Energean PLC

Investor Presentation • Jan 19, 2023

Energean

2022 Review & 2023 Outlook

19 January 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

Financials

• Revenues of \$737 million (+48%) and Adjusted EBITDAX of \$419 million (+97.3%)

1

• On track to deliver annualised mid-term targets of \$2.5bn revenues and \$1.75bn EBITDAX
• Group liquidity at 31 Dec 2022 of \$719 million,
  • Ensuring Energean is fully funded for all sanctioned projects

2

Operational

• Karish onstream
  • Excellent reservoir deliverability confirmed
  • FPSO commissioning process expected to complete Feb '23
• c. 75 bcm discovered & derisked by 2022 growth drilling campaign.
  • 67 bcm Olympus Area the focus of development efforts, offering near-term optionality
• Delivery of key development projects on track

Corporate and ESG

• US\$0.60/sh (US\$1.20/sh annualised) returned to shareholders, representing two quarters of dividends & an annualised yield of c. 7.5%¹

3

• On track to reduce near-term carbon emissions intensity to 7-8 kgCO2e/boe and to net zero by 2050
• CDP score increased to A- from B, outperforming E&P global average (C)

¹ Based on 17 January 2023 share price of GBp 13.31

Production – 2022 review

Underlying (ex-Israel) production in line with guidance

¹Guidance given in November 2022 shown.

Production – outlook

2023 a key step towards medium-term target of 200 kboed

Financials – 2022 review and 2023 guidance

	2022 actuals1	2023 guidance
Production	41.0 kboed (75% gas)	Production	131 – 158 kboed
Revenue	\$737 million	Cash Cost of Production (Operating costs + royalties)	\$600 – 700 million
Cash Cost of Production (Operating costs + royalties)	\$284 million	Development & production capital expenditure	\$580 – 640 million
Capital expenditure	\$700 million	Exploration capital expenditure	\$50 – 60 million
Consolidated net debt	Cash: \$498 million Net Debt: \$2,523 million	Decommissioning expenditure	\$30 – 40 million
Shareholder distribution	2022: US\$0.60/share	Consolidated net debt	\$2,600 – 2,800 million

1. Unaudited and subject to change

Disciplined approach to capital allocation

Clear capital allocation framework focused on maximising shareholder returns

Energean Israel Senior Secured Notes

ESG – at the heart of Energean's operations

Supplying energy for a just transition; committed to net zero by 2050

• Constituent of FTSE4Good Index Series
• Maala Index rating increased to platinum from gold
• Rated AA by MSCI for second year running

¹ Scope 1 and 2 emissions

Operational update

Karish – the core driver of our medium-term targets

Projects on track to deliver 8 bcm/yr FPSO capacity by end-2023

The path to 200 kboed – sanctioned projects update

Four projects expected online in 2023

Project	Country	Energean share %	Energean operated	Expected start-up	Peak production (kboed)	Comment
NEA/NI	Egypt	100	Yes	H1 2023	15-20 (88% gas)	NEA#6 well, which will be the first well onstream, completed drilling in January '23; remaining three wells onstream throughout 2023
Karish North	Israel	100	Yes	End-2023	>140 (82% gas) (inc. Karish)	Development well pre-drilled in 2022 and will be hooked-up to KM manifold in Q2 2023
Second gas export riser	Israel	100	Yes	End-2023	N/A	Installation expected in H1 2023 Add in peak
Second oil train	Israel	100	Yes	End-2023	N/A	production Installation expected in H2 2023 column?
Cassiopea	Italy	40	No (Eni)	H1 2024	10 (100% gas)
Epsilon	Greece	100	Yes	2024	5 (0% gas)
200 kboed production In the medium-term (including Karish)		250 200 150 ed o			75% of mid-term
All 6 projects		kb 100 50			production target from projects that are already producing

2022 2023 2024 2025

Base Karish Karish North and FPSO capacity increase NEA/NI Cassiopea Epsilon

On track and expected to come online over the next two years ⁰

Olympus Area development options

CPR and development concept for Olympus Area targeted in H1 2023

Olympus Area development options

• Option 1: Backfill 8 bcm/yr FPSO with Olympus Area, which is prioritised over Tanin, to supply Israeli domestic demand
• Option 2: Increase FPSO capacity and / or develop export pipelines (with a potential infrastructure partner) to tap export markets

¹ The 30 bcm is composed of the Zeus, Athena and Hera structures

Note: Hercules volumes are mean GIIP and excludes the A and B horizons. All others shown are recoverable resources

Exploration – 2023 lookahead

Targeting new resources

Exploration – 2023 lookahead

Key milestones for 2023

Key upcoming catalysts

Appendix

Karish North, 2nd gas riser and 2nd oil train

Milestones to FPSO debottlenecking and Karish North first gas

Second oil train & gas riser debottlenecks FPSO capacity to 8 Bcm/yr + 32 kboe/d

¹ Size of boxes for illustrative purposes only

Windfall taxes

Main exposure is in Italy, which makes up <10% of Energean's medium-term production target

Group windfall tax exposure Italy Exposed to 2022-23 windfall tax. 2022 windfall fully paid in 2022, 2023 windfall tax to be paid in June 2023. Relative to Energean's medium-term production targets, Italy contributes c. 8% of total production Israel Sheshinsky levy in place since 2011, no new taxes have been introduced Egypt Cash taxes not borne by the contractor as part of the fiscal regime. UK De minimis exposure to Energy Profits Levy 70% 18% 8% 4% Israel Egypt Italy Greece, Croatia and UK Relative contribution to mid-term production target