This morning (October 29, 2018), the management of Energean Oil and Gas opened the trading on the Tel-Aviv Stock Exchange (TASE) on it joining TASE as a dual-listed company, in the presence of the Minister of Energy, Dr. Yuval Steinitz. Energean is incorporated in the UK and has been traded on the LSE with a premium listing since March 2018.
In August 2016, as part of the realization of Israel’s gas plan and the breakup of the monopoly in the natural gas sector, Energean Oil and Gas acquired the “Tanin” and “Karish” reservoirs from Delek Drilling. Energean plans to invest more than USD 1.5 billion in developing the two reservoirs.
The company’s value on the LSE stands at NIS 4.5 billion and the company is expected to join the TA-90, TA-125 and the TA Oil and Gas indices in the fast track.
Dr. Yuval Steinitz, Minister of Energy, stated: “We view Energean joining the Israeli stock exchange with considerable importance. This sends a positive message to TASE and, in particular, it is a positive message to the developing energy market and with regard to Israel’s position as a player in the global energy market. This can be seen as another noteworthy result of the energy plan.”
Mathios Rigas, CEO of Energean Oil and Gas, added: “We are delighted to be the first UK listed international oil and gas operator to list its shares on the Tel Aviv Stock Exchange, fulfilling the commitment that we made to shareholders at the time of our IPO, improving the breadth and depth of the Company shareholder base. Israel is a core component of our portfolio and we are on track to start producing gas from the only FPSO in the Eastern Mediterranean in 1Q 2021 providing competition and energy security to the Israeli domestic market, so it is only natural that we expand the accessibility of our Company to the Israeli market".
Orly Grinfeld, EVP and Head of Clearing at TASE, said: “TASE has recently been making strenuous efforts to create the appropriate infrastructure for conducting dual listings for companies listed in Europe. As a result of this infrastructure, European companies can now list concurrently in both Tel Aviv and in Europe, whereby all the transference processes are automated and transparent. We believe that Energean’s joining TASE will enable the company to gain exposure with the Israeli public, which will be able to share in the company’s success and enjoy the advantages of the dual listing.”
Pictured: Energean’s management and staff and representatives of TASE’s management
Photo credit: Guy Assiag, for no financial consideration.
