Energean PLC has announced the successful start-up of the Cassiopea field, located offshore Italy. The initial test production is from one of the four subsea wells, with the remaining wells and associated facilities expected to be brought online, tested, and commissioned over the coming months. The Cassiopea gas development, in which Energean holds a 40% stake, contains approximately 10 bcm of gross reserves, with gross annual production expected to peak at around 1.5 bcm. This field is part of the portfolio being sold to an entity controlled by Carlyle International Energy Partners.
Mathios Rigas, Chief Executive Officer of Energean, expressed the company's positive involvement in another successful gas development, emphasizing Energean's focus on strategically important resources that support energy security and broader socioeconomic stability.
The announcement contains forward-looking statements, highlighting known and unknown risks and uncertainties that may cause actual results and events to differ from those expressed or implied. The company emphasized its commitment to updating or revising publicly any forward-looking statements as required by applicable law.
For further information, the company provided contact details for capital markets and media inquiries.
This news signifies Energean's successful start-up of the Cassiopea field, showcasing the company's commitment to developing strategically important resources and its positive involvement in gas development projects.