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(Add details about results, production prospects)
March 21 (Reuters) – Energean has lowered its production forecast for 2019 in 2019, after delays in its Epsilon well in Greece, the oil and gas producer said Thursday.
Energean plans to produce between 5,000 and 5,500 barrels of oil per day in 2019, compared to a range of 5,000 to 6,000 barrels previously.
The company, which concentrates its activities in the Mediterranean, more than doubled its base adjusted earnings for the year, as a result of the increased production of its site in Greece and the reduction of production costs.
Energean reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDAX) of $ 52.4 million for the year ended December 31, compared to $ 20.7 million a year ago .
Revenues increased 56% to $ 90.3 million. The company operates off Israel, Greece and the Adriatic Sea.
Report by Justin George Varghese to Bengaluru; Edited by
Anil D & # 39; Silva, Bernard Orr
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