Energean PLC

Investor Presentation • Mar 20, 2025

Energean

Full Year 2024 Results

20 March 2025

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.

The numbers contained herein are unaudited and may be subject to further review and amendment.

Highlights Operational growth with strong financial performance

153 kboed Group 2024 production Israel, Greece and UK¹ : 114 kboed \$1,779 million Group 2024 revenue Israel, Greece and UK¹ : \$1,315 million \$595 million² Cumulative dividends 2.5x Group 31 Dec 2024 leverage \$1,162 million Group 2024 EBITDAX Israel, Greece and UK¹ : \$885 million

Excellent FPSO uptime (99%) with production increasing year-on-year; Karish North (Israel), Location B (Egypt) and Cassiopea (Italy) all online

Cumulative dividends of \$595 million paid2

Over \$4 billion of new gas contracts agreed over the last year in Israel, bringing total contracted revenue close to \$20 billion over 20-years

Signed 10-year, \$750 million term loan, removing near-term debt maturity

Second oil train and Katlan projects on track, and expanded M&A focus driving inorganic growth

3

1. On 20 June 2024, the Group publicly announced that it has entered into a binding agreement for the sale of its portfolio in Egypt, Italy and Croatia (together referred to as "Energean Capital Limited Group" or "ECL"), fully owned and controlled by the Group. Completion of the transaction remains subject to customary regulatory approvals. The "continuing operations" refers to the Group's operations outside of the transaction perimeter, i.e. its operations in Israel, Greece, UK and Morocco. 2. Includes dividend scheduled to be paid on 31 March 2025, which is the date upon which payment is initiated by Energean.

Material growth delivered to shareholders across our key KPIs, in line with our strategy

Dividends paid (\$ million)

4

1. Refer to footnote 1) on slide three. 2. Calculated since IPO until 13 March 2025. Includes share price appreciation and cumulative dividends. Shareholder return since 1 January 2021 is 55%.

Operational Review Mathios Rigas, Chief Executive Officer

Continued year-on-year production growth forecasted

Production increase supported by new long-term gas contracts, start up of key projects

1. Refer to footnote 1) on slide three.

A long-term business with 2P reserves life of >20 years¹

Over 1 billion boe of 2P reserves² across eight countries, flat year-on-year before production

1. Reserves life calculated by dividing continuing operations YE24 2P reserves by 2024 production 2. Shown as Group. 3.

Per YE24 D&M and NSAI CPR. 4. YE23 2P reserves divided by 2023 production, from 2023 Financial Accounts. 5. Refer to

footnote 1) on slide three.

>\$4 billion new contracts signed over the last year

In line with objective to enhance sales and supply Israel's growing gas demand

2025: new contract signed Dalia¹ binding term sheets signed Representing ~\$2 billion in revenues over the contract life Term of ~18 years Total of up to 12 bcm over the life of the contract 2024: three new contracts signed Contracts signed with Eshkol and two peaker power stations, representing a total value >\$2.4 billion and total supply of 14 bcm Four new contracts or binding terms sheets signed over the last year to increase gas sales…

…increasing the number of contracts to over 20 high-quality and diverse offtakers, supplying Israel's growing gas demand

Israel gas demand projected growth between 2023-30 (bcm)

Close to \$20 billion¹ of gas sales contracted over the next ~20 years

Providing visible cash flows protected from commodity price fluctuations

Strategy is to continue signing new long-term gas contracts, including potential exports³ , to supply growing gas demand in Israel and the wider region

Contracted gas between 2025 – 35²

1. Total revenues over the life of the contract as per the ACQ. Life-of-contracts take-or-pay revenues are close to \$15 billion.

9

Does not assume any price indexation 2. Includes one contract yet to be signed. 3. Subject to issuance of an export permit by the Petroleum Commissioner and compliance with any governmental export policy

Operational Update: Drilling contract signed for Katlan (Israel)

2026 campaign will include Athena and Zeus (Katlan) development wells (26 bcm) plus optional wells

1. Volumes based on YE24 D&M CPR. 2. Subject to issuance of an export permit by the Petroleum Commissioner and

compliance with any governmental export policy 10

Organic Growth Potential: near-field E&A opportunities around the Energean Power FPSO in Israel

from conceptual FDP). 2. Per YE24 D&M CPR of which 11bcm attributed to Ares 11

1. Block 31 contains the YE24 D&M CPR unrisked 2U volumes and Block 23 contains 4.6bcm (management P50 unrisked

Operational Update: Egypt, Italy & Croatia – 40 kboed in 2024

High-quality, diversified, cash flow generating assets with significant growth potential

Key projects online:

• NEA/NI completed in Dec 2023
• Location B brought online in 2024
• YE24 2P reserves = 64 mmboe

Stable production base across over 50 concessions:

• Cassiopea development brought online in H2 2024, Italy's largest gas development
• Gemini, near-field Cassiopea gas discovery made in H2 2024
• YE24 2P reserves = 79 mmboe

Egypt Italy Croatia

Development upside to come:

• Irena development FID targeted in 2025
• YE24 2P reserves 4 mmboe¹
  • 2P reserves increased by >75% YoY due to further technical work completed

12

1. Per YE24 D&M CPR

Organic growth potential: Block 2 exploration opportunity in Greece

Greece: high-impact exploration prospect

Block 2 75% W.I. (operator)	Initial pre-drill estimates 5 bnbbl STOIIP or > 9Tcf1	Commercialisation route Block close to existing infrastructure
Farmout Process ongoing to share exploration cost and risk	Cost Well expected to be ~\$60m (gross), no capital currently committed.	Next steps Drilling to take place in 2026, subject to a farm down

13

1. Management unrisked P50 case

Prinos CO2 project has secured a further EUR ~120 million under the Connecting Europe Facility, bringing total grants to EUR ~270 million

Project overview	Funding update
Prinos CO2 project is the only mature carbon storage project in the Eastern Mediterranean	Final joint-ministerial approval received for the EUR 150 million RRF in March 2025
NSAI CPR for 66 million tons 2C contingent storage resources and	Funding approved of around EUR 120 million under the Connecting
potential sequestration of up to 3 MtCO2/year1	Europe Facility for the development of a liquid CO2 terminal
11 MoUs	Funding enables the transition of Prinos
signed with heavy industry emitters for a storage demand of	into a new decarbonisation
9 MtCO2/year	hub

14

1. Per NSAI's Competent Persons Report

10% annual reduction in emissions intensity

Focused on Net Zero by 2050¹ commitment

1. Scope 1 and 2 emissions. 2. Refer to footnote 1) on slide three.

15

Financial Review Panos Benos, Chief Financial Officer

2024 results – key figures

	Financial Figures
	Energean Group		Continuing operations1
	2024	2023	% change	2024	2023	% change
Sales & Other Revenue (\$ million)	1,779	1,420	25%	1,315	978	34%
Cash Cost of Production (\$/boe)	10	11	(6%)	9	9	(1%)
Cash G&A (\$ million)	37	31	19%	21	18	17%
Adjusted EBITDAX (\$ million)	1,162	931	25%	885	667	33%
Cash flow from operating activities (\$ million)	1,122	656	71%	916	578	58%
Development and production expenditure (\$ million)	616	487	26%	336	184	83%
Exploration expenditure (\$ million)	117	57	105%	72	29	148%
Decommissioning expenditure (\$ million)	44	19	128%	13	9	44%
		2024 (Energean Group)	2023 (Energean Group)			% change
Net Debt – Consolidated (\$ million)		2,949	2,849			4%
Leverage (Net Debt / Annualised Adjusted EBITDAX)		2.5	3			(19%)

Amounts may not sum due to rounding

2026 refinancing secured, with a \$750 million term loan signed

Increases weighted average maturity to ~7 years

18

1. Step down to \$200m commitments in September 2025 as of the date of this announcement (the facility size remains \$300 million). 2. Based on SOFR of 4.3%

0

1

2

3

Years

4

5

6

Capital structure supported by our long-term gas contracting strategy…

…where we have close to \$20 bn¹ contracted over a 20-year period protected from commodity price fluctuations

Annual Contracted Quantities Take-or-Pay/Exclusivity volumes

1. Assuming ACQ volumes nominated by customers. Reserves life by divided Group YE24 2P reserves by 2024 production. 3. Per ACQ. 4. E&P peers include: New Med Energy, Kosmos Energy, Vår Energi, EnQuest, Aker BP, Talos Energy, Ithaca Energy, Serica Energy, Tullow Oil, Harbour Energy and Capricorn Energy. Peer reserves life calculated by dividing YE23 2P

4

Energean Energean Peers

Group

19

reserves by 2023 production, from 2023 Financial Accounts.

Disciplined capital allocation framework

Focused on maximising returns to shareholders and investing in deep-value opportunities

Amounts may not sum due to rounding

20

1. Refer to footnote 1) on slide 3. 2. Scheduled to be paid on 31 March 2025, which is the date upon which payment is initiated by Energean.

2025 guidance unchanged for the continuing operations¹

	Production Guidance
	FY 2025
Total Production (kboed)	120 – 130
	Financial Guidance
	FY 2025
Net Debt – Consolidated (\$ million)	2,700 – 2,900
Cash Cost of Production (includes royalties; \$ million)	410 – 440
Cash SG&A (\$ million)	20 – 30
Total Development & Production Capital Expenditure (\$ million)	400 – 430
Israel	380 – 400
Europe	20 – 30
Exploration Expenditure (\$ million)	0 – 5
Decommissioning Expenditure (\$ million)	55 – 65

1. Refer to footnote 1) on slide three.

Outlook Mathios Rigas, Chief Executive Officer

Our Investment Case

The leading independent, gas-focused E&P, with operations in eight countries across the Mediterranean¹

A diversified gas focused business operating across eight countries

Close to \$20 billion² of long-term gas contracts, which provide cash flow predictability

Focused on deepvalue growth, via sanctioned projects, organic growth and targeted M&A in the EMEA region

2P reserves life of >20 years³

Committed to maximising shareholder return, including via our ongoing dividend programme

Outlook and key future catalysts

	Short term	Medium term	Long term
	2025 – 2026	2026 – 2030	2030 onwards
Corporate	Target to pay out \$1bn in dividends under the current programme New dividend policy to be announced once Transaction is either completed or terminated	Focus on deep-value M&A in-line with expanded geographical remit Reduce leverage and gross debt Pay a reliable dividend	Reduce gross debt and continue to be a reliable dividend payer Further reduce emissions, progressing towards Net Zero target
Commercial	Additional gas contracts to be signed	Explore options to sell gas through export routes Optimise realised liquids price	Fulfillment of close to \$20 billion of contracted gas volumes
Operational	Second oil train commissioned, increasing liquids capacity Advancement of Prinos CO2 project	Katlan online in H1 2027, followed by further phases 2026 drilling campaign	Tanin project online Maturation of existing portfolio of exploration opportunities

Appendix: Supplemental Financials

For the 12-months ended 31 December 2024

Income statement

For the 12-months ended 31 December 2024

	Interim Income Statement
\$ million	2024	2023
Revenue	1,315	978
Cost of Sales	(702)	(509)
Administrative expenses	(32)	(27)
Exploration and evaluation expenses	(84)	(29)
Other operating income/(expenses)	(102)	(21)
Operating profit	394	392
Net finance costs	(224)	(217)
Net loss on derivatives and foreign exchange	(2)	(3)
Profit before tax for continuing operations	168	172
Taxation expense	(52)	(70)
Profit for the period for continuing operations	116	102
Discontinued operations:
Profit / (Loss) from discontinued operations	72	83
Profit for the period	188	185

Amounts may not add up due to rounding.

Balance sheet As at 31 December 2024

Assets
\$ million	31 December 2024	31 December 2023
Non-current assets
Property, plant and equipment	3,379	4,371
Intangible assets	185	326
Other non-current assets	164	254
Total non-current assets	3,728	4,951
Current assets
Trade and other receivables	132	353
Cash and cash equivalents	182	347
Restricted cash	82	23
Inventories	29	110
Assets held for sale1	1,770	-
Total current assets	2,196	833
Total assets	5,925	5,784

Liabilities and equity
\$ million	31 December 2024	31 December 2023
Non-current liabilities
Borrowings	3,142	3,142
Provisions	234	786
Other payables	231	291
Total non-current liabilities	3,607	4,219
Current liabilities
Trade and other payables	336	738
Other liabilities	277	141
Liabilities held for sale	1,076	-
Total current liabilities	1,689	879
Equity
Invested capital	638	686
Total liabilities and equity	5,925	5,784

Amounts may not add up due to rounding.

1. The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a business component

that represents a separate major line of business or geographical area of operations. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. 27

Net debt position 31 December 2024

Net debt
\$ million	31 December 2024
Cash and cash equivalents
Cash – excluding Israel	81
Cash – Israel	240
Group cash	321
Borrowings
Debt – PLC Senior Secured Notes	446
Debt – PLC Revolving Credit Facility	128
Debt – Greek State-Backed Loan (non-recourse to plc)	102
Debt – excluding Israel	676
Debt – Israel (non-recourse to plc)	2,594
Group debt	3,270
Net debt
Net debt – excluding Israel	595
Net debt – Israel	2,354
Group net debt	2,949
Amounts may not add up due to rounding.

Cash flow statement For the 12-months ended 31 December 2024

Statement of Cash Flows
\$ million	2024	2023
Operating activities
Profit before tax - continuing operations	168	172
Profit before tax - discontinuing operations	109	172
Profit before taxation	277	344
Depreciation, depletion and amortization	348	306
Impairment loss on exploration and evaluation	145	29
Net financing costs	257	231
Change in decommissioning provision	(8)	(17)
Other operating cashflows	65	-19
Cash flow before working capital adjustments	1,084	874
Increase in inventories	3	(15)
Movement in trade receivables and payables	41	(90)
Income tax paid	(6)	(113)
Net cash flow from operating activities	1,122	656

Statement of Cash Flows
\$ million	2024	2023
Investing activities
Payment for PPE	(580)	(436)
Payment for Exploration and Evaluation	(185)	(105)
Movement in restricted cash	(60)	50
Other investing cashflows	16	74
Net cash flow from investing activities	(809)	(416)
Financing activities
Movement in borrowings	48	250
Dividend paid	(220)	(214)
Finance costs paid	(234)	(177)
Other financing cashflows	20	185

Net cash flow from financing activities (426) (327)

Net movement in cash and equivalents (114) (88)

Amounts may not add up due to rounding.