Analyst and Investor Visit to Greece Wednesday 10 October 2018 - PowerPoint PPT Presentation

Analyst and Investor Visit to Greece Wednesday 10 October 2018

Disclaimer This presentation may contain forward-looking statements and information that both represents management’s current expectations and beliefs and are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business and with any statement about the future. Whilst Energean believes that such expectations and beliefs are reasonable in the light of the information available at this time, the actual outcomes may be materially different from the said statements, owing to factors beyond Energean’s knowledge or control (or within Energean’s control where, for example, the Company decides on a change in strategy). Energean undertakes no obligation whatsoever to revise any such forward looking statements to reflect any changes (in expectations, beliefs, circumstances, events, the Group’s plans or strategy or otherwise). Accordingly, no reliance may be placed on such forward looking statements or any figures therein. 2

Energean Management Team Senior Management Executive Committee David Donaldson Mathios Rigas Managing Director Prinos Asset Chief Executive Officer • Petroleum Engineer with over 30 years of industry experience • Founding Shareholder • Held senior drilling engineer positions at Shell, Eni and • Petroleum engineer with 20 years of investment banking and Halliburton private equity experience mainly in the oil & gas sector Fred Riddiford Reservoir Engineering Manager Panos Benos • Reservoir Engineering with almost 40 years of experience Chief Financial Officer • Previously VP Reservoir Engineering at Mubadala • Chartered accountant with more than 15 years oil & gas experience both in banking & industry • Kate Sloan Joined Energean from Standard Chartered Bank. Head of Investor Relations • 13 years experience in oil & gas • Senior Equity Analyst for 7 years • Chartered Accountant (ACA), having trained with Deloitte LLP Dr. Stephen Moore Chief Growth Officer • 28 years of E&P experience at Shell, Maersk Oil and Dimitris Gontikas Mubadala Country Manager - Greece • Previously Senior Vice President – Technical at • Licenced Attorney, with 25 years of senior management experience Mubadala in the private and public sectors Dennis Anestoudis Exploration Manager Iman Hill • Geophysicist with more than 20 years of experience. Chief Operating Officer • 30 years of E&P experience • Previously held senior roles at Dana Gas, Sasol, BG Group and Shell Vassilis Tsetoglou HSE Manager, Greece & The Adriatic • 15 years of Experience on HSE Management in potentially high H2S environments. Matt Brown HSE Vassilis Zenios • More than 30 years HSE experience in oil & gas and Project Execution Manager chemicals • 25 years oil & gas experience, with onshore construction, pipelines and • Previously worked for Cairn, Repsol, BP and Shell heavy lift installation. • Previously worked in Versabar and Saipem in various worldwide locations. Costas Ioannidis Kavala Oil Installation Manager • 35 years of experience as a process engineer ensuring effective operations, maintenance and security of the facilities 3 3

HSE Performance  Implementation of the Offshore Safety Directive  Participation in the EU Emissions Trading System Fatality  Participation in EU Blue Growth Policy through Lost Time Injuries Horizon 2020 program  Compliance with National legislation and European Rest workday cases Directives  OSRL membership for the provision oil spill response Medical cases services  Annual health program: zero occupational diseases First Aid cases  Annual training & competency program for all employees Near Misses  Certified training courses  Waste management through licensed companies  Regular safety & environmental drills 2018 Total Man-hours (as of 30/09/18): 873,865 4 4

Prinos Development Overview Recent progress and work programme Quarterly production growth • 40 mmboe of 2P resource across Prinos and Epsilon 5.0 • 2018 full year guidance narrowed to 4,000 – 4,250 bopd due to 4.5 replacement of Prinos infill drilling with Epsilon Extended Reach 4.0 • Production costs reduced to $19 /bbl (1H 2017: $26 / bbl). Full year 3.5 guidance $17-19 /bbl 3.0 kboed • Epsilon extended reach well spudded July 2018. First production 2.5 expected 2H 2018 2.0 • Epsilon vertical drilling programme commenced August 2018. First 1.5 production late 2019 1.0 • 2019 production drivers are performance of Prinos existing wells, infill 0.5 wells, recompletions and workovers and Epsilon Extended Reach Well 0.0 3Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q to date Prinos Existing Infrastructure Prinos Location 27,500 bopd capacity Delta Processing Platforms Owned Rig 5 5

Reserves Growth History 6 6

History of Prinos Prinos and Katakolo Production Profile Life of Field Prinos Production Profile 15,000 30,000 20,000 bopd 10,000 12,000 0 1981 1991 2001 2011 2021 2031 Prinos Prinos North Epsilon 9,000 December 2007 March 2013 > 10,000 bopd by • • Acquisition of Kavala Oil 25 years bopd for $1.5 mn (plus extension of 2021 acquired indebtedness) Prinos licenses – Prinos license relatively close to May - July 2013 • 2008 - 2013 Investment of expiry 6,000 • Corporate Third Point • restructuring and Start of new drilling of appraisal drilling wells campaigns 3,000 Prinos before Energean ownership Prinos before Energean ownership • • Production Discovered in 1974 by Wintershall and Discovered in 1974 by Wintershall and Estimates brought on stream in 1981 by NAPC brought on stream in 1981 by NAPC • • Kavala Oil takes over the asset following Kavala Oil takes over the asset following departure of NAPC in 1999 departure of NAPC in 1999 0 2000 2003 2006 2009 2012 2015 2018 2021 2024 Prinos Prinos North Epsilon Katakolo Source: Company, NSAI CPR. 7 7

Basic Terms for Prinos Asset Fiscal Terms • Special income tax at a rate of 20% plus a regional tax at a rate of 5% (exclusively) • The imposition of the income tax exhausts the income tax obligations of each Co- Lessee as well as its shareholders/partners/members, with respect to the profits resulting from its contractual operations • Exemptions are also granted on stamp duties and other indirect taxes applied on Loans and credit agreements, plus cash calls paid by each Co-Lessee to the Operator, provided that the purpose of funds granted is exclusively the financing of petroleum operations • Tax losses can be utilized to offset taxable profits up to the termination of the companies duration Total Royalties Average Daily Production 0% Up to 2,500 bbls 3% From 2,501 to 5,000 bbls 6% From 5,001 to 10,000 bbls 10% > 10,001 bbls License expiration dates and possible extensions Field Development License Expiration Date Extensions Available Prinos Dec-24 2 at 5 years each Epsilon Jun-29 2 at 5 years each Prinos North Dec-24 2 at 5 years each South Kavala Nov-17 Nov-18 Abandonment Liabilities Historical Prinos infrastructure and wells (pre-existing to the 1999 lease agreement): • According to the Prinos lease agreement, abandonment and decommissioning liabilities of pre-existing offshore and onshore infrastructure are the responsibility of the Greek state. • Following the signature date of the Prinos lease agreement in 1999, and the delivery to Energean of the existing wells and infrastructure, Energean is liable only for decommissioning any additional wells and any infrastructure it adds in the area. • Energean is under no obligation to return any pre-existing infrastructure to its original (1999) condition. Post Signature(1999): • Energean is responsible for 50% of the liabilities for decommissioning any additional wells and any infrastructure it adds in the area and the Greek 8 State is responsible for the remaining 50%. 8

Commercial Agreements BP Offtake Agreement • The agreement was signed in April 2013 and remains in full force, as amended, until November 2025 or delivery of 25 mmbbls of oil to BP • c.5.0 mmbbls have been delivered to date • Cargo sizes are scheduled for amounts not to exceed 350,000 bbls • The US$ FOB price per bbl is based on average monthly Urals price (1) , minus a price discount ($6.4/bbl), plus the API escalator (2) Notes: Notes (1) Calculated as avg. monthly dated Brent plus the Urals differential to Brent for that period, for the month of lifting or the month prior to the month of lifting at BP’s option. (2) API escalator of Average dated Brent for month M/150*(API -29.5) where API is up to a maximum of 33. 9 9

EPCIC and Financing Terms Key EPCIC Terms • Contractor: GSP Offshore • Scope: Production Facilities (Lamda Platform) and three production wells • Lump Sum: $88.25mn (61% Construction, 39% Drilling) • Warranty: 2 years post Practical Completion • LD: Liquidated damages based on day-rate for delays beyond scheduled completion of up to 15% of contract price Key Financing Terms • Amount: $180mn (from $75mn of the previous facility) • Usage: Refinance existing debt, Epsilon development, other Prinos fields and other corporate purposes 12 • Tenor: 7 years 22 23 21 31 • Interest: IFI Facility (L+4.9%), Romanian Facility (L+3%) • Lenders: 10 10