Energean on Tuesday forecast 2026 production of 140-150 thousand barrels of oil equivalent per day (kboed), below last year's numbers, as the gas producer looks to expand operations and boost output amid geopolitical disruptions.
Shares of the FTSE-250 company were down 2.6% at 882 pence at 0813 GMT.
The Eastern Mediterranean-focused gas producer had suspended operations in Israel last year due to geopolitical risks, and has been streamlining costs to boost profits and focus on acquisitions and contracts that can bolster output.
Energean is also expecting planned shutdowns for the Katlan project in Israel this year, weighing on its forecasts, along with a short‑term natural decline in Egypt ahead of new drilling activity.
The company said 2025 production averaged 154 kboed, adding it was assessing new M&A opportunities, particularly in West Africa, as it aims to expand further in Israel, Egypt and enter West Africa to grow the business.
(Reuters - Reporting by Rishab Shaju in Bengaluru; Editing by Janane Venkatraman and Eileen Soreng)