Energean in 2021: Our Year of Transition The Leading Independent E&P Player in the East Mediterranean

Energean in 2021:

Our Year of Transition

The Leading Independent E&P Player

in the East Mediterranean

Disclaimer

This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business.

Whilst Energean believes the expectations reflected herein to be reasonable considering the information available to them at this time, the actual outcome may

be materially different owing to factors beyond the Group's control or within the Group's control where, for example, the Group decides on a change of plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements

to reflect any changes in the Group's expectations or any change in circumstances, events or the Group's plans and strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

2

Energean - The Largest E&P Company Listed on LSE & First in the World to Commit to Net Zero Emissions

9 Countries

Of operation

Med-focused

+200 Kboed

Medium-term

production target

Governance

Premium listing on LSE

Net Zero

Emissions

Commitment by 2050

+1 Billion Boe

2P reserves &

2C resources*

+70%

Gas-weighted

portfolio

Management

30 years

experience in gas

ESG & HSE

A rating MSCI

Gold by MAALA

* Pro forma as at 31.12.2020. Includes an additional 219 MMboe of 2P reserves to be acquired from Kerogen Capital. Reserves information is unaudited and subject to further	3
review.

2020: Strong Delivery Despite a Challenging Year

Key Milestones Achieved

Strong Delivery Against Strategic Goals Despite COVID-19 Related Challenges

					80% Y-o-Y Increase in 2P reserves to 956 MMboe (2019: 341 MMboe)*
		Strong Operational			Production 48.3 Kboepd (74% gas)
		Performance
	Karish development 87% Complete at 31 December 2020
					Took FID on Karish North (Israel) and NEA / NI (Egypt)
					Closed Edison Acquisition - Operational Footprint Expanded to 9 Countries
		Continued
			Agreed to Acquire Kerogen's 30% Holding in Energean Israel
		Commercial Success
					Increased signed GSPAs in Israel to 7.4 Bcm/yr
		Optimised Capital			$437 Million Capex Reduction versus January 2020 guidance
		Structure & Strong
		Financial Discipline			$1.2 Billion Cash & Undrawn Facilities at 31 December 2020**
		Advanced Net Zero			67% Y-o-Y Reduction in Carbon Intensity to 22.8 kgCO2/boe
		Strategy
				Roll Out of 'Green Electricity' at Prinos in Greece
		* Pro forma as at 31.12.2020. Includes an additional 219 MMboe of 2P reserves to be acquired from Kerogen Capital. Reserves information is unaudited and subject to further
		review.	5

** Adjusted for the new $700 million term loan that was secured post-balance sheet

Our Transition into the Top Tier of European E&Ps

Moving into the top tier of E&Ps expected to enhance liquidity, valuations & investor attention

1,200

Norwegian Peers

LSE-Listed Peers

Reserves2P

(MMboe)

1,000

800

600

400

WI

200

0

Energean

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Peer 10

250

Production

(Kboed)

200

150

100

WI

50

0

Peer 1

Peer 2

Peer 3

Energean

Peer 4

Peer 5

Peer 6

Peer 7

Energean

Peer 8

Peer 9

Peer 10

Target

Today

Top 5 European E&Ps by scale

6

2021: Our Year of Transition

2021 Guidance and Medium-Term Targets

Substantially Improved Medium-Term Outlook

Through successfully delivering our strategic objectives in 2021 we will achieve our Medium-TermTargetswhich underpin our goal of generating sustainable Free Cash Flow and delivering a sustainable dividend

2021 Guidance

Medium-Term Targets

Production

(excludes any contribution

from Israel)

Cost of Production*

Development &

Production Capital

Expenditure

Exploration Capital

Expenditure

Decommissioning

Expenditure

Consolidated Net

Debt

35.0 - 40.0 kboed

$195 - 215 million

$510 - 590 million

$35 - 50 million

$25 - 32.5 million

$2,000 - 2,200 million

Production

Revenues

Cost of Production*

G&A

EBITDAX

Net Debt / EBITDAX

200

Kboed

(up from 160))

$2,000

Million

(up from $1,400)

$9 - 11

• boe
  Down from 10 -12

$25 - 35

Million

=

$1,400

Million

(Up from $900)

< 2.0x

* Operating Costs plus all royalties.	8
SG&A costs of approximately $35 - 40 million anticipated in 2021

Focused on Monetising 1 Billion Barrels of Reserves to Deliver Production of more than 200 Kboed

	W.I. 2P Reserves + 2C Resources 2016-20E*
	1,200
					2016-20E CAGR 45%
	1,000
	800
MMboe	600
	400
	200
	0
	2016	2017	2018	2019	2020
		Israel	Egypt	Europe

W.I. Hydrocarbon Production 2021+

	250
					Medium-term Target
					200 kboe/d
	200
		Key growth drivers
		• Karish & Karish North
	150	•	Incremental liquids
Kboed		• Abu Qir infill drilling
	•	NEA/NI development
	100
	50
	0
			2021		Medium-term Target
			Israel	Egypt	Europe

* Pro forma as at 31.12.2020. Includes an additional 219 MMboe of 2P reserves to be acquired from Kerogen Capital. Reserves information is unaudited and subject to further	9
review.

Revenues Forecast to Reach Over $2 Billion

Growth Underpinned by Gas Sold Under Fixed-price Contracts

Revenue Outlook 2021-25
		Medium-term Target
			$2 billion
2021	2022	2023	2024	2025
Gas sold under fixed price contracts	Gas sold at market prices
Liquids with Brent-linkage

Revenue Outlook % 2021-25

3%	2%
9%	7%	7%

41%	42%	36%
39%	37%

53%	56%	56%	56%	56%

2021	2022	2023	2024	2025
	Gas sold under fixed price contracts				Liquids with Brent-linkage
	Gas sold at market prices

Based on a Brent price of $50/bbl in 2021, $55/bbl in 2022 and $60/bbl flat real 2023+

10

Creating a Sustainable Low-Cost Business

Secured Lower Unit Cost of Production		Further Targeted Cost Optimisation Expected

	18
	16
	14
	12			Medium-term Target
				$9 - 11 / boe
$/boe	10
8
				Medium-term Target
	6			$4 - 6 / boe
	4
	2
	0
	2021	2022	2023	2024	2025
	Unit Operating Costs	Unit Operating Costs + Royalties

• Full, bottom-up internal review initiated
• • Operating cost reductions
  • Third party tariff optimisation
  • Mothballing
  • Production efficiencies, such as gas reinjection, to reduce power consumption
• Cost driven performance-management
• Further savings expected and not yet reflected in forecasts
• Karish, Karish North & Tanin operating costs expected to be $70 - 80 million per year
• • Approximately $1/boe on plateau (excludes royalties)
  • Limited variable costs

11

Disciplined Capital Allocation Remains a Priority

$ Million*

Development & Production Capex 2021-24

600
500
400
300
200
100
0
2021	2022		2023	2024
Israel	Croatia	Egypt	Italy	UK

W.I. Capex Allocation 2021-24

100%

	17%	21%
		33%
80%
					52%
60%
83%
40%	79%
	67%
20%						48%
0%
2021	2022	2023	2024
			Greenfield		Brownfield

Strong ability to reduce capital spend in a

low commodity price environment

Investing ~80% of capital expenditure in

greenfield assets in 2021

Increasing spend on brownfield assets through 2024 to optimise Edison portfolio

* Excludes exploration and appraisal expenditure

12

Capital Allocation Prioritising Total Shareholder Return

With Core Focus On Distribution Policy That Underpins Sustainable Dividend

			Sustainable	2022
			Dividend
			Organic	> 20%
			Growth	IRR
			Capital	< 2x
			Structure
			Disciplined	Value
			M&A	Accretive

Target for inaugural

dividend

40% IRR Karish North

Project Sanctioned

Net debt / EBITDAX target

$1.85/boe acquisition price for Kerogen's 30% holding in Energean Israel

13

Current Capital Structure

Net Debt Position*

Group net debt: $1,241 million

• $(201) million cash
• $1,442 million debt

Energean Israel net debt: $1,057 million

• $(37) million cash
• $1,094 million debt

Energean PLC excl. Israel net debt: $184 million

• $(164) million cash
• $348 million debt

Full Year 2021 Guidance

$2,000 - 2,200 million

			Committed Facilities
			To be refinanced in 2021
		•	$1.45bn PFF ($1.15bn drawn)
	Israel	• Extended maturity to September 2022
	• Non-recourse to parent
	PFF
	•	Interest payments & other project costs covered by
			facility
	Term	• $700 million Term Loan
	•	Maturity July 2022
	Loan	•	Primary uses to fund Kerogen acquisition and Karish
			North development
		• $280m RBL facility (current borrowing base $237m;
	Egypt		availability expected to increase June 2021) with
		$75m accordion
	RBL	•	LIBOR + 4.75% yrs 1-3 / LIBOR + 5.75% yrs 4-6
		• 6-year term, semi-annual redeterminations
		• 3-year grace period with first amortisation July 2023
	Greek	• Outstanding loans as of 31 December $127m
	• Scheduled principal repayments of $19m per
	RBL
		semester

* Accounting net debt

14

Project Updates: Israel

Karish Project - First Gas Expected Late 2021

Project Close to 90% Complete Despite COVID-19 Related Challenges in 2020

2020	FPSO		SUBSEA		ONSHORE
Dec
~93%		~76%		*90-100%
31
complete		complete		complete
At

KARISH

PROJECT

~87%

complete

• Main modules & pipe racks lifting campaign completed 3Q 2020
• Final lifts of module-1 & flare expected in 1Q 2021
• Sailaway to Israel expected in Sept / 4Q 2021

• 14-linemooring system & deepwater subsea production system fully installed
• 90-kmgas sales pipeline scope close to completion
• Tie-inmanifold successfully installed Oct 2020 & connected to gas sales pipeline Nov 2020
• Riser installation campaign expected to commence & complete 1Q 2021.

• Installation of production rate measurement system at Dor commenced Aug 2020
• Mechanical completion & commissioning expected 1Q 2021
• Installation of onshore pipeline commenced Jun 2020 & expected to complete 1Q 2021
• Civil works progressing well & expected to complete 2Q 2021.

First Gas Dec 2021 - 1Q 2022 depending on further ramp up of workforce in Singapore

* 90% inclusive Energean scope of work; 100% under the TechnipFMC EPCIC

16

Karish North Sanctioned - First Gas Expected 2H 2023

FID Reached 21-Months After Announcement of 32 Bcm Discovery

Low-CostHigh-Return Tieback to FPSO

2P Reserves		241 MMboe (84% Gas)
Initial Capex		~$150 Million
	($0.6 / Boe)
Well Deliverability		300 MMscf/d
	(per well)
Operating Costs		Minimal
	(Incremental)
IRR		+40%

$ Million

Capex Profile (Including Riser & Oil Train)

200

150

100				First			Second
			Gas			Development Well
50
0
2021	2022	2023	2024	2025
			Initial Capex				Riser + Oil Train

17

Focused on Developing & Expanding Liquids Output Through Committed Investment Programme

Material Reserves

& Production

Committed & Fully-

Funded

Infrastructure

Ample Storage

Capacity

Low Carbon

Emissions

• 100 MMbbl 2P liquids certified by DeGolyer & MacNaughton CPR:
• 17.4 MMbbl (21.4%) increase in 2P liquids (light oil) volumes
• 28 kbpd production over a 5-year plateau period
• Further growth targeted from appraisal of potential oil rim in 2022
• Project to install second oil train and riser on Energean Power FPSO sanctioned
• • Oil train increases liquids production capacity to 40 kbopd (from 21 kbopd)
  • Allows maximum gas output of 8 Bcm (from 6.5 Bcm)
• Approximately $100 million of capex fully funded by new term loan
• Expected to become operational in 2022
• 800,000 barrels of liquids storage capacity on FPSO
• Storage capacity not a restricting factor to liquids production
• Additional gas debottlenecking opportunities under evaluation that would allow gas production above rates of 8 Bcm/yr
• Low carbon barrels added to portfolio
• Liquids production expected to have no discernible impact on Scope 1 & 2 CO2 emissions
• Carbon intensity of 4.5 kg CO2/boe anticipated

18

Investment Synergies Targeted from Low-Cost Deepwater Tie-Back Options

Approx. Distance from FPSO

5 km

15-30 km

40-55 km

Approximate Life of Field capex/boe

Karish		Karish North		Block 12		Tanin

	$6/boe			$1.5/boe			<$4/boe		$5/boe
•	Economics of whole project		•	Low-costtie-back option		• "On the Way" to Tanin		• Capex sharing with Block 12
	underpinned by long-term								due to co-use of pipeline
	GSPAs		•	Initial capex of approximately		•	Discovery needs T-section,
				$150 million			pipeline spur and single well		• Capex deferral enhances
•	Includes FPSO expenditure,						tie-back to be commercialised		project NPV
	which will be used for		•	Discovery just 5-kilometres
	development of all future tie-			from Energean Power FPSO		•	Enhanced returns versus
	backs						Tanin as no seller royalties
							payable plus new Sheshinsky
							calculation

19

Israel - 7.4 Bcm/yr Gas Sales Agreements

Secured Revenues with 93% of Energean Power FPSO Capacity Utilised

Protection

1.8 Bcm/yr new

Take-or-Pay /

High Quality

Against

GSPAs Signed

Floor Pricing

Downside

Exclusivity

Counterparties

in 2020

Commodity

Price Risk

Bcm/yr

9
8
							7.4		7.4		7.4		7.4		7.4
						7.2
7		6.7		6.8

6

5

4.2*

4

3

2

1

0

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Karish, Karish North & Tanin Gas Supply

Energean Power FPSO Capacity

Energean Israel Gas Supply Profile

• December 2021 - Karish first gas
• 2022-23 - Ramp up of 18 contracts signed with independent power producers (IPPs) including both recently privatised IEC stations, Alon Tavor & Ramat Hovav, and blue-chip industrial customers including ORL and ICL
• 2024 - Continued ramp up
• 2025 - Commencement of IPM contract & continued ramp up of other contracts
• 2026 - Plateau gas supply reached

* Company estimate during 12-month transition from existing suppliers	20

5-Well E&A Programme Targetting 700 MMboe Prospective Resources to Commence Early 2022

Low-RiskInfrastructure-Led Exploration

KM 04 + Pilot Hole (PH)

ATHENA 01

A discovery would significantly de-risk prospects in the rest of Block 12

			Approx.	Audited
			Prospect Size
	Well	Type	Cost	PoS
	(Recoverable)
			$ Million
			MMboe*
	Athena-01	Exploration	35	140	84%
	KM-04 + PH	Appraisal	45	176 + 64	94% +
	72%
	KN-01 ST-	Development	50	151	100%
	04
	Hermes-01	Exploration	40	200	56%
	(Optional)
	Hercules-	Exploration	50	Tbc	Tbc
	01**	(Optional)	HERMES 01	HERCULES 01
		* Recoverable Volume": is the sum of the unrisked mean recoverable volumes with recovery factor (gas) = 0.7 and recovery factor (oil) = 0.4. This represents the total recoverable
		reserves targeted by the well bore				21

** Not yet audited.

Project Updates: Egypt

NEA / NI Sanctioned - High Return Drilling

Key Project Metrics

Peak Production	15 - 16 Kboed
2P Reserves	49 MMboe
(87% Gas)
Capex	<$5 / Boe

PYTHON

SUBSEA

WELL

YAZZI-NEA 6

SUBSEA

Opex

<$2 / Boe

WELL

NAQ

PIII

IRR

+30%

Production Profile

Kboed

2021	2022	2023	2024	2025
		NEA	NI

PYTHON

NORTH IDKU DLA

NORTH IDKU

SUBSEA

WELL

YAZZI-NEA 5	10''
SUBSEA
8 km
WELL

DLA

ABU QIR DLA

Pipeline, multiphase production

Umbilical

23

Proposed Acquisition of

Kerogen's 30% Holding in

Energean Israel Limited

Agreed to Acquire Kerogen Capital's 30% holding in Energean Israel Limited (EISL) for $380-405 Million

Compliments our gas-weighted portfolio

• Natural strategic fit that gives full control over capital structure of EISL
• Adds 219 MMboe 2P reserves (86% gas)
• • Group 2P + 2C set to grow to >1 Bnboe (74% gas)
• Attractive transaction metrics
• • $1.74 - $1.85 /boe
  • 1x forecast Minority EBITDAX
  • Payback achieved within three years
  • 43% discount to EV
• Full control over EISL enables capital structure optimisation
• Low carbon intensity hydrocarbons (< 4.5 kg CO2/boe)

Group 2P+2C to reach +1 billion boe

Energean	Acquired assets	Pro-forma
	14%	26%
29%
71%		74%
	86%

Gas Liquids

Group production to reach +200 kboed

	250
	200
Kboed	150
100
	50
	0

2021

2022

2023

2024

2025

Energean Acquired Assets

25

Transaction Structure & Financing

$175 Million

$125-150 Million

$30 Million

$50 Million

Up-Front

Consideration

Deferred Cash

Consideration

Additional Deferred

Consideration

Convertible Loan

Notes

Payable on completion

Contingent on Practical Completion

of Karish

Payable December 2022

Conversion price £9.50 / 0% coupon rate / Maturity 31/12/2023 December 2023

Part of use of proceeds for Term Loan provided by J.P. Morgan & Morgan Stanley

To be funded by optimised capital

structure

Funded by free cash flows

Satisfied by new share issuance

$380-405		Total		Highly accretive to plc leverage ratio
Million		Consideration

26

Milestones to Completion

Transaction Close Expected 1Q 2021

	Timing	Milestone
	30 Dec 2020	Transaction announcement
	Jan / Feb 2021	Israeli Petroleum Commissioner Approval
	Feb 2021	Publication of Circular
	Feb 2021	EGM & shareholder votes
	Feb / Mar 2021	Closing of the Proposed Transaction

27

ESG & Our Path to Carbon Neutrality

Creating a Low Carbon Business with Industry-

Leading ESG Credentials

Net Zero

Carbon emissions by 2050

Rolling Three-year Emissions Target
30
25					Current global average
20			+85% reductionby 2023 versus
			2019 base year
			2023 target = Approx. half the
15			current global average for oil &
				gas industry
10
5
0
2020*	2021	2022	2023	2024	2025
	Carbon emissions intensity - kgCO2e/boe

First E&P Company Globally to Commit to

Net Zero Emissions by 2050

Targeting +55% Near-Term Carbon Intensity

Reduction

Visibility on Absolute Carbon Emissions Intensity to Half the Current Global Average

+70% Gas-Weighted Portfolio (2P + 2C)

Executive compensation tied to ESG

performance targets from 2020

Committed to Transparency & Adherence to

the 17 UN SDGs

• Pro forma Energean + Edison

29

Prinos - Carbon Capture & Storage Initiatve

Multiple CC&S Opportunities Under Evaluation in Greece

Greece Sources of CO2 Emissions

	Industry	Facilities #	CO2 Emitted (kt)
	Energy Sector	21	36,463
	Minerals	6	13,422
	Production &
	Processing of	2	708
	Metals
	Chemicals	2	490
	Total	31	51,083

Prinos CC&S Project Under Evaluation

• Focused on meeting our carbon neutral by 2050 target and leading the Mediterranean region's energy transition
• Evaluation of Carbon Capture & Storage projects in the Prinos basin initiated in late 2020
• Prinos subsurface volumes sufficient to sequester up to 50 million tonnes of CO2
• Use of captured CO2 for enhanced oil recovery (EOR) also under investigating - to unlock additional upstream value

Possible CO2 Storage Sites in Greece

Mesohellenic		Western		Prinos
Trough		Thessaloniki		Basin

* Enhanced Oil Recovery

30

2021: The Outlook

2021-22 Outlook

Continue Strong Performance Versus Strategic Goals & Deliver Our Year of Transition

Deliver First Gas at Karish & Develop Karish North

2021 - 2023

		Operational
		Develop NEA / NI in Egypt		2021 - 2022
		Performance
				Deliver (up to) 5-well E&A programme, offshore Israel		2022 - 2023
				Kerogen Acquisition Close		1Q 2021
		Commercial Success
			Sign GSPAs to fill remaining space in the Karish FPSO		2021
				Sign offtake agreement for Karish liquids		2021
		Optimised Capital		Optimise EISL capital structure through refinancing		2021
		Structure & Strong		Define dividend policy		2021
		Financial Discipline
		Bring net debt / EBITDAX below 2.0x		Mid-term
				Align with TCFD recommendations			2021
		Advanced Net Zero
			Roll Out of 'Green Electricity' across operated assets			Ongoing
		Strategy
				Evaluating converting Prinos into Greece's first CC&S Project			Ongoing

32

Q&A

33