Nov 2019 Corporate Presentation 1 1
Energean at a Glance 9 ESG & HSE FTSE 250 & 610 mmboe 70 kboed 80% Countries of focused TA-35 2P Reserves productio n gas-weighted Operations A rating MSCI Market Cap $2.1bn East Med Focused Strong Share Performance 2 2
Energean : A Continuous Growth Story Since 2008 – 78% CAGR in Reserves Analysts Edison Third Point Energean Energean IPO Acquisition Development Analysts predict 700 predict E&P invests acquires & of Prinos of Prinos $20 oil price $200 oil price acquisition in Energean Karish & Tanin Project FID 609 600 500 400 mmboe 300 200 100 2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2P Karish and Tanin 2C Edison 3 3
Our Strategy in Action – Consistent Growth & Value Creation Production 2019 2018 2022 2007 140 Fast track Growing production 4 1 Edison Acquisition 70 development of 185 kboe/d with from mature assets FPSO at full Karish capacity kboe/d Reserves 127 Italy 14% (85 mmboe) 79% Israel 49% Egypt 25% 609 (297 mmboe) (152 mmboe) gas-weighted (24 mmboe) Croatia <1% Algeria 4% Greece 8% (50 mmboe) 482 Gas Liquids 4 4
Strong Deal Delivery Capabilities $250 million Third Point investment 2013-2015 $200 million RBL for Prinos & Epsilon 2018 $1.275 billion Project Finance facility for Karish $460 million equity raise through LSE IPO $750 million Acquisition $265 million equity raise on LSE and TASE 2019 $600 million committed Bridge Loan Facility $280 million Sale of North Sea asset to Neptune 5 5
The E&P Company Of The Future – ESG Is A Top Priority Operating in Environmentally Sensitive areas with 16 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 - 3 Million manhours free of LTI’s 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 6 6
Karish and Tanin Project Update 7
At a Glance: Our Acreage in Israel Key Facts & Figures 2.4 Tcf + 32.8 mmbbls gross 2P (92%) + 2C (8%) RESOURCES 1-1.5 Tcf GIIP Karish North discovery 6.3 Tcf + 101 mmbbls gross prospective resources Energean Israel is owned 70% Energean plc, 30% Kerogen 1 OWNERSHIP 4.3 Bcm/yr firm GSAs plus 0.4 Bcm/yr IPM contract plus 0.7 Bcm/yr Or contract REVENUES $13bn of future revenues secured. KEY DATES FID March 2018, First Gas 2021 8 BCM/yr owned FPSO with subsea tie-backs DEVELOPMENT 800,000 bbls oil & condensate storage capacity CONCEPT Gas pipeline to shore. Liquids tanker offload TechnipFMC: lump-sum EPCIC SERVICE Stena: 4 firm + 6 optional wells PROVIDERS Wood contracted for ops and maintenance. $1.6bn to 2021 CAPEX Funded by $1.3bn Project Finance + $440m net IPO proceeds STRATEGY Secure additional resource and offtake to fill the FPSO 8 1. Minority interest stake consolidated for reporting purposes 8
On Track to Deliver First Gas in 2021 – Key Milestones FID (1Q 2018) First Gas On track FPSO Workstream 2018 2019 2020 2021 Hull and Hull Sailaway Hull and Topsides First Hull Keel FPSO mooring Hull First Steel Cut Topsides from Cosco Topsides Performance Steel Cut Laying hookup and Construction Yard Integration testing 4Q Riser 4Q 2Q 1Q – 4Q 1Q – 4Q 4Q Achieved Achieved November 2018 November 2018 Drilling Workstream 2019 Karish North, Complete Mobilise Stena Appraise Karish KM-03, KM-01 development DrillMAX North & KM-02 wells + additional 1Q 4Q 1Q – 3Q exploration 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 3Q – 4Q 2Q – 4Q 1Q – 4Q Pipeline casing completed 9 9
Execution Capabilities – Developing Karish 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) 10 10
Project Progress 636 610 54% of contract value by expenditure Physical progress ahead at 60% MCC= Milestone Completion Certificate 11 11
2019 Firm Four Well Drilling Programme JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Karish KARISH WORK PROGRAMME Karish Main Karish North North 1,2 & 3 Karish Main 1, 2, & 3 DRILLING Karish Main COMPLETION 3x DEV Wells + 1x EXP Well EXPLORATION APPRAI TOPHOLES SAL • 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 12 12
Karish North Discovery H1 2019 • GIIP estimated at 1 Tcf (28 Bcm) - 1.5 Tcf (42 Bcm) • Hydrocarbon column up to 249 meters KARISH NORTH • High quality reservoir in the B and C sands • Completed on 30 th April 2019 Seismic Attribute − 45 days total drilling − On budget & schedule KARISH NORTH H2 2019 Guidance • Analysis to finalise liquids content • Karish North sidetrack expected 4Q 2019: − Aim to narrow resource range • CPR planned for post-appraisal KARISH EAST KARISH 13 13
2020 Drilling Opportunities 2.4Tcf (68bcm) 2P & 2C 1 – 1.5 Tcf (c.28 - 42bcm) GIIP at Karish North 6.3 Tcf (c.178bcm) Prospective Resources c. 10 Tcf (c.283bcm) Total Reserves & Resources 14 14
‘Filling T he Boat’: Capacity Overview Spare Capacity 2.6 – 3.3 BCM/yr of spare capacity to fill contingent Contracted volumes & spare capacity on finding more gas. Significant interest identified 8,0 I.P.M. Contract 7,0 Available for tie-back of future discoveries 0.4 BCM/yr contingent on additional resource in and additional gas sales from Karish North 6,0 2019. We may supply additional gas pre-2024 5,0 BCM/yr Or Contract 4,0 0.7 BCM/yr contingent on Or power plant financial 3,0 close 2,0 Secured Revenues 11 Firm Contracts 1,0 0,0 4.3 BCM/yr Av. 16 yrs 75% ToP 2021 2022 2023 2024 2025 2026 Firm contract Or Contract IPM contract Total Capacity Major IPPs and Industrial customers 15 15
Key Demand Driver: Gasification of the Israeli Economy Israel Gas Demand Growth Recent Updated and Progress 35 Closure of the following coal-fired power-stations 30 announced, increasing demand for gas: 25 • Units 5-6 of Orot Rabin, Hadera – 1150 MW 20 bcma • Units 1-4 of Rotenberg, Ashkelon – 2250 MW 15 10 5 0 Energean Contracted Energean Available Capacity Term sheet executed with MRC Alon Tavor Power Ltd Rest of Market per Adiri Additional demand per BDO • Winning bidder of the “Alon Tavor tender” Power station privatisation • Executed 10 June 2019 Capacity – MW Site Bcm/y Last date of • Includes the material commercial terms for the sale of delivery of possession gas to MRC for use in the natural gas fired generation Alon Tavor 600 0.5 December 2019 units in the Alon Tavor site Ramat Hovav 1,137 1.0 December 2020 • Both parties are working together to conclude a GSPA Reading 428 0.4 June 2020 which will confirm the agreement between them Hagit 697 0.6 June 2021 Eshkol 1,693 1.8 June 2022 16 16
Edison Transaction Update
Edison E&P: Attractive Metrics 1 18% c.3 yrs. 2.6 10yr estimated Pre-Neptune Disposal Payback on AV/2P unlevered IRR Production 26% c.3 yrs. 1.9 Post-Neptune 10yr estimated Payback on Disposal AV/2P unlevered IRR Production Reported 2018 Working Interest Production Reported Working Interest 2P Reserves 1.200 200 1.083 185 1.000 917 156 150 140 745 800 609 600 100 465 82 81 81 81 444 70 400 55 51 285 280 41 245 50 194 34 155 200 18 7 56 47 - 0 0 Co'y 1 Energean Co'y 2 Co'y 3 Co'y 4 Co'y 5 Energean Co'y 6 Co'y 7 Co'y 8 Co'y 9 Co'y 10 Co'y 11 Co'y 12 Co'y 1 Co'y 2 Co'y 3 Edison + 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 + Edison + Edison Energean (2022E) Sources: Company Information, CPR, Management Estimates, Capital IQ 1. As per Management Estimates 18
Creating a Material Mediterranean- Focused Player… (1) Immediate cash flows & Growth story, focused on EBITDAX with incremental developing new reserves growth opportunities Reserves (mmboe) W.I. 2P 347 262 Production (kboe/d) 4 66 Revenue ($ MM) 90 566 Full-Cycle, Low Cost, Growth Oriented but with a Diverse Underlying Cash Flow Base Source: Company information, CPR 1. Metrics presented on a 2018 basis 19 19
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