Energean PLC

Investor Presentation • Jan 18, 2024

Energean

January Trading & Operations Update

18 January 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 Mathios Rigas, Chief Executive Officer

Highlights

Significant y-o-y production growth into a >150 kboed producer

FY 2023 production in line with guidance

• ➢ FY23 production of 123 kboed, a 200% increase versus FY22.
• ➢ Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments.

Strong financial performance

• ➢ Revenues of \$1,419 million (up 93% y-o-y).
• ➢ Adjusted EBITDAX of \$925 million (up 119% y-o-y).
• ➢ Group liquidity \$607 million at 31 December 2023.
• ➢ Group leverage of 3x (down 50% y-o-y).

NEA/NI (Egypt) project complete

• ➢ Remaining two wells brought online on 30 Dec '23.
• ➢ Project producing in line at 72 mmscfd (~13 kboed).

Further Growth projects expected online 2024

• ➢ Karish North first gas expected in Q1 2024; second oil train to be installed as soon as the ongoing security situation allows.
• ➢ Cassiopea expected onstream in the summer of 2024.

Significant steps taken to further expand and diversify

• ➢ Katlan Phase 1 FDP approved; FID expected upon finalisation of EPC terms.
• ➢ Morocco farm-in expected to complete in the near-term.
• ➢ New potential areas of growth in Italy via concessions which were previously frozen.
• ➢ Discussions initiated to merge the Abu Qir, NEA and NI licences.
• ➢ Prinos CS project included within EC's Projects of Common Interest*.

Delivery of dividend policy in line with guidance

➢ \$214 million returned to shareholders in 2023 (US\$1.20/sh).

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Significant production growth…

…underpinned by ramp-up of production from Karish

Israel – Karish production successfully increased to initial production capacity; upcoming FPSO capacity increase facilitates further step up

2024 guidance: 115-130 kboed

Egypt – NEA/NI completed in Dec '23; Abu Qir production steady with focus on optimisation and nearfield infill drilling opportunities

2024 guidance: 29-31 kboed

Rest of the Portfolio – Stable production; Cassiopea first gas in summer 2024 drives future growth

2024 guidance: 11-14 kboed

Financial Review Panos Benos, Chief Financial Officer

FY 2023 results – key figures

	Production Figures
	FY 2023	FY 2022	% change
Gas Production (bcm)	6	2	200%
Liquids Production (kbbl/d)	21	10	110%
Total Production (kboed)	123	41	200%

		Financial Figures
	FY 2023	FY 2022	% change
Sales & Other Revenue (\$ million)	1,419	737	93%
Cash Cost of Production cost (\$/boe)	10.6 (of which 4.1 is royalties)	18.9 (of which 3.0 is royalties)	(44%)
Adjusted EBITDAX (\$ million)	925	422	119%
Capital Expenditure (\$ million)	642	877	(27%)
	31 Dec 2023	31 Dec 2022	% change
Net Debt – Consolidated (\$ million)	2,849	2,518	13%
Leverage (Net Debt / Adjusted EBITDAX)	3x	6x	(50%)

KPIs Focused on value and disciplined cost management

Operating netback is calculated as the sales price less cost of operations. Operating costs chart (\$/boe) uses working interest production not net entitlement sales volumes.

2024 guidance

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

	Financial Guidance
	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

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

Operations Review Mathios Rigas, Chief Executive Officer

Israel - FPSO successfully increased to initial production capacity

FPSO performing to meet nominations; upcoming FPSO capacity increase facilitates further step up

Annualised Gas Production and Nominations

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¹ To 16 January 2024; ² Uptime is defined as the number of hours that the Energean Power FPSO was operating; the Q4 2023 figure excludes the scheduled 6-day shutdown that occurred in December.

Israel – 2024 developments

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Existing Growth projects expected online in 2024; Katlan FDP approved, FID expected upon EPC finalisation

Egypt – FY23 Highlights and Outlook

NEA/NI complete; focused on optimising Abu Qir production; upside via high-impact exploration well

NEA/NI complete – in Dec '23; producing in line at 72 mmscfd (c.13 kboed).

Abu Qir growth – new infill well brought online in Jan '24; evaluating other infill and step-out exploration.

Optimisation of existing licences - Discussions initiated to merge the Abu Qir, NEA and NI (Egypt) concessions to streamline the fiscal terms and extend the economic life of the fields.

Exploration upside – Orion-1x well currently drilling targeting multi-tcf, high-risk, high-reward gas prospect.

Egypt portfolio location

Italy - FY23 Highlights and Outlook

Production holding steady; Cassiopea, Gemini & Centauro and unfrozen licences provide new areas of growth

Cassiopea on track – for first gas in the summer 2024; drilling operations began in Nov '23.

Gemini and Centauro growth – two near-field drilling targets, on the Cassiopea licence, planned for 2024.

New areas of growth - via concessions previously frozen during the PITESAI review. Energean is subsequently focused on progressing certain nonoperated concessions in the Upper Adriatic and Sicilian Channel, with the expectation to unlock additional reserves.

Cassiopea licence location

Prinos Carbon Storage Project – Update

The first CO2 storage in the East Med, designed to service Greek industry & regional emitters

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Morocco country entry and farm - in to Anchois gas development

Energean's new frontier

Farm -	To Chariot Energy's Lixus and Rissana
In	licences, offshore Morocco
New country	Entry in Morocco aligned with Energean's core
entry	Mediterranean region
Gas	Acreage underpinned by attractive 18 Bcm
focused	Anchois gas development
Near-term	Appraisal well planned to de-risk 2C volumes
activities	and target additional upside (11 Bcm)
Access to	Located near to infrastructure for supply of gas
new markets	to domestic and international markets
Exploration	Licences contain significant exploration
upside	prospectivity

Progress on Net Zero commitment

41% decrease in emissions intensity in FY 2023 versus FY 2022

Outlook

Outlook

2024 production guidance - a material step towards near-term targets:

• FPSO capacity increase
• New gas contracts signed
• Cassiopea onstream

Growth and diversification on the horizon:

• Katlan Final Investment Decision
• Morocco farm-in completion and Anchois East appraisal well
• Orion-X1 exploration well results
• Maturation of Prinos Carbon Storage Project

Continued capital allocation discipline:

• Achievement of near-term targets including \$1.75bn EBITDAX and leverage of c.1.5x
• Payment of quarterly dividend in line with policy

Continued progress on commitment to net zero by 2050:

• FY 2024 emissions intensity expected to reduce by 10-15% versus FY 2023