Energean said it would pay its first dividend in 2022 as the gas explorer swung to an operating profit boosted by higher production and prices.
Operating profit for the year to the end of December was $32.1m compared with a loss of $124.6m a year earlier as revenue jumped to $497m from $28m. The pretax loss narrowed to $90.7m from $113.6m.
The FTSE 250 company said with the first gas expected from its Karish project off the coast of Israel in the third quarter it plans to pay its first dividend no later than the fourth quarter of 2022.
Chief Executive Mathios Rigas said: “2021 was an outstanding year for Energean, one in which we delivered excellent operational and record financial results. Production came in above initial expectations and we also benefitted from an elevated market price environment.
“2022 will be a landmark year for Energean. It will be the year of first production from our major project, Karish. It will be the year we target to add a sustainable and reliable dividend stream to the total return to shareholders.”
Energean shares rose 2.9% to £11.65 at 08:08 GMT.
