UK gas producer Energean cuts production outlook, seeks deals to bolster output
May 22 (Reuters) - British gas producer Energean (ENOG.L), opens new tab narrowed its annual production forecast on Thursday and said it was actively looking for merger and acquisition prospects after its failed deal to sell some assets to private equity fund Carlyle (CG.O), opens new tab.
In March, Energean scrapped a deal to sell its Egypt, Italy and Croatia portfolio to Carlyle due to delays in obtaining regulatory approvals in Italy and Egypt.
The group now expects output of 155-165 thousand barrels of oil equivalent per day (kboed) for the year, from an earlier indicative guidance of 160-175 kboed.
"We are actively assessing M&A opportunities in addition to a number of organic growth options, with strict capital discipline, within the broader Europe, Middle East and Africa (EMEA) region," CEO Mathios Rigas said in a statement.
Energean said its year-end 2025 net debt was expected to be $2.8 billion-$3 billion. The company has a market capitalisation of $2.15 billion, according to LSEG data.
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