Energean (LON: ENOG), the London-listed oil and gas producer focused on the Eastern Mediterranean, rose on Wednesday after half-year results showed profit surging despite a government-mandated shutdown of its Israeli gas output earlier in the year.
Shares climbed 5.1% to 832p, up from Tuesday’s close of 791.5p, touching 845.5p intraday and nearing a one-month high. The stock remains below its 52-week high of 981.3p.
Production fell 10% to 124 Kboe/d and revenue dropped 8% to $743m in the first half, after Israel ordered a 41-day suspension of output between 28 February and 9 April amid regional conflict escalation. Yet profit after tax climbed 45% to $160m and free cash flow rose 35% to $250m, helped by a lower effective tax rate and stronger realised liquids prices, the prices Energean actually achieved for its oil output.
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Chief executive Mathios Rigas said: “Energean has entered the second half of 2026 from a position of real strength. Free cash flow rose 35% year-on-year to $250 million in H1 2026, profit after tax increased 45% to $160 million, and net debt fell by $97 million in Q2 2026, all while we are in the peak year of investment for Katlan.”
Production has since fully recovered, averaging 135 Kboe/d over the eight months to August, with the month alone topping 180 Kboe/d. The company reaffirmed full-year guidance of 130-140 Kboe/d.
Energean also unveiled fresh growth catalysts: a roughly $1.4bn, 15-year gas supply deal with Israeli power plant operator Sorek Energy, and agreed terms with Egypt’s state oil company EGPC to merge its three Egyptian concessions, backed by an initial $150m investment.
The Katlan gas project, in its peak year of investment, remains on schedule for first output in the first half of 2027.
