August 2020 At a Glance The Leading Independent E&P in the East - PowerPoint PPT Presentation

Energean Corporate Presentation August 2020

At a Glance

The Leading Independent E&P in the East Med Large Best in reserve & Growing Gas- class Resilient resource production focused industry cash flows base emissions 70% of future 130 kboed +70% gas- production +800 MMboe 70% reduction medium-term weighted insulated from 2P & 2C target by 2023 target portfolio oil & gas price volatility * Inclusive of the to be acquired Edison E&P assets 3

Track Record of Growing Reserves and Resources 900 2016-20 CAGR 37% WI 2P Reserves and 2C Resources MMboe 800 700 2P & 2C 600 = 828 MMboe 500 400 300 >10 years of consecutive growth 200 in 2P reserves & 2C resources 100 Focused on growing production - to >130 kboed in the medium-term 2016 2017 2018 2019 2020E Greece Israel Egypt Italy Croatia UK Edison E&P (Egypt, Italy, UK and Croatia) estimates as of 31.12.2019, excludes Norway and Algeria 4 Energean Israel (Israel) estimates as of 30.06.2019 CPR for Karish & Tanin and 31.12.2019 CPR for Karish North Energean plc (Greece) estimates as of 31.12.2019 CPR.

Delivering Near-Term Low-Risk Production Growth Long-term upside >200 kboe/d Medium-term target >130 kboe/d 44.5 – 51.5 kboe/d Filling FPSO Developing UK 2020 2023+ 5 discoveries

…That is Resilient to Commodity Price Fluctuations % of Estimated Production 2020-25 100% 20% liquids with Brent-linkage 90% 20% 80% 10% 10% gas sold at local market price 70% 60% 70% gas sold under contracts with pricing mechanisms that protect 50% against Brent price fluctuations 40% 70% Gas floor pricing in Israel and Egypt 30% 20% 10% $4.2 / mcf average $3.71 / mcf at Abu Qir 0% floor price at $40-72/bbl Brent Take-or-Pay $4.7 / mcf at NEA at Provisions <$25/bbl Brent 6

Enhanced Liquidity and Optimised Funding Structure June 2020 $245-260m > $1 bn of cost reductions and cash and undrawn deferrals in 2020* facilities** + $220m RBL facility signed Facility with +$175m additional $200m accordion and £80m additional liquidity from upsized $1.45 billion PFF LC facilities January 2020 * This reflects the reduction to underlying capital expenditure guidance and excludes 25-30 million of capital expenditure expected on the UK North Sea assets 7 ** Includes $182 million of cash, $395 million of undrawn facilities available under Israel loan facilities, the $220 million RBL facility and $200m accordion facility

Committed to Taking Action on ESG Goals Targeting Committed to +70% gas- First E&P Executive pay +70% carbon transparency weighted company to linked to ESG intensity and adherence portfolio commit to net goals from reduction to the UN (2P + 2C) zero by 2050 2020 SDG’s 2019-22 8

… And Creating a Sector Leading Low Carbon Business Rolling 3 Year Carbon Intensity Reduction Plan* Energean 70 Today 60 50 Target Carbon 40 Energean + Energean + Edison E&P Edison E&P Neutral + Karish 30 Energean + Edison E&P 2050 + Karish 20 (operational emissions) 10 0 2019 2020 2021 2022 Carbon intensity scope 1 & 2 (kgCO2/boe) * Includes operated assets only 9

Israel – Focused on Monetising Gas Reserves

Karish & Tanin – Driving Value Through a De- Risked Project Key Project Differentiators 1 Material Reserve & Resource Base 2 EPCIC Contract Minimises Development Risk 3 GSPAs Minimise Commodity Price Risk 4 Growing Domestic Market 5 Long Term, Sustainable, Utility-Type Cash Flows 6 Fully owned infrastructure 7 Fully funded 8 Material Proximate Prospective Resource 11

Karish Pipe Laying and Subsea Systems Installation Completed Karish pipe laying completed offshore Israel Near-and-onshore pipe laying completed May 2020 Installation of Karish manifold completed June 2020 12

Singapore Yard Re-opened 2 June Following Lifting of COVID-19 Circuit-breaker Measures Topside integration and commissioning activities in Singapore expected to take approximately 10 months Sail away of Energean Power FPSO Hull from China Zhoushan, China Singapore Arrival of FPSO Hull in Singapore on 15 April 2020 13

Three Wells Drilled and Tested in 1Q 2020 – Ready for Tie-In to FPSO World class Prolific High quality well reservoir liquids deliverability All three wells capable of Well performance same or delivering at 300 mmscf/d Measured at 48°API with better compared with design capacity when upside from potential oil rim adjacent producing fields connected to FPSO 14

First Gas Expected 2H 2021 FID (1Q 2018) Revised timetable not expected to have a material financial impact due to the contracting structures in place with TechnipFMC and gas buyers in Israel FPSO Workstream First Gas 2H 2021* 2019 2020 2021 Hull First Steel Cut Topsides First Hull Keel Hull and Hull Sailaway Hull and FPSO mooring Performance Steel Cut Laying Topsides from Cosco Topsides hookup and testing Construction Yard Integration Riser 1Q – 1Q20 2Q – 1Q21 4Q 4Q 2Q 1Q 2Q-3Q 3Q Achieved Achieved Achieved April November 2018 November 2018 2020 Drilling Workstream 2019 2020 Karish North, Complete Mobilise Stena KM-03, KM-01 Development DrillMAX & KM-02 Wells 1Q 1Q – 4Q 1Q Rig mobilized Discovery February 2019 Subsea and Onshore Workstreams 2019 2020 Pipeline Onshore Installation of Pipeline beach installation facilities subsea crossing at Dor Karish to Dor commissioning infrastructure 1Q – 4Q 2Q – 4Q 2Q – 4Q 2Q – 1Q21 * Contingent on evolution of the impacts of the COVID-19 global pandemic 15

Karish North – 32% Uplift on Previous Resource Estimates Confirmed by CPR and FDP Submitted Continue sales effort 1.2 Tcf 250 MMboe in the domestic 39 MMboe 84% (~34 Bcm) Gross 2C market targeting the Liquids Gas Ramat Hovav Gas Resource* privatisation (1 bcm) KARISH NORTH Field Development Plan Addendum to the Karish and Tanin FDP Seismic Attribute submitted to Israel’s Ministry of Energy FID expected in 2H 2020 First gas anticipated during 2022 Phase 1: Drilling of one well, tied back to the Energean Power FPSO Phase 2: Drilling of a second well around 2025 to optimise gas recoveries Capex - $160 million** KARISH Production of up to 300 mmscf/d Energean Israel leases and licences relative to the Karish North field *70% net to Energean 16 **Excludes cost of second riser

5.6 Bcm/yr Firm Gas Sales Agreements – Secured Revenues with Spare FPSO Capacity 0.6 bcm/yr of contingent contracts converted to firm following issuance of Karish North CPR GSPA contracting structure Take-or-Pay Floor No Price High Quality provides certainty of revenue stream and insulation from Counterparties Provisions Pricing Re-Openers global commodity price fluctuations East Med pipeline to create an export route to Europe and offer additional gas monetisation options for future projects 8 Spare capacity 7 6 Or Contract Total FPSO Capacity (Bcm) 0.7 BCM/yr contingent on Or Power Plant Financial Close 5 14 Firm Contracts 4 3 5.6 Bcm/yr with major IPPs and Industrial customers 2 1 0 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 Firm Contracts Or Contract Spare Capacity 17

World-Class Drilling Optionality Offshore Israel - Attractive Upside with Limited Commitments Full flexibility on investment timing Zeus and Athena wells deferred to 2021 No immediate requirement to drill Medium-term value creation potential 7 Tcf gross unrisked prospective in place volumes with 19 MMbbls of liquids Highest prospectivity in Block 12 1.2 Tcf (34 Bcm) gross unrisked in place volumes in Zeus & Athena, c.70% GCoS Low risk prospects GCoS* ranges from 45-80% Tie-back potential All prospects in Blocks 12,21,22,23 and 31 situated Energean Israel leases and licences within a 40-kilometer radius of the FPSO * Geological chance of success 18

Southern Europe

Additional Low-Commitment, High-Potential Return Options in Western Greece and the Adriatic Ioannina & Aitoloakarnania Blocks Greece • No drilling commitments • Limited outstanding financial commitments • Drill-or-drop decision expected at Ioannina in 2020 • Four prospects identified • GCoS* ranges from 17-23% Block 2 • Large carbonate platform prospect identified Montenegro Montenegro • Phase 1 commitments fulfilled • Licence extension for the first exploration period granted until March 2022 • Drill-or-drop decision expected in 2020 • 1 deep prospect • GCoS ~20% • 5 shallow gas prospects • 476 bcf prospective in place volumes • GCoS* ranges from 26-42% * Geological chance of success 20

Edison E&P Transaction Update

Transaction Update 1 Algeria and Norway excluded from perimeter 2 $466 million total reductions agreed 3 Net consideration now $178 million* 4 Represents approximately $1.1 / 2P boe and 1.2x cash flow** 5 Cassiopea payment now linked to Italian gas prices (PSV) 6 UK assets retained – recent discoveries offer significant upside 7 Energean shareholder vote passed on 20 July 8 Closing expected late 3Q / early 4Q * If transaction had closed at 31 May 2020. Energean does not expect this number to change materially 22 ** Cash flow before exploration for the period 31/12/18 – 31/12/19