Moody's changes Energean view to stable

Moody's Investors Service said it affirmed the senior secured Ba3 ratings of Energean Israel Finance Ltd. and changed the outlook to stable from negative.

“The rating action follows the achievement of the first gas from Karish Main in October 2022, full commissioning of the field in March 2023, and the subsequent ramp-up of production. The company expects to achieve Practical Completion and produce 4.5-5.5 bcm of sales gas in 2023, close to initial capacity of 6.5 bcm/year. The rating action also reflects significant development exploration success, which added 18.2 bcm of proved reserves and 13.1 bcm of probable reserves in Block 12, offshore Israel, in 2022.

“Since December 2020, Energean Israel's proved and probable (2P) gas reserves have increased by 33%, as assessed by the projects reserves consultant, and production life has extended from 2035 to 2042,” Moody’s said in a press release.

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