Energean PLC

Investor Presentation • Mar 21, 2024

Energean

Full Year 2023 Results

21 March 2024

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.

Highlights

First major step-up in production complete – no impact from ongoing geopolitical developments

Record financial results

Stable and reliable dividend

Focused on backfilling the FPSO and meeting growing regional gas demand

Short-term emissions reduction target achieved ahead of schedule

2023 Review and 2024 Guidance: Operations

200% year-on-year growth; 2024 guidance maintained

2024 production guidance a material step towards near-term targets

Reserves life of around 19 years¹

2P reserves stable year on year and increase in 2P + 2C before 2023 production

Focused on Net Zero commitment

Supplying energy for a just transition alongside a defined emissions reduction plan

Emissions intensity reduced

• ➢ 42% year-on-year reduction to 9.3 kgCO2e/boe
  • ➢ Driven by contribution of Karish (4.7 kgCO2e/boe)
  • ➢ Continued use of renewable-sourced energy, maintaining scope 2 emissions of 0 kgCO2e/boe
• ➢ Achieved our short-term emissions reduction target (to reduce emissions intensity by 85% from 2019-25) ahead of schedule

Outlook

• ➢ Medium-term target of 4-6 kgCO2e/boe by 2035 Energean intends to reach this through:
  • ➢ The advancement of CCS projects
  • ➢ An increased focus on electrification
  • ➢ The utilisation and/or generation of carbon credits via Nature Base Solutions

Sector leading ESG ratings

2023 Review and 2024 Guidance: Financials

FY 2023 results – key figures

	Production Figures
	FY 2023	FY 2022	% Change
W.I. Production (kboed)	123	41	200%
	Financial Figures
	FY 2023	FY 2022	% Change
Sales & Other Revenue (\$ million)	1,420	737	93%
Cash Cost of Production cost (\$/boe)	11 (of which 4 is royalties)	19 (of which 3 is royalties)	(44%)
Adjusted EBITDAX (\$ million)	931	422	121%
Operating Cash Flow (\$ million)	656	272	141%
Capital Expenditure (\$ million)	544	870	(37%)
	31 Dec 2023	31 Dec 2022	% Change
Net Debt – Consolidated (\$ million)	2,849	2,518	13%
Leverage (Net Debt / Adjusted EBITDAX)	3x	6x	(50%)

Material revenue growth…

…underpinned by long-term gas contracts with floor pricing

10

Underlying sales production and realised pricing can be found in the appendix.

Material deleveraging ongoing

No immediate debt maturities following Energean Israel's bond refinancing in July 2023

11

1. \$110 million of the \$300 million 3-year RCF reserved for Letters of Credit as of 31 Dec 2023.

Providing a stable and reliable dividend stream, in line with Energean's dividend policy

12

1. Amount includes the Q4 2023 dividend, which payment date is scheduled for 29 March 2024, which is the date upon which payment is initiated by Energean.

2024 guidance unchanged

	Production Guidance – unchanged
	FY 2024
Israel	115-130
Egypt	29-31
Rest of Portfolio	11-14
Total Production (kboed)	155-175

	Financial Guidance – unchanged
	FY 2024
Net Debt – Consolidated (\$ million)	2,800-2,900
Israel	350-380
Egypt	30-40
Rest of Portfolio	190-210
Total Cash Cost of Production (includes royalties; \$ million)	570-630
Israel	150-200
Egypt	30-50
Rest of Portfolio	220-2501
Total Development & Production Capital Expenditure (\$ million)	400-500
Exploration Expenditure (\$ million)	130-1702
Decommissioning Expenditure (\$ million)	40-50

13

1. Includes \$20-25 million of expenditure on the Prinos Carbon Storage project in Greece, which is expected to be covered from EU grants. 2. Includes the Anchois appraisal well in Morocco.

Outlook

Israel

Ramped-up to stabilised production; Karish North and second gas export riser complete

Ramped-up to stabilised production postcommissioning

• Karish ramped up to its initial capacity in 2023
• Maximum gas capacity now able to be utilised post Karish North and second gas export riser completion in February 2024
• Karish North successfully tested to maximum capacity (275 mmscfd)
• 99% uptime achieved in Q4 2023
• Eight liquid cargoes offloaded in 2023

Focused on backfilling the Energean Power FPSO…

Katlan and Tanin developments (existing 2P reserves) extend the life of the FPSO to 2040+

…And meeting growing gas demand

Israel gas demand trajectory maintained – forecasted to double over the next two decades

Source: Gas demand and electricity outlook forecast from BDO, January 2024.

Egypt

18

NEA/NI complete; focused on optimising Abu Qir production and merging production concessions

Growth projects complete

• NEA/NI completed in Dec '23
  • Three wells producing in line with expectations at
• Active infill well programme on Abu Qir has optimised
  • NAQPII#2 well brought online in Jan '24
• Discussions ongoing to merge our production licences¹ to streamline fiscal terms and extend the economic life
• Focused on managing and maximising receivables
  • Year-end 2023 receivables position¹ was \$147

1. For the Abu Qir, NEA and NI production licences. 2. After provision for bad and doubtful debts.

New areas of development underway for future growth

Morocco

Country entry aligned with Energean's strategy; farm-in completion expected imminently

Farm-in to Chariot's Lixus (45% W.I.) and Rissana (37.5% W.I.) licences

Lixus licences contains the 18 bcm (gross)¹ Anchois gas development

Farm-in completion expected imminently, upon receipt of remaining approvals from the Moroccan authorities

Anchois East appraisal well to be drilled in Q3 2024

Map from Chariot Limited

Key business drivers

Energean will continue to deliver and consider all opportunities to achieve the following:

Paying a reliable dividend

in line with stated policy

Deleveraging

to ~1.5x and sustained at or around these levels

Growing the business

to our near-term targets and beyond

Focus on gas, decarbonising and achieving Net Zero

by 2050 across scope 1 and 2 emissions

Reliable and predictable cash flows

underpinned by long-term gas contracts

Closing remarks and outlook summary

Evaluating all opportunities, with continued capital discipline, on Energean's key business

drivers 5

Appendix

Sales volumes and realised pricing

Sales volumes
kboe	FY22	FY23
Israel – gas	2	28
Egypt – gas	8	8
Other – gas	2	1
Israel – liquids	-	4
Other – liquids	3	4
Total	15	45
Realised pricing
	FY22	FY23
Gas (\$/mcf) – pre hedging	11	5
% gas under long-term contracts	38%	88%
Liquids (\$/boe)	81	72

1. Egypt volumes shown are net entitlement.