The E&P company of the future Mathios Rigas, Energean Group CEO - - PowerPoint PPT Presentation

The E&P company of the future

Mathios Rigas, Energean Group CEO World Energy Capital Assembly Conference London, 2nd December 2019

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Oil & Gas Companies are Revamping at Different Paces

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The Majors Independents

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Mixed Industry Messages Are Confusing The Public!

“Buccaneering oil explorers are increasingly out of step with the times.”

Regulatory changes will play a key role in streamlining the ESG narrative

“This is the beginning

• f the end for climate-wrecking

fossil fuel finance.” “Oil and gas companies have known about climate change for over 30 years.” “Oil is our gold and we aim to use it all!” “Demand for oil to rise by around 1 billion b/d on average per year to 2025.” “50-70% of observed 20th century warming might be associated with increased solar activity since the 17th century.”

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Energean at a Glance

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Creating the leading independent, gas-focused, sustainable E&P company in the East Med through disciplined capital allocation, operational excellence, risk mitigation and effective project delivery

East Med Focused Key Metrics

*Assumes completion of the Edison E&P transaction (2018 figures)

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Countries of Operations

70 kboed

production*

80%

gas-weighted portfolio

609

2P reserves*

~140 kboed

production target by 2021*

ESG & HSE

Focused A rating MSCI

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*Includes the Edison acquisition and the Karish North discovery

Over a Decade of Continuous Growth

Res eser erves and re resources have ve gro rown exp exponentia ially ly, des espit ite th the e re rece cent downturn

100 200 300 400 500 600 700 800 900 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019E mmboe

Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2P Karish and Tanin 2C Edison Karish North Recoverable Hydrocarbons

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

73% CAGR in Reserves and Resources 2008-19E*

857

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Listed on LSE (FTSE 250) & TASE (TA-35)

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Delivery has Driven Share Price Outperformance

Share Price has Doubled Since Listing on LSE (FTSE 250) & TASE (TA-35)

*As of 27th November 2019

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GBp

Energean

Share Performance – Peer Comparison

Competitors

Company Name Market Cap ($mm)* TULLOW 2,495 ENERGEAN 2,123 CAIRN ENERGY 1,372 PREMIER OIL 0,955

FTSE - 250 Oil & Gas Companies

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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

Is Funding Available for Independent E&P’s?

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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 subsidaries to Neptune

Energean has secured +$4 billion in funding since 2018

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Taking Action on Environmental Issues Through Focus on Gas To Reduce CO2 Footprint

Energean has committed to reaching net-zero emissions by 2050 in line with 1.5°C climate change scenarios

60,5 15,5 8,5

10 20 30 40 50 60 70 Energean Today Energean & Edison E&P Energean & Edison & Israel Carbon intensity scope 1 & 2 (kgCO2e/total production kboe)

2019-23 Estimated reduction 86%

Near-term Carbon Intensity Reduction Plan

2019-20 Estimated reduction 74% 2020-23 Estimated reduction 45%

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Leaders in ESG through Action

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Female chairperson Executive pay linked to ESG goals from 2020 70% gas focus Estimated 86% reduction in carbon intensity 2019-23 Employees from 28 countries around the world Member of the UN Global Compact ‘Business Ambition for 1.5°C: Our Only Future’ campaign

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What does the E&P Company of the Future Look Like?

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Ma Management mu must take take stew tewardship of

• f ESG

ESG

Executive Management Governance

Advancing the energy transition through action – diversity, transparency & accountability

Communication

Increased focus on articulating the right storyline

Environment

Continuous focus on sustainability & climate change through reduction of CO2 footprint

Social

Developing our people, adding value to local communities & adopting a change culture

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But compliance is not a vision

The Sustainable E&P company of the future must lead in all aspects of ESG, set targets to improve but most importantly deliver results and the market will reward us!

Thank you!