The E&P company of the future Mathios Rigas, Energean Group CEO - PowerPoint PPT Presentation

The E&P company of the future Mathios Rigas, Energean Group CEO World Energy Capital Assembly Conference London, 2 nd December 2019

Oil & Gas Companies are Revamping at Different Paces The Majors Independents 2 2

Mixed Industry Messages Are Confusing The Public! Regulatory changes will play a key role in streamlining the ESG narrative “Buccaneering oil explorers “Oil is our gold are increasingly out of step and we aim to use it all!” with the times.” “Demand for oil to rise by “This is the beginning of the end for climate-wrecking around 1 billion b/d on average per year to 2025.” fossil fuel finance.” “50 -70% of observed 20 th century “Oil and gas companies warming might be associated have known about climate with increased solar activity change for over 30 years.” since the 17 th century.” 3 3

Energean at a Glance Creating the leading independent, gas-focused, sustainable E&P company in the East Med through disciplined capital allocation, operational excellence, risk mitigation and effective project delivery East Med Focused Key Metrics 609 9 2P reserves* Countries of Operations ~140 kboed 70 kboed production target production* by 2021* 80% ESG & HSE gas-weighted Focused portfolio A rating MSCI *Assumes completion of the Edison E&P transaction (2018 figures) 4 4

Over a Decade of Continuous Growth Res eser erves and re resources have ve gro rown exp exponentia ially ly, des espit ite th the e re rece cent downturn Development Analysts predict Third Point invests Analysts predict Energean acquires Energean IPO & Edison E&P Acquisition $200 oil price in Energean $20 oil price acquisition of Prinos of Prinos Karish & Tanin Project FID 900 857 800 73% CAGR in Reserves and 700 Resources 2008-19E* 600 mmboe 500 400 300 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019E Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2P Karish and Tanin 2C Edison Karish North Recoverable Hydrocarbons *Includes the Edison acquisition and the Karish North discovery 5 5

Delivery has Driven Share Price Outperformance Share Price has Doubled Since Listing on LSE (FTSE 250) & TASE (TA-35) Listed on LSE (FTSE 250) & TASE (TA-35) Share Performance – Peer Comparison 12 FTSE - 250 Oil & Gas Companies 10 Market Cap Company Name ($mm)* 8 TULLOW 2,495 ENERGEAN 2,123 GBp 6 CAIRN ENERGY 1,372 PREMIER OIL 0,955 4 2 0 Energean Competitors *As of 27 th November 2019 6 6

Is Funding A vailable for Independent E&P’s? $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 subsidaries to Neptune Energean has secured +$4 billion in funding since 2018 7 7

Taking Action on Environmental Issues Through Focus on Gas To Reduce CO2 Footprint Energean has committed to reaching net-zero emissions by 2050 in line with 1.5 ° C climate change scenarios Near-term Carbon Intensity Reduction Plan 70 2019-23 Estimated reduction 86% 60,5 60 50 40 30 2019-20 Estimated reduction 74% 20 15,5 2020-23 Estimated reduction 45% 8,5 10 0 Energean Today Energean & Edison E&P Energean & Edison & Israel Carbon intensity scope 1 & 2 (kgCO2e/total production kboe) 8 8

Leaders in ESG through Action Female chairperson 70% gas focus M ember of the UN Global Compact ‘ Business Ambition for 1.5 ° C: Our Only Future’ campaign Estimated 86% reduction in carbon intensity 2019-23 Employees from 28 countries around the world Executive pay linked to ESG goals from 2020 9 9

What does the E&P Company of the Future Look Like? Ma Management mu must take take stew tewardship of of ESG ESG Environment Governance Continuous focus on sustainability & Advancing the energy transition climate change through reduction of through action – diversity, CO2 footprint transparency & accountability Executive Management Developing our people, adding value to Increased focus on articulating the right storyline local communities & adopting a change culture Communication Social 10 10

But compliance is not a vision The Sustainable E&P company of the future must lead in all aspects of ESG, set targets to improve but most importantly deliver results and the market will reward us! 11

Thank you!