Asset sale deal to Carlyle on track
Fullyear production outlook narrowed
Firsthalf profit up 27, production rises 38

Sept 11 Reuters Gas producer Energean reported higher firsthalf profits on Wednesday, helped by a rise in production due to strong summer demand in Israel, which contributes more than 70 of total output.

The company, whose main production comes from its gas operations offshore Israel, is looking to expand in Europe, Middle East and Africa, particularly where there is longterm policy support for gas and displacement of coal.

The company had agreed in June to sell its assets in Egypt, Italy and Croatia to private equity fund Carlyle for up to 945 million.

Energean expects to pay a special dividend of up to 200 million following the completion of this deal, which is expected by the end of the year.

The company said production for the firsthalf rose 38 to 146 thousand barrels of oil equivalent kboepd, from last year, with the Karish and Karish North fields in Israel.

Its realised average gas price fell 12 to 4.6 per thousand cubic feet mcf for the period.

Energean said its daytoday production in Israel continues to be unaffected by the ongoing geopolitical developments.

The group narrowed its production forecast for the year to 155 165 kboepd from an earlier outlook of 155175 kboepd, to reflect yeartodate performance in Israel and the actual startdate and expected rampup to full production of Cassiopea offshore Italy.

In Italy, Cassiopea startedup…