November 2019 Corporate Presentation 1 1
Energean at a Glance The leading sustainable, gas-focused, independent E&P company in the Mediterranean 9 ESG & HSE 609 mmboe 70 kboed 80% FTSE 250 & Countries of focused 2P Reserves productio n gas-weighted TA-35 Operations A rating MSCI Med Focused 2 2
A Continuous Growth Story Since 2008 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 Reserves stated as net working interest, exclusive of Kerogen minority 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 >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 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 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% Kerogen 1 OWNERSHIP 4.5 Bcm/yr firm GSPAs plus 0.4 Bcm/yr IPM contract plus 0.7 REVENUES Bcm/yr Or contract 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: 5 firm + 5 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 Zeus Exploration Mobilise Stena KM-03, KM-01 Development DrillMAX & KM-02 Wells 1Q 1Q 1Q – 4Q 4Q 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 – 1Q20 2Q – 4Q 1Q – 4Q 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 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 25.2 34.2 55.0 (MMbbls) KARISH NORTH • Appraisal completed November 2019 Seismic Attribute • Sidetrack 700m north of original wellbore • GWC discovered at 4791 TDVSS • Thin rim light oil immediately above GWC KARISH NORTH • 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 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
Zeus Exploration Well Unrisked in Geological Place Volumes Chance of (Bcf / Bcm) 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) 15 15
‘Filling T he Boat’: Capacity Overview Or Contract 0.7 BCM/yr contingent on Or Power Plant Close. Or 6.1 has unlimited capacity to dispose of gas for alternate Contracted volumes & spare capacity 9 uses 8 MRC Contract 7 0.5 BCM/yr term sheet. MRC is the winning bidder 5.4 Available for tie-back of future discoveries in the IEC Alon Tavor tender process. Both parties 6 intend to convert to a firm GSPA and additional gas sales from Karish North 5 IPM Contract 0.4 BCM/yr contingent on additional resource in 4 4.9 2019. We may supply additional gas pre-2024 3 11 Firm Contracts Secured Revenues 2 1 4.5 BCM/yr Av. 16 yrs 75% ToP 4.5 0 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 Major IPPs and Industrial customers Firm Contracts IPM Contract MRC Term Sheet Or Contract Spare Capacity 16 16
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 17 17
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 19
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