Corporate Presentation 1 1 Energean at a Glance The leading - - PowerPoint PPT Presentation

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November 2019 Corporate Presentation

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Energean at a Glance

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Countries of Operations

609 mmboe

2P Reserves

70 kboed

production

80%

gas-weighted

ESG & HSE

focused A rating MSCI

FTSE 250 & TA-35 Med Focused

The leading sustainable, gas-focused, independent E&P company in the Mediterranean

3 100 200 300 400 500 600 700

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

mmboe

Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2P Karish and Tanin 2C Edison

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A Continuous Growth Story Since 2008

Acquisition

• f Prinos

Third Point invests in Energean Analysts predict $200 oil price Analysts predict $20 oil price Energean acquires Karish & Tanin Energean IPO & Project FID Edison E&P acquisition Development

• f Prinos

2 609

Reserves stated as net working interest, exclusive of Kerogen minority

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Our Strategy in Action – Consistent Growth & Value Creation

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482 127

Gas Liquids

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Production Reserves

79% gas-weighted 2007 2018 2019 2022 1 4 70 140

185 kboe/d with FPSO at full capacity

Growing production from mature assets Edison Acquisition Fast track development of Karish

kboe/d

Israel 49% (297 mmboe) Egypt 25% (152 mmboe) Italy 14% (85 mmboe) Greece 8% (50 mmboe) Croatia <1% Algeria 4% (24 mmboe)

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$265 million equity raise on LSE and TASE $200 million RBL for Prinos & Epsilon $1.275 billion Project Finance facility for Karish

Strong Deal Delivery Capabilities

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$600 million committed Bridge Loan Facility $460 million equity raise through LSE IPO $750 million Acquisition 2019 2018 $250 million Third Point investment 2013-2015 $280 million Sale of North Sea asset to Neptune

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The E&P Company Of The Future – ESG Is A Top Priority

• Operating in Environmentally Sensitive areas with >10 blue flagged

beaches next to our oil & gas production platforms

• Actively reducing CO2 Footprint with goal to be a net 0 emitter
• c.80% of reserves and production from Natural Gas
• Decarbonising Israel with Energean gas replacing coal
• Focus on HSE - 4 Million man hours free of LTIs during Energean Power

FPSO Hull construction.

• Diversified - Employees from 28 countries around the world
• Creating a Sustainability and Climate Change Department
• Executive pay to be linked to ESG goals from 2020
• Signatory of the United Nations Global Compact

Karish and Tanin Project Update

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At a Glance: Our Acreage in Israel

Key Facts & Figures

RESOURCES OWNERSHIP DEVELOPMENT CONCEPT SERVICE PROVIDERS REVENUES CAPEX STRATEGY

2.4 Tcf + 32.8 mmbbls (gross) 2P (92%) + 2C (8%) 0.9 Tcf + 34.2 mmbls (gross) Karish North discovery 6.3 Tcf + 83 mmbbls gross prospective resources Energean Israel is owned 70% Energean plc, 30% Kerogen1 FID March 2018, First Gas 2021 8 BCM/yr owned FPSO with subsea tie-backs 800,000 bbls oil & condensate storage capacity Gas pipeline to shore. Liquids tanker offload TechnipFMC: lump-sum EPCIC Stena: 5 firm + 5 optional wells Wood contracted for ops and maintenance. 4.5 Bcm/yr firm GSPAs plus 0.4 Bcm/yr IPM contract plus 0.7 Bcm/yr Or contract $1.6bn to 2021 Funded by $1.3bn Project Finance + $440m net IPO proceeds Secure additional resource and offtake to fill the FPSO

• 1. Minority interest stake consolidated for reporting purposes

KEY DATES

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On Track to Deliver First Gas in 2021 – Key Milestones

FPSO Workstream

Hull First Steel Cut 4Q Topsides First Steel Cut 4Q Hull Keel Laying 2Q Hull and Topsides Construction 1Q – 4Q Hull Sailaway from Cosco Yard 4Q Hull and Topsides Integration 1Q – 4Q FPSO mooring hookup and Riser Performance testing

2018 2019 2020 2021

Achieved November 2018 Achieved November 2018

Drilling Workstream

Mobilise Stena DrillMAX 1Q Karish North, KM-03, KM-01 & KM-02 1Q – 4Q Zeus Exploration 1Q

Rig mobilized February 2019

2019

Discovery

Subsea and Onshore Workstreams

Pipeline beach crossing at Dor 1Q – 4Q Pipeline installation Karish to Dor 3Q – 1Q20 Onshore facilities commissioning 2Q – 4Q Installation of subsea infrastructure 1Q – 4Q

2019 2020

FID (1Q 2018) First Gas On track

9 Complete Development Wells 4Q

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Execution Capabilities – Developing Karish

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Hull ready for undocking, COSCO Zhoushan Yard (Sept 2019) Hull towing, Zhoushan (Sept 2019) Topsides overview, Sembcorp Marine Admiralty Yard (Sept 2019) Assembly, Sembcorp Marine Admiralty Yard (Sept 2019)

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Project Progress

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636 610

MCC= Milestone Completion Certificate

54% of contract value by expenditure Physical progress ahead at 60%

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2019 Firm Four Well Drilling Programme

• 3x Karish Main development wells:

Karish Main 02 drilling completed end June Karish Main 03 drilling completed early August Karish Main 01 drilling completed October

• Benefited from batch-setting philosophy:

− Optimised well construction sequence − Delivered low spread cost <$400 K/d

• 1. Volume weighted geological chance of success on the gas

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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

Karish Main 1,2 & 3 TOPHOLES Karish Main 1, 2, & 3 DRILLING Karish North EXPLORATION Karish Main COMPLETION

KARISH WORK PROGRAMME 3x DEV Wells + 1x EXP Well

Karish North APPRAI SAL

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KARISH NORTH KARISH EAST KARISH

Seismic Attribute

KARISH NORTH

Karish North Discovery

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Low Case Best Estimate High Case GIIP (Tcf) 1.1 1.3 1.8 GIIP (BCM) 30.0 35.6 51.6 Recoverable Gas (Tcf) 0.7 0.9 1.4 Recoverable Gas (BCM) 19.5 24.9 38.7 Recoverable Liquids (MMbbls) 25.2 34.2 55.0

• Appraisal completed November 2019
• Sidetrack 700m north of original wellbore
• GWC discovered at 4791 TDVSS
• Thin rim light oil immediately above GWC
• Remaining volumetric uncertainty associated

with thinly bedded sections of the reservoir in the B Sand Unit

− Will be confirmed via acquisition of a

core when well is completed as a producer

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2020 Drilling Opportunities

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6.3 Tcf (c.178bcm) Prospective Resources 2.4Tcf (68bcm) 2P & 2C

• c. 10 Tcf (c.283bcm)

Total Reserves & Resources 1 – 1.5 Tcf (c.28 - 42bcm) GIIP at Karish North

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Zeus Exploration Well

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Unrisked in Place Volumes (Bcf / Bcm) Geological Chance of Success (%) A Sand 467 / 13 77 B Sand 123 / 3 72 C Sand 52 / 1 68 Total 641 / 18 NA

• Block 12

− Between Karish & Tanin leases − Development synergies with Tanin

• Any discovery would be tied back to the

Energean Power FPSO

• Discovery would de-risk nearby prospects
• Hera – 485 Bcf / 14 Bcm
• Athena – 853 Bcf / 24 Bcm
• No seller royalties payable
• New Sheshinsky calculation (versus Karish

and Tanin leases)

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Contracted volumes & spare capacity

‘Filling The Boat’: Capacity Overview

IPM Contract MRC Contract 11 Firm Contracts Or Contract 0.4 BCM/yr contingent on additional resource in

• 2019. We may supply additional gas pre-2024

0.5 BCM/yr term sheet. MRC is the winning bidder in the IEC Alon Tavor tender process. Both parties intend to convert to a firm GSPA 0.7 BCM/yr contingent on Or Power Plant Close. Or has unlimited capacity to dispose of gas for alternate uses

Available for tie-back of future discoveries and additional gas sales from Karish North

4.5 BCM/yr

• Av. 16 yrs

75% ToP Major IPPs and Industrial customers

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Secured Revenues

1 2 3 4 5 6 7 8 9 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 Firm Contracts IPM Contract MRC Term Sheet Or Contract Spare Capacity

4.5 4.9 5.4 6.1

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Key Demand Driver: Gasification of the Israeli Economy

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bcma

Energean Contracted Energean Available Capacity Rest of Market per Adiri Additional demand per BDO

Israel Gas Demand Growth Recent Updated and Progress

Site Capacity – MW Bcm/y Last date of delivery of possession Alon Tavor 600 0.5 December 2019 Ramat Hovav 1,137 1.0 December 2020 Reading 428 0.4 June 2020 Hagit 697 0.6 June 2021 Eshkol 1,693 1.8 June 2022

Power station privatisation

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Closure of the following coal-fired power-stations announced, increasing demand for gas:

• Units 5-6 of Orot Rabin, Hadera – 1150 MW
• Units 1-4 of Rotenberg, Ashkelon – 2250 MW

Term sheet executed with MRC Alon Tavor Power Ltd

• Winning bidder of the “Alon Tavor tender”
• Executed 10 June 2019
• Includes the material commercial terms for the sale of

gas to MRC for use in the natural gas fired generation units in the Alon Tavor site

• Both parties are working together to conclude a GSPA

which will confirm the agreement between them

Edison Transaction Update

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Edison E&P: Attractive Metrics1 26%

10yr estimated unlevered IRR

c.3 yrs.

Payback on Production

1.9

AV/2P

Reported Working Interest 2P Reserves Reported 2018 Working Interest Production

Sources: Company Information, CPR, Management Estimates, Capital IQ 1. As per Management Estimates 1.083 917 745 609 465 444 285 280 245 194 155 56 47 200 400 600 800 1.000 1.200

Co'y 1 Co'y 2 Co'y 3 Edison + Energean Co'y 4 Co'y 5 Co'y 6 Co'y 7 Co'y 8 Co'y 9 Co'y 10 Co'y 11 Co'y 12

156 140 82 81 81 81 70 55 51 41 34 18 7

• 185

50 100 150 200

Co'y 1 Energean + Edison (2022E) Co'y 2 Co'y 3 Co'y 4 Co'y 5 Energean + Edison Co'y 6 Co'y 7 Co'y 8 Co'y 9 Co'y 10 Co'y 11 Co'y 12

18%

10yr estimated unlevered IRR

c.3 yrs.

Payback on Production

2.6

AV/2P

Pre-Neptune Disposal Post-Neptune Disposal

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Creating a Material Mediterranean-Focused Player… (1)

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Source: Company information, CPR 1. Metrics presented on a 2018 basis

347 262

W.I. 2P Reserves (mmboe)

4 66

Production (kboe/d)

90 566

Revenue ($ MM)

Growth story, focused on developing new reserves Immediate cash flows & EBITDAX with incremental growth opportunities Full-Cycle, Low Cost, Growth Oriented but with a Diverse Underlying Cash Flow Base

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…and Enhancing Production and Cash Flow Generation

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50 100 150 200 250 2019 2020 2021 2022 2023 2024 2025 Greece Assuming Karish & Tanin FPSO at Full Capacity Israel Egypt Italy Algeria Croatia 2019 2020 2021 2025 2022 2023 2024

We need exactly(!) the same chart just without UK and Norway 21

Sources: Company Information, CPR, Management Estimates 1. Metrics presented on a net working interest basis 2. As per Management Estimates 3. Represents committed exploration spend

Clear Trajectory to 200 kboe/d(1) (2)

Combined 2019 - 2025 Production Profile by Country (kboe/d)

Bridging near term cash flow generation Enhancing post 2021 cash flows and supporting medium- term ambition to pay a dividend

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Consideration and Financing Structure

• Total consideration − $850 MM

‒ $750 MM up-front cash ‒ $100 MM contingent on Cassiopea first gas funded via FCF ‒ 8% profit oil royalty on discoveries made by upcoming drilling drilling, funded through FCF

• Equity placing of $265 MM
• ABB announced 4 July 2019
• Placing executed at 900p
• Settlement and admission of new shares achieved on 8

July 2019

Consideration and Funding Sources and Uses

Equity Placing

• $600 MM Bridge Facility u/w by MS and ING

‒ Refinancing H2 2019 – completion expected 4Q19 ‒ Expected Net Debt : EBITDAX not to exceed 2x for more than 1 year (excl. Israel non-recourse project financing) ‒ Strong combined cash flow expected to support deleveraging thereafter

• Agreed to sell UK and Norway North Sea to Neptune for

$250 million + $30 million contingent

Other Financing Up front Cash Consideration $750 MM Ongoing Funding Requirements $115 MM Total Funding Requirements $865 MM Equity Placing $265 MM Bridge Loan $600 MM Total Funding Sources $865 MM 22 Disposal of North Sea Assets $250 MM

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Equity Raise July 19 Regulatory Approvals and Partner Consents H2 19 Reserve Based Facility Takeout of Bridge Loan H2 19 Publication of Circular and EGM Q4 19 Publication of Enlarged Group Prospectus and Technical Readmission Q4 19 Completion expected Year End 2019

Transaction Timing and Next Steps

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Bridge Facility Agreement signed July 19 Planned Disposal of Non-Core Assets H2 19

Initiated & Progressing as Expected Initiated & Progressing as Expected No Change to Expectations No Change to Expectations No Change to Expectations

Transaction Signing & Announcement July 19

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Other Assets Update

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Mature Basin Operating Expertise – Ongoing Success in Greece

25 Continuous Growth in Reserves & Resources

Demonstrable Operational Track Record Prinos Basin Highlights

• Operator, 100% WI
• Shallow water – 36 meters
• Four platforms operating next to traditional tourist destinations (Thasos

Island)

• c. 120 million barrels of oil produced – offtaker BP
• Production increase from 1.2 kbopd to 4.1 kbopd
• Production costs decreased to $17.6/ boe in 2018 from $24.7/ boe in 2017
• Currently developing Epsilon satellite - $100 million investment
• Expecting first oil from the Lamda platform in 2H 2020

2 5 7 11 17 24 30 58 58 57 73 73 10 20 30 40 50 60 70 80 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 mmboe Prinos 2P Prinos 2C

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Wider Potential: Upside in Greece…

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• Onshore Western Greece part of the Hellinide fold belt, which hosts the

prolific Ionian Basin and Apulian platform

• On trend with recent large discoveries made in Albania

Material Position

• 40% WI in the Ioannina and Aitoloakarnania licences
• Repsol operated (60% WI).
• Neighboring Block 4 in Albania acquired by Shell

Prolific Geology

• 2D seismic survey completed in Ioannina block
• Ioannina best estimate prospective resources 103 Bcf and 187 million bbls
• 2D seismic survey to commence in the Aitoloakarnania block in 2020.
• Katakolo field under development

Ongoing Activity

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…and the Adriatic - Montenegro

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• Operator, 100% WI in offshore blocks 4219-26 and 4218-

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• Best estimate unrisked prospective resources 143.9

mmbbls and 1,766.1 Bcf

Material Position Commitments Fulfilled Majors focusing on the area

• First round exploration commitment fulfilled

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338 km2 new 3D shot in Feb 2019

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To be processed together with legacy 2D

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Full results expected end-2019

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Drill-or-drop decision 2020

• ENI-Novatek owns the four blocks to the south

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Shot seismic in 4Q 2018-1Q 2019

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Expected to drill two wells in 2019-2020

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Our Next 24 Months: Catalyst-Rich

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Sources: Company Information

North Thekah Offshore Exploration NEA Final Investment Decision North East Hap’y Exploration Abu Qir Infill Drilling NEA First Gas Epsilon First Oil Echo (W. Patraikos) Exploration Additional Israeli Wells Potential exploration drilling Karish North Appraisal Karish First Gas Karish Additional GSPAs Rospo Sidetracks Cassiopea First Gas Gemini & Centauro Prospect Drilling

FID

Country Asset Activity H2 2019E H1 2020E H2 2020E 2021E/22E

Sources: Company Information

Thank you!