Daily News: March 5, 2018

Morgan Stanley, Others Lead Energean $1.275B Facility

Energean Israel closed an agreement with four international banks for a $1.27 billion senior credit facility to finance the Karish Development Project.

The facility, led by Morgan Stanley, Natixis, Bank Hapoalim and Societe Generale, is a key milestone in financing the development of Karish, part of the company’s flagship Karish and Tanin project.

The facility will be the primary source of funding for the development of the Karish offshore gas field over the next three years, with first gas production expected in early 2021.

“We are rapidly advancing the Karish and Tanin development by continually delivering on substantial project milestones. The participation of four international banks in the facility agreement is a strong vote of confidence in Energean’s flagship project. Long-term cash flow from Karish and Tanin has been secured through our previously signed gas supply agreements for approximately 4.2 BCM per year with 12 established counterparties,” said Energean Oil & Gas CEO Mathios Rigas.

Energean Oil & Gas is an independent E&P company focused on the Eastern Mediterranean region, where it operates in offshore Israel, Greece, the Adriatic and Egypt.