Energean Full Year Results 2018 21 March 2019 Todays Highlights Med - PowerPoint PPT Presentation

Energean Full Year Results 2018 21 March 2019

Today’s Highlights Med focused, FTSE 250 (LN:ENOG) and TA 35 (TASE: גאנא ) listed -29% +45% 35% Operational Strength Cost of production 1 Production growth 1 2P + 2C increase 1 13 1Q21 8 Effective GSPAs signed, On track to deliver first bcma FPSO under execution securing project gas from Karish construction economics $13bn 39 $1.5bn Proven creator of value revenue secured in mmboe reserves in Valuation from just Israel, having paid Prinos, up from 2 $1m 10 years ago $40m up front mmboe at acquisition FPSO Hull Karish North 3 Karish Main Key Milestones well delivery wells 2019 1. 2017 - 2018 2 2

Reserves & Resources Growth  Gas-weighted portfolio – 74% gas (2P + 2C)  35% growth in 2P + 2C between 2017 & 2018  70% Compound Annual Growth Rate (CARG) in 2P + 2C over the last decade 450 405 400 350 300 300 mmboe 237 250 200 150 100 58 50 30 7 24 17 11 2 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2C Karish and Tanin 2P 3 3

2018 Results, 2019 Outlook Financial Highlights 2019 Guidance Revenue Cost of production Production Cost of Production $90 million $17.6 /boe 5,000 – 5,500 bopd $14 – 17 /bbl 2017: $58 million 2017: $24.7 /boe Cash from operations EBITDAX SG&A Accrued E&A Capex $52 million $63 million $45 -60 million $15 million 2017: $21 million 2017: $29 million Accrued capex 1 Net cash / (debt) Accrued D&P Capex – Greece Accrued D&P Capex – Israel 1 $495 million $76 million $140 - 150 million $640 - 650 million 2017: $68 million 2017: ($76) million) 1. Cash capex $294 million in 2018. 4 4

2019 Capex Guidance GREECE ISRAEL EXPLORATION Israel Development $30-40m Prinos & Epsilon $530-535m $140-150m Western Greece $10-15m Drilling $110-115m Montenegro $5m $140-150m $640-650m $45-60m 5 5

Cash Flow Waterfall Chart 1,500 1,376 . . . 76 Investment in Energean Israel 6 6

Karish and Tanin Project Update 7

At a Glance: Our Acreage in Israel Key Facts & Figures 2.4 Tcf + 31.8 mmbbls gross 2P (92%) + 2C (8%) RESOURCES 7.5 Tcf + 101 mmbbls gross prospective resources Energean Israel is owned 70% Energean plc, 30% Kerogen 1 OWNERSHIP 4.6 Bcm/yr firm GSAs plus 0.7 BCM/yr Or contract REVENUES $13bn of future revenues secured. KEY DATES FID March 2018, First Gas 1Q 2021 8 BCM/yr owned FPSO with subsea tie-backs DEVELOPMENT 800,000 bbls oil & condensate storage capacity CONCEPT Gas pipeline to shore for domestic deliveries. Liquids tanker offload Leviathan Platform TechnipFMC: lump-sum EPCIC SERVICE Stena: 4 firm + 6 optional wells PROVIDERS Wood contracted for ops and maintenance. $1.6bn to 2021 CAPEX Funding by $1.3bn Project Finance + $440m net IPO proceeds Tamar Platform 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 1Q 2021 – Key Milestones FID (2Q 2018) First Gas On track FPSO Workstream 2018 2019 2020 2021 Hull and Hull Sailaway Hull and FPSO Topsides First Hull Keel Hookup of Hull First Steel Cut Topsides from Cosco Topsides Sailaway from Steel Cut Laying risers Construction Yard Integration Singapore 4Q 4Q 2Q 1Q 1Q – 4Q 1Q – 4Q 4Q 1Q Achieved Achieved November 2018 November 2018 Drilling Workstream 2019 Mobilise Stena Drill Karish Three Karish DrillMAX North Main Wells 1Q – 2Q 1Q – 4Q 1Q Topholes Drilled Rig mobilized Spudded February 2019 March 2019 March 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 – 2Q 3Q – 4Q 2Q – 4Q 1Q – 4Q 9 9

TechnipFMC EPCIC contract – risk mitigation Progress profile – on time & on budget 10 10

Energean Power - 8 BCMA FPSO Construction On Track First Steel Cut on the Hull – Nov ‘18 Arrival in Israel Jan ‘ 21 Hull construction at the COSCO Yard, China 3 1 2 Topsides construction and integration at the Siemans ’ Admiralty Yard, Singapore 11 11

FPSO Construction – early 2019 works 12 12

Subsea Installation Campaign – 1H 2020 On Track 13 13

Onshore Operations – On Track • Onshore Pipeline ‒ Micro-tunnel beach crossing ‒ Costal valve station ‒ Dor valve station ‒ HDD road and rail crossing ‒ Pipe stringing area • Energean Israel MOU with INGL, Dec. 2018: ‒ Infrastructure transfer to INGL ‒ Handover after first gas ‒ $98 million inflow for Energean Israel ‒ No tariffs post transfer 14 14

2019 firm four well drilling programme Karish Main • 3 Wells • Batch drilling ‒ Cost and operational synergies • Primary target is the C sands • KM-2 will also drill pilot hole into the D1 and lower D4 sands targeting an additional c.0.65Tcf • Completion expected before year end • Drilling contractor Stena • Spud March 2019 Karish North • Targeting 1.3 Tcf plus 16.4 mmbls • 69% geological chance of success 1 • Spud March 2019 Future Drilling in Israel Karish North • 6 options remaining on the Stena contract Karish Main • Decision on future drilling to be taken after results from Karish North 1. Volume weighted geological chance of success on the gas 15 15

Drilling Programme - progress to date 2019 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC KARISH WORK PROGRAMME Karish Main Karish North 1,2 & 3 Karish Main 1, 2, & 3 DRILLING Karish Main COMPLETION 3x DEV Wells + 1x EXP Well EXPLORATION TOPHOLE • Commenced on time : ‒ Stena DrillMAX on location 28/02 • 3x Karish Main top holes: ‒ Completed 15 March ‒ 3 days ahead of schedule • Karish North spudded 15 March • Excellent rig operational performance ‒ Well-on-well improvement plan vs. actual drilling due to batch setting ‒ 95% uptime (Best in Class for Deepwater) • Spread rate for drilling phase in line with budget Legend KM = Karish Main KN = Karish North 16 16

Karish North - Value Creation 3000 $100m Karish North Tieback 2500 Reduce total capex by $600-650 million 2000 $ million 1500 1000 Base Case 500 Defer Tanin 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 8 7 6 Increase in production by c.0.4bcma Production BCMA 5 4 3 2 Base Case 1 Defer Tanin 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 17 17

‘Filling T he Boat’: Capacity Overview Spare Capacity 2.7 – 3.4 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 0.4 BCM/yr contingent on additional resource in discoveries 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 Contracts secured at IPO 1,0 0,0 4.2 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 1. January 2019, adjusted for inflation index and FX rates 18 18

‘Filling The Boat': Our Resource Base 7.5Tcf 10Tcf 2.4Tcf New 3D Seismic, Blocks 23 & 31 Completed Prospective Total Reserves 2P & 2C Resources & Resources Block 23 255 km 2 acquired 3D in NE corner. • • Primary objective, Hercules (0.9 Tcf) • Secondary objective, deeper prospectivity Block 31 181 km 2 3D in the SW corne • • Primary objective, Orpheus (0.35 Tcf) • Secondary objective, SW of Orpheus 19 19

‘ Filling The Boat': Our Prospective Resources 100 Tanin prospects 90 0.4 Tcf Athena Zeus 0.4 Tcf Karish North 0.4 Tcf 1.3 Tcf Apollo 80 0.1 Tcf Ares Hestia 0.3 Tcf 0.0 Tcf Orpheus Demeter 70 0.3 Tcf Hera 0.2 Tcf 0.3 Tcf Geological Chance of Success Karish East 60 Block 12 & Tanin 0.5 Tcf Staged tie-backs Artemis 0.1 Tcf Karish Main 50 Poseidon 0.6 Tcf 0.6 Tcf Hermes 1 .0 Tcf Targeted by the 2019 40 5 new blocks Hercules drilling campaign 0.9 Tcf 30 Est. Industry average exploration chance of success 20 TOTAL = 10 7.5 Tcf Prospect Maturity 1 0 1. Based on management view on data quality and evaluation maturity 20 20