Energean : Trading Statement and Operational Update

Energean plc

("Energean" or the "Company")

Trading Statement & Operational Update

London, 21 January 2020 - Energean plc (LSE: ENOG, TASE: גאנא) is pleased to provide an update

on recent operations and the Group's trading performance in the 12-months to 31 December

2020 together with guidance for 2021. This information is unaudited and subject to further review.

Mathios Rigas, Chief Executive of Energean commented:

"2020 was clearly a challenging year but nevertheless a successful one for Energean. We completed the first phase of our transition to become the leading independent gas-producer in the Mediterranean with the completion of the acquisition of Edison E&P. The second phase of that transformation will be completed once Karish, our multi-tcf flagship gas project offshore Israel, commences production enabling us to deliver material free cash flows and meaningful, sustainable shareholder returns."

"The Karish project was approximately 87% complete at the year end and since then, we have taken FID on Karish North which will lead to the commercialisation of 241 million boe of 2P reserves with minimal additional capex. We firmly believe this is one of the world's most attractive gas assets that will deliver IRRs in excess of 40%. Our position in Israel is to be enhanced by the acquisition of Kerogen's 30% stake in the project, which we expect to complete in 1Q 2021."

"In 2020, we took major steps towards achieving a number of our medium-term targets, many of which have been enhanced in the period. These targets include achieving net production of at least 200 kboed, revenues of $2 billion and a >70% reduction in carbon intensity, measured from our 2019 base. Converting the Prinos production to run on renewable energy contributed towards a significant reduction in our Scope 1 and 2 emissions and we now expect to achieve a lower medium-term CO2 intensity target of approximately 9.5 kg/boe; meanwhile we are progressing our longer-termnet-zero plan which involve carbon capture and underground storage."

"We are rapidly establishing ourselves as the leading independent, gas-focused E&P company in the Mediterranean, with an aspiration to lead the region's energy transition."

Highlights

• 2020 average pro forma Working Interest production of approximately 48.3 kboed, around the mid-point of guidance of 44.5 - 51.5 kboed, with pro forma revenues of $335 million
• 2020 average pro forma capital expenditure (including exploration expenditure) of $558 million versus January 2020 guidance of $995 million

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:[phone]

www.energean.com

• 80% year-on-year increase in 2P Reserves to approximately 956 mmboe1 (2019: 532 mmboe pro forma Energean plus Edison), 77% gas
• Completed the acquisition of Edison E&P for a net consideration (net of cash acquired) of $203 million, which represents approximately $1.2 per 2P boe at 2020 year-end
• Increased interest in Energean Israel Limited ("Energean Israel") to 100%2, adding 2P reserves of 219 million boe at a 42% discount to NAV10
• Secured an additional 1.8 Bcm/yr gas sales and purchase agreements ("GSPAs") in Israel, taking total gas sales to 7.4 Bcm/yr on plateau, utilising 93% of the Energean Power FPSO capacity
• Karish project approximately 87% complete as at 31 December 2020
• Year-on-yearcarbon emissions intensity reduced by 67%3; on track to achieve 80% reduction between 2019 and 2022, significantly ahead of the previously stated 70% target
• Strong capital discipline and proven access to funds; cash and undrawn facilities were $1.2 billion at 31 December 2020 (adjusted for the new $700 million term loan that was secured post-balance sheet)

Post Balance Sheet

• Karish North Final Investment Decision ("FID") taken to commercialise c. 241 million boe of 2P reserves (84% gas), with first gas expected 2H 2023 and generating an IRR of approximately 40%
• NEA / NI FID taken to commercialise 49 million boe of 2P reserves (87% gas), with first gas expected 2H 2022 and generating an IRR of more than 30%
• $700 million term loan agreed primarily to accelerate development of Karish North, debottleneck the Energean Power FPSO and meet the $175m upfront consideration for the previously announced acquisition of Kerogen's minority interest in Energean Israel
• Confirmation of a lower three-year CO2 intensity target of approximately 9.5kg/boe, which is approximately half the current global average for the oil and gas industry

2021 Outlook

• 2021 working interest production is expected to be 35.0 - 40.0 kboed, with target cost of production (excluding G&A) of $14 - 16/boe
  o Production is lower than 2020 due to investments in Egypt and Italy being delayed until post-completion to ensure workstreams optimised; and assumes no meaningful contribution from Israel

1. Assumes closing of the acquisition of the Kerogen minority interest in Energean Israel
2. Transaction is subject to completion, expected 1Q 2021
3. Energean plus Edison is shown pro forma for 2020

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:[phone]

www.energean.com

• 2021 development and production capital expenditure expected to be $515 - 590 million4, with $350 - 400 million to be spent on completing the flagship Karish gas development
  o 2021 capital expenditure includes $120 million deferred from the 2020 Karish programme
• Implementation of cost reduction programme to capture additional savings across the portfolio
• Refinancing the existing project finance facility and the new term loan during 2021, subject to market conditions
• Future dividend policy to be defined, targeting inaugural dividend payment in 2022
• Completion of the acquisition of the minority interest in Energean Israel in 1Q 2021
• Continue to target first gas around year-end 2021; however this requires a ramp-up in manpower If manpower remains at current levels, first gas could slip by between two and three months
• Roll-outsourcing of renewable energy across operated assets and premises
• Increase working interest in the producing Rospo Mare and Vega fields to 100% at zero consideration, adding approximately 12 mmboe of 2P reserves and 2 kboed of production. Energean will not take on any additional decommissioning costs for these assets
• Outcome of discussions with the Greek Government regarding a financing package to support continued investment in the Prinos area expected 1Q 2021

Webcast & conference call

A webcast will be held today at 08:00 GMT / 10:00 Israel Time

Webcast link:https://edge.media-server.com/mmc/p/vhj88kho

Conference call dial-in details (passcode: 8275298):

Participant Std International Dial-In:	[phone]
Participant FreeCall Dial-In United Kingdom	08002796619
Participant FreeCall Dial-In Israel	1809213985

4 Excluding the $140 million of deferred payments under the TechnipFMC EPCIC contract, which will be accrued during 2021 and paid during 2022/2023

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:[phone]

www.energean.com

Participant LocalCall Dial-In Israel, Tel Aviv

35308845

Should you have any questions please contact [e-mail].

The presentation will be made available at www.energean.comahead of the call.

Enquiries
Investors and Analysts
Kate Sloan, Head of IR and ECM	Tel: [phone]
Media
Sotiris Chiotakis, Media Relations	Tel: [phone]

3rd floor, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom

Tel:[phone]

www.energean.com