0 Todays Presenters Mathios Rigas Panos Benos Chief Executive - - PowerPoint PPT Presentation

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Today’s Presenters

Panos Benos

Chief Financial Officer

• Chartered accountant with more

than 16 years oil & gas experience both in banking and industry

• Joined Energean from Standard

Chartered Bank

• c.2.7% shareholding post-IPO

Mathios Rigas

Chief Executive Officer & Founding Shareholder

• Founding shareholder
• Petroleum Engineer with 21 years
• f investment banking and private

equity experience mainly in the oil & gas sector

• c.12.7% shareholding post-IPO

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Senior Technical Team

• Dr. Stephen Moore – Chief Growth Officer
• 32 years of E&P experience at Shell, Maersk Oil and Mubadala
• Previously Senior Vice President – Technical at Mubadala

Fred Riddiford – Reservoir Engineering Manager

• Reservoir Engineering with almost 40 years of experience
• Previously VP Reservoir Engineering at Mubadala

David Donaldson – Prinos Asset Manager and Managing Director, Kavala Oil

• Petroleum Engineer with over 30 years of industry experience
• Held senior drilling engineer positions at Shell, Eni and Halliburton

Andreas Pelekanou – Karish Facilities Design Manager

• 40 years of experience in the oil & gas sector
• Previously Technical Director at ThyssenKrup, Engineer Manager

at Petroceltic, Hess and BHP Billiton

Photis Papadopoulos – Karish FPSO Delivery Manager

• Mechanical engineer with over 25 years experience in the oil &

gas sector

• Previous experience includes Project Engineer at Chevron,

Technip and KBR

Steve Starkey Jones – Karish HSE Technical Safety Manager

• 35 years experience within the industry, including senior

engineering positions at PTTEP, Lundin and Tullow

• Provides HSE leadership for the design and implementation of

Karish and Tanin

Paul Rodgers – Karish Operations Manager

• Over 23 years experience in the oil & gas sector
• Joined Energean from Petrofac, where his roles included Operations

Manager and Regional Head (Americas)

• Previously spent 21 years with BP in various engineering roles

Yoram Laks – Israel Security Manager

• 35 years of operational command service in the Israeli Navy

where his positions included Commandant of the Naval academy, Ashdod Operational Arena Commander and Head of Naval Intelligence (N2)

Yaron Daissy – Karish Onshore Delivery Manager and Head Regulatory Compliance

• Mechanical Engineer with over 20 years oil and gas experience
• Previously spent 15 years at Noble Energy Mediterranean Ltd where

his roles included Deep Water GoM production manager and engineering manager for Tamar and Leviathan

Vass assilis is Zenios

• s – Epsi

silon n Projec

• ject Ma

Manag nager er

• 25 years of oil & gas experience
• Experience in offshore heavy lift solutions and pipelines

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Energean Board of Directors

Non-Executive Directors

Simon Heale – Independent Non-Executive Chairman

• Currently serves as Chairman of Gulf Marine Services, Marex

Spectron and Kaz Minerals

• Prior to this served as NED and Chairman of Panmure Gordon, and

as NED of PZ Cussons, Morgan Advanced Materials, Coats and Carlton Commodities

Andrew Bartlett – Senior Independent Director

• Started his career in Royal Dutch Shell where he worked for 21 years
• 11 years of investment banking experience and former Global Head
• f Oil & Gas M&A and Project Finance at Standard Chartered
• Advisor to Helios Investments and NED of Africa Oil and Impact Oil &

Gas

• Served as Chairman of Azonto Energy and a NED of Eland Oil & Gas

Ohad Marani – Independent Non-Executive Director

• Board Member of Bank Leumi of Israel and member of the Investment

Committee of Israel’s Infrastructure Fund

• Previously Chairman of the board of Emmanuelle Energy, Israel

Natural gas Lines and Alumot Investment House

• Served as Director-General of Israel Finance Ministry and also in the

Israeli Embassy in Washington

Robert William Peck – Independent Non-Executive Director

• Ambassador Peck has almost 35 years in the Government of Canada

as a career Foreign Service Officer

• Resident mentor in the Human Resources Bureau at Global Affairs

Canada

• Has held diplomatic roles in Nigeria, Switzerland, Algeria and Greece

David Bonanno – Non-Executive Director

• Third Point representative to the Board
• Primary investment professional responsible for all Third Point’s

activities in Greece

• Previously worked at Cerberus and Rothschild

Stathis Topouzoglou – Non-Executive Director

• Shipowner with more than 35 years’ experience in the energy

transportation sector

• Founding partner of Energean Oil & Gas
• Principal shareholder and founder of Prime which has more than 35

vessels under management

Executive Directors

Mathios Rigas Chief Executive Officer Panos Benos Chief Financial Officer

Karen Simon – Independent Non-Executive Director

• Currently Head of Director Advisory Services at JP Morgan with over

30 years of banking experience

• Previously Head of the Financial Sponsor Coverage Group and

Global Co-Head of Asia and EMEA at JP Morgan

• On the board of Aker ASA and Youth Inc.

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Energean - A Leading E&P Player In The Eastern Mediterranean

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Countries*

17

Active wells

13

E&P licenses

37

Years of experience as an offshore

• perator

393

Highly skilled employees**

12

Israeli GSPAs of total contracted volume up to 74 BCM

45,9

MMbls oil 2C resources

1,7

TCF gas 2C resources

51

MMbls oil 2P reserves

*Offices in the UK, Israel, Greece, Cyprus, Egypt and Montenegro ** Excluding sub-contractors Israel values stated on a 70% working interest basis 4

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IPO Summary

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Main Market, Premium Listing

• Primary raise – largest London IPO in 2018

Restoring confidence in the London O&G market after 4 years with strong institutional interest

• Only stock on the LSE offering exposure to the increasingly attractive East Mediterranean region

Flagship project: Developing Karish and Tanin, offshore Israel

Proceeds of primary raise will be used alongside the recently secured project financing to deliver production from Energean’s Karish Development Project, offshore Israel, bringing competitively priced gas to the burgeoning Israeli energy market.

Key information Offer price £4.55 per Share Market cap

• Approx. £695 million ($968

million) at commencement

• f conditional dealings

Global Offer Represents approx. 47.5%

• f the Shares of the

Company New Shares 72,592,016 Gross proceeds

• Approx. £330 million ($460

million) Ticker ENOG

IPO completes another milestone on path to first gas

 Project financing in place  EPCIC contract with TechnipFMC agreed  Gas supply contracts for over 4 BCM per year underpinning our cashflow expectations

 Energean took FID for the Karish and Tanin Development in March 2018 Major institutional interest

• Significant UK, Israeli and international participation
• Institutions have bought into the East Mediterranean opportunity

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The Energean Investment Proposition

51 339 80 4.1 1.7

Greece & Israel Value(2) ($bn)

• Product. 2021E(2) (kboepd)

2P (mmboe) 2C (mmboe)

7% 93% 26% 74%

• Product. 2017(1) (kboepd)

50% 50% Production Development Exploration

Note: (1) Exit rate. (2) Based on K&T, Prinos and Katakolo NSAI CPRs CPR values. Value calculated as the present value of the asset net cashflows discounted at 10%, adjusted for Company Israel Corporate Tax. All Israel values stated on a 70% working interest basis Source: NSAI CPRs.

Oil Gas Greece Israel

Transformational development of $1.6 Billion project in Israel

Material and De-Risked Development Project

Exploring the East Med with low commitment high impact assets in Greece, Montenegro and Israel

Multiple Growth Opportunities in a Highly Prospective Region

Production from low cost, assets in Greece

Low Cost Efficient Production Base A Sustainable Growth Story

Egypt Prinos Katakolo Ioannina Montenegro Aitoloakarnania Israel Karish & Tanin Blocks 12, 21, 22, 23 & 31(3)

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7 3 1 1

1 2 3

Strategic Focus Around An Increasingly Active Region

Note: (1) Transaction value / boe. Source: Company Filings, Herold.

Increasing M&A Activity European Gas Market Israel / Egypt Gas Deal East Mediterranean Pipeline

• Gas pipeline connecting East Med via

Greece and Italy with the European gas network

• MoU signed between Israel, Greece, Italy

and Cyprus supporting the pipeline construction

• Classified as European Project of

Common Interest with EU sponsoring 50%

• f pre-FEED costs
• Targeted project completion by 2025
• Israeli firms signed a $15 bn

deal to export gas to Egypt from Leviathan and Tamar

• Agreement to supply 64 bcm
• f gas over 10 years
• Implied price of c.$6.6/mmbtu

Energean Focus Regions Trans-Anatolian Pipeline East-Med Pipeline Newcomers Trans-Adriatic Pipeline Other Proposed Pipelines Egypt LNG plant

Cyprus

Future exploration wells in 2018

“Calypso 1 is a promising gas discovery and confirms the extension of the Zohr like play in the Cyprus EEZ […] that could contain more than 230 BCM of gas, and contains not less than 170 BCM”

Claudio Descalzi, ENI CEO

Asset 7.5% Tamar 30% Zohr 10% Zohr 35% Aphrodite Buyer US$ /boe(1) 1.4 1.4 0.8 Jan 18 Dec 16 Nov 16 Jan 16 5.4

Export Routes to Europe

• Two largely unused, fully

functional LNG facilities at Idku and Damietta in Egypt

• Connection to Turkey as

potential gateway to Europe 7

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2 5 7 11 17 24 30 58 237 300 390 50 100 150 200 250 300 350 400 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Post IPO (mmboe) Prinos Basin 2P Prinos Basin 2C Katakolo 2P Karish and Tanin 2C

Transformational Reserves And Resources Growth

Note : (1) 2016: 50% WI in Karish and Tanin, Post IPO: 70% WI in Karish and Tanin. Figures for 2008 - 2010, 2012 and 2013 based on company estimates. Source: NSAI CPRs.

Acquisition of Prinos Drilling and Reservoir Engineering Work Third Point Investment Licence Extension Acquisition of Karish and Tanin Greece 3D Seismic Acquisition of Energean Force

Commercialisation of Reserves and Resources Through De-Risking(1)

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Prinos Production Provides Stability and Operating Capability

Sigma Processing Plant – 27,500 bopd Capacity Offshore Platform Complex

Stable Production Base Around Prinos Basin

• 40.5 mmboe of 2P reserves and 23.8 mmboe of 2C resources
• 2017 exit production of 4,086 bopd, with material production growth

potential

• Operatorship position for all fields
• High netback supported by favourable fiscal terms
• Low risk 2C to 2P conversion
• Owned infrastructure offers operational flexibility
• Processing infrastructure located close to major planned oil & gas

pipelines

• No abandonment liability for pre-existing infrastructure
• Long term offtake agreement signed with BP until November 2025 or

delivery of 25 mmbbls of oil to BP

Source: Company.

Existing Infrastructure In Place

Energean Force – Energean Owned Drilling Rig

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Prinos Basin Development Plan

Source: Company, NSAI CPR. Note: (1) SG&A shown on a gross basis excluding other income and expenses and exploration & evaluation costs.

Development Plan Key Financing Terms

 Amount: $180 mn (from $75 mn of the previous RBL facility)  Usage: Refinance existing debt, Epsilon development, other Prinos fields and other corporate purposes  Tenor: 7 years  Interest: L+4.9% (L+3% for the Romanian facility)  Lenders:

• Prinos Basin development plan consists of drilling an additional 25 wells

− 8 wells in 2018 & 2019 − 22 wells with the Energean owned rig − 3 wells with a 3rd party jack-up rig to accelerate development

and cash flow

• Fully funded by an RBL with pricing set at Libor + 4.9%
• Epsilon project development through EPCIC contract with GSP

− 3 production wells and a production platform Lamda

Development Area Efficient and Cost Conscious Operator

1,409 1,459 2,803

US$mn

3,490 10

63.0 41.0 19.1 24.7 32.0 22.0 24.3 25.3 20 40 60 80 $/boe

Production Costs ($/boe) Production Costs ($MM)

Production (boepd)

80 40 20 60 2014 2015 2017 2016

6.5 5.1 4.4 6.3

2014 2015 2016 2017

Administration Selling

US$mn

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Prinos Basin Operational Overview – CPR Case

Production Profile Opex Unlevered FCF

1P Reserves: Peak Prod: 2P Reserves: 28 mmbbls 9.9 40 mmbbls Peak Prod: 13.4

• Avg. Opex ($/bbl):

13.3 1P NPV-10 ($mn): 2P NPV-10 ($mn): 438 731

Source: NSAI CPR. Note: Cash flows are in real terms as per NSAI CPR assumptions.

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4 6 8 10 12 14 16 18 20

• 10

20 30 40 2018 2020 2022 2024 2026 2028 (US$ / boe) (US$mn) 11

• 3

6 9 12 15 2018 2020 2022 2024 2026 2028 (kboepd) (750) (600) (450) (300) (150)

• 150

300 450 600 750 900 1,050 1,200 1,350 1,500 (150) (120) (90) (60) (30)

• 30

60 90 120 150 180 210 240 270 300 2018 2021 2024 2027 (US$mn) Capex OCF 1P OCF 2P Cumulative FCF (rhs)

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Additional Reserves at Katakolo

Overview

• 2P reserves of 10.5 mmbbls; Capex budget of $94mn
• West Katakolo reservoir is believed to be a dual porosity system

(matrix, fractures and vugs), with an overlaying gas cap and an underlying aquifer

• 2 wells tested; plan is to drill the first pilot hole to be converted to an

injection well in 2019

• Commencing environmental and social impact assessment to be

submitted in 2018. Company intends to take FID upon approval

• First oil expected in 2020
• CPR NPV of US$ 114 mn

Source: Company, Katakolo NSAI CPR.

Fiscal Terms

Development Period 25 years with two 5-year extension options Royalty 2 - 20% Corporate Tax 25%

Unlevered FCF

(280) (210) (140) (70)

• 70

140 210 280 (70) (35)

• 35

70 2018 2021 2024 2027 2030 US$mn OCF Capex Cum FCF (rhs) 12

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Karish & Tanin – A Transformational Project in Israel

Key Highlights

12 31 21 22 23

• Approximately 2.4 Tcf (67 bcm) gas
• 32.8 mmbbls hydrocarbon liquids(1)
• 1,700 metres water depth
• 75 km from shore

World Class Assets

• Energean Israel 100% Operator
• Acquired from Delek August 2016
• Government Approval 26 December 2016
• New Lease Granted April 2017

History Substantially De-risked Project

Source: NSAI CPR, Company. Note: (1) Best estimate 2C resource.

Regulatory EPCIC Contract Drilling GSPAs Project Financing FID

FDP approved August 2017 > 4.0 cm/yr EPCIC $1.4bn contract 3 firm, 5 optional wells $1.275bn Taken March 2018

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     

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Karish & Tanin – More Than 4.0 Bcm/yr GSPAs Executed(1)

1.2 bcm/yr 2.6 bcm/yr 0.3 bcm/yr $4.1 / mmbtu > $4 / mmbtu 75%

Volume Tenor (2) Weighted Avg Current Price Weighted Avg Floor Price Weighted Avg Take-or-Pay

Min: 7 years -- Weighted Average: 16 years -- Max: 20 years

Energean Has Executed More Than 4.0 bcm/yr of Contracted Gas from Karish and Tanin (1)

Source: Company. Note: (1) Based on Company’s best estimate of volumes under GSPAs based on average volumes over life of contracts. Total best estimate 4.2 bcm/yr on an ACQ basis, 3.2 bcm/yr on take or pay basis, excluding Or GSPA. (2) Tenor presented includes Or GSPA. (3) Adjusted for inflation to make it comparable to current prices. (3)

0.1 bcm/yr

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Karish & Tanin – TechnipFMC EPCIC and Stena Contracts Executed

12 31 21 22 23

TechnipFMC $1.36 bn EPCIC Contract

 Two train new-build FPSO with an 8 bcm/yr capacity  Low risk, lump-sum turnkey EPCIC contract – timing and performance risks borne by Technip FMC – Liquidated damages up to 12% of the contract value  Project to be completed in early 2021 with handover scheduled in February – Testing and commissioning by Energean will shortly follow

Stena Drilling Contract

 Contract in place for the development drilling of the Karish Field – Operating day rate of $140k agreed for the 3 firm wells – Energean holds option to drill 7 additional wells  The Stena Forth drillship will be deployed to drill three development wells in Q1 2019 – Significant step forward in the development and de-risking of the Karish field

Key Contract Terms Initial Development Phase

• New build, spread moored FPSO
• 3 initial development wells planned
• Dry gas to be shipped to shore

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Project Finance Terms

Sources & Uses

Sources $MM % Construction Loan 1,275 66 IPO Proceeds for Karish Development Capex Commitments 405 21 Shareholder Equity 120 6 Existing Investment 60 3 Kerogen New Equity Investment 60 3 Contingent Equity 125 6 Total Sources 1,926 100 Technip Deferred Payments 140 Total Sources (incl. Deferred Payments) 2,066 Uses $MM % Capex for Phase 1 1,605 83 Drilling 123 6 FPSO (Expected Technip EPCIC) 905 47 Subsea & Pipelines (Expected Technip EPCIC) 517 27 Owners Costs 116 6 Phase 1 Contingency 84 4 Technip Deferred Payments (140) (7) Pre-FID Costs 60 3 Lease Payments to Seller 55 3 Interest During Construction 146 8 Transaction Fees and Expenses 60 3 Total Uses 1,926 100 Technip Deferred Payments 140 Total Uses (incl. Deferred Payments) 2,066

Source: Company.

Key Terms

• Senior secured first lien term loan facility parameters:

– Size: Up to $1.275 bn – Interest: LIBOR + 3.75% (Months 1 – 12), + 4.00% (Months 13 – 24), + 4.25% (Months 25 – 36), + 4.75% (Months 37 – 45) – Maturity: 3 years and 9 months from signing date – Repayment: Bullet repayment on final maturity date – Commitment Fee: 30% of applicable margin

Project Finance Banks

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Key Milestones to Karish and Tanin First Gas

FPSO Key Milestones Well Key Milestones Subsea / SURF and Onshore Key Milestones

Source: Company.

March 2018

• FID

2018 2019 2020 2021

Q1 2021

• First gas

production Q4 2018

• FPSO First

steel cut Q4 2019

• FPSO hull

towed from China to Singapore Q4 2020

• Completed

FPSO towed to Israel Q1 2019

• Pipeline beach

crossing at Dor Q3/Q4 2019

• Sales-gas

pipeline installation Dor to Karish Q2 2020

• Installation of

production manifold and

• ther sub-surf

structures Q1 2019

• Mobilise Stena

Forth rig Q3 2019

• Execute

evaluation of Miocene upside potential in Karish Main Q1 2020

• Karish main

development wells cleaned up and suspended

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Karish and Tanin Operational Overview – CPR Case(1)

Source: NSAI CPR. Note: (1) Figures shown are net to 70% stake. (2) 2017 asset value, as stated in the NSAI CPRs and calculated as the present value of the asset net cash flows discounted at 10%.

2C Net Production Profile by Asset Opex Unlevered FCF

US$ mn kboe/d Net 2C Resources: 1.7 Tcf gas, 23 mmbbls hydrocarbon liquids Peak Net Prod.: 64.4 kboe/d Opex/mcf: $0.4/mcf

• Cum. Net Opex to 2031

$623 mn (US$/mcf) NPV-10 ($bn)(2): 0.8 Opex/mcf US$ mn WI: 70% WI: 70% WI: 70% CAPEX Operating Cash Flow Cumulative FCF US$mn

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40 60 2018 2020 2022 2024 2026 2028 0.0 0.1 0.3 0.4 0.5 20 40 60 2018 2020 2022 2024 2026 2028 (1,800) (1,200) (600)

• 600

1,200 1,800 (600) (400) (200)

• 200

400 600 2018 2020 2022 2024 2026 2028 18 Cashflow impacted by development

• f Tanin

Field

De-Risked Portfolio Poised for FCF Generation

Karish and Tanin(1) and Greece Annual Unlevered FCF

Note : (1) 70% WI, based on NSAI CPR. Source: NSAI CPR for Karish and Tanin, Prinos Basin and Katakolo.

Prinos capex to be funded through recently upsized $180 mn RBL

(2,400) (1,600) (800)

• 800

1,600 2,400 3,200 (600) (400) (200)

• 200

400 600 800 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Cumulative FCF (US$mn) Annual FCF (US$mn) K&T OCF K&T Capex Prinos OCF Prinos Capex Katakolo OCF Katakolo Capex Cumulative Unlevered FCF (rhs)

Assumes self-funded Tanin development capex

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Exploration Upside in Western Greece Validated by Repsol

Source: Company.

12 31 21 22 23

Energean’s Onshore JV with Repsol

• 60 / 40 joint venture with Repsol as the operator
• Initial exploration phase run through 2019 for Ioannina and 2021 for

Aitiloakarnania – 205 mmboe gross unrisked prospective resources – Repsol has started seismic exploration activities – €15.1 mn commitment

• Next exploration phases run through 2021 for Ioannina and 2023 Aitoloakarnania

– Total commitment of approximately €23 mn – Decision to enter next exploration phase expected in Oct 2019 (only Ioannina)

Repsol Carries Energean for 90% of Expenditures up to $49.9 mn

Onshore Offshore Trans-Anatolian Pipeline East-Med Pipeline Trans-Adriatic Pipeline

Ioannina Aitoloakarnani a

Repsol Carry on Greek Onshore Blocks

Aquila Tempa Rossa Rospo Mare Shpiragu Patos Marinza Katakolo Monte Alpi

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Further Upside in Montenegro

 Blocks 4218-30 and 4219-26 officially awarded in March 2017 (Energean 100%) – Surface area 338 km2 / water depth 5 – 75 m – Cretaceous Carbonates represent the main reservoir target – Secondary Pliocene and Oligocene gas play  3 year 1st exploration phase – Mandatory work program: 3D seismic acquisition covering two blocks + G&G studies + training – 100% cost during initial exploration phase estimated at $5 mn  Optional second exploration period of 4 years: 1 firm exploration well of not less than 2,800 m  ENI has 4 blocks to the south – Work commitment is expected to comprise full 3D coverage and 2 wells with 1 well to be drilled to test the Cretaceous platform carbonates (TD ~ 6 km)

Montenegro Key Highlights

30 26 Source: Company.

21 Unrisked Prospective Resources Gas (TCF) Liquids (mmbbl) Montenegro 1,8 144

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Source: Company Note: (1) Certain figures have been subject to rounding adjustments. Accordingly figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them. (2) Weighted average by unrisked prospective resources

Karish & Tanin Exploration Plus 5 New Blocks in Israel Provide Further Upside

Israel Bid Round: December 2017 Overview of Block Locations

• The Israeli Petroleum Council awarded five out of six exploration

licenses in the First Israeli Offshore License Round to Energean – Blocks Awarded: 12, 21, 22, 23 and 31 – Initial exploration period: 3 years

• The licenses are located adjacent to the Karish and Tanin fields
• In the event of any economic hydrocarbon discoveries, the fields could

be developed via tie-backs to the Karish and Tanin FPSO

• Energean’s exploration spending commitments are expected to be

~$6.5mn over the next three years

• Under the terms of the tender, the initial test drilling in each field must

begin by 2020

• Proposed work program for all blocks includes:

– Re-processing existing 3D data on block – Acquiring new 3D seismic survey

Tanin Deep Prospect 2 Prospect 4 Prospect 1 Prospect 3 Manta Ray Prospect 7 Prospect 5 Karish Prospects Prospect 6 P4 P2 P3 P1 P6 Tanin Karish Tamar Block 21 Block 22 Block 23 Block 31 Block 12 Km 2.5 5 10 15 20 25 P5

FPSO Pipeline Hydrocarbon Liquids/Gas Liquids (mmbbl) Gas (bcf) Liquids (mmbbl) Gas (bcf) Pg(2) (%) Karish 31 2,003 22 1,402 72 Tanin 40 444 28 311 56 K&T Total 71 2,447 50 1,713 69

Unrisked Prospective Resources(1)

Gross Net (70%) 22

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Karish & Tanin FPSO – A Hub to Commercialise Other Fields

Overview of Karish & Tanin FPSO Potential Tie-Ins

Source: Company.

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Israeli Gas Demand Expected to Grow Significantly

Key Highlights Gas Demand Increase 2006-2016 CAGR – Top 10 Countries Globally

Source: Israeli Electric Corporation; Israeli Ministry of Energy; BP Statistical Review of World Energy June 2017.

• Over the last decade Israel natural gas demand

has been amongst the fastest growing globally

• Future demand is forecasted to increase

substantially primarily driven by electricity sector

• Regulatory developments will be important

catalysts supporting future demand growth

Israeli Regulatory Support

• Israeli Electric Corporation required to reduce coal

generation post 2017

• August 2016 decision to close the 1,440 MW Orot

Rabin coal-fired plant by June 2022 and replace it with gas-fired generation

• Incentivise light industrial customers to switch from
• il to gas
• Incentivise CNG stations and electric vehicles
• Government funded deployment of a new natural

gas distribution system

Israeli Natural Gas Demand by Sector

16.1% 15.5% 13.5% 8.1% 6.6% 6.3% 6.1% 6.0% 5.9% 5.9% Peru Israel China Qatar Taiwan Banglad. Kazakh. Iran Brazil UAE 2006-2016 CAGR

• 10

20 2017 2019 2021 2023 2025 2027 2029 2031 bcm / year Electricity Industry & Distribution Transport Sector Methanol

“We intend to reach a situation in which Israel’s industry will be [using] natural gas, and most important, transportation in Israel will be based on natural gas or electricity” Yuval Steinitz, Energy Minister of Israel

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Proven Track Record of Acquiring, De-risking and Financing Projects

M&A

Source: NSAI CPR, Company. Note: (1) Includes 2P + 2C resources as per respective CPRs .(2) 2C resources as per NSAI CPR as per 31 October 2017. (3) Adjusted for inflation to make it comparable to current prices.

Contracts Financing

 Western Greece Farm-Out

• Repsol carries 90% of expenditure up to

$49.9 mn for both blocks (60% thereafter)

 GSPAs

• 4.2 Bcm/yr contracted
• Weighted avg current price(3): $4.1 / mmbtu

 FPSO and Drilling Contracts

• TechnipFMC lump-sum, turnkey EPCIC

contract of c. $1.36 bn

• Stena Drilling contract for the development

drilling of Karish field  $1.275 bn Project Financing

 $180 mn Prinos RBL  Long Term Capital Providers

• Third Point invested since 2013
• Kerogen since 2016
• EBRD since 2016

 Prinos Reserves and Resources (1)

64mmboe 2008 2017(2) 2mmboe  Karish & Tanin Development (2)

• Acquisition of a stranded gas field in Dec

2016

• FID of a 2.4 TCF development taken

 BP Offtake

• Long term offtake signed until July 2025, or

delivery of 25 mmbbls of oil

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Near Term Catalysts Post IPO

Production Development Exploration

• Drill 8 wells in Prinos licence
• Epsilon field on-stream

Target 2020 production of >9 kbopd

• Drill 3 wells in Karish
• Discretionary exploration well
• Potential to contract additional long-term off-take volumes

and utilize up to 8 bcm/yr of Karish FPSO capacity

Target unrisked upside of circa 1.7 TcF(1)

• Potential to increase and de-risk current unrisked prospective

resources of c.0.9 bnboe

• 90% of W. Greece exploration costs carried by Repsol, up to

$49.9 mn

• 3D seismic and G&G studies on the Montenegro blocks
• 3D seismic on new Israeli blocks

Strengthen and Grow the East-Med E&P champion

Note: (1) Subject to resource availability. Source: Company.

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2018 - 2019

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Post Period Developments

• Took FID on Karish and Tanin project
• Signed US$1.275billion senior credit facility for Karish and Tanin
• Premium Listing on the LSE - Global offer raising US$460m
• Signed US$180m RBL facility with EBRD and other institutions
• March 2018 – Group completed subscription for additional shares in Energean Israel for

US$266.7M, increasing stake to 70%

• Awarded TechnipFMC integrated EPCIC for full field development of Karish
• Appointed Stena Drilling for 3 firm development wells in 2019 plus 7 additional optional wells
• Signed extension to BP offtake agreement to November 2025
• Successfully completed c.4km extended reach well in Prinos North – currently producing at
• c. 1,000 bpd on 41% choke
• Production averaged 3,673 bopd in Q1 2018, an increase of 31.6% year-on-year (Q1 2017:

2,790 bopd) and 7.9% quarter-on-quarter (Q4 2017: 3,405 bopd)

• Progressed plans for Secondary Listing on Tel Aviv Stock Exchange
• Israeli Supreme Court dismissed petition against Karish development

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Outlook

• Priority for 2018 is project delivery
• Group expects to complete several project milestones on Karish and Tanin

― Submission of Karish Lease Environmental Document to Israeli regulator ― Completion of detailed design for topsides and hull ― TechnipFMC to commence fabrication of FPSO hull and topsides (Q4)

• Five development wells on Prinos licence in 2018
• Group expects average production rate of 4,000-4,500 bopd from Prinos

Well positioned to capitalise on future growth opportunities in Eastern Mediterranean

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Appendix

15

Historical Financial Results Highlights

Financial Highlights

Notes: (1) Only oil production volumes shown as gas produced at the Prinos basin is not sold. (2) Adjusted EBITDAX is calculated as profit or loss for the period adjusted for profit or (loss) for the period from discontinued operations, taxation (expense) / income, total depreciation, amortisation of intangible assets, other income, other expenses, finance income, finance costs, gain on derivative, net foreign exchange (loss) / gain and exploration and evaluation expenses. (3) Capex includes cash purchases of PP& and intangible assets.

$ mn, unless otherwise stated 2015 2016 2017 Realised Sales Price ($/bbl) 44 34 46.7 Production (boepd) (1) 1,459 3,490 2,803 Revenues 28.4 39.7 57.8 Adjusted EBITDAX(2) (1.2) 16.2 20.7 Cost of Production (21.7) (24.3) (25.3) Cash Flow from operating activities (2.8) 15.2 29.1 Capital Expenditure (3) (49.2) (110.7) (70.3)

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16

Historical Financial Results Highlights (cont’d)

Source: Company information Notes: (1) Cost of production shown does not include the costs associated with the changes of inventory, $5.0mn for 2017, ($5.0mn) for 2016, $3.1mn for 2015 and ($7.4mn) for 2014 and the depreciation costs, $17.6mn for 2017, $21.2mn for 2016, $7.3mn for 2015 and $7.4mn for

• 2014. (2) Other costs include Subcontracted Work, Insurance, Sundry Expenses, Royalties and Other Professional Fees and Other Expenses. (3) SG&A shown on a gross basis excluding other income and expenses. (4) Adjusted EBITDAX is calculated as profit or loss for the period

adjusted for profit or (loss) for the period from discontinued operations, taxation (expense) / income, total depreciation, amortisation of intangible assets, other income, other expenses, finance income, finance costs, gain on derivative, net foreign exchange (loss) / gain and exploration and evaluation expenses. (5) Staff costs include cost of services and cost of production.

14.9 10.8 11.6 12.6 9.5 5.7 6.0 5.8 2.6 1.7 2.2 1.7 2.0 1.4 2.0 2.5 3.3 2.1 2.4 2.7

32.3 21.7 24.3 25.3

10 20 30 40 2014 2015 2016 2017

SG&A(3) Expenses Breakdown (US$mn) Cost of Production(1) Breakdown (US$mn)

(2)

6.2 4.8 4.1 5.9 0.3 0.3 0.3 0.4 0.3 0.3 1.1 10.0

6.8 5.3 5.6

4 8 12 16 2014 2015 2016 2017

P&L Highlights (US$mn)

Administration Selling Exploration & Evaluation

1,409 1,459 3,490 96 44 34

Average Daily Oil Production (boepd) Average Oil Sales Price ($/bbl) Staff Costs Electricity and fuel Consumptions Other Machinery Repairs and Maintenance

2,803 46 42.2 28.4 39.7 57.8 11.1 (1.2) 16.2 20.7 (20) 20 40 60 2014 2015 2016 2017

Revenue Adjusted EBITDAX

(4) (5)

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17

IPO Sources and Uses Summary

Sources & Uses US$460mn

Source: Company.

31

Sources (US$mn) (%) Primary IPO Proceeds 460 100 Estimated Total Sources 460 100 Uses (US$mn) (%) Karish Development Capex commitments (incl. Contingencies) 405 88 General Corporate Purposes 30 7 Transaction Fees and Expenses 15 3 Repayment of Bridge Financing 10 2 Total Uses 460 100