Europe’s oil and gas sector is building up a crowded pipeline for stock market flotations, but investor appetite is limited given painful experiences after the last oil price crash and a backlash against fossil fuels.
Greek group Energean was one of a handful of energy companies to list in London in recent years, betting on Israeli gas production and long-term offtake agreements.
Its shares have risen over 90 percent since listing last year.
“Oil price upside is not enough anymore. You have to offer investors at least partial, if not complete, security of a return on their investment regardless of commodity prices,” Energean chief executive Mathios Rigas said.
“It’s not enough to say I have this amazing geologist or knowledge of a basin or promise to find oil in frontier areas. To continue investing as an energy company only in oil, from an ESG perspective, is suicidal.”