Energean Oil & Gas has swung to a half yearly profit on higher oil prices but has seen its shares fall after lowering its production guidance.
The FTSE 250 company today posted pre-tax profits of £82.1m for the six month ending June – up from the £4.4m loss it reported in the first half of 2017.
The company said its operations in Israel, its Karish and Tanin developments, remained on track for first gas in 2021.
But the oil and gas producer narrowed its full year production guidance to an upper limit of 4,250 barrels of oil per day (bopd) – previously 4,500 – due to replacement infill drilling at its Prinos well in Greece, delaying production delivery.
Shares were down 3.5 per cent in early trading on Wednesday despite the company, which listed in London in March, insisting production was on track to grow to 10,000 bopd by 2021.
Chief executive Mathios Rigas said: “During the period we made substantial progress in de-risking our flagship Karish and Tanin development project.”
Chairman Simon Heale said Energean was pursuing a secondary listing on the Tel Aviv Stock Exchange later this year.