Energean : UNAUDITED INTERIM CONDENCED CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2023

ENERGEAN ISRAEL LIMITED

UNAUDITED INTERIM CONDENCED CONSOLIDATED FINANCIAL STATEMENTS

31 MARCH 2023

ENERGEAN ISRAEL LIMITED

UNAUDITED INTERIM CONDENCED CONSOLIDATED FINANCIAL STATEMENTS

AS OF 31 MARCH 2023

INDEX
	Page
Interim Condensed Consolidated Statement of Comprehensive Income	3
Interim Condensed Consolidated Statement of Financial Position	4
Interim Condensed Consolidated Statement of Changes in Equity	5
Interim Condensed Consolidated Statement of Cash Flows	6
Notes to the Interim Condensed Consolidated Financial Statements	7-20

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ENERGEAN ISRAEL LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

THREE MONTHS ENDED 31 MARCH 2023

		31 March (Unaudited)
	Notes	2023	2022
		$'000	$'000
Revenue	3	158,853	-
Cost of sales	4	(83,905)	-
Gross profit		74,948	-
Administrative expenses	4	(3,922)	(2,205)
Exploration and evaluation expenses	4	(50)	-
Other expenses	4	-	(824)
Other income	4	-	53
Operating profit (loss)		70,976	(2,976)
Financial income	5	1,526	3,338
Financial expenses	5	(32,487)	(3,078)
Foreign exchange loss, net	5	(257)	(68)
Profit (loss) for the period before tax		39,758	(2,784)
Taxation income (expense)	6	(9,482)	1,260
Net profit (loss) for the period		30,276	(1,524)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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ENERGEAN ISRAEL LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF 31 MARCH 2023

		31 March 2023	31 December
	Notes	(Unaudited)	2022
		$'000	$'000
ASSETS:
NON-CURRENT ASSETS:
Property, plant and equipment	7	2,818,159	2,926,313
Intangible assets	8	152,558	143,554
Other accounts receivable	10	5,614	108
Deferred tax asset	9	13,547	22,886
		2,989,878	3,092,861
CURRENT ASSETS:
Trade and other receivables	10	141,123	82,611
Inventory	11	8,142	8,313
Restricted cash		8,462	71,778
Cash and cash equivalents		32,081	24,825
		189,808	187,527
TOTAL ASSETS		3,179,686	3,280,388
EQUITY AND LIABILITIES:
EQUITY:
Share capital		1,708	1,708
Share premium		212,539	212,539
Retained losses		(40,252)	(70,528)
TOTAL EQUITY		173,995	143,719
NON-CURRENT LIABILITIES:
Senior secured notes	12	1,851,797	2,471,030
Decommissioning provisions		86,182	84,299
Trade and other payables	13	200,461	210,241
		2,138,440	2,765,570
CURRENT LIABILITIES:
Senior secured notes	12	621,382	-
Trade and other payables	13	245,869	371,099
		867,251	371,099
TOTAL LIABILITIES		3,005,691	3,136,669
TOTAL EQUITY AND LIABILITIES		3,179,686	3,280,388

18 May 2023

Panagiotis Benos	Matthaios Rigas
Director	Director

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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ENERGEAN ISRAEL LIMITED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

THREE MONTHS ENDED 31 MARCH 2023

		Share	Accumulated
	Share capital	Premium	losses	Total equity
	$'000	$'000	$'000	$'000
Balance as of 1 January 2023	1,708	212,539	(70,528)	143,719
Profit for the period	-	-	30,276	30,276
Balance as of 31 March 2023	1,708	212,539	(40,252)	173,995
Balance as of 1 January 2022	1,708	572,539	(35,946)	538,301
Loss for the period	-	-	(1,524)	(1,524)
Balance as of 31 March 2022	1,708	572,539	(37,470)	536,777

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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