Energean PLC Result of General Meeting (7388P)

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RNS Number : 7388P

Energean PLC

19 February 2021

Energean plc

("Energean" or the "Company")

Results of General Meeting

London, 19 February 2021 - Energean plc (LSE: ENOG, TASE: ), the gas producer focused on the Mediterranean, today announces that, at its General Meeting ("GM") held today at its registered office, the resolutions put before the meeting were duly passed.

In accordance with Listing Rule 9.6.18 copies of all resolutions passed, other than ordinary business, will be submitted to the UK Listing Authority. Copies will be available at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

Details of the votes cast (including the proxy voting appointments and associated instructions received prior to the meeting) in respect of the two resolutions set out in the Notice of General Meeting are shown in the table below and will shortly be available on the Company's website, www.energean.com .

 
     RESOLUTION              VOTES FOR             VOTES           VOTES        % of ISSUED       VOTES 
                                                  AGAINST          TOTAL        SHARE CAPITAL    WITHHELD 
                                                                                    VOTED 
                            No.          %      No.      % 
                      --------------  ------  -------  ----- 
 1. APPROVE 
  ACQUISITION            150,407,839     100        0      0     150,407,839            84.93         413 
                      --------------  ------  -------  -----  --------------  ---------------  ---------- 
 2. ALLOT 
  EQUITY SECURITIES      150,308,574   99.93   99,265   0.07     150,407,839            84.93         413 
                      --------------  ------  -------  -----  --------------  ---------------  ---------- 
 

Enquiries

 
   Investors and Analysts 
    Kate Sloan, Head of IR   Tel: [phone] 
     and ECM 
     Media 
 
 
   Sotiris Chiotakis, Media Relations Tel: [phone] 
 
 

About Energean plc

Established in 2007, Energean is a London Premium Listed FTSE 250 and Tel Aviv 35 Listed E&P company with operations in nine countries across the Mediterranean and UK North Sea. Since IPO in 2018, Energean has grown to become the leading independent, gas-focused E&P company in the Eastern Mediterranean, with a strong production and development growth profile. The Company explores and invests in new ideas, concepts and solutions to produce and develop energy efficiently, at low cost and with a minimal carbon footprint.

Energean's production comes mainly from the Abu Qir field in Egypt, as well as fields in Southern Europe and the UK. The company's flagship project is the 3.5 Tcf Karish, Karish North and Tanin development, offshore Israel, where it intends to use the newbuild fully-owned FPSO Energean Power, which will be the only FPSO in the Eastern Mediterranean, to produce first gas, commencing 4Q-2021. Energean has signed firm contracts for 7.4 Bcm/yr of gas sales into the Israeli domestic market, which have floor pricing, take-or-pay and/or exclusivity provisions that largely insulate the project's revenues against global commodity price fluctuations and underpin Energean's goal of paying a meaningful and sustainable dividend.

With a strong track record of growing reserves and resources, Energean is focused on maximising production from its large-scale gas-focused portfolio to deliver material free cash flow and maximise total shareholder return in a sustainable way. ESG and health and safety are paramount to Energean; it aims to run safe and reliable operations, whilst targeting carbon-neutrality across its operations by 2050. These aspirations were significantly advanced with the completion of the Edison E&P acquisition in December 2020, which is now being successfully integrated into Energean's business. The Company expects to enhance its Israeli position in 2021 through the acquisition of Kerogen Capital's 30% holding in Energean Israel for a total consideration of $380-405 million. Following the passing of the above resolutions, this acquisition is expected to close in 1Q 2021. www.energean.com

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February 19, 2021 06:00 ET (11:00 GMT)