

Significant Benefits from CO2 Storage for Businesses & Local Communities

Mr. Mathios Rigas, CEO of the Energean Group, stated, "Our project for CO2 storage in Prinos has been included in the Projects of Common Interest (PCI) by the European Commission, and at the same time, a subsidy commitment of approximately €150 million has been secured from the Greek government through the Recovery & Resilience Facility. This lays the foundation for transforming the mature oil field in Prinos into an exciting investment opportunity with growth prospects."

It is noted that the first phase of the project is scheduled to operate from the fourth quarter of 2025 with a capacity of up to 1 million tons annually. Energean has already signed 8 non-binding agreements with industries in the wider region for CO2 storage.