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    ENOG   GB00BG12Y042

ENERGEAN PLC

(ENOG)
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Delayed Quote. Delayed London Stock Exchange - 09/27 11:35:16 am
890 GBX   +3.49%
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Energean : Restoring the environment through action on climate change – how the E&P sector is evolving to achieve this

06/04/2021 | 01:31pm EDT

04/06/2021

Restoring the environment through action on climate change - how the E&P sector is evolving

to achieve this

This year's World Environment Day is arguably the most critical since its establishment and this year's theme, "Restoration of the Ecosystem" reflects the crucial point we are at in terms of climate change.

We are emerging from a period of extreme disruption caused by the global COVID-19 pandemic, which resulted in an extraordinary period of unexpected environmental protection, evidence that the course of climate change can be reversed and the benefits of which the world should be striving to maintain.

The pandemic resulted in an extreme, albeit temporary, reduction in the energy sector's global carbon emissions, generating significant, albeit again temporary, positive environmental impacts. The reduction, estimated by the IEA to be as much as 5.8%, was the largest decline in history and almost five-times greater than what followed the onset of the global financial crisis.

With the energy sector's carbon emissions expected to return to 2019 levels this year, the IEA has taken the position of asking governments to stymie the production of fossil fuels - especially oil - in a renewed and enhanced drive to achieve the targets of the Paris Agreement.

To some, this means the end of the E&P sector. However, we believe that our sector can play a crucial role in securing a justenergy transition, supporting economic and social transformation for all, whilst also conserving ecosystems and complying with national framework decisions.

Energy demand continues to grow - globally, not just in developed countries, but all around the world. Renewable energy has a key role to play in the future, green energy mix, however this cannot meet 100% of our energy need whilst maintaining the Paris Agreement's requirement for a justtransition. In other words, what is needed is a sustainable and secure energy supply for all countries and societies.

At present, we simply lack the production, transportation and storage capabilities necessary for an immediate leap to a purely renewables-based economy - fossil fuel production remains key, for now, to ensure an equal future for all.

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:+44(0)2036557200

www.energean.com

We know that fossil fuel production must evolve. We must focus on new, low-carbon solutions and a transition through natural gas to support this. As the first E&P company in the world to commit to a net-zero future, Energean has been at the forefront of this evolution.

Our short-term strategy focuses on using gas as a transition fuel, and our medium-term solution revolves around conversion of mature assets into carbon capture sites, coupled with low-carboneco-hydrogen solutions. Where else does the expertise, experience and understanding of the necessary geologies and technologies to properly implement carbon capture solutions exist, other than the upstream sector? We arepart of the solution.

We conduct our activities with the utmost focus on ecosystem conservation, evidenced by our zero-oil spill and zero-environmental damage track-record. We fully align with national and international regulations, whilst also continuing to strive to achieve - and better - best practice, ensuring a continuous reduction of our environmental footprint. At Energean, we respect the environment and are fully-committed to protecting it for future generations.

Vassilis Tsetoglou, HSE Director

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:+44(0)2036557200

www.energean.com

Disclaimer

Energean Oil & Gas plc published this content on 04 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 June 2021 17:30:05 UTC.


ę Publicnow 2021
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Sales 2021 405 M - -
Net income 2021 -68,5 M - -
Net Debt 2021 2 075 M - -
P/E ratio 2021 -44,7x
Yield 2021 -
Capitalization 2 160 M 2 161 M -
EV / Sales 2021 10,5x
EV / Sales 2022 4,55x
Nbr of Employees 620
Free-Float 76,1%
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