March 19, 2020 / 8:32 AM / 15 days ago

Gas group Energean on the prowl for acquisitions in the Med

LONDON, March 19 (Reuters) - Israeli gas-focused group Energean is looking at possible further gas acquisitions in the Mediterranean, CEO Mathios Rigas said on Thursday, as the group announced $155 million in spending cuts.

The cuts mean Energean will not drill two planned exploration wells in Israel and defer a development project in Greece, but Rigas said its Karish North field contained more gas than “initially thought”, which allowed it to cut exploration.

It has $834 million in undrawn debt facilities and cash, a$600 million acquisition bridge facility to finance its Edison acquisition and within the last week secured $175 million in additional project financing for its Israeli offshore fields. (Reporting by Shadia Nasralla; editing by Jason Neely)

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