Energean plc

("Energean" or the "Company")

 

2024 Full Year Results

 

London, 20 March 2025 - Energean plc (LSE: ENOG, TASE: אנאג) is pleased to announce its audited full-year results for the year ended 31 December 2024 ("FY 2024").

 

Mathios Rigas, Chief Executive Officer of Energean, commented:

"During 2024, we have continued our growth trajectory with FY 2024 Group production rising by 24% to 153 kboed, of which 112 kboed came from our flagship Karish and Karish North fields in Israel. Despite the geopolitical challenges in the region during the year, we operated continuously, sustaining 99% uptime[1] at the Energean Power FPSO.

 

"We continue to develop and optimise our assets. We took Final Investment Decision ("FID") on Katlan, which remains on track for first gas in H1 2027; commissioning of the second oil train is ongoing and is scheduled to complete in Q2 2025, this will increase the liquids production capacity of the FPSO; and the Ministry of Energy confirmed the Drakon (License 31) and Hercules (License 23) discoveries, setting the foundations for continued growth in Israel. In Greece, our regionally unique Prinos carbon storage project has been approved for around EUR 270 million of funding from the EU's Recovery and Resilience ("RRF") and Connecting Europe Facilities ("CEF"). In the UK, we took over operatorship to take control of the current decommissioning operations.

 

"As noted in our 17 March 2025 announcement, Carlyle has not yet obtained certain regulatory approvals for the Transaction[2] per the terms of the SPA. These are high-quality, diversified, cash flow generating assets with stable underlying production in Egypt and Italy, with production growth from the start-up of Cassiopea and Location B.

 

"We are an operator in eight countries and through a focused but diversified East Mediterranean oil and gas portfolio we have a solid foundation that underpins our continuing growth trajectory, that started from around 2 mmboe in Greece in 2007 and has grown to 1.1 bnboe of 2P reserves in 2024, with ~20 year[3] reserves life.    

 

"Operational growth was matched by strong financial performance, with Group revenues of $1,779 million and adjusted EBITDAX of $1,162 million up 25% and 25% year-on-year. This has underpinned our current dividend programme that has so far returned $595 million[4] to shareholders and will continue regardless of the Carlyle Transaction."

 

"Our commercial strategy is based on secure and predictable cashflows from high-credit-quality gas buyers in Israel. We have secured over 20 long-term gas sales agreements, with close to $20 billion in contracted revenues over a 20-year period. This underpins our confidence in our future financial position, leverage reduction plan and dividend programme.

 

"We remain committed to ESG leadership, believing it makes us a more focused and successful business. Our Group emissions intensity decreased by 10% year-on-year, now reaching 87% below our original 2019 baseline to 8.4 kgCO2e/boe.

 

"As sovereign states make energy security and affordability a top priority, the oil and gas industry is repositioning towards new growth. Our years of focus on operational excellence in development and production means we are very well placed to take advantage of a new era of oil and gas investment. We are confident that our operating capabilities and track record in deep water offshore project delivery is unique in the independent E&P sector. This ability allows us to target multiple new opportunities in the wider EMEA region that will continue the growth trajectory of Energean; we are and will always be disciplined in our approach, aligned with shareholders."

 

"I want to thank the entire team who have worked with dedication against a challenging regional backdrop through 2024 and onwards. Working as a team, Energean will continue to grow through providing secure and reliably produced energy, meeting the needs of the societies that host our operations, wherever they may be." 

 

Operational Highlights

·      Strong 2024 Group and continuing operations[5] production:

o  FY 2024 production of 153 kboed (83% gas), a 24% increase year-on-year (FY23: 123 kboed). Production from the continuing operations for the period was 114 kboed (85% gas), a 28% increase year-on-year (FY23: 89 kboed).

o  In Israel, FPSO uptime (excluding planned shutdowns) was 99%^[6] for the 12-months to 31 December 2024.

·      Continuing operations year-end 2P reserves of 911 mmboe, stable year-on-year before produced 2024 volumes and demonstrating material reserves life of >20 years^[7]. Group year-end 2P reserves were 1,058 mmboe.

·      Katlan (Israel) development progressing on schedule, with first gas on track for H1 2027:

o  Post-period end, a drilling contract was signed with Saipem SpA for the Athena and Zeus development wells plus two optional wells.

·      Prinos CO2 project allocated close to EUR 120 million from the EU's Connecting Europe Facility in January 2025, bringing the total secured grants up to around EUR 270 million.

·      Group Scope 1 and 2 emissions intensity of 8.4 kgCO2e/boe, a 10% reduction (FY 2023: 9.3 kgCO2e/boe). Scope 1 and 2 emissions intensity for the continuing operations was 7.0 kgCO2e/boe (FY 2023: 6.3 kgCO2e/boe).

 

Financial Highlights

·      Strong financial performance, underpinned by core Israel operations.

o  2024 Group sales and other revenues of $1,779 million, representing a 25% increase (2023: $1,420 million). Continuing operations sales and other revenues was $1,315 million, representing a 34% increase (2023: $978 million).

o  2024 Group adjusted EBITDAX of $1,162 million, representing a 25% increase (2023: $931 million). Continuing operations adjusted EBITDAX was $885 million, representing a 33% increase (2023: $667 million).

o  2024 Group profit after tax of $188 million up 2% year-on-year (2023: $185 million), but impacted by $241 million impairment charge, both in relation to exploration in Egypt (Orion X1), Morocco, and Greece (Ioannina), as well as oil and gas assets in Greece (Prinos/Epsilon; see Operational Update section for more details). Continuing operations profit after tax was $116 million, representing a 14% increase (2023: $102 million).

·      Group leverage (net debt/adjusted EBITDAX) continued to decrease to 2.5x (FY 2023: 3x):

o  Group cash as of 31 December 2024 was $321 million, including restricted amounts of $85 million, and total liquidity was $446 million. This includes cash for the continuing operations of $268 million, including restricted amounts of $85 million, and total liquidity of $393 million.

 

Commercial Highlights

·      Q4 2024 dividend of 30 US$cents/share declared on 27 February 2025 and scheduled to be paid on 31 March 2025^[8].

o  A total of 330 US$cents/share ($595 million), including the declared Q4 2024 dividend, returned to shareholders since payments began.

·      Post-period end:

o  Binding terms for additional gas sales signed in January 2025, adding over $2 billion over the life of the contract  in line with the Group's strategy to secure long-term reliable cash flows, and bringing the total contracted revenues over a 20-year period to close to $20 billion.

o  $750 million 10-year senior-secured term loan signed in February 2025, which is available to refinance the $625 million 2026 Energean Israel Notes and to provide additional liquidity for the Katlan development.

o  $300 million Revolving Credit Facility refinanced and extended to September 2028[9].

 

Carlyle Transaction Update

·      Energean announced in its January Trading Statement & Operational Update that it expected to complete the strategic sale of the Egypt, Italy and Croatia portfolio ("Transaction") to an entity controlled by Carlyle International Energy Partners in Q1 2025, subject to customary regulatory approvals. As noted on 17 March 2025, there is a significant risk that the outstanding conditions precedent will not be satisfied by Carlyle (or waived) by the relevant long stop date (20 March 2025) and that, therefore, (absent an extension being agreed) the Transaction may be terminated in accordance with binding sale and purchase agreement signed on 19 June 2024 ("SPA").

·      Energean remains committed to the Transaction and to maximising returns for shareholders including via its ongoing dividend programme - with or without the disposal.

·      We remain 100% confident in these high-quality and cash flow generating assets which currently provide diversification and scale to the Group.

 

Outlook and Strategy

·      All 2025 continuing operations guidance re-iterated:

o  End-February 2025 production for the continuing operations was 115 kboed, in line with production guidance of 120-130 kboed which is second half weighted. End-February 2025 production for the Group was 160 kboed.

·      Ongoing dividend programme expected to continue[10], with the new dividend policy to be announced once the Transaction is either completed or terminated.

·      Evaluating growth opportunities across the EMEA region with continued capital discipline:

o  Where we remain focused on our core Mediterranean area, while also recognising growth opportunities in the wider EMEA region where we see significant potential for experienced operators like Energean to commercialise gas assets and;

o  That are dividend accretive, meet Energean's deleveraging targets, achieve its growth objectives and contribute to the Group's Net Zero target. 

Financial Summary

	FY 2024 Energean Group	FY 2023 Energean Group	Increase / (Decrease) %	FY 2024 Continuing operations	FY 2023 continuing operations	Increase / (Decrease) %
Average working interest production  (kboed)	153	123	24%	114	89	28%
Sales and other revenue ($m)	1,779	1,420	25%	1,315	978	34%
Cash Cost of Production ($/boe)	10.0	10.6	(6%)	9.4	9.5	(1%)
Adjusted EBITDAX[11] ($m)	1,162	931	25%	885	667	33%
Profit after tax ($m)	188	185	2%	116	102	14%
Cash flow from operating activities ($m)	1,122	656	71%	916	578	58%
Development and production expenditure ($m)	616	487	26%	336	184	83%
Exploration expenditure ($m)	117	57	105%	72	29	148%
Decommissioning expenditure ($m)	44	19	128%	13	9	44%

 

	31 December 2024 Energean Group	31 December 2023 Energean Group
Dividends ($m)	220	214
Cash and cash equivalents and restricted cash ($m)	321	372
Net Debt including restricted cash ($m)	2,949	2,849
Leverage (Net Debt / Adjusted EBITDAX)	2.5x	3x

Conference Call

 

A webcast will be held today at 08:30 GMT / 10:30 Israel Time.

 

Webcast: https://www.lsegissuerservices.com/spark-insights/EnergeanOilGas/events/ec4f76c8-c2c1-4c09-96d6-47aa74090f49

Conference call registration: https://registrations.events/direct/LON861629

(Please note, once you register for the conference call line you will receive your unique dial-in details and passcode.)

 

The presentation slides will be made available on the website shortly at www.energean.com

 

Enquiries

For capital markets: ir@energean.com
Kyrah McKenzie, Investor Relations Manager	Tel: +44 (0) 7921 210 862
For media: pblewer@energean.com
Paddy Blewer, Corporate Communications Director & Head of CSR	Tel: +44 (0) 7765 250 857

 

Operational Review

HSE

In 2024, Energean delivered another strong HSE record with zero serious injuries recorded. At the Group level, the Loss Time Injury Frequency ("LTIF") Rate was 0.34 (2023: 0.47) and the Total Recordable Incident Rate ("TRIR") was 0.52 (2023: 1.09). For continuing operations, the LTIF was 0.00 (2023: 0.95) and the TRIR was 0.00 (2023: 1.89).

	2024	2023	% Increase / (Decrease)
LTIF - Continuing operations	0.00	0.95	(100%)
LTIF -  Group	0.34	0.47	(28%)
TRIR - Continuing operations	0.00	1.89	(100%)
TRIR -  Group	0.52	1.09	(52%)

Reserves

Group year-end 2024 working interest 2P reserves were 1,058 mmboe, stable year-on-year before 2024 production volumes (56 mmboe). This primarily reflects additions in Egypt, Italy and Greece. Continuing operations year-end 2024 2P reserves were 911 mmboe, stable year-on-year before 2024 production volumes (42 mmboe) and demonstrating material reserves life of >20 years[12].

	2024 2P Reserves mmboe (% gas)	2024 Production mmboe (% gas)	2023 2P Reserves mmboe (% gas)	% Increase / (Decrease) After 2024 Production	% Increase / (Decrease) Before 2024 Production
Israel	864 (89%)	41 (87%)	926 (89%)	(7%)	(2%)
Europe	47 (3%)	1 (3%)	39 (4%)	22%	23%
Continuing operations	911 (85%)	42 (85%)	964 (86%)	(5%)	(1%)
Disposal Group	147 (67%)	15 (75%)	151 (70%)	(3%)	7%
Total	1,058 (82%)	56 (83%)	1,115 (83%)	(5%)	0%

This table may not cast due to rounding.

 

Production and Operational Update

Group working interest production averaged 153 kboe/d in 2024 (2023: 123 kboe/d), with the Karish and Karish North fields in Israel contributing over 70% of total output. The start up of Karish North and the completion of the second gas export riser in Israel, coupled with a full year of production from NEA/NI and the start-up of production from NAQPII#2 and Location B in Egypt and the start up of Cassiopea in Italy, resulted in a 24% year-on-year increase in Group production.

Production from the continuing operations averaged 114 Kboe/d in 2024 (2023: 89 Kboe/d).

	2024 kboed (% gas)	2023 kboed (% gas)	% Increase / (Decrease)
Israel	112 (87%)	87 (89%)	29%
Europe	1.8 (3%)	1.7 (3%)	6%
Continuing operations	114 (85%)	89 (87%)	28%
Disposal Group	40 (75%)	34 (73%)	18%
Total	153 (83%)	123 (83%)	24%

This table may not cast due to rounding.

 

Israel

Karish and Karish North

In February 2024, the Karish North-1 well (W.I. 100%) was brought online and the second gas export riser was commissioned, enabling utilisation of the FPSO's maximum gas capacity. The Energean Power FPSO now has four production wells in operation, increasing well stock redundancy and flexibility to meet the demand requirements of Energean's gas buyers.

Production from Israel averaged 112 kboed in 2024, up 29% year-on-year. FPSO uptime[13] (excluding planned shutdowns) averaged 99% for the 12-months to 31 December 2024.

Day-to-day production has not been impacted as a result of the security situation in Israel during 2024. It did however result in a one-year delay for the installation of the second oil train, which was safely lifted and installed in Q4 2024. Commissioning of the module is expected to complete in Q2 2025, which will result in an increase in liquids production capacity.

Katlan

Energean discovered the Athena and Zeus fields as part of its 2022 drilling campaign. D&M has certified that these two fields as well as the proximate Hera accumulation have total 2P reserves of 32 bcm. The wider Katlan area also contain 37 bcm of de-risked prospective resources, which Energean expects to develop through future phases.

In July 2024, Energean took FID on the Katlan development. The Katlan area will be developed in a phased approach through a subsea tieback to the existing Energean Power FPSO. The development will extend the production plateau from the FPSO with volumes that do not incur seller royalties or carry export restrictions. Production will underpin Energean's existing gas sales agreements plus target international markets. First gas is planned for H1 2027.

Capital expenditure, as per Energean's Final Investment Decision announcement on 23 July 2024, is expected to be approximately US$1.2 billion, which includes: (1) the four-well-slot tieback capacity to a single large ~30 kilometre production line, which can be used by future Katlan area phases, (2) an upgrade of the FPSO topsides related to MEG treatment, injection and storage (which will benefit all future subsea tie-back developments) and, (3) drilling the first two production wells of the development (Athena and Zeus; 170 mmboe (includes 26 bcm of gas) of 2P reserves), which is expected in 2026.

Energean's 2026 drilling campaign also contains two optional wells, which may be used to drill additional development wells on Katlan or other exploration or appraisal wells on other acreage. Post-period end, a drilling contract was signed with Saipem SpA for these wells.

Other acreage

During the year, the Ministry of Energy and Infrastructure ratified both the Hermes discovery in the Drakon area (Block 31) and its Hercules discovery (Block 23), which Energean discovered during its 2022 drilling campaign. Energean has a total of 5 bcm 2C resources in Hermes and 31 bcm in the wider Drakon area (Block 31).

Commercial

Energean has signed over 20 long-term gas sale and purchase agreements ("GSPAs") to customers in Israel, all of which include take-or-pay commitments and floor pricing or an exclusivity provision, providing a high level of certainty over revenues from the Karish, Karish North and Tanin projects over the next 20 years. Energean also has around half a dozen spot sales agreements, which provides the ability to boost sales at pricing above the contracted sales prices.

During 2024 and in early 2025, Energean signed three new long-term gas contracts, including with Eshkol Energies Generation Ltd. ("Eshkol"), and binding term sheets with Dalia Energy Companies Ltd. ("Dalia").

The GSPA with Eshkol is for the supply of an initial 0.6 bcm/yr, rising to 1 bcm/yr from 2032 onwards. The GSPA is for a term of approximately 15 years, for a total contract quantity of up to approximately 12 bcm and represents circa $2 billion in revenues over the life of the contract. The contract contains provisions regarding floor and ceiling pricing, take or pay and price indexation (not Brent-price linked). The GSPA has been signed at levels that are in line with the other large, long-term contracts within Energean's portfolio. Energean supplies gas to all four IEC power stations that have been privatised: Ramat Hovav, Alon Tavor, East Hagit and now Eshkol.

The binding term sheets with Dalia is for the supply of up to 0.1 bcm/yr from April 2026, rising to up to 0.5 bcm/yr from around January 2030 and then at least 1 bcm/yr from June 2035 onwards, and excludes supply in the summer months between 2026-2034. This represents ~$2 billion in revenues over ~18 years and up to 12 bcm in total supply. The terms contain provisions regarding floor pricing, take or pay and price indexation linked to CPI (not Brent-price linked). The terms have been agreed at levels that are in line with the other large, long-term contracts within Energean's portfolio.

These new contracts are in line with Energean's strategy to bring competition and security of supply to the Israeli market, and to secure long-term cash flows for its shareholders via its long-term gas contracts.

Liquids

The FPSO has a storage capacity of up to 800,000 bbls, with cargoes exported via tankers every few weeks. Energean has a sales and purchase agreement for a number of near-term cargoes with Vitol SA for the marketing of its hydrocarbon liquids. In 2024, Energean offloaded ten hydrocarbon liquid cargoes, totalling over 5 million barrels. The quality of the Karish and Karish North blend is lighter than Brent; 2024 realised pricing was at a $5/bbl discount to Brent due to freight, logistics and marketing and costs. Energean runs a competitive tender process for future cargoes on a regular basis to attract the most competitive pricing.

Europe

Production

Working interest production from the Group's European portfolio (Greece and the UK) averaged 1.8 Kboe/d (3% gas) in 2024, up 6% year-on-year due to the start-up of the ST47 infill well on the Scott field (W.I. 10%; non-operated) in the UK.

Greece

Energean currently produces small volumes of oil from its Prinos field. Energean is working to re-start development activities on Epsilon in the medium-term. In 2024, the Prinos licence (includes Epsilon) was extended to 2049[14] as a result of recent regulatory updates. The delay in the Epsilon project, the Prinos licence extension, as well as the updated discount rates and inflation underpinning the impairment assessment (see Note 8 for further information), has resulted in a $92 million impairment charge to the asset.

EnEarth, which is the Company's specialised decarbonisation subsidiary, is focused on leading the Mediterranean region's energy transition. The Prinos CS project is to provide long-term storage for carbon dioxide emissions captured from both local and more remote emitters and is in line with Energean's efforts to help decarbonise heavy industries in Greece, in line with the Group's commitment during COP28.

The project made good progress across various workflows, including FEED, over the last year. NSAI confirmed that the project has an annual storage capacity of up to 3 million tonnes and a total project-life capacity of 66 million tonnes (2C contingent) of CO2. Non-binding memorandum of understandings have been signed for c.9 million tonnes p.a. of storage.

A major milestone in the regulatory process was the submission of the storage permit application to HEREMA for Phase 1 (1 MTPA) of the Prinos CO2 storage project, initiating the official permitting process for long-term CO₂ storage operations. In addition, EnEarth submitted the Environmental and Social Impact Assessment Study (ESIA) for Phase 1 to DIPA (the Greek environmental authority) in mid-2024.

The carbon storage project has also secured EUR 270 million in grants to store emissions from hard-to-abate industries both in Greece and in the wider European region. In December 2024, the Greek Government formally approved the project's inclusion within the Recovery and Resilience Facility and confirmed the allocation of the EUR 150 million grant and in March 2025, Energean received the final joint-ministerial approval to enable the release of funds. In January 2025, the project was allocated around EUR 120 million from the EU's Connecting Europe Facility to support the development of a liquid CO2 receiving terminal.

UK

Energean is focused on optimising production from its late life assets and effectively managing its decommissioning projects.

Two infill wells on the Scott field (W.I. 10%; non-operated) were brought online over the last year. Additional infill drilling is expected in 2025.

In H1 2024, Energean UK Limited took over operatorship of the Tors (W.I. 68%; operator) and Wenlock (W.I. 80%; operator) assets to manage the decommissioning work plan. In early H2 2024, Energean awarded a contract to Petrodec UK Limited ("Petrodec") for the decommissioning of the Tors and Wenlock fields. This contract includes: the plugging and abandoning of eight platform wells with optional scope for one E&A well, the removal of three platforms and the cleaning of inter-field pipelines. Total net working interest decommissioning expenditure for Tors and Wenlock is expected to be around GBP 80 million over the next five years and includes expenditure outside of the Petrodec contract for, amongst others, operational and project management costs, regulatory fees and subsea remediation works.

Morocco

In September 2024, Energean completed drilling operations on the Anchois appraisal well (W.I. 45% operator), offshore Morocco. Although gas was confirmed, drilling results were lower than pre-drill expectations. Following detailed post-drilling analysis and positive engagement with partners ONHYM and Chariot Limited ("Chariot"), Energean is assessing its options with respect to a transfer of its interest in the Lixus and Rissana licences.

Energean is grateful for the support provided by ONHYM, the Ministry of Energy Transition and Sustainable Development, and the Moroccan Government. Morocco has an attractive regulatory and legal framework that incentivises international investment into its hydrocarbon sector; Energean will continue to assess potential opportunities in the country.

Egypt, Italy and Croatia portfolio[15]

Production and development

Production from Egypt, Italy and Croatia averaged 40 kboed, up 18% year-on-year primarily due to Egypt, which saw a full year of production from NEA/NI, the start-up of the NAQPII#2 well on the Abu Qir field in January 2024 and the start of production from Location B in August 2024. In August 2024, initial test production began from one of the four subsea wells on the Cassiopea field, offshore Italy (W.I. 40%; non-operated). By year-end 2024, all four wells were online.

Exploration

In March 2024, the Orion X1 exploration well (W.I. 19%; non-operated) in Egypt reached the target reservoir. Post-drilling well analysis indicates no commercial hydrocarbons.

In Q4 2024, the Gemini exploration well on the Cassiopea lease completed drilling successfully with a small gas discovery. The field is expected to be tied-back to the existing infrastructure at Cassiopea.

Financing

Energean ended 2024 with total available liquidity of $446 million at the Group level and $393 million at the continuing operations.

In February 2025, Energean Israel signed a 10-year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for $750 million. The term loan is available to refinance the 2026 Energean Israel notes and to provide additional liquidity for the Katlan development. It has a 12-month availability period, during which multiple drawdowns can be made, providing flexibility to optimise finance costs. Up to $475 million is available in US dollars and up to $275 million is available in New Israeli Shekel. The interest rate for the loan is floating and has been set at competitive levels versus the current bond market. The term loan is secured on the assets of Energean Israel, pari passu with the Energean Israel notes, non-recourse to Energean and has a bullet repayment in 2035.

As a result of this refinancing, Energean's weighted average life of debt will be around seven years and the blended cost of debt will be around 7%.

In March 2025, Energean refinanced its $300 million Revolving Credit Facility ("RCF"), extending the facility tenor to September 2028[16]. The RCF provides additional liquidity for general corporate purposes, if required. Around $160 million is currently used for Letters of Credit that relate to certain assets in the UK and Italy.

ESG and Climate Change

Energean is committed to net zero scope 1 and 2 emissions by 2050 and industry-leading disclosure of its energy transition intentions.

Emissions Intensity Reduction

In 2024, Energean's Group scope 1 and 2 emissions intensity on an equity share basis was 8.4 kgCO2e/boe, down from 9.3 kgCO2e/boe in 2023 and down 87% compared to its original baseline year (2019). This decrease was due to the increased contribution of Karish and Karish North, which has a lower emissions intensity compared to the rest of the Group.

ESG Ratings and Affirmations

In 2024, Energean has continued to receive strong ESG ratings across the major ESG rating agencies. This includes:

·      Carbon Disclosure Project ("CDP") Climate Change rating of B and aligned with all recommended pillars of the Task Force on Climate Related Financial Disclosure ("TCFD").

·      MSCI rating maintained at AAA.

·      Sustainalytics ranked in the top quartile of its sector, ranking 46 out of 307 oil and gas producers.

·      Constituent of the FTSE4Good Index Series.

2025 Guidance

	Continuing operations2
Total production (kboed)	120 - 130
Consolidated net debt ($ million)	2,700 - 2,900
Cash Cost of Production (operating costs plus royalties; $ million)	410 - 440
Cash SG&A ($ million)	20 - 30
Development & production capital expenditure ($ million)	400 - 430
Exploration expenditure ($ million)	0 - 5
Decommissioning expenditure ($ million)	55 - 65

Financial Review

 

Financial results summary

 

	FY 2024 Energean Group[17]	FY 2023 Energean Group1	Increase/ (Decrease) %	FY 2024 Continuing operations	FY 2023 Continuing operations	Increase/ (Decrease) %
Average daily working interest production (kboed)	153	123	24%	114	89	28%
Sales revenue ($m)	1,779	1,420	25%	1,315	978	34%
Realised weighted average liquid price ($/boe)	71.2	71.3	-%	75.3	76.3	(1%)
Realised weighted average gas price ($/mcf)	4.7	4.9	(4%)	4.3	4.4	(2%)
Realised weighted average PSV gas price (€/MWh)	35.3	45.7	(16%)	-	-	-%
Cash cost of production[18] ($m)	559	475	18%	389	307	27%
Cash cost of production per barrel ($/boe)	10.0	10.6	(6%)	9.4	9.5	(1%)
Cash G&A[19]	37	31	19%	21	18	17%
Adjusted EBITDAX[20] ($m)	1,162	931	25%	885	667	33%
Profit after tax ($m)	188	185	2%	116	102	14%
Earnings per share (cents per share)	$1.02	$1.04	(2%)	$0.63	$0.57	11%
Cash flow from operating activities ($m)	1,122	656	71%	916	578	58%
Capital expenditure ($m)	733	544	35%	408	198	106%

 

	FY 2024 Energean Group	FY 2023 Energean Group
Total borrowings ($m)	3,270	3,221
Cash and cash equivalents and restricted cash ($m)	321	372
Net debt ($m) (including restricted cash)	2,949	2,849
Leverage Ratio (Net Debt/ Adjusted EBITDAX)	2.5x	3.1x

 

Revenue, production and commodity prices

 

Group

Group working interest production averaged 153 kboed with the Karish and Karish North fields contributing 73% of total output. Increased production in Israel compared to the previous year, coupled with in Egypt a full year of production from NEA/NI and first production from Location B in August 2024, as well as Cassiopea (Italy) first gas, led to a 25% increase in Group production output compared to the prior the year. The rest of the portfolio showed no significant fluctuations year-on-year. Despite regional variations, the overall group production mix remained consistent at 83% gas and 17% liquids (2023: 83% gas and 17% liquids).

Revenue for the Group for 2024 totalled $1,779 million, reflecting a 25% increase from the prior period (2023: $1,420 million). This growth was primarily driven by sales from Israel, which accounted for 70% of Group total revenue (2023: 66%).

The weighted average realised gas price for the Group was $4.7/mcf, 4% lower than in 2023 of $4.9/mcf. On a standalone basis, before the impact of the increase in production, this led to a 5% year-on-year decline in revenue. Gas prices in Italy were subdued at the beginning of 2024, leading to an average realised PSV price of €35.3/MWh (2023: €45.7/MWh), resulting in a 23% decline in Italian revenue year-on-year. Total gas sales increased by 18% to $1,096 million (2023: $928 million), driven by higher sales volumes.

Total liquid, crude, and petroleum product sales reached $652 million for the year (2023: $462 million). The realised weighted average liquids price was $71.2/boe (2023: $71.3/boe). The increase in revenue was primarily because of higher volumes sold, with prices remaining nearly unchanged year-over-year.

Adjusted EBITDAX for the period was $1,162 million (2023: $931 million). The overall 25% increase was primarily driven by higher revenue, which outpaced the slower 18% increase in cash production costs.

 

Continuing operations

Working interest production from continuing operations averaged 114 kboed, with the Karish and Karish North fields contributing 99% of total output. Increased production in Israel compared to the previous year led to a 28% increase in production output in 2024. The production mix was 85% gas and 15% liquids (2023: 88% gas and 12% liquids). Notably, production in the UK grew by 26% compared to 2023 whereas production in Greece stayed flat compared to 2023.

Revenue from continuing operations rose to $1,315 million, a 34% increase compared to the previous period (2023: $978 million). This growth was primarily driven by sales from Israel, which accounted for 94% of revenue from continuing operations (2023: 96%).

Gas sales from continuing operations increased by 23% to $840 million (2023: $681 million), mainly due to higher sales volumes in Israel.

Liquid, crude, and petroleum product sales reached $472 million (2023: $299 million). The realised weighted average liquids price was $75.3/boe (2023: $76.3/boe). Even though the average liquids price was constant year-on-year, the increase in liquid, crude, and petroleum product sales was due to a 60% increase in sales volumes. The significant increase in sales volumes largely driven Israel's 53% year to year increase in sales volumes. In addition to this, Greece, sold three times more barrels of liquids compared to the previous year (2024: 572 kbbl versus 2023: 196 kbbl), following a shift in cargo disposals from 2023 into 2024. The average Brent oil price in 2024 was $79.86/bbl (2023: $82.18/bbl).

Adjusted EBITDAX for the period reached $885 million, up from $667 million in 2023. This 33% increase in adjusted EBITDAX was primarily driven by higher revenue and a relatively stable cash production costs per barrel of oil equivalent.

Underlying cash production costs

 

Group

Total cash production costs for the period were $559 million (2023: $475 million) with 61% attributed to production in Israel. Cash production costs for the rest of the Group, excluding Israel, amounted to $220 million (2023: $217 million). Unit costs for the period were $10/boe (2023: $11/boe), primarily reflecting the impact of increased production on a largely fixed cost base. As detailed in note 7 of the consolidated financial statements, royalties-payable in Italy and Israel-are a significant component of production costs. Excluding royalties, production costs were $320 million (2023: $289 million) with a representative unit cost of $6/boe (2023: $7/boe).

 

Continuing operations

Cash production costs for the period were $389 million (2023: $307 million), with 87% attributed to production in Israel. Despite the increase in total costs, unit costs slightly decreased to $9.4/boe down from $9.5/boe last year. As detailed in note 7 of the financial statements, royalties-payable in Israel-are a significant component of production costs. Excluding royalties, production costs were $171 million (2023: $142 million), with a representative unit cost of $4/boe in both periods.

 

Depreciation

 

Group

In accordance with the accounting for discontinued operations, Italy, Egypt and Croatia (the ECL Group) ceased depreciation of assets once they were classified as held for sale. Despite this, depreciation charges on production and development assets increased to $348 million from $306 million in 2023. This increase was primarily driven by elevated production levels in Israel. However, this was partially offset by a $35 million net reduction in depreciation from assets in discontinued operations attributed to their reclassification under assets held for sale accounting.

On a per barrel of oil equivalent basis, this represented a 7% decrease, decreasing to $13/boe (2023: $14/boe).

 

Continuing operations

Depreciation charges on production and development assets rose to $296 million (2023: $219 million) primarily due to the 41% increase in Israel's charges to $265 million (2023: $188 million).

 

Exploration and evaluation expenditure and new ventures

 

Group

During the period, the Group expensed $150 million (2023: $34 million) for exploration and new venture evaluation activities. Total impairment costs of $145 million were recognised during the period for projects that will not progress to development. In 2024, the Orion X1 exploration well in Egypt reached the target reservoir but indicated no commercial hydrocarbons, resulting in a full impairment of the related exploration asset valued at $63 million. Additionally, the exploration license for Ioannina expired on 2 April 2024, leading to a full impairment of the exploration asset valued at $16 million. Moreover, in Morocco, where unfavourable exploration results and the intention to transfer the license rights, indicated the impairment of the related exploration asset amounting to $65 million.

 

Continuing operations

During the period, $84 million (2023: $29 million) were expensed for exploration and new venture evaluation activities. Impairment costs of $16 million were recognised during the period for Ioannina license which expired on 2 April 2024, leading to a full impairment of the exploration asset. This was accompanied by a full impairment of a related exploration asset in Morocco, valued at $65 million.

 

Other income and expenses

 

Group

Other expenses increased to $12 million (2023: $5 million). Other expenses primarily consists of $5 million in transaction costs related to ECL Group disposal and $5 million of other expenses mainly coming from the discontinued operations. Other income totalled $3 million (2023: $8 million), mainly due to the reversal of prior period provisions, reassessed in the current year based on updated facts and circumstances.

 

Continuing operations

Other expenses from continuing operations increased to $7 million (2023: $5 million). Other expenses primarily consist of the $5 million in transaction costs related to ECL Group disposal. Other income from continuing operations totalled $2 million, unchanged from the prior period (2023: $2 million).

 

Finance income / costs

 

Group

Total finance costs in 2024 amounted to $272 million (2023: $251 million). Total financing costs before capitalisation were $287 million. The finance costs included $201 million in interest expense on Senior Secured notes, $16 million on debt facilities, $9 million in interest expense related to long-term payables, $51 million from the unwinding of discounts on decommissioning provisions, on long-term payables and on Lease liabilities, and $10 million in commissions for guarantees and other bank charges. Net finance costs also reflect foreign exchange gains of $14 million and finance income of $15 million, which includes interest income from time deposits.

 

Continuing operations

Total finance costs in 2024 for continuing operations amounted to $239 million (2023: $231 million). Total financing costs before capitalisation were $254 million. The finance costs included $201 million in interest expense on Senior Secured notes, $16 million on debt facilities, $2 million in interest expense related to long-term payables, $27 million from the unwinding of discounts on decommissioning provisions, long-term payables and on Lease liabilities, and $8 million in commissions for guarantees and other bank charges. Net finance costs also reflect finance income of $14 million, which includes interest income from time deposits.

 

Taxation

Group

The Group had a tax expense of $89 million in 2024 (2023: $159 million), consisting of a current tax expense of $121 million offset by a prior year tax reversal of $4 million and a deferred tax income of $28 million, resulting in an effective tax rate of 32% (down from 46% in 2023). Current tax expense was up by $63 million mainly due to the increased profitability in Israel, whereas, the movement in deferred taxes was impacted by the reduction in temporary differences due to the impairment of assets in Greece ($23 million) and the addition of recoverable deferred tax assets in the UK ($19 million), offset by the reversal of deferred tax assets in Israel due to the utilisation of tax losses and other temporary differences ($22 million). 

Taxation charges in 2024 also included $35 million (2023: $48 million) related to non-cash taxes deducted at source in Egypt.

 

Continuing operations

Tax charges for continuing operations totalled $52 million (2023: $70 million), including $82 million in corporation tax charges offset by $30 million in deferred tax income.

 

Profit after tax

Group

Profit after tax was $188 million (2023: $185 million). It was due to lower taxable profits offset by reduced tax expenses (2024: $89 million versus 2023: $159 million). Profit before tax decreased by 19% to $277 million (2023: $344 million). This is primarily due to several-specific exceptional items. Key contributors include the impairment of tangible assets in Greece ($96 million), intangible assets in Egypt, Morocco and Greece ($145 million) and the increase in Italian decommissioning obligations in the period ($26 million).

 

Continuing operations

Profit after tax from continuing operations was $116 million (2023: $102 million). The increase in profit compared to the prior period is primarily due to higher taxable profits, despite an increased tax expense (2024: $52 million versus 2023: $70 million). Profit before tax decreased by 2% to $168 million (2023: $172 million) primarily due to impairment of tangible asset in Greece ($96 million) and intangible assets in Morocco and Greece ($82 million).

 

Earnings per share

 

Group

In 2024, earnings per share were $1.02 (2023: $1.04), and diluted earnings per share were $1.01 (2023: $1.05).

Continuing operations

Earnings per share from continuing operations were $0.63 (2023: $0.57). The diluted earnings per share for continuing operations were $0.62 (2023: $0.59), reflecting mainly the impact of convertible loan notes in H1 2023.

Operating cash flow

 

Group

In 2024, the Group had a net cash inflow from operations of $1,122 million (2023: $656 million). The significant increase in operating cash flow compared to the prior period was primarily driven by the significant growth in revenues from Israel.

 

Continuing operations

In 2024, Energean recorded a net cash inflow from operations of $916 million (2023: $578 million).

 

Capital Expenditures

 

Group

During the year, the Group incurred capital expenditures of $733 million (2023: $544 million). The expenditures were primarily focused on development activities, including $301 million related to activities in Israel (Karish, Karish North, Katlan, Second Oil Train and Second Gas Export Riser), $224 million in Italy, the vast majority of which was associated with the Cassiopea field and $36 million for Location B in Egypt. Exploration and appraisal expenditures were mainly directed towards the Gemini field in Italy ($22 million), the Orion X1 well in Egypt ($19 million) and new operations in Morocco ($66 million).

 

Continuing operations

In 2024, capital expenditures for continuing operations totalled $408 million, having increased from $198 million in 2023. These expenditures were primarily focused on development and exploration activities in Israel and Morocco, as previously discussed, and minor development capital expenditures in Scott and Telford (UK).

 

Decommissioning provision

A total change in the decommissioning provision of $22 million (2023: $28 million) was expensed during the period. This included a $24 million expense related to discontinued operations due to an increase in the decommissioning provision estimate in Italy, driven by higher discount rates in the first half of the year. Additionally, a $3 million expense was recorded in the UK for continuing operations.

In 2024, the Group incurred $43 million in decommissioning expenses, with $13 million allocated to the Tors and Wenlock projects (UK) under continuing operations, and $30 million attributed to discontinued operations in Italy, compared to a total of $9 million in 2023.

 

Net Debt

 

As of 31 December 2024, net debt totalled $2,949 million (2023: $2,849 million), comprising $2,625 million in Israeli senior secured notes, $450 million in corporate senior secured notes, and $105 million from the Greek Black Sea Trade Development Bank loan, offset by deferred amortized fees and cash, bank deposits, and restricted cash balances of $321 million (including $85 million of restricted cash). In the debt capital markets, Energean is only exposed to floating interest rates for the Greek loan and the Revolving Credit Facility, as well as the new loan from Bank Leumi upon its withdrawal. Conversely, the Senior Secured Notes issued by both Energean Plc and Energean Israel are subject to fixed interest rates.

 

Shareholder Distributions

In line with the Group's dividend policy, Energean returned US$1.20 per share to shareholders in 2024, totalling $220 million, representing four-quarters of dividend payments. In 2023, Energean returned US$1.20 per share.

 

Non-IFRS measures

The Group uses certain measures of performance that are not specifically defined under IFRS or other generally accepted accounting principles. These non-IFRS measures include adjusted EBITDAX, underlying cash cost of production and G&A, capital expenditure, net debt and leveraging.

 

Adjusted EBITDAX

Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation, depreciation and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses, net finance costs and exploration costs. The Group presents adjusted EBITDAX as it is used in assessing the Group's growth and operational efficiencies because it illustrates the underlying performance of the Group's business by excluding items not considered by management to reflect the underlying operations of the Group.

 

	FY 2024 Continuing operations	FY 2023 Continuing operations
	$m	$m
Adjusted EBITDAX	885	667
Reconciliation to profit for the period:
Depreciation and amortisation	(296)	(219)
Share-based payment charge	(9)	(6)
Exploration and evaluation expense	(84)	(29)
Change in decommissioning provision	3	(18)
Expected credit loss	(5)	-
Impairment of oil and gas assets	(95)	-
Other expenses	(5)	(3)
Finance income	15	14
Finance cost	(239)	(231)
Net foreign exchange loss	(2)	(3)
Taxation expense	(52)	(70)
Profit for the period	116	102

 

While adjusted EBITDAX excludes the financial results of discontinued operations by definition, the Group has chosen to present equivalent non-IFRS financial metrics for the entire Energean Group, including discontinued operations, for comparison purposes.

	FY 2024 Energean Group	FY 2023 Energean Group
	$m	$m
Adjusted EBITDAX	1,162	931
Reconciliation to profit for the period:
Depreciation and amortisation	(348)	(306)
Share-based payment charge	(9)	(7)
Exploration and evaluation expense	(150)	(34)
Change in decommissioning provision	(22)	17
Expected credit loss	(7)	(4)
Impairment of oil and gas assets	(96)	-
Other (expenses)/income	(9)	3
Finance income	15	20
Finance cost	(272)	(251)
Unrealised loss on derivative	-	(7)
Net foreign exchange profit/ (loss)	14	(18)
Taxation income / (expense)	(89)	(159)
Profit for the period	188	185

 

Cash Cost of Production

Cash Cost of Production is a non-IFRS measure that is used by the Group as a useful indicator of the Group's underlying cash costs to produce hydrocarbons. The Group uses the measure to compare operational performance period-to-period, to monitor cost and assess operational efficiency. Cash cost of production is calculated as cost of sales, adjusted for depreciation and hydrocarbon inventory movements.

 

	FY 2024 Energean Group	FY 2023 Energean Group	FY 2024 Continuing operations	FY 2023 Continuing operations
	$m	$m	$m	$m
Cost of sales	925	760	702	509
Adjusted for:
Depreciation	(344)	(301)	(293)	(216)
Change in inventory	(22)	16	(20)	14
Cost of production	559	475	389	307
Total production for the period (MMboe)	55,985	44,883	41,436	32,492
Cost of production per boe ($/boe)	10.0	10.6	9.4	9.5

 

Cash General & Administrative Expense (G&A)

Cash G&A excludes certain non-cash accounting items from the Group's reported G&A. Cash G&A is calculated as follows: administrative and distribution expenses, excluding depletion and amortisation of assets and share-based payment charge that are included in G&A.

	FY 2024 Energean Group	FY 2023 Energean Group	FY 2024 Continuing operations	FY 2023 Continuing operations
	$m	$m	$m	$m
Administrative expenses	49	43	32	27
Less:
Depreciation	(4)	(5)	(3)	(3)
Share-based payment charge included in G&A	(8)	(7)	(8)	(6)
Cash G&A	37	31	21	18

 

The Group's total cash G&A expenses for 2024 amounted to $37 million, with $21 million attributed to continuing operations. This reflects a 19% overall increase from the previous period, and a 17% increase specifically for continuing operations. The rise in costs is primarily driven by an increase in staff expenses in Israel due to ramp-up of operations and higher staff expenditure in Italy.

 

Capital Expenditure

Capital expenditure is a useful indicator of the Group's organic expenditure on oil and gas assets and exploration and appraisal assets incurred during a period. Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets less decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised borrowing costs:

 

	FY 2024 Energean Group	FY 2023 Energean Group	FY 2024 Continuing operations	FY 2023 Continuing operations
	$m	$m	$m	$m
Additions to property, plant and equipment	626	533	333	205
Additions to intangible exploration and evaluation assets	117	57	72	29
Less:
Capitalised borrowing costs	15	18	15	18
Leased assets additions and modifications	12	47	6	16
Lease payments related to capital activities	(20)	(16)	(9)	(8)
Change in decommissioning provision	4	(3)	(14)	10
Total capital expenditures	733	544	408	198
Movement in working capital	32	(3)	53	168
Cash capital expenditures per the cash flow statement	765	541	461	366

 

Net Debt

Net debt is defined as the Group's total borrowings less cash and cash equivalents. Management believes that net debt serves as a valuable indicator of the Group's indebtedness, financial flexibility, and capital structure because it reflects the level of borrowings after accounting for any cash and cash equivalents that could be utilised to reduce borrowings.

 

Net debt reconciliation	FY 2024 Energean Group	FY 2023 Energean Group
	$m	$m
Current borrowings	128	80
Non-current borrowings	3,142	3,141
Total borrowings	3,270	3,221
Less: Cash and cash equivalents	(236)	(347)
Less: Restricted cash held for loan repayment	(85)	(25)
Net Debt[21]	2,949	2,849
Net Debt Excluding Israel4	595	570

 

Going Concern

The Directors assessed the Group's ability to continue as a going concern over a going concern assessment period to 30 June 2026. As a result of this assessment, the Directors are satisfied that the Group has sufficient financial resources to continue in operation for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the consolidated financial statements. Detail of the Group's going concern assessment for the period can be found within note 2.2 of the consolidated financial statements.

Subsequent Events

New term loan

In February 2025, the Group has signed a 10-year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for $750 million. The term loan will be available to refinance the 2026 Energean Israel Limited Notes and to provide additional liquidity for the Katlan development. Refer to note 2.1 for further detail.

Sale of Egypt, Italy and Croatia portfolio

The Group remains committed to completing the sale of the ECL Group under the terms of the Sale and Purchase Agreement (SPA) signed on 19 June 2024. However, as of the date of these financial statements, some of the necessary regulatory approvals have not yet been obtained by Carlyle. Additionally, as of the date of these financial statements, the Group has not been able to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025, as outlined in the SPA.  Accordingly, there is uncertainty regarding the completion of the sale. 

 

This information became available to the Group subsequent to the reporting date and does not alter the accounting approach applied to the ECL Group in these financial statements, presenting it as a disposal group held for sale and a discontinued operation. At the reporting date, the disposal was deemed highly probable to be completed within 12 months from the reporting date. This assessment was based on the status of approvals as of 31 December 2024, which included:

·      Unconditional clearance from the Italian Competition Authority obtained in August 2024;

·      Approval from the Italian Presidency of the Council of Ministers under the Italian Golden Power Law received in September 2024; and

·      Unconditional clearance from the COMESA Competition Commission received in December 2024.

Should the Group reassess and reclassify the ECL Group to assets held-for-use and continuing operations in 2025, it would result in an additional depreciation charge of $65.1 million, as detailed in Note 17, being reflected in the 2024 full year results when reported as restated comparative figures for 2025.

Other events

In February 2025 the Group renegotiated the extension of the $300 million RCF for another three years, until September 2028. The total available commitments, step down to $200 million from  September 2025 onwards.

 

Risk Management

 

Principal Risks

 

As of 31 December 2024, the Board identified several changes to the principal risks facing the business, primarily as a result of the impact of the envisaged disposal of its Egypt, Italy and Croatia portfolio. As a result of this as at 31 December 2024, Energean removed three principal risks recognised in the 2023 Annual Report: "Deterioration or misaligned of JV relationships risk,"  "Recoverability of production costs and receivables in Egypt" and "Geopolitical conflicts outside of Israel in areas of operation affecting production and distribution" given these are risks associated with operations within the Disposal Group currently held for sale. Elsewhere, the Board has combined the "Maintaining liquidity and solvency" and "Macro-economic risk" under one principal risk in the 2024 Annual Report.

 

In 2024, the Board also considered the risks associated with the Carlyle Transaction, including the risk of the Transaction not proceeding by the long stop date of 20 March 2025 or at all. A detailed analysis of the effects of the Transaction including the impact of the material risks associated with the Transaction not proceeding are described in section 3.1 as announced on 29 August 2024 pursuant to the UK Listing Rule 7.3. and the Company's 2024 Half Year results and is considered as a sensitivity in our Viability Statement in the 2024 Annual Report & Accounts.

 

As noted in the Company's announcement of 17 March 2025, certain regulatory approvals in Italy and Egypt have not yet been obtained by Carlyle (or waived) and the Company has no assurance that such conditions will be satisfied on or before 20 March 2025 in accordance with the terms of the binding Sale and Purchase Agreement ("SPA") signed on 19 June 2024. Additionally, as of the date of writing this report, Company has not been able to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025. Accordingly, there is a significant risk that the outstanding conditions precedent will not be satisfied (or waived) by the relevant long stop date and that, therefore, (absent an extension being agreed) the Transaction may be terminated in accordance with the provisions of the SPA. 

 

A full description of Energean's principal risks as at 31 December 2024, as well as a full description of the Group's mitigations in relation to these risks, is disclosed in the 2024 Annual Report & Accounts.

 

Forward Looking Statements

This announcement contains statements that are, or are deemed to be, forward-looking statements. In some instances, forward-looking statements can be identified by the use of terms such as "projects", "forecasts", "on track", "anticipates", "expects", "believes", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results and events to differ materially from those expressed in or implied by such forward-looking statements, including, but not limited to: general economic and business conditions; demand for the Company's products and services; competitive factors in the industries in which the Company operates; exchange rate fluctuations; legislative, fiscal and regulatory developments; political risks; terrorism, acts of war and pandemics; changes in law and legal interpretations; and the impact of technological change. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in this announcement is subject to change without notice.

 

Year ended 31 December 2024

($'000)	Notes	2024	2023 (Restated)[22]
Continuing operations:
Revenue	4	1,314,734	978,495
Cost of sales	5a	(702,440)	(509,286)
Gross profit		612,294	469,209
Administrative expenses	5b	(31,969)	(27,305)
Exploration and evaluation expenses	5c, 9	(83,646)	(29,192)
Change in decommissioning provision	15	3,201	(18,352)
Impairment of oil and gas assets	5g, 8	(95,448)	(342)
Expected credit loss	5d	(4,928)	-
Other expenses	5e	(7,013)	(4,182)
Other income	5f	1,925	1,687
Operating profit		394,416	391,523
Finance income	6	14,811	14,318
Finance costs	6	(239,123)	(231,095)
Unrealised loss on derivatives		(392)	-
Net foreign exchange loss	6	(1,446)	(3,010)
Profit before tax from continuing operations		168,266	171,736
Taxation expense	7	(52,342)	(69,674)
Profit for the year from continuing operations		115,924	102,062
Discontinued operations:
Profit after tax for the year from discontinued operations	17	72,148	82,873
Profit for the year		188,072	184,935

 

(cents per share)	Notes	2024	2023 (Restated)[23]
Basic and diluted earnings per share
Basic		$1.02	$1.04
Diluted		$1.01	$1.05
Basic and diluted earnings per share for continuing operations
Basic		$0.63	$0.57
Diluted		$0.62	$0.59

Year ended 31 December 2024

($'000)	2024	2023 (Restated)[24]
Profit for the year from:
Continuing operations	115,924	102,062
Discontinued operations	72,148	82,873
Profit for the year	188,072	184,935
Other comprehensive profit/(loss):
Items that may be reclassified subsequently to profit or loss
Cash Flow hedges, net of tax	(266)	-
Exchange difference on the translation of foreign operations, net of tax	(25,183)	7,463
Net other comprehensive loss that may be reclassified to profit or loss in subsequent periods	(25,449)	7,463
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit pension plan	116	(161)
Income taxes on items that will not be reclassified to profit or loss	(29)	38
Net other comprehensive income/(loss) that will not be reclassified to profit or loss in subsequent periods	87	(123)
Other comprehensive profit after tax	(25,362)	7,340
Total comprehensive profit for the year	162,710	192,275

 

 

As at 31 December 2024

($'000)	Notes	2024	2023
Assets
Non-current assets
Property, plant and equipment	8	3,378,752	4,371,325
Intangible assets	9	185,310	325,389
Equity-accounted investments		-	4
Other receivables	13	32,973	33,682
Deferred tax asset	10	128,368	217,504
Restricted cash	12	2,950	3,124
		3,728,353	4,951,028
Current assets
Inventories		29,233	110,126
Trade and other receivables	13	132,454	353,257
Restricted cash	12	82,427	22,482
Cash and cash equivalents	11	182,251	346,772
Assets held for sale	17	1,769,906	-
		2,196,271	832,637
Total assets		5,924,624	5,783,665
Equity and Liabilities
Equity attributable to owners of the parent
Share capital		2,449	2,449
Share premium		465,331	465,331
Merger reserve		139,903	139,903
Other reserves		5,796	5,975
Foreign currency translation reserve		(23,547)	1,636
Share-based payment reserve		41,996	32,917
Retained earnings		6,161	37,904
Total equity		638,089	686,115
Non-current liabilities
Borrowings	14	3,141,904	3,141,197
Deferred tax liabilities	10	141,403	122,785
Retirement benefit liability		518	1,595
Provisions	15	234,035	786,362
Trade and other payables	16	89,283	166,923
		3,607,143	4,218,862
Current liabilities
Trade and other payables	16	335,841	737,603
Current portion of borrowings	14	128,000	80,000
Current tax liability		81,034	9,261
Derivative financial instruments		345	-
Provisions	15	58,260	51,824
Liabilities held for sale	17	1,075,912	-
		1,679,392	878,688
Total equity and liabilities		5,924,624	5,783,665