S&P boosts Energean

S&P said it raised its long-term ratings on Energean plc and its senior secured notes to B+ from B.

“The upgrade reflects Energean's imminent commissioning of assets in Israel, which will reduce the risks to production growth. The company has been ramping up production at the Karish Main field since October 2022 and is now producing at all three wells. The 6.5 billion cubic meters per year (bcm/year) of gas production capacity at the Karish Main field in Israel will help grow overall gas production to 135,000-155,000 barrels of oil equivalent per day (boepd) in 2023 and reduce leverage,” the agency said in a statement.

S&P said it expects Energean will be able to post FFO to debt of above 20% from 2023.

The outlook is stable.

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