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Exploration and production company Energean lifted the lower end of its production guidance range after reporting record third-quarter production and a jump in revenue amid rising oil and gas prices.
Full year production guidance range was narrowed to 40,000-to-42,000 barrels of oil equivalent per day, or boed, from 38-40 kboed.
'We are on track to deliver record full year numbers, with annual revenues expected to be in excess of $450 million and EBITDAX in excess of $190 million,' the company said.
Production in the third quarter was above expectations and combined with the quarter's high commodity prices has yielded strong financial results.
Revenues for the period were $350 million and EBITDAX was $141 million.
'Our flagship project Karish remains on track to deliver first gas in mid-2022 and we will spud the first well of our new Israel growth campaign in 1Q 2022,' the company said.