FTSE 250 E&P Company Focused On The Highly Attractive Eastern - PowerPoint PPT Presentation

June 2018 FTSE 250 E&P Company Focused On The Highly Attractive Eastern Mediterranean Region

Vision : Premier Eastern Mediterranean Independent E&P Player 2 2

Energean At A Glance Delivering a 2.4 Tcf Project in Israel Management Focus on the East Med Focus on Gas MONTENEGRO Mathios Blocks Rigas 26 & 30 Chairman & CEO Ioannina Prinos Aitoloakarnania Panos Benos Katakolo Chief GREECE Financial Officer Blocks 12, 21, 22, 23 & 31 Dr. Steve Production Moore Chief Growth Development Karish & Tanin Officer Exploration ISRAEL EGYPT Kate Sloan Head of Investor Relations Production Reserves Growth History 80 390 Michelle 400 Churchward Karish & Tanin Prinos 350 Group General 300 Counsel 60 Production (kboepd) 300 237 250 David 40 200 (mmboe) Donaldson Prinos Asset 150 Manager 20 100 58 Dennis 30 50 24 17 11 7 5 Anestoudis 2 Exploration 0 0 Manager 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Post IPO 2017 2018 2019 2020 2021 2022 2023 Prinos Basin 2P Prinos Basin 2C Katakolo 2P Karish and Tanin 2C 3 3 Note: (1) 2C resource in Israel will be converted into 2P reserves on audit due to FID being established

Eastern Mediterranean- A Hive of Activity Increasing M&A Activity Cyprus European Gas 5.4 Future exploration wells in 2018 US$ /boe (1) 1.4 1.4 Market “Calypso 1 is a promising gas 0.8 3 discovery and confirms the extension of the Zohr like play 1 1 Jan 18 Dec 16 Nov 16 Jan 16 in the Cyprus EEZ […] that could contain more than 230 Asset 7.5% Tamar 30% Zohr 10% Zohr 35% Aphrodite BCM of gas, and contains not 1 2 3 less than 170 BCM” Buyer Claudio Descalzi, ENI CEO East Mediterranean Pipeline • Gas pipeline connecting East Med via Greece and Italy with the European gas network • MoU signed between Israel, Greece, Italy and Cyprus supporting the pipeline construction • Classified as European Project of Common Interest with EU sponsoring 50% of pre-FEED costs • Targeted project completion by 2025 Israel / Egypt Gas Deal • Israeli firms signed a $15 bn Export Routes to Europe deal to export gas to Egypt from Leviathan and Tamar • Two largely unused, fully • Agreement to supply 64 bcm functional LNG facilities at Idku of gas over 10 years and Damietta in Egypt • Implied price of c.$6.6/mmbtu • Connection to Turkey as potential gateway to Europe Energean Focus Regions Other Proposed Pipelines Egypt LNG plant Newcomers Trans-Anatolian Pipeline Trans-Adriatic Pipeline East-Med Pipeline 4 Note: (1) Transaction value / boe. Source: Company Filings, Herold. 4

De-Risked Portfolio Poised for FCF Generation 800 Sheshinksy Tax 600 Funded from Project finance/ IPO Equity, RBL 400 facility and Prinos Annual FCF (US$m ) cashflows 200 - (200) Tanin Development (400) (600) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5 5 5 Note: (1) 70% WI, based on NSAI CPR, (2) Oil Price: 65 $/bbl, Gas Price: 4.25 $/mmbtu Source: NSAI CPR for Karish and Tanin, Prinos Basin and Katakolo.

Low Cost Stable Greek Production Base Stable Production Base Around Prinos Basin Prinos Production Profile • 15 40.5 mmboe of 2P reserves and 23.8 mmboe of 2C resources 2P 1P • 100% WI for all fields • 12 Significant operation leverage with 2018 Opex of $17/bbl, heading towards $9/bbl by 2021 in 2P profile, supported by favourable fiscal terms • 9 Owned infrastructure offers operational flexibility (kboepd) • No abandonment liability for pre-existing infrastructure 6 • Long term offtake agreement signed with BP until November 2025 or delivery of 25 mmbbls of oil to BP • 3 2018 target production: 4 - 4.5 kbopd • Fully funded via $180mn RBL facility - 2018 2020 2022 2024 2026 2028 Prinos Existing Infrastructure Unlevered FCF 220 1.400 Net Prinos Cum CF 200 1.200 180 160 1.000 140 Cum CF (US$m ) Net CF (US$m) 120 800 100 80 600 60 40 400 20 - 200 (20) (40) - (60) (80) (200) 6 Source: Company 6

Epsilon & Katakolo Development Projects, Greece, 100% WI Epsilon Overview Katakolo Overview • 2P reserves of 10.5 mmbbls • 2P reserves of 18.4 mmbbls • West Katakolo reservoir is believed to be a dual porosity system (matrix, • Discovered in 2001 fractures and vugs), with an overlaying gas cap and an underlying aquifer • Appraised 2010 via ERD well drilled from Prinos • 2 wells tested; plan is to drill the first pilot hole to be converted to an injection • Similar reservoir setting to Prinos well in 2019 • Project development through EPCIC contract with GSP, 3 production • Commencing environmental and social impact assessment to be submitted wells and a production platform Lamda in 2018. Company intends to take FID upon approval • US$155m development capex • US$60m estimated development capex • First oil expected 2019 • First oil expected in 2020 Summary Development Period 25 years starting in 2016 Summary Development Period 25 years staring in 2004 Fiscal Fiscal Royalty 2 - 20% Royalty 2 - 10% Terms Terms Corporate Tax 25% Corporate Tax 25% 7 Source: Company, Katakolo NSAI CPR 7

Karish & Tanin – A Transformational Project in Israel (70% WI) Key Highlights • Approximately 2.4 Tcf (67 bcm) gas World • 32.8 mmbbls hydrocarbon liquids (1) Class • 8 bcm/y new build FPSO • Part of the prolific Early Miocene Tamar Sands play with water depths Assets exceeding 1,700 metres Substantially De-risked Project Future growth • c. 4 bcm/y capacity available • Only floater in the East Med 8 Source: NSAI CPR, Company. 8

Karish & Tanin – Development Plan Key Contract Terms  TechnipFMC $1.36 bn EPCIC Contract o Two train new-build FPSO with an 8 bcm/yr capacity o Lump-sum turnkey EPCIC contract – timing and performance risks borne by Technip FMC o Project to be completed in Q1 2021 o Spread moored FPSO built by SCM in Singapore o 800,000 bbls oil condensate storage capacity Initial Development Phase  Stena Drilling Contract o Contract in place for the development drilling of the - New build, spread moored FPSO Karish Field - 3 initial development wells planned - Dry gas pipeline to shore o Stena Forth drillship: Karish North & three development wells in Q1 2019 o Energean holds option to drill 6 additional wells  Wood contract for O&M services  Halliburton contract for Integrated Drilling Services 9 9

Karish & Tanin – 4.2 BCM/Y GSPAs Executed 1.2 bcm/yr 2.6 bcm/yr 0.3 bcm/yr 0.1 bcm/yr Volume Min: 7 years -- Weighted Average: 16 years -- Max: 20 years Tenor Weighted Avg 75% Take-or-Pay Weighted Avg $4.1 / mmbtu Current Price Weighted Avg > $4 / mmbtu Floor Price 10 10

Key Milestones to Karish and Tanin First Gas March 2018 Q1 2019 Q3/Q4 2019 Q2 2020 Q1 2021 • FID • Pipeline beach • Sales-gas • Installation of • First gas crossing at Dor pipeline production production installation manifold and Dor to Karish other sub-surf structures 2018 2019 2020 2021 Q4 2018 Q1 2019 Q3 2019 Q4 2019 Q1 2020 Q4 2020 • FPSO First • Mobilise Stena • Evaluate • FPSO hull towed • Karish main • Completed steel cut Forth rig Miocene upside from China to development FPSO towed potential in Singapore wells cleaned to Israel Karish Main up and suspended FPSO Key Milestones Well Key Milestones Subsea / SURF and Onshore Key Milestones Source: Company 11 11

Karish and Tanin Operational Overview – CPR Case Karish Tanin Contracted Gas Volumes (1) Net Free Cash Flow Profile (2) 3.000 600 2.500 9 400 8 2.000 7 1.500 200 6 BCM/Y 5 (US$mn) 1.000 (US$mn) - 4 500 3 2 - (200) 1 (500) 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 (400) (1.000) Contracted Gas Sales Or Contract Option NSAI CPR (1) Excess FPSO Capacity NSAI CPR Economics (1.500) (600) K&T net CF Cum CF 12 Source: NSAI CPR. Note: (1) NSAI figures used are gross (100%), (2) NSAI figures shown are net to 70% stake. 12