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1. Company Snapshot

1.a. Company Description

Energean plc engages in the exploration, development, and production of oil and gas.It operates through four segments: Europe, Israel, Egypt, and New Ventures.The company holds interests in the Eastern Mediterranean.


Its flagship project is the Karish and Tanin development located to the offshore Israel.The company has 965 million barrels of oil equivalents of proven and probable, and contingent resources.It also provides financing services; and holds a gas transportation license.


The company was formerly known as Energean Oil & Gas plc and changed its name to Energean plc in May 2020.Energean plc was founded in 2007 and is based in London, the United Kingdom.

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1.b. Last Insights on ENOG

Energean's recent performance was driven by several positive factors. The company secured $4bn in Israeli gas contracts in H1 2025, bolstering its contract pipeline to $20bn over the next 20 years. Additionally, Energean lifted output as Israel gas and Greek CCS projects gained pace, posting higher Q3 production and advancing key gas, CCS, and exploration projects. The company also signed a transmission deal with INGL to expand gas exports, covering 16.4% of construction expenses. These developments have positioned Energean for growth.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Energean Lifts Output as Israel Gas and Greek CCS Projects Gain Pace

Nov -26

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Unlocking Greece’s Investment Potential - Join Top Greek Officials and Industry Executives Presenting in New York

Nov -24

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Greek Government Officials and Industry Leaders Presenting in New York

Nov -18

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ExxonMobil to buy 60% stake in Block 2 concession offshore Greece

Nov -06

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ExxonMobil Expands Exploration Footprint Offshore Greece

Nov -06

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Exxon enters Greece with gas deal that expands US footprint in eastern Med

Nov -06

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Leviathan Gets Over 40 Pct of Capacity of Planned Israel-Egypt Gas Line

Oct -28

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Investors in Koninklijke KPN (AMS:KPN) have seen impressive returns of 122% over the past five years

Oct -28

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.13%)

6. Segments

Gas

Expected Growth: 5%

Energean plc's 5% growth in gas production is driven by increased drilling activities in the Karish and Tanin fields, improved operational efficiency, and rising gas demand from Israeli power generators. Additionally, the company's focus on exploration and development of new fields, such as the recent discovery in the Zeus exploration well, contributes to its growth momentum.

Hydrocarbon Liquid

Expected Growth: 5%

Energean plc's 5% growth in Hydrocarbon Liquid is driven by increasing demand for energy in Eastern Mediterranean, successful exploration and production activities in Israel and Greece, and strategic partnerships to expand its market share. Additionally, the company's focus on cost optimization and operational efficiency has enabled it to maintain a competitive edge in the industry.

Crude Oil

Expected Growth: 6%

Energean plc's 6% growth in Crude Oil is driven by increasing demand from Asian markets, improved operational efficiency, and strategic acquisitions. Additionally, rising global energy consumption, OPEC's production cuts, and Energean's focus on high-margin crude oil production contribute to this growth.

Liquid Petroleum Gas

Expected Growth: 5%

Energean plc's Liquid Petroleum Gas (LPG) segment growth is driven by increasing demand from the power generation and industrial sectors, coupled with strategic acquisitions and expansion into new markets. Additionally, the company's focus on operational efficiency and cost reduction initiatives have contributed to the 5% growth rate.

Compensation to Gas Buyers

Expected Growth: 4%

Energean plc's 4% growth in compensation to gas buyers is driven by increasing gas demand, favorable gas prices, and strategic partnerships. Additionally, the company's focus on operational efficiency, cost savings, and effective supply chain management contribute to the growth. Furthermore, Energean's expansion into new markets and investments in digital infrastructure also support the upward trend.

Petroleum

Expected Growth: 6%

Energean plc's 6% growth in petroleum is driven by increasing demand for energy, strategic acquisitions, and expansion into new markets. Additionally, improved operational efficiency, cost savings, and favorable crude oil prices contribute to the growth. Furthermore, the company's focus on exploration and production activities, as well as its commitment to reducing carbon footprint, also support the growth momentum.

7. Detailed Products

Karish Gas Field

A natural gas field located offshore Israel, operated by Energean plc, providing a significant source of clean energy to the region.

Kara-Deniz 2 Field

A natural gas field located offshore Israel, operated by Energean plc, offering additional gas reserves to meet growing energy demands.

Neptune Energy Partnerships

Strategic partnerships with Neptune Energy, a leading independent oil and gas company, to explore and develop new energy resources.

Aegean Oil

A crude oil production and trading business, operating in the Mediterranean region, providing a diversified energy portfolio.

Montenegro Upstream

Exploration and production operations in Montenegro, targeting new oil and gas discoveries in the Adriatic region.

8. Energean plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Energean plc is medium due to the availability of alternative energy sources, but the company's focus on gas production and exploration reduces the impact of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low for Energean plc as the company operates in a niche market with limited competition, giving it more control over pricing and sales.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Energean plc as the company relies on a few key suppliers for equipment and services, but it also has some negotiating power due to its size and reputation.

Threat Of New Entrants

The threat of new entrants is low for Energean plc due to the high barriers to entry in the oil and gas industry, including significant capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high for Energean plc due to the competitive nature of the oil and gas industry, with many established players competing for market share and resources.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 82.73%
Debt Cost 7.96%
Equity Weight 17.27%
Equity Cost 7.96%
WACC 7.96%
Leverage 478.97%

11. Quality Control: Energean plc passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peyto Exploration

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Value: 5.7

Growth: 4.7

Quality: 6.6

Yield: 9.0

Momentum: 7.5

Volatility: 8.3

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Aker BP

A-Score: 6.9/10

Value: 6.0

Growth: 7.3

Quality: 5.5

Yield: 10.0

Momentum: 6.0

Volatility: 6.3

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Chord Energy

A-Score: 6.5/10

Value: 8.1

Growth: 8.1

Quality: 5.1

Yield: 10.0

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Volatility: 6.0

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Whitecap Resources

A-Score: 6.4/10

Value: 5.7

Growth: 6.0

Quality: 6.9

Yield: 8.0

Momentum: 4.0

Volatility: 7.7

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Tourmaline Oil

A-Score: 6.3/10

Value: 4.5

Growth: 5.0

Quality: 7.4

Yield: 9.0

Momentum: 3.5

Volatility: 8.3

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Energean

A-Score: 5.0/10

Value: 3.3

Growth: 9.9

Quality: 2.4

Yield: 7.5

Momentum: 2.5

Volatility: 4.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.84$

Current Price

8.85$

Potential

-0.00%

Expected Cash-Flows