Yossi Abu on bond repayment
From NewMed Energy - English - Investors Webinar q1 2022 financial results & updates · · IRMEDIA IRM
“This quarter we paid $280 million out of the $500 million bond due in June and used funds in place for an early repayment, and we announced this morning a $15 million dividend as part of our dividend policy.”
On , Yossi Abu, CEO at NewMed Energy, spoke about bond repayment during NewMed Energy - English - Investors Webinar q1 2022 financial results & updates on IRMEDIA IRM.
About Yossi Abu
Yossi Abu, CEO of NewMed Energy, has been active in investor calls and industry conferences discussing the company's financial results and strategic plans. In early 2023, he reported record quarterly production and earnings, including a net profit of $121 million for the first quarter. Abu stated that the company paid $280 million of a $500 million bond early and announced a $15 million dividend. He also discussed a non-binding offer from BP and ADNOC, saying the company is working on due diligence, an independent committee assessment, and shareholder agreements, with a target of eight weeks to finalize a shareholder agreement and two to three months for regulatory approval. Abu has emphasized the company's focus on expanding its natural gas operations. He said NewMed is working to increase Leviathan production capacity to 14 BCM per year by mid-2025 and is evaluating a floating LNG project, for which partners approved a $100 million budget. He also noted the company is appraising the A3 well in the Aphrodite field, aiming to develop it using existing infrastructure in Cyprus. At an energy conference, Abu stated that the company is working to double Leviathan volumes to 24 BCM and is exploring pipeline options to Egypt. In Morocco, he said NewMed is interested in natural gas, renewables, and hydrogen, adding that the country has the potential to become a global energy hub.