Energean PLC

Earnings Release • Sep 7, 2023

Energean

Half Year 2023 Results

7 September 2023

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

Karish producing steadily at ~6 bcm/yr equivalent; FPSO capacity increase on track for YE23

Karish producing steadily at initial plateau

• ➢ Production for the period was 105.9 kboed, near triple that of H1 2022
• ➢ Karish production steady at ~6.0 bcm/yr; start-up issues substantially overcome

All growth projects progressing in line with expectations

• ➢ Karish capacity increase to 8 bcm/yr on track for delivery by YE2023
• ➢ Positive results achieved at the second and third NEA/NI wells, reinforcing NEA#6 has no read-across the remainder of the field; remaining wells onstream by year-end 2023
• ➢ Cassiopea onstream 2024
• ➢ Olympus concept selected, FDP submitted to Israel MOE and FEED awarded to Technip

Strong financial performance

• ➢ Revenues of \$588 million (up 73% y-o-y)
• ➢ EBITDAX of \$345 million (up 74% y-o-y)
• ➢ Group liquidity \$897 million at 30 June; 2024 EISL bond tranche re-financed in July

Delivery of dividend policy in line with guidance

• ➢ One year of reliable quarterly dividend payments (\$213 million returned to shareholders); US\$1.20/sh annual cumulative returned (yield of 8%¹ )
• ➢ Q2 dividend of 30 US\$ cents/share declared today

1. Based on 5 September 2023 share price of GBp 1183

Financial Review – H1 2023 Panos Benos, Chief Financial Officer

H1 2023 results – key figures

	Production Figures
	H1 2023	H1 2022	% change
Gas Production (bcm)	2.5	0.8	213%
Liquids Production (kbbl/d)	18.6	9.6	94%
Total Production (kboed)	105.9 (82% gas)	35.4 (73% gas)	199%

	Financial Figures
	H1 2023	H1 2022	% change
Sales & Other Revenue (\$ million)	587.6	339.0	73%
Cash Cost of Production cost (\$/boe)	12.1	19.2	(37%)
Cash G&A (\$ million)	17.9	15.1	19%
Adjusted EBITDAX (\$ million)	345.2	198.2	74%
Operating Cash Flow	233.0	146.6	59%
Capital Expenditure (\$ million)	291.5	398.3	(27%)
	H1 2023	FY 2022	% change
Net Debt – Consolidated (\$ million)	2,715.3	2,518.2	8%
Leverage (Net Debt / Annualised Adjusted EBITDAX)	3.9x	6.0x	(35%)

Disciplined approach to capital allocation

Focused on stable predictable cash flows and maximising total shareholder return

6

1. Katlan covers gas fields on the Katlan licence (formerly Block 12) and parts of the Tanin licence

Optimised debt structure through 2024 bond refinancing

Weighted average life of debt extended to more than six years

7

1. As of 30 June 2023 2. \$110 million of the \$300 million reserved for Letters of Credit

2023 guidance

		Production Guidance
	FY 2023
Israel	87 – 94 (including 4.4 – 4.7 bcm of gas)	Amended to reflect YTD production; Karish currently producing ~6 bcm/yr
Egypt	23 – 25	Unchanged
Rest of Portfolio	10 – 11	Unchanged
Total Production (kboed)	120 – 130	Narrowed

	Financial Guidance
	FY 2023
Net Debt – Consolidated (\$ million)	2,700 – 2,900	Unchanged
Israel	275 – 300	Reduced to reflect revised production guidance
Egypt	40 – 50	Unchanged
Rest of Portfolio	160 – 200	Unchanged
Total Cash Cost of Production (includes royalties; \$ million)	475 – 550	Reduced
Israel	170 – 200	Unchanged
Egypt	140 – 150	Unchanged
Rest of Portfolio	270 – 290	Unchanged
Total Development & Production Capital Expenditure (\$ million)	580 – 640	Unchanged
Exploration Expenditure (\$ million)	50 – 60	Unchanged
Decommissioning Expenditure (\$ million)	20 – 30	Unchanged

Operational Review – H1 2023 Mathios Rigas, Chief Executive Officer

Karish – production steady at ~6 bcm/yr

Start-up issues substantially overcome

Annualised gas production Annualised nominations under the GSPAs Spot and excess GSPA annualised nominations

10

1. 1-15 August 2023. 2. 16-31 August 2023.

Israel – commercial update

Four new spot gas contracts signed and two new long-term contracts expected in the near-term; four hydrocarbon liquids cargoes sold

			YE22: 20 contracts
	New gas contracts	• Four new spot contracts signed in 2023; two new long-term contracts expected to be signed in the short term	24 contracts (including 5 spot)
signed		• Energean currently has a total of 24 contracts with high-quality independent customers, equivalent to 7.5 bcm/yr on peak	7.5 bcm/yr on peak
			Two new long-term contracts expected in the short-term
	Four hydrocarbon liquids cargoes	Four hydrocarbon liquid cargoes offloaded in 2023, totalling 1.7 million bbls, with a fifth cargo expected imminently
	exported •	Cargoes sold to Vitol with decreasing discount to Brent

1. Based on ACQ (Annual Contracted Quantity) of existing contracts and YE-22 D&M CPR. The above profile includes Karish, Karish North, Tanin, and the Athena, Zeus and Hera fields in Katlan. For Katlan, the profile is based on an indicative profile only for 31 bcm of audited 2P reserves in Katlan.

Israel – growth projects

Karish North and FPSO capacity increase on track for completion end-2023; Katlan FID end-2023

1 Karish North	2 Second gas export riser	3 Second oil train	4 Katlan1
• Production well drilled in 2022 • Manifold installed in April 2023 • Umbilical and spool installed in August 2023 • Commissioning and start-up expected Q4 '23	• Second export riser installed in March 2023 • De-watering activities expected in September • Commissioning and completion expected in Q4 2023	• Loadout from Dubai expected by end-September • Scheduled to be installed on the FPSO in Q4 2023, with commissioning and completion thereafter	• Development concept chosen; Backfill 8 bcm/yr FPSO, excess production targeting export markets • Field development plan submitted to Israeli Government; FEED contract awarded to Technip; FID by year end 2023
Projects will increase the FPSO's capacity to 8 bcm/yr and 32 kbbl/d
Karish North and FPSO capacity increase on track for completion year-end 2023 Katlan FID on track for year-end 2023

1. Katlan covers gas fields on the Katlan licence (formerly Block 12) and parts of the Tanin licence

Egypt – NEA/NI NEA/NI on track for completion by year-end 2023

NEA/NI update

• NEA#6 brought online in March 2023; no read-across to the remainder of the field
• NEA#5 reached first production in July 2023. The well is performing in line with pre-drill expectations (25 mmscfd)
• PY#1 completed drilling in August 2023 and has been tested at 20 mmscfd, which is in line with pre-drill expectations
• All subsea production systems installed
• NI#1 expected to spud in September 2023
• PY#1 and NI#1 expected online by year-end 2023

Italy – Cassiopea

Italy's largest gas development, in partnership with Eni, on track for first gas in 2024

Cassiopea update

• Italy's largest gas development project (450 Bcf (13 bcm) gross 2P reserves¹ ), enhancing the country's energy security
• Carbon neutral project
• Four well 30 km subsea-tie back to Sicily mainland; located in water depths of 400 600m
• First gas expected in 2024
• Pipelaying complete and subsea installation activities progressing well
• Drilling expected later this year

Growing into a 200 kboed production business

Near-term targets reiterated

the GSPAs, which assumes 100% offtake and no spot sales

Strong reserves life increase from Olympus Area discoveries

FID for Katlan¹ targeted by year-end 2023

16

1. Katlan covers gas fields on the Katlan licence (formerly Block 12) and parts of the Tanin licence

Exploration

Orion-1x drilling expected in Q4 2023 targeting multi-tcf, high-risk, high-reward gas prospect

Orion-1x exploration well (Egypt):

• Participation: IEOC (Eni; 70%; operator) and Energean (30%)
  • ➢ Energean is finalising its farm-down to 19% from 30% W.I.
• Location: North East Hap'y (NEHO) licence, offshore Egypt
• Spud date: Q4 2023
• Gross unrisked P50 GIIP: 283 bcm (9,996 bcf / 1.8 bnboe)
• Gross unrisked P50 OIIP: 400 mmboe
• Rig: Saipem's Santorini Drill Ship
• Water depth: 730 metres

Other exploration activities:

• Derisking of Arcadia and Hercules areas (Israel)
• Izabela-9 exploration well in Q4 2023 (Croatia)
• Drill or drop decisions in 2024 (Greece)
• Cassiopea and Abu Qir area prospects maturation (Italy and Egypt)

Progress on Net Zero commitment

30% decrease in emissions intensity in H1 2023 versus FY 2022

1. Scope 1 and 2 emissions

Outlook

Outlook over the next 18-months

Contact information

Energean Investor Relations

3 rd floor, Accurist House,

44 Baker Street,

London, W1U 7AL

ir@energean.com