Interim / Quarterly Report • Sep 11, 2025
Interim / Quarterly Report
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London, 11 September 2025 - Energean plc (LSE: ENOG, TASE: אנאג (is pleased to announce its half-year results for the six months ended 30 June 2025 ("H1 2025").
"Our business has remained resilient, despite the external geopolitical and market pressures, underpinned by disciplined capital management and cost control, a clear focus on long-term value creation and delivery of operational excellence; in August alone Group production was 178 kboed, showcasing strong summer demand for our gas in Israel and strong performance of the Energean Power FPSO. Despite the temporary suspension of operations in Israel for two weeks during the peak summer months, as ordered by the Ministry due to geopolitical factors, net profit increased during the period and we are therefore pleased to declare our regular quarterly dividend today.
"So far this year, we have: secured over \$4 billion in new, long-term gas contracts that brings the total value of contracted gas to around \$20 billion for the next 20 years; ensured that our Katlan project continues to progress on time and on budget; received the first tranche of grant funding for our Prinos carbon storage project;sanctioned the Irena development offshore Croatia; and made positive progress in merging our Egypt concessions to optimise value.
"Looking ahead, our strategic priorities are clear. First, in Israel, we are focused on reliable production and sales to the domestic market which is the bedrock of our cashflow, followed by finalising export opportunities to enhance sales where we see strong long-term demand for our gas in the region. Second, we are working at pace to mature both organic and inorganic options for the continuation of our growth trajectory. And third, for our other two key business drivers, quarterly dividends and deleveraging, we are actively exploring all strategic options within our existing portfolio to maximise value for our shareholders. We are excited by the opportunities before us and remain committed to delivering long-term value across all areas of our business."
| H1 2025 | H1 2024 1 |
Increase/ | |
|---|---|---|---|
| Energean | Energean | (Decrease) | |
| Group | Group | % | |
| Average daily working interest production (kboed) | 138 | 146 | (5%) |
| Sales revenue (\$m) | 804 | 867 | (7%) |
| Realised weighted average liquid price (\$/boe) | 61.6 | 74.8 | (18%) |
| Realised weighted average gas (\$/mcf) | 5.2 | 4.6 | 12% |
| Cash cost of production2 (\$m) |
272 | 271 | -% |
| Cash cost of production per barrel (\$/boe) | 11 | 10 | 10% |
| Cash G&A3 | 21 | 19 | 11% |
| Adjusted EBITDAX4 (\$m) |
505 | 568 | (11%) |
| Profit after tax (\$m) | 110 | 89 | 24% |
| Earnings per share (\$ per share) | \$0.60 | \$0.48 | 25% |
| Cash flow from operating activities (\$m) | 555 | 527 | 5% |
| Capital expenditure (\$m) | 297 | 393 | (24%) |
| Dividend per share (\$ per share) | \$0.60 | \$0.60 | -% |
1 As described in the Basis of preparation note to the condensed consolidated interim financial statements (note 2), the business previously classified as discontinued operation was reclassified to continuing operations and the comparative financial information has been restated as if that business had never met the criteria to be classified as held for sale.
2 Cash cost of production is defined later in the financial review.
3 Cash G&A is defined later in the financial review.
4 Adjusted EBITDAX is defined later in the financial review. Energean uses adjusted EBITDAX as a core business KPI.
| H1 2025 | FY 2024 | |
|---|---|---|
| Energean Group | Energean Group | |
| Total borrowings (\$m) | 3,488 | 3,270 |
| Cash and cash equivalents and restricted cash (\$m) | 487 | 321 |
| Net debt (\$m) (including restricted cash) | 3,000 | 2,949 |
| Leverage Ratio (Net Debt/ Adjusted EBITDAX5 ) |
2.7x | 2.5x |
5 The leverage ratio is calculated using annualised Adjusted EBITDAX based on actual H1 2025 performance.
6 Subject to the issuance of an export permit by the Petroleum Commissioner and compliance with any governmental export policy.
Energean expects the following for the year ahead for the Group:
A webcast will be held today at 08:30 GMT / 10:30 Israel Time.
Webcast: https://www.lsegissuerservices.com/spark-insights/EnergeanOilGas/events/24f7a74e-50c6-4d17 b9c2-91477eb40d91
Please note, once you register for the conference call line you will receive your unique dial-in details and passcode. The presentation slides will be made available on the website shortly at www.energean.com
7 Payment date is stated as the date upon which payment is initiated by Energean.
| For capital markets: | |
|---|---|
| Kyrah McKenzie, Investor Relations Manager | Tel: +44 (0) 7921 210 862 |
| [email protected] | |
| For media: | |
| Eliana Fishler, Group Head of Communications & Public Affairs | Tel: +972 (0) 54 434 2040 |
| [email protected] | |
| Ben Brewerton, FTI Consulting | Tel: +44 (0) 2037 271 065 |
| [email protected] |
In H1 2025, the Loss Time Injury Frequency ("LTIF") Rate was 0.37 (H1 2024: 0.42) and the Total Recordable Incident Rate ("TRIR") was 0.37 (H1 2024: 1.27), an improvement versus the prior year and well below the Group's full year targets.
Scope 1 and 2 emissions intensity on an equity share basis was 8.3 kgCO2e/boe, a reduction of 2% from H1 2024 (8.5 kgCO2e/boe) due to lower year-on-year emissions in Egypt.
Group average working interest production was 138 kboed (84% gas), down 5% year-on-year owing largely to the temporary suspension of production in Israel in June. Output was subsequently restored and Group production has averaged 147 kboed in the eight months to 31 August 2025 and 178 kboed in August alone.
| H1 2025 Kboed |
H1 2024 Kboed |
% change | 8-months to 31 August 2025 Kboed |
|
|---|---|---|---|---|
| Israel | 94 (inc. 2.3 bcm of gas) |
104 (inc. 2.5 bcm of gas) |
(10%) | 105 |
| Rest of portfolio | 44 (inc. 29 in Egypt) | 42 (inc. 31 in Egypt) | 2% | 42 |
| Total production | 138 | 146 | (5%) | 147 |
This table may not cast due to rounding.
FPSO uptime8 (excluding planned shutdowns and Ministry ordered suspensions) averaged 97% for the 6-months to 30 June 2025. On 13 June 2025, the Ministry of Energy Infrastructure ordered a temporary suspension of production and activities of the Energean Power FPSO, following geopolitical escalation in the region, during which all non-essential personnel were demobilised from the FPSO, including those working on the second oil train commissioning project. Production was subsequently restarted on 25 June 2025. Commissioning of the second oil train, which will result in an increase in liquids production capacity, was subsequently deferred until late Q4 2025 to avoid non-essential shut-downs during peak demand periods.
Energean's Katlan project remains on budget and on schedule for first gas in H1 2027. During H1 2025, Energean signed a drilling contract with Saipem SpA for its 2026 drilling campaign that includes the Athena and Zeus
8 Uptime is defined as the number of hours that the Energean Power FPSO was operating.
production wells and options for two additional wells. Also in the period, an Engineering, Procurement and Construction ("EPC") contract with NOV Process & Flow Technologies AS was signed for the upgrade of the Floating Production Storage and Offloading ("FPSO") topsides related to Methanol and Mono-Ethylene Glycol ("MEG") treatment, injection and storage. All the major Katlan contracts have now been agreed on budget in line with the \$1.2 billion Final Investment Decision announcement made by Energean in July 2024.
In line with the Group's target to sign new long-term gas contracts, two new gas sales agreements were signed during the period to supply two new power plants to meet Israel's growing gas demand. Combined, these contracts amount to over \$4 billion in future revenues over the next two decades9 , which brings the total contracted revenues over a 20-year period to around \$20 billion.
In January 2025, a binding term sheet was signed with Dalia Energy Companies Ltd. for the supply of up to 0.1 bcm/yr from April 2026, rising to up to 0.5 bcm/yr from around January 2030 and then at least 1 bcm/yr from June 2035 onwards, and excludes supply in the summer months10 between 2026-2034.
In April 2025, a Gas Sale and Purchase Agreement ("GSPA") was signed with Kesem Energy Ltd for the supply of ~1 bcm/yr from around the middle of the 2030s until the end of the contract period. Prior to this, Energean Israel will supply limited quantities of gas intermittently.
Energean intends to book capacity in the new onshore Nitzana export pipeline to boost future sales. In addition, Energean is working in coordination with potential buyers and the regulator to secure further export opportunities 11 to maximise sales in the shoulder months. Volumes from the Katlan lease carry no export restrictions12 .
Energean is focused on maximising value at its operations in Egypt, Italy, Croatia, UK and Greece, which together produced 44 kboed in H1 2025.
In Egypt, Energean is in advanced discussions with the Egyptian authorities to merge Energean's three production concessions (Abu Qir, NEA and NI) into a single concession. The resultant single concession is expected to improve the commercial and fiscal conditions, unlock new development and exploration opportunities, and extend the economic life of the fields. The Group's net receivables position (after provision revision for expected credit loss) at 30 June 2025 was \$239 million, of which \$189 million was classified as overdue. While the receivables position is flat year-on year, the Group expects greater receivables collection in the second half of the year, as seen historically between 2020-2024 and ultimately expects to see a gradual reduction moving forward. Total Egypt production averaged 29 kboed in H1 2025, demonstrating successful arrest of typical natural decline in these assets following strong performance of the Location B well.
In Italy, a work programme amendment was submitted to the Ministry in July for the potential Vega West development, which contains ~10 mmbbl in the first phase and an additional 23 mmbbl in the full development scenario13 . Production at Rospo Mare is expected to resume in early Q4 2025 at rates of 2 kbbl/d following the fire
9 Dalia binding term sheet over ~18 years and Kesem GSPA over ~17 years.
10 Summer months defined as between June to September.
11 Subject to the issuance of an export permit by the Petroleum Commissioner and compliance with any governmental export policy.
12 As per the existing regulations as of the date of this release.
13 Total Vega West 2C volumes are 33 mmbbl per the YE24 D&M CPR. 10 mmbbl first phase volumes, as included in the submitted work
programme amendment, are internal management estimates.
incident in January 2025. Income-lost production and expenditure incurred to remediate the damage at this field are covered by Energean Italy's insurance cover, with EUR 15 million received up to end-August 2025. Total Italy production averaged 12 kboed in H1 2025. In order to protect against ongoing macroeconomic volatility, in H1 2025, Energean entered into put and call options for certain future gas production as well as for foreign currency payments in Italy (see note 7 in the financial statements).
In Croatia, Energean (70% working interest), alongside its partner INA – INDUSTRIJA NAFTE d.d. ("INA"), took Final Investment Decision ("FID") in July 2025 for the development of the Irena gas field. The development plan is for a single platform tie-back to the existing infrastructure at the Izabela field; Energean's net share of the capital expenditure is expected to be EUR 50 million. First gas is expected in H1 2027, with peak production anticipated at around 8-10 mmscfd gross (1,400-1,700 boe/d).
In the UK, the Wenlock and Garrow well plug and abandonment ("P&A") campaigns, which Energean is operator for, were successfully completed on schedule and below budget in June and July respectively. The Kilmar well P&A campaign is also on track to be completed ahead of schedule in September.
In Greece, post-period end, the first instalment of the RRF grant was received for its Prinos Carbon Storage project. Drilling, funded by the RRF scope, is targeted in 2026. Production at the Prinos field, which produces small quantities of oil, was temporarily suspended in May 2025 for economic reasons due to high operating costs, in particular electricity costs.
| FY 2025 | |
|---|---|
| Production | |
| Israel (kboed) | 105 – 115 |
| Rest of portfolio (kboed) | ~40 |
| Total production (kboed) | 145 – 155 |
| Consolidated net debt (\$ million) | 2,900 – 3,100 |
| Cash Cost of Production (operating costs plus royalties) | |
| Israel (\$ million) | 320 – 340 |
| Rest of portfolio (\$ million) | 240 – 260* |
| Total Cash Cost of Production (\$ million) | 560 – 600 |
| Cash G&A (\$ million) | 35 – 40 |
| Development and production capital expenditure | |
| Israel (\$ million) | 380 – 400** |
| Rest of portfolio (\$ million) | 100 – 200 |
| Total development & production capital expenditure (\$ million) | 480 – 520 |
| Exploration expenditure (\$ million) | 0 – 5 |
| Decommissioning expenditure (\$ million) | 60 – 80 |
2025 Guidance
*Rest of portfolio guidance includes \$25-30 million of flux costs in Italy.
**Guidance excludes any potential expenditure on the Nitzana export pipeline.
As described in the Basis of preparation note to the condensed consolidated interim financial statements (note 2), the business previously classified as discontinued operation was reclassified to continuing operations and the comparative financial information has been restated as if that business had never met the criteria to be classified as held for sale.
Group working interest production averaged 138 kboed in H1 2025, with the Karish and Karish North fields contributing over 68% of total output. Production was impacted by the temporary suspension of operations in Israel for security reasons in June 2025 and a 6% average decline across all three concessions in Egypt. This was partly offset by a near doubling of gas production in Italy following the start-up of the Cassiopea field. UK output remained stable, while Greece saw a 7% decline due to a temporary suspension of production which commenced in May 2025. The production mix remained broadly consistent at 84% gas and 16% liquids (H1 2024: 82% gas, 18% liquids). Overall, gas production fell 4% and oil production dropped 16%.
Group revenue totalled \$804 million, down 7% from H1 2024 (\$867 million), mainly due to a combination of lower sales in Israel, which accounted for 60% of total revenue (H1 2024: 70%), and higher sales in Italy, which contributed to 25% of total revenue in H1 2025 (H1 2024: 13%).
The weighted average realised gas price was \$5.2/mcf, 12% higher than in H1 2024 (\$4.6/mcf). Italian gas prices remained strong, with the PSV price averaging \$14.2/mcf (H1 2024: \$10.0/mcf). Despite the 4% drop in total Group gas sales volumes, total gas revenue increased 7% to \$541 million (H1 2024: \$504 million) due to higher Italian volumes sold at higher prices compared to other countries.
Liquids sales totalled \$250 million (H1 2024: \$361 million), with the weighted average realised price declining to \$61.6/boe (H1 2024: \$74.8/boe). The reduction of oil liquids sales was driven by both lower prices in all countries of operations and reduced volumes, mainly in Israel due to the temporary suspension.
Adjusted EBITDAX was \$505 million (H1 2024: \$568 million), an 11% decrease, primarily reflecting lower revenue driven by the reduced production volumes and lower oil prices in H1 2025.
Total cash production costs for the period were broadly stable at \$272 million (H1 2024: \$271 million), with Israel accounting for 55% of the total costs. Excluding Israel, costs rose to \$123 million (H1 2024: \$107 million), reflecting the start up of Cassiopea in August 2024. Group unit costs increased to \$11/boe (H1 2024: \$10/boe), primarily due to lower production in Israel, which was partly offset by lower unit costs in Italy and Egypt. As outlined in note 5, royalties in Italy and Israel remain a significant component of production costs. Excluding royalties, production costs were \$175 million (H1 2024: \$155 million), equating to \$7/boe (H1 2024: \$6/boe).
Depreciation on production and development assets remained broadly consistent compared to the prior year at \$194 million in H1 2025 (H1 2024: \$184 million).
During the period, the Group expensed \$2 million (H1 2024: \$79 million) for exploration and new venture evaluation activities in Italy.
Other expenses decreased to \$4 million (H1 2024: \$5 million), mainly comprising \$3 million in transaction costs related to the anticipated ECL14 disposal. Other income rose to \$33 million (H1 2024: \$2 million), mainly due to the reversal of a \$19 million prior-period accrual in Egypt and \$10 million of insurance proceeds in Israel. The Group also recognised an additional \$2 million expected credit loss provision in Egypt, reflecting a higher overdue receivables balance since year-end.
Total finance costs in H1 2025 decreased to \$128 million (H1 2024: \$138 million) due to the higher level of interest capitalised in Israel. Total financing costs before capitalisation were \$144 million (H1 2024: \$143 million). The finance costs mainly included \$103 million in interest expense on Senior Secured notes, \$10 million on debt facilities, \$27 million from the unwinding of discounts on deferred consideration, long-term payables, and decommissioning provisions. Net finance costs also reflect foreign exchange loss of \$27 million driven by the depreciation of the US dollar against the euro, and finance income of \$3 million, which includes interest income from time deposits.
To manage currency risk related to \$ - denominated payments in Italy, the Group entered into EUR put and call option contracts during H1 2025. The options were allowed to expire by 30 June 2025, resulting in a realised loss of \$3 million, which is reflected in the period's results.
The Group had a tax expense of \$64 million in H1 2025 (H1 2024: \$86 million), comprising of a current tax expense of \$39 million and a deferred tax expense of \$25 million. This resulted in an effective tax rate of 37% (down from 49% in H1 2024). The lower overall tax expense compared with last year was mainly due to reduced taxable profits and changes in deferred tax, which were largely driven by the adjustments on the Italian decommissioning provision deferred tax assets.
Taxation charges in H1 2025 also included \$13 million (H1 2024: \$19 million) related to non-cash taxes deducted at source in Egypt.
Profit after tax was \$110 million (H1 2024: \$89 million), reflecting the absence of impairments in H1 2025 (compared to a \$79 million impairment of exploration and evaluation assets in the prior year). This benefit was partly offset by lower taxable profits from a 7% revenue decline and a \$27 million foreign exchange loss (H1 2024: \$11 million gain).
Profit before tax of \$174 million remained broadly consistent compared to the prior year (H1 2024: \$175 million). The effective tax rate in H1 2025 went down to 37% compared to 49% in H1 2024 resulting in tax expense of \$64 million (H1 2024: \$86 million).
In H1 2025, earnings per share were \$0.60 (H1 2024: \$0.48), with diluted earnings per share being \$0.59 (H1 2024: \$0.48).
14 The Group's portfolio in Egypt, Italy, and Croatia is collectively referred to as 'Energean Capital Limited Group' (ECL).
In H1 2025, the Group generated net operating cash inflows of \$555 million compared with \$527 million in H1 2024. The 5% increase was driven by a combination of \$50 million drawn under the letter of credit for payment of the Non-Completion Payable, an average 18% decrease in realised liquids prices across all countries of operation offset by higher gas revenues compared to the prior year in Italy, supported by increased sales volumes from Cassiopea and higher European gas price versus the previous year.
Capital expenditures totalled \$297 million in the period (H1 2024: \$393 million), primarily directed towards development projects. This included \$213 million for the Katlan development, \$23 million for the Karish and Karish North fields, and \$14 million and \$10 million for the Cassiopea and Santo Stefano Mare fields in Italy, respectively. Exploration and appraisal spend in H1 2025 was minimal, reflecting mainly a re-estimate of previously recognised costs for the North East Hap'y prospect in Egypt following final invoicing.
During the period, the decommissioning provision increased by \$21 million due to the updates to decommissioning cost estimates and revision of other relevant assumptionssuch as discount and inflation rates. A \$4 million increase in the decommissioning provision (H1 2024: less than \$1 million) was expensed during the period, primarily relating to Italy, due to a modest increase in the discount rate since year-end across all decommissioning-related assets. \$17 million of the increase in decommissioning provision were capitalised in H1 2025, including \$12 million related to non-operated Scott and Telford fields. Pre-cessation of production well plug and abandonment decommissioning activities on Scott are anticipated to commence in 2028 with cessation of production forecasted by 2030.
In H1 2025, the Group invested \$31 million in decommissioning works, comprising \$11 million and \$7 million for the Wenlock and Tors projects in the UK respectively, and \$12 million in Italy, primarily for the Candela and Santo Stefano Mare projects.
As at 30 June 2025, net debt was \$3,000 million (FY24: \$2,949 million), consisting of total borrowings offset by deferred amortised fees, bank deposits, and total cash of \$488 million, including \$87 million of restricted cash. Total borrowings include the following:
Energean's floating interest rate exposure is limited to certain arrangements, namely the Greek BSTDB loan, the \$750 millon Bank Leumi term loan, the corporate RCF and other short-term bilateral agreements. All Senior Secured Notes, including both at Energean Plc and Energean Israel, carry fixed interest rates.
In line with the Group's dividend policy, Energean returned US\$0.60 per share to shareholders in H1 2025, totalling \$110 million, representing two-quarters of dividend payments. In H1 2024, Energean also returned US\$0.60 per share.
The Group uses certain measures of performance that are not specifically defined under IFRS or other generally accepted accounting principles. These non-IFRS measures include adjusted EBITDAX, underlying cash cost of production and G&A, capital expenditure, net debt and leveraging.
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation, depreciation and amortisation, sharebased payment charge, impairment of property, plant and equipment, other income and expenses, net finance costs and exploration costs. The Group presents adjusted EBITDAX as it is used in assessing the Group's growth and operational efficiencies because it illustrates the underlying performance of the Group's business by excluding items not considered by management to reflect the underlying operations of the Group.
| H1 2025 Energean Group |
H1 2024 Energean Group |
|
|---|---|---|
| \$m | \$m | |
| Adjusted EBITDAX | 505 | 568 |
| Reconciliation to profit for the period: | ||
| Depreciation and amortisation | (194) | (184) |
| Share-based payment charge | (4) | (4) |
| Exploration and evaluation expense | (2) | (79) |
| Change in decommissioning provision | (4) | - |
| Expected credit loss | (2) | (1) |
| Other (expenses)/income | 30 | (3) |
| Finance income | 3 | 5 |
| Finance cost | (128) | (138) |
| Net loss on derivatives | (3) | - |
| Net foreign exchange loss | (27) | 11 |
| Taxation income / (expense) | (64) | (86) |
| Profit for the period | 110 | 89 |
Cash Cost of Production is a non-IFRS measure that is used by the Group as a useful indicator of the Group's underlying cash costs to produce hydrocarbons. The Group uses the measure to compare operational performance period-to-period, to monitor cost and assess operational efficiency. Cash cost of production is calculated as cost of sales, adjusted for depreciation and hydrocarbon inventory movements.
| H1 2025 | H1 2024 | |
|---|---|---|
| Energean Group | Energean Group | |
| \$m | \$m | |
| Cost of sales | 469 | 461 |
| Adjusted for: | ||
| Depreciation | (191) | (181) |
| Change in inventory | (6) | (9) |
| Cash Cost of production | 272 | 271 |
| Total production for the period (MMboe) | 24,913 | 26,650 |
| Cash Cost of production per boe (\$/boe) | 10.9 | 10.2 |
Cash G&A excludes certain non-cash accounting items from the Group's reported G&A. Cash G&A is calculated as follows: administrative and distribution expenses, excluding depletion and amortisation of assets and share-based payment charge that are included in G&A.
| H1 2025 | H1 2024 | |
|---|---|---|
| Energean Group \$m |
Energean Group \$m |
|
| Administrative expenses | 28 | 26 |
| Less: | ||
| Depreciation | (3) | (3) |
| Share-based payment charge included in G&A | (4) | (4) |
| Cash G&A | 21 | 19 |
The Group's total cash G&A expenses for H1 2025 amounted to \$21 million. This reflects a 11% overall increase from the previous period. The rise in costs is primarily driven by an increase in staff headcount in Israel due to the Katlan project.
Capital expenditure is a useful indicator of the Group's organic expenditure on oil and gas assets and exploration and appraisal assets incurred during a period. Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets less decommissioning asset additions, right-of-use asset additions, capitalised share-based payment charge and capitalised borrowing costs:
| H1 2025 | H1 2024 | |
|---|---|---|
| Energean Group \$m |
Energean Group \$m |
|
| Additions to property, plant and equipment | 284 | 172 |
| Additions to intangible exploration and evaluation assets | (2) | 193 |
| Less: | ||
| Capitalised borrowing costs | (15) | 5 |
| Leased assets additions and modifications | (37) | 1 |
| Lease payments related to capital activities | (9) | (10) |
| Change in decommissioning provision | 17 | (25) |
| Total capital expenditures | 297 | 393 |
| Movement in working capital | 88 | (51) |
| Cash capital expenditures per the cash flow statement | 385 | 342 |
Net debt is defined as the Group's total borrowings less cash and cash equivalents. Management believes that net debt serves as a valuable indicator of the Group's indebtedness, financial flexibility, and capital structure because it reflects the level of borrowings after accounting for any cash and cash equivalents that could be utilised to reduce borrowings.
| H1 2025 | FY 2024 | |
|---|---|---|
| Net debt reconciliation | Energean Group | Energean Group |
| \$m | \$m | |
| Current borrowings | 880 | 128 |
| Non-current borrowings | 2,608 | 3,142 |
| Total borrowings | 3,488 | 3,270 |
| Less: Cash and cash equivalents | (401) | (236) |
| Less: Restricted cash held for loan repayment | (87) | (85) |
| Net Debt15 | 3,000 | 2,949 |
15 Inclusive of restricted cash
The Directors assessed the Group's ability to continue as a going concern over a going concern assessment period to 31 December 2026. As a result of this assessment, the Directors are satisfied that the Group has sufficient financial resources to continue in operation for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the condensed consolidated interim financial statements. Detail of the Group's going concern assessment for the period can be found within note 2.2 of the condensed consolidated interim financial statements.
Effective risk management is fundamental to achieving Energean's strategic objectives and protecting its personnel, assets, shareholder value and reputation. Energean's risk management framework and process is described in detail between pages 71-75 in its 2024 Annual Report and Accounts. The principal risks and uncertainties facing the business are monitored on an ongoing basis in line with the UK Corporate Governance Code 2024. The Board has overall responsibility for determining the nature and extent of the risks it is willing to take in achieving the strategic objectives of the Group and ensuring that such risks are managed effectively.
The Board of Directors have reviewed the principal risks facing the Company and have identified, as noted below, certain changes to the headline principal risks from those disclosed in the 2024 Annual Report between pages 76 - 84.
As discussed in the financial review and in note 2 of the financial statements, on 21 March 2025, Energean terminated the proposed sale of its portfolio in Egypt, Italy and Croatia as per the binding Sale and Purchase Agreement ("SPA") signed on 19 June 2024. As a result, certain risks associated with these assets have reemerged, including:
In addition, as a result of the retention of the Group's Egypt, Italy and Croatia staff, coupled with targeted initiatives and engagement that have strengthened the wider workforce, e.g. greater share of local employment in Israel, the Board has determined that the 'Organisational and HR risk: failure to attract, retain and develop staff' is no longer a headline principal risk. Talent management will continue to remain embedded in the Group's risk governance and strategic planning process, and monthly reports on recruitment and retention indicators submitted to the Board will enable oversight of emerging trends and early identification of potential challenges. Should any of the reported indicators deteriorate, the Board will consider re‑elevating and re-establishing targeted mitigation measures.
Operations in Israel remain subject to elevated geopolitical and security risks. On 13 June 2025, production and operations were temporarily suspended following a directive from the Ministry of Energy and Infrastructure after geopolitical escalation in the region. A notice was subsequently received on 25 June 2025 instructing the safe restart and resumption of production and operations. Energean continues to monitor the situation closely and maintains contingency plans, including security protocols for its workforce and personnel that prioritises the safety of its staff and contract personnel, diversified logistic routes and insurance coverage.
The principal risks are now summarised as:
Within the Company's enterprise risk management framework, emerging risks are considered as part of the identification phase. These are risks that cannot yet be fully assessed, risks that are known but are not likely to have an impact for several years, or risks which are unknown but could have implications for the business moving forward. During the second half of 2025, management will continue to monitor any relevant trends, enhancing proactive monitoring and scenario planning while exploring new opportunities.
The Directors confirm that, to the best of their knowledge:
Mathios Rigas Chief Executive Officer 10 September 2025 10 September 2025
Panos Benos Chief Financial Officer
This announcement contains statements that are, or are deemed to be, forward-looking statements. In some instances, forward-looking statements can be identified by the use of terms such as "projects", "forecasts", "on track", "anticipates", "expects", "believes", "intends", "may", "will", or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results and events to differ materially from those expressed in or implied by such forward-looking statements, including, but not limited to: general economic and business conditions; demand for the Company's products and services; competitive factors in the industries in which the Company operates; exchange rate fluctuations; legislative, fiscal and regulatory developments; political risks; terrorism, acts of war and pandemics; changes in law and legal interpretations; and the impact of technological change. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in this announcement is subject to change without notice.
Numbers outside of the unaudited consolidated interim financial statements, where applicable, are rounded to the nearest million US\$ and therefore totals may differ in the order of a million US\$.
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises the interim consolidated income statement, the interim consolidated statement of comprehensive income, the interim consolidated statement of financial position, interim consolidated statement of changes in equity, the interim consolidated statement of cash flows and the related explanatory notes 1 to 30. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 2, the annual financial statements of the group are prepared in accordance with UK - adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK-adopted International Accounting Standard 34, "Interim Financial Reporting".
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.
The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP London 10 September 2025
| 30 June 2025 | 30 June 2024 (Restated *) |
||
|---|---|---|---|
| \$'000 | \$'000 | ||
| Note | |||
| Revenue | 4 | 803,780 | 866,591 |
| Cost of sales | 5(a) | (469,078) | (460,888) |
| Gross profit | 334,702 | 405,703 | |
| Administration expenses | 5(b) | (27,541) | (25,871) |
| Change in decommissioning provision | 22 | (3,927) | 385 |
| Exploration and evaluation expenses | 5(c) | (1,573) | (78,994) |
| Expected credit loss | 5(d) | (2,205) | (961) |
| Other expenses | 5(e) | (3,990) | (5,485) |
| Other income | 5(f) | 33,593 | 1,842 |
| Operating profit | 329,059 | 296,619 | |
| Finance income | 6 | 3,202 | 5,120 |
| Finance costs | 6 | (128,276) | (137,892) |
| Loss on derivatives | 7 | (2,983) | (7) |
| Net foreign exchange (loss)/gain | 6 | (26,853) | 11,145 |
| Profit before tax | 174,149 | 174,985 | |
| Taxation expense | 8 | (63,665) | (86,448) |
| Profit for the period after taxation | 110,484 | 88,537 | |
| Attributable to: | |||
| Owners of the parent | 110,484 | 88,537 | |
| 110,484 | 88,537 | ||
| Basic and diluted earnings per share (\$ per share) | |||
| Basic | \$0.60 | \$0.48 | |
| Diluted | \$0.59 | \$0.48 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| 30 June 2025 | 30 June 2024 (Restated *) |
|
|---|---|---|
| \$'000 | \$'000 | |
| Profit for the period after taxation | 110,484 | 88,537 |
| Other comprehensive income: | ||
| Items that may be reclassified subsequently to profit or loss Cash Flow hedges: |
||
| Income/(Loss) arising in the period | 37,415 | (407) |
| Income tax relating to items that may be reclassified to profit or loss | (8,626) | 94 |
| Exchange difference on the translation of foreign operations, net of tax | 36,407 | (14,701) |
| Items that will not be reclassified subsequently to profit or loss | ||
| Remeasurement of defined benefit plan | - | 13 |
| Income taxes on items that will not be reclassified to profit and loss | - | (3) |
| Other comprehensive profit/(loss) after tax | 65,196 | (15,004) |
| Total comprehensive profit for the period | 175,680 | 73,533 |
| Total comprehensive profit attributable to: | ||
| Owners of the parent | 175,680 | 73,533 |
| 175,680 | 73,533 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| 30 June 2025 | 31 December 2024 |
||
|---|---|---|---|
| Note | \$'000 | (Restated*) \$'000 |
|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 10 | 4,726,518 | 4,515,359 |
| Intangible assets | 11 | 219,125 | 216,378 |
| Equity-accounted investments | 4 | 4 | |
| Other non-current assets | 17 | 36,150 | 33,452 |
| Derivative assets | 7 | 21,833 | - |
| Deferred tax asset | 12 | 265,842 | 254,064 |
| Restricted cash | 14 | 3,332 | 2,950 |
| 5,272,804 | 5,022,207 | ||
| Current assets | |||
| Inventories | 15 | 90,323 | 101,848 |
| Trade and other receivables | 16 | 446,295 | 422,248 |
| Derivative asset | 7 | 15,323 | - |
| Restricted cash | 14 | 83,257 | 82,427 |
| Cash and cash equivalents | 13 | 400,650 | 235,270 |
| 1,035,848 | 841,793 | ||
| Total assets | 6,308,652 | 5,864,000 | |
| EQUITY AND LIABILITIES | |||
| Equity attributable to owners of the parent | |||
| Share capital | 18 | 2,459 | 2,449 |
| Share premium | 18 | 465,331 | 465,331 |
| Merger reserve | 139,903 | 139,903 | |
| Other reserves | 34,585 | 5,796 | |
| Foreign currency translation reserve | 12,860 | (23,547) | |
| Share-based payment reserve | 45,664 | 41,996 | |
| Retained earnings | (54,246) | (54,463) | |
| Total equity | 646,556 | 577,465 | |
| Non-current liabilities | |||
| Borrowings | 20 | 2,607,183 | 3,141,904 |
| Deferred tax liabilities | 12 | 156,116 | 141,403 |
| Retirement benefit liability | 21 | 1,789 | 1,551 |
| Provisions | 22 | 813,462 | 722,016 |
| Other payables | 24 | 66,489 | 122,384 |
| 3,645,039 | 4,129,258 | ||
| Current liabilities | |||
| Trade and other payables | 23 | 979,689 | 847,805 |
| Current portion of borrowings | 20 | 880,046 | 128,000 |
| Current tax liability | 7,699 | 84,847 | |
| Derivative liability | 7 | 87 | 345 |
| Provisions | 22 | 149,536 | 96,280 |
| 2,017,057 | 1,157,277 | ||
| Total equity and liabilities | 6,308,652 | 5,864,000 |
*Restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
Mathios Rigas Chief Executive Officer 10 September 2025 10 September 2025
Panos Benos Chief Financial Officer
| Share Capital |
Share Premium21 |
Hedges and defined benefit plans reserve22 |
Share based payment reserve 23 |
Translation reserve24 |
Retained earnings |
Merger reserve |
Total | |
|---|---|---|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| At 1 January 2025 (Restated*) | 2,449 | 465,331 | 5,796 | 41,996 | (23,547) | (54,463) | 139,903 | 577,465 |
| Profit for the period |
- | - | - | - | - | 110,484 | - | 110,484 |
| Remeasurement of defined benefit | ||||||||
| pension plan, net of tax | - | - | - | - | - | - | - | - |
| Cashflow hedge, net of tax | - | - | 28,789 | - | - | - | - | 28,789 |
| Exchange difference on the translation | ||||||||
| of foreign operations | - | - | - | - | 36,407 | - | - | 36,407 |
| Total comprehensive income | - | - | 28,789 | - | 36,407 | 110,484 | - | 175,680 |
| Transactions with owners of the | ||||||||
| company | ||||||||
| Share based payment charges (note 25) | - | - | - | 3,678 | - | - | - | 3,678 |
| Exercise of employee share options | 10 | - | - | (10) | - | - | - | - |
| Dividends (note 19) | - | - | - | - | - | (110,267) | - | (110,267) |
| At 30 June 2025 | 2,459 | 465,331 | 34,585 | 45,664 | 12,860 | (54,246) | 139,903 | 646,556 |
21 The share premium account represents the total net proceeds on issue of the Company's shares in excess of their nominal value of £0.01 per share less amounts transferred to any other reserves.
22The reserve is used to recognise remeasurement gain or loss on cash flow hedges and actuarial gain or loss from the defined retirement benefit plan. In the Interim Consolidated Statement of Financial Position this reserve is included in the caption 'Other reserves'.
23 The share-based payment reserve is used to recognise the value of equity-settled share-based payments granted to parties including employees and key management personnel, as part of their remuneration.
24 The translation reserve is used to record unrealised exchange differences arising from the translation of the financial statements of entities within the Group that have a functional currency other than US dollar.
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| Share Capital |
Share Premium21 |
Hedges and defined benefit plans reserve22 |
Share based payment reserve 24 |
Translation reserve25 |
Retained earnings |
Merger reserve |
Total | |
|---|---|---|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| At 1 January 2024 | 2,449 | 465,331 | 5,975 | 32,917 | 1,636 | 37,904 | 139,903 | 686,115 |
| Profit for the period Remeasurement of defined benefit |
- | - | - | - | - | 88,537 | - | 88,537 |
| pension plan, net of tax | - | - | 10 | - | - | - | - | 10 |
| Cashflow hedge, net of tax Exchange difference on the translation |
- | - | (313) | - | - | - | - | (313) |
| of foreign operations | - | - | - | - | (14,701) | - | - | (14,701) |
| Total comprehensive income | - | - | (303) | - | (14,701) | 88,537 | - | 73,533 |
| Transactions with owners of the company |
||||||||
| Share based payment charges (note 25) | - | - | - | 4,110 | - | - | - | 4,110 |
| Dividends (note 19) | - | - | - | - | - | (109,835) | - | (109,835) |
| At 30 June 2024 | 2,449 | 465,331 | 5,672 | 37,027 | (13,065) | 16,606 | 139,903 | 653,923 |
| 30 June | |||||
|---|---|---|---|---|---|
| 2025 | 2024 (Restated*) | ||||
| Note | \$'000 | \$'000 | |||
| Operating activities | |||||
| Profit before taxation | 174,149 | 174,985 | |||
| Adjustments to reconcile profit before taxation to net cash | |||||
| provided by operating activities: | |||||
| Depreciation, depletion and amortisation | 10, 11 | 194,431 | 183,917 | ||
| Impairment (reversal)/loss on exploration and evaluation | 10, 11 | ||||
| assets | (656) | 76,189 | |||
| Change in decommissioning provision estimates | 22 | 3,927 | (16,129) | ||
| Loss from the sale of property, plant and equipment | - | 27 | |||
| Defined benefit loss | 10 | 19 | |||
| Movement in other provisions | (829) | 1,767 | |||
| ECL on trade receivables | 5d | 2,205 | 961 | ||
| Other income | (1,270) | - | |||
| Finance income | 6 | (3,202) | (5,120) | ||
| Finance costs | 6 | 128,276 | 137,892 | ||
| Non-cash revenues from Egypt25 | (12,957) | (19,269) | |||
| Share-based payment charge | 25 | 3,678 | 4,110 | ||
| Net loss on derivative instruments | 7 | 2,983 | - | ||
| Net foreign exchange (income)/loss | 6 | 26,853 | (11,145) | ||
| Cash flow from operations before working capital adjustments | 517,598 | 528,204 | |||
| (Increase)/ decrease in inventories | 17,279 | (198) | |||
| (Increase)/ decrease in trade and other receivables | (17,110) | (62,801) | |||
| Increase/(Decrease) in trade and other payables | 147,591 | 63,822 | |||
| Cash inflow from operations | 665,358 | 529,027 | |||
| Income tax paid | (110,460) | (1,948) | |||
| Net cash inflow from operating activities | 554,898 | 527,079 | |||
| Investing activities | |||||
| Payment for purchase of property, plant and equipment | 10 | (331,109) | (262,419) | ||
| Payment for exploration and evaluation, and other intangible | 11 | ||||
| assets Payment for other non-current assets |
(53,412) - |
(79,798) (87) |
|||
| Proceeds from disposal of exploration and evaluation and | |||||
| other intangible assets | 668 | 1,464 | |||
| Movement in restricted cash | 14 | (834) | (60,065) | ||
| Proceeds from insurance | 9,500 | - | |||
| Amounts received from INGL related to the transfer of | |||||
| property, plant and equipment | - | 1,801 | |||
| Interest received | 4,160 | 5,647 | |||
| Net cash outflow for investing activities | (371,027) | (393,457) | |||
| Financing activities | |||||
| Drawdown of borrowings | 20 | 238,000 | 65,000 | ||
| Repayment of borrowings | 20 | (33,000) | (40,000) | ||
| Dividend Paid | 19 | (110,267) | (109,835) | ||
| Repayment of obligations under leases | 20 | (9,191) | (10,253) | ||
| Finance costs paid | 20 | (121,599) | (125,717) | ||
| Net cash outflow from financing activities | (36,057) | (220,805) | |||
| Net increase/(decrease) in cash and cash equivalents | 147,814 | (87,183) | |||
| Cash and cash equivalents at beginning of the period | 235,270 | 346,772 | |||
| Effect of exchange rate fluctuations on cash held | 17,566 | (412) | |||
| Cash and cash equivalents at end of the period | 13 | 400,650 | 259,177 |
25 Non-cash revenues from Egypt arise due to taxes being deducted at source from invoices, as such revenue and tax charges are grossed up to reflect this deduction but no cash inflow or outflow results.
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
Energean plc (the 'Company') was incorporated in England & Wales on 8 May 2017 as a public company limited by shares, under the Companies Act 2006. Its registered office is at 44 Baker Street, London W1U 7AL, United Kingdom. The Company and all subsidiaries controlled by the Company, are together referred to as 'the Group'.
The Group has been established with the objective of exploration, production and commercialisation of crude oil, hydrocarbon liquids and natural gas in Greece, Israel, Italy, North Africa, United Kingdom ('UK') and the wider Eastern Mediterranean. The Group's subsidiaries and core assets, as of 30 June 2025, are presented in notes 29 and 30.
The unaudited condensed consolidated interim financial statements for the six months ended 30 June 2025 included in this interim report have been prepared in accordance with UK-adopted International Accounting Standard 34 'Interim Financial Reporting' ('IAS 34'), and, unless otherwise disclosed, have been prepared on the basis of the same accounting policies and methods of computation as applied in the Group's Annual Report for the year ended 31 December 2024 subject to the following:
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which is fully owned and controlled by the Group. The sale of ECL was expected to be completed within 12 months. The Group assessed whether ECL met the definition of being held for sale and discontinued operations and presented them as discontinued operations in its 2024 Interim and annual consolidated financial statements accordingly.
On 21 March 2025, the planned transaction was cancelled, and the business previously classified as a discontinued operation was reclassified to continuing operations. Accordingly:
Following the cessation of "held for sale" classification, the measurement of ECL reverted to the basis that would have applied had the classification never occurred (being lower than the recoverable amount). This resulted in a catch-up depreciation charge, recognised for the period from the original date of classification, together with the related deferred tax adjustment. To ensure consistency in presentation and measurement, the comparative financial information has been restated as if ECL had never met the criteria to be classified as held for sale.
The unaudited condensed consolidated interim financial statements have been prepared on a historical cost basis and are presented in US Dollars, which is also the Company's functional currency, rounded to the nearest thousand dollars (\$'000) except as otherwise indicated. The US dollar is the currency that mainly influences sales prices and revenue estimates, and also highly affects the Group's operations. The functional currencies of the Group's main subsidiaries are as follows: for Energean Oil & Gas S.A, Energean EnEarth Greece Limited, Energean Sicilia S.r.l. and Energean Italy S.p.a. the functional currency is Euro; for Energean Group Services Ltd., Energean E&P Holdings Ltd., Energean International Limited, Energean Capital Ltd., Energean Egypt Ltd., Energean Investments Limited and Energean Israel Ltd. the functional currency is US\$; for Energean UK Ltd. and Energean Exploration Ltd. is GBP.
The unaudited condensed consolidated interim financial statements do not constitute statutory accounts of the Group within the meaning of Section 435 of the Companies Act 2006 and do not include all the information and disclosures required in the annual financial statements. These financial statements should be read in conjunction with the Group's Annual Report for the year ended 31 December 2024, which were prepared UK-adopted International Accounting Standards ('UK-adopted IAS'). The auditor's report on those financial statements was unqualified with a reference to the uncertainty regarding the completion of the ECL sale to which the auditor drew attention by way of emphasis and no statement under s498(2) or s498(3) of the Companies Act 2006.
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position and its liquidity risk. The Going Concern assessment covers the period up to 31 December 2026 'the forecast period'.
As of 30 June 2025, the Group's available liquidity was approximately \$1,175 million. In addition to \$487 million of cash and cash equivalents and restricted cash held by the Group at 30 June 2025, this available liquidity figure includes: (i) \$675 million available under Leumi loan facility and \$13 million under RCF (Revolving Credit Facility).
The going concern assessment is founded on a cashflow forecast prepared by management, which is based on a number of assumptions, most notably the Group's latest life of field production forecasts, budgeted expenditure forecasts, estimated of future commodity prices (based on recent published forward curves) and available headroom under the Group's debt facilities. The going concern assessment contains a "Base Case" and a "Reasonable Worst Case" ("RWC") scenario.
The Base Case scenario assumes Brent at \$70/bbl in 2025 and 2026 and PSV (Italian gas price) at €35/MWH in 2025 and 2026 assumed throughout the going concern assessment period, with prices for gas sold assumed at contractually agreed prices for Egypt and Israel. Under the Base Case, sufficient liquidity is maintained throughout the going concern period.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts that may result from changes to the macro-economic environment, such as a reduction in commodity prices. These downsides are considered in the RWC scenario. In the light of the 10 year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for \$750 million signed by the Group in February 2025 the Group increased its exposure to the floating interest rates in the assessment period. This risk has been timely addressed by the hedging put in place, refer to note 7 for further detail. The group also looks at the impact of changes or deferral of key projects and downside scenarios to budgeted production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii) reduced production – these downsides are applied to assess the robustness of the Group's liquidity position over the Assessment Period. In a RWC downside case, there are appropriate and timely mitigation strategies, within the Group's control, to manage the risk of funding shortfalls and to ensure the Group's ability to continue as a going concern. Mitigation strategies, within management's control, modelled in the RWC include deferral of capital expenditure on operated assets and/or management of operating expenses to improve the liquidity. Under the RWC scenario, after considering mitigation strategies, liquidity is maintained throughout the going concern period.
Reverse stress testing was also performed to determine what production shortfall could need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity headroom to be eliminated are judged to have a remote possibility of occurring, given the diversified nature of the Group's portfolio and the "natural hedge" provided by virtue of the Group's fixedprice gas contracts in Israel. In the event a remote downside scenario occurred, prudent mitigating strategies, consistent with those described above, could also be executed in the necessary timeframe to preserve liquidity. There is no material impact of climate change within the Assessment Period and therefore, it does not form part of the reverse stress testing performed by management.
In forming its assessment of the Group's ability to continue as a going concern, including its review of the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources to continue in operation for the foreseeable future, for the Assessment Period from the date of approval of these unaudited condensed consolidated interim financial statements on 10 September 2025 to 31 December 2026. For this reason, they continue to adopt the going concern basis in preparing these condensed consolidated interim financial statements.
The following amendments became effective as at 1 January 2025:
• Amendments to IAS 21 - Lack of exchangeability
The adoption of the above amendments to UK-adopted IAS did not result in any material changes to the Group's accounting policies and did not have any material impact on the financial position or performance of the Group.
These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on 10 September 2025.
The information reported to the Group's Chief Executive Officer and Chief Financial Officer (together the Chief Operating Decision Makers) for the purposes of resource allocation and assessment of segment performance is focused on four operating segments: Europe (including Greece, Italy, UK and Croatia), Israel, Egypt and New Ventures. The Group's reportable segments under IFRS 8 Operating Segments are Europe, Israel and Egypt. Segments that do not exceed the quantitative thresholds for reporting information about operating segments have been included in Other.
Information regarding the results of each reportable segment is included below and prior periods are represented to reflect discontinued operations reclassified within the continuing operations to provide comparability. Discontinued operations as disclosed in the 2024 annual consolidated financial statements consist of the Egypt segment, the Italian and Croatian operations included in the Europe reportable segment.
The following is an analysis of the Group's revenue, results and reconciliation to profit/ (loss) before tax by reportable segment:
| Six months ended 30 June 2025 (unaudited) |
Europe | Israel | Egypt | Other & inter segment transactions |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Revenue from gas sales | 124,634 | 345,718 | 70,578 | - | 540,930 |
| Revenue from hydrocarbon liquids sales | 249 | 136,909 | - | - | 137,158 |
| Revenue from crude oil sales | 82,532 | - | 23,054 | - | 105,586 |
| Revenue from LPG sales | 168 | - | 7,577 | - | 7,745 |
| Rendering of services | 719 | - | - | - | 719 |
| Other revenue | 35 | - | - | - | 35 |
| Other operating income-lost production insurance proceeds |
11,607 | - | - | - | 11,607 |
| Total revenue | 219,944 | 482,627 | 101,209 | - | 803,780 |
| Adjusted EBITDAX27 | 97,903 | 328,226 | 82,735 | (3,593) | 505,271 |
| Reconciliation to profit before tax: | |||||
| Depreciation and amortisation expenses | (36,766) | (115,907) | (40,406) | (1,353) | (194,432) |
| Share-based payment charge | (2,370) | (614) | - | (694) | (3,678) |
| Exploration and evaluation expenses | (1,721) | (1,994) | 2,651 | (509) | (1,573) |
| Change in decommissioning provision | (3,927) | - | - | - | (3,927) |
| Expected credit (loss) | - | - | (2,205) | - | (2,205) |
| Other expense | (1,097) | (9) | (136) | (2,748) | (3,990) |
| Other income | 2,101 | 9,794 | 19,857 | 1,841 | 33,593 |
| Finance income | 185 | 2,355 | 142 | 520 | 3,202 |
| Finance costs | (22,080) | (80,851) | (235) | (25,110) | (128,276) |
| Net loss on derivative instruments | - | 134 | - | (3,117) | (2,983) |
| Net foreign exchange gain/(loss) | (34,230) | (11,814) | (1,237) | 20,428 | (26,853) |
| Profit/(loss) before income tax | (2,002) | 129,320 | 61,166 | (14,335) | 174,149 |
| Taxation expense | (21,934) | (28,937) | (12,957) | 163 | (63,665) |
| Profit/(loss) for the period after taxation | (23,936) | 100,383 | 48,209 | (14,172) | 110,484 |
| Six months ended 30 June 2024 (unaudited) (Restated*) |
Europe | Israel | Egypt | Other & inter segment transactions |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Revenue from gas sales | 34,721 | 388,459 | 80,381 | - | 503,561 |
| Revenue from hydrocarbon liquids sales | 168 | 213,719 | 21,703 | - | 235,590 |
| Revenue from crude oil sales | 118,265 | - | - | - | 118,265 |
| Six months ended 30 June 2024 (unaudited) (Restated*) |
Europe | Israel | Egypt | Other & inter segment transactions |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Revenue from LPG sales | 227 | - | 7,241 | - | 7,468 |
| Other revenue | 8,975 | - | - | (7,268) | 1,707 |
| Total revenue | 162,356 | 602,178 | 109,325 | (7,268) | 866,591 |
| Adjusted EBITDAX26 | 49,838 | 429,977 | 88,032 | 12 | 567,859 |
| Reconciliation to profit before tax: | |||||
| Depreciation and amortisation expenses | (18,605) | (123,559) | (45,502) | 3,749 | (183,917) |
| Share-based payment charge | (932) | (518) | 257 | (2,917) | (4,110) |
| Exploration and evaluation expenses | (17,130) | - | (61,248) | (616) | (78,994) |
| Change in decommissioning provision | 385 | - | - | - | 385 |
| Expected credit (loss) | 191 | - | (1,152) | - | (961) |
| Other expense | (1,457) | (4) | (134) | (3,890) | (5,485) |
| Other income | 1,655 | - | 103 | 84 | 1,842 |
| Finance income | 3,734 | 4,485 | 274 | (3,373) | 5,120 |
| Finance costs | (22,526) | (93,847) | (468) | (21,051) | (137,892) |
| Unrealised loss on derivatives | - | (7) | - | - | (7) |
| Net foreign exchange gain/(loss) | 10,464 | (290) | 1,493 | (522) | 11,145 |
| Profit/(loss) before income tax | 5,617 | 216,237 | (18,345) | (28,524) | 174,985 |
| Taxation expense | (17,970) | (48,981) | (19,271) | (226) | (86,448) |
| Profit/(loss) for the period after taxation | (12,353) | 167,256 | (37,616) | (28,750) | 88,537 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
26Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation, depreciation and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial instruments and foreign exchange), net finance costs and exploration and evaluation expenses.
The following tables present assets and liabilities information for the Group's operating segments as at 30 June 2025 and 31 December 2024, respectively:
| Six months ended 30 June 2025 (unaudited) |
Europe | Israel | Egypt | Other & inter segment transaction s |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Oil & Gas properties | 942,158 | 3,341,235 | 399,132 | - | 4,682,525 |
| Other fixed assets | 24,619 | 4,522 | 3,205 | 11,647 | 43,993 |
| Intangible assets | 43,485 | 169,299 | 6,043 | 298 | 219,125 |
| Trade and other receivables | 85,223 | 108,943 | 248,048 | 4,081 | 446,295 |
| Derivative asset | - | 37,156 | - | - | 37,156 |
| Deferred tax asset | 265,606 | - | - | 236 | 265,842 |
| Cash and cash equivalents | 62,713 | 100,879 | 19,528 | 217,530 | 400,650 |
| Restricted cash | 3,332 | 83,257 | - | - | 86,589 |
| Other assets | 62,798 | 31,800 | 31,863 | 16 | 126,477 |
| Total assets | 1,489,934 | 3,877,091 | 707,819 | 233,808 | 6,308,652 |
| Trade and other payables | 489,785 | 389,434 | 43,778 | 123,181 | 1,046,178 |
| Borrowings | 115,215 | 2,668,431 | - | 703,583 | 3,487,229 |
| Decommissioning provision | 817,622 | 87,595 | - | - | 905,217 |
| Current tax payable | 7,544 | - | - | 155 | 7,699 |
| Derivative liability | - | - | - | 87 | 87 |
| Deferred tax liability | - | 156,116 | - | - | 156,116 |
| Other provisions | 7,565 | - | 2,005 | 50,000 | 59,570 |
| Total liabilities | 1,437,731 | 3,301,576 | 45,783 | 877,006 | 5,662,096 |
| Other segment information | |||||
| Capital expenditure: | |||||
| - Property, plant and equipment |
50,709 | 240,773 | 4,647 | 1,970 | 298,099 |
| Six months ended 30 June 2025 (unaudited) |
Europe | Israel | Egypt | Other & inter segment transaction s |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| - Intangible, exploration and evaluation assets |
(791) | 1,522 | (2,330) | 65 | (1,534) |
| Year ended 31 December 2024 (Restated*) |
Europe | Israel | Egypt | Other & inter segment transaction s |
Total |
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Oil & Gas properties | 817,127 | 3,221,613 | 436,201 | (19,364) | 4,455,577 |
| Other fixed assets | 25,739 | 10,259 | 22,565 | 1,219 | 59,782 |
| Intangible assets | 12,795 | 171,902 | 18,719 | 12,962 | 216,378 |
| Trade and other receivables | 133,588 | 131,128 | 203,662 | (12,678) | 455,700 |
| Deferred tax asset | 254,064 | - | - | - | 254,064 |
| Other assets | 163,249 | 197,110 | 70,056 | (7,916) | 422,499 |
| Total assets | 1,406,562 | 3,732,012 | 751,203 | (25,777) | 5,864,000 |
| Trade and other payables | 517,513 | 329,969 | 100,552 | 22,155 | 970,189 |
| Borrowings | 101,816 | 2,594,212 | - | 573,876 | 3,269,904 |
| Decommissioning provision | 725,301 | 85,357 | - | - | 810,658 |
| Current tax payable | 3,813 | 81,034 | - | - | 84,847 |
| Deferred tax liability | - | 141,403 | - | - | 141,403 |
| Other liabilities | 120,092 | 277 | 1,870 | (112,705) | 9,534 |
| Total liabilities | 1,468,535 | 3,232,252 | 102,422 | 483,326 | 5,286,535 |
| Other segment information | |||||
| Capital Expenditure: | |||||
| - Property, plant and equipment | 260,791 | 177,377 | 51,145 | 564 | 489,877 |
| - Intangible, exploration and evaluation assets |
23,637 | 132,441 | 22,162 | 64,944 | 243,184 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
The following tables present cash flow information for the Group's operating segments for six months ended 30 June:
| Europe | Israel | Egypt | Other & inter segment transaction s |
Total | |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Six months ended 30 June 2025 (unaudited) |
|||||
| Net cash from / (used in) operating activities |
244,190 | 237,466 | 29,079 | 44,163 | 554,898 |
| Net cash (used in) investing activities | (127,889) | (172,575) | (36,328) | (34,235) | (371,027) |
| Net cash from financing activities | (94,114) | (124,637) | (904) | 183,598 | (36,057) |
| Net increase/(decrease) in cash and cash equivalents, and restricted cash |
22,187 | (59,746) | (8,153) | 193,526 | 147,814 |
| Cash and cash equivalents at beginning of the period |
35,576 | 157,728 | 27,710 | 14,256 | 235,270 |
| Effect of exchange rate fluctuations on cash held |
4,950 | 2,897 | (29) | 9,748 | 17,566 |
| Cash and cash equivalents at the end of the period |
62,713 | 100,879 | 19,528 | 217,530 | 400,650 |
| Six months ended 30 June 2024 (unaudited)* |
Europe | Israel | Egypt | Other & inter segment transaction s |
Total |
|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| Net cash from / (used in) operating activities |
69,030 | 430,651 | 28,063 | (665) | 527,079 |
| Net cash (used in) investing activities | (126,935) | (253,309) | (4,788) | (8,425) | (393,457) |
| Net cash from financing activities | 73,529 | (254,326) | (27,957) | (12,051) | (220,805) |
| Net increase/(decrease) in cash and cash equivalents, and restricted cash |
15,624 | (76,984) | (4,682) | (21,141) | (87,183) |
| Cash and cash equivalents at beginning of the period |
18,674 | 286,625 | 11,232 | 30,241 | 346,772 |
| Effect of exchange rate fluctuations on cash held |
(216) | 1,025 | (724) | (497) | (412) |
| Cash and cash equivalents at the end of the period |
34,082 | 210,666 | 5,826 | 8,603 | 259,177 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| 30 June (Unaudited) | |||
|---|---|---|---|
| 2025 | 2024 (Restated)* | ||
| \$'000 | \$'000 | ||
| Revenue from gas sales | 540,930 | 503,562 | |
| Revenue from hydrocarbon liquids sales | 137,158 | 235,589 | |
| Revenue from crude oil sales | 105,586 | 118,265 | |
| Revenue from LPG sales | 7,745 | 7,468 | |
| Rendering of services | 719 | 1,707 | |
| Other revenue | 35 | - | |
| Revenue from contracts with customers | 792,173 | 866,591 | |
| Other operating income-lost production insurance proceeds | 11,607 | - | |
| Total revenue | 803,780 | 866,591 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| Sales volumes for the six months to 30 June | 30 June (Unaudited) | |
|---|---|---|
| 2025 | 2024 (Restated)* | |
| kboe | kboe | |
| Egypt (net entitlement) | 3,103 | 3,144 |
| Gas | 2,599 | 2,709 |
| Hydrocarbon liquids | 504 | 435 |
| Italy | 2,469 | 1,599 |
| Gas | 1,499 | 575 |
| Crude Oil | 970 | 1,024 |
| Israel | 16,964 | 19,009 |
| Gas | 14,907 | 16,323 |
| Hydrocarbon liquids | 2,057 | 2,686 |
| UK | 144 | 265 |
| Gas | 12 | 17 |
| Crude Oil | 132 | 248 |
| Croatia | 3 | 13 |
| Gas | 3 | 13 |
| Greece | 131 | 219 |
| Crude Oil | 131 | 219 |
| Total sales volumes | 22,814 | 24,249 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| 2025 | 2024 (Restated)* | ||
|---|---|---|---|
| \$'000 | \$'000 | ||
| (a) | Cost of sales | ||
| Staff costs | 31,714 | 29,698 | |
| Energy cost | 13,513 | 10,314 | |
| Royalty payable | 96,925 | 115,651 | |
| Flux cost | 16,609 | 15,346 | |
| Other operating costs27 | 113,297 | 99,950 | |
| Depreciation and amortisation28 | 191,409 | 181,372 | |
| Oil stock movement | 11,441 | 3,902 | |
| Stock (underlift)/overlift movement | (5,830) | 4,655 | |
| Total cost of sales | 469,078 | 460,888 |
| 2025 \$'000 |
2024 (Restated)* \$'000 |
||
|---|---|---|---|
| (b) | Administration expenses | ||
| Staff costs | 14,725 | 13,377 | |
| Share-based payment charge included in administration expenses | 3,678 | 4,110 | |
| Depreciation and amortisation | 3,022 | 2,546 | |
| Audit fees | 1,403 | 1,206 | |
| Other general & administration expenses | 4,713 | 4,632 | |
| Total administration expenses | 27,541 | 25,871 | |
| (c) | Exploration and evaluation expenses | ||
| Staff costs for Exploration and evaluation activities | 1,684 | 2,169 | |
| Exploration costs written off29 | 1,994 | 76,209 | |
| Reversal of prior year exploration costs write off29 | (2,650) | - | |
| Other exploration and evaluation expenses | 545 | 616 | |
| Total exploration and evaluation expenses | 1,573 | 78,994 | |
| (d) | Expected credit loss | ||
| Expected credit loss expense | 2,205 | 961 | |
| Total expected credit loss | 2,205 | 961 | |
| (e) | Other expenses | ||
| Transaction expenses 30 | 2,698 | 3,861 | |
| Loss from disposal of Property, plant & Equipment | - | 28 | |
| Litigation claim provision | 134 | 134 | |
| Other expenses | 1,158 | 1,462 | |
| Total other expenses | 3,990 | 5,485 | |
| (f) | Other income | ||
| Insurance compensation | 9,500 | - | |
| Other income | 3,830 | 1,842 | |
| Reversal of prior period accrual31 | 20,263 | - | |
| Total other income | 33,593 | 1,842 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
27 Other operating costs comprise of insurance costs, gas transportation and treatment fees, concession fees and planned maintenance costs.
28 Depreciation charge includes a catch-up adjustment caused by the reclassification of assets held for sale back to the continuing operations, refer to note 26 for further details.
29 Exploration expenses write-off in H1 2025 refers to termination of Block 21 license in Israel in January 2025. Exploration expenses write-off in H1 2024 pertains to the cessation of exploration activities in the Ioannina area in Greece by the Group during the reporting period (\$14.8 million) and the unsatisfactory exploration results of Orion X1 well in Egypt (\$61.2 million). \$2.65 million recorded in 2025 relates to the release of accruals for previously incurred expenditure based on the actual amounts invoiced subsequent to year-end. .
30Transaction expenses consist of costs associated with the expected sale of the Group's portfolio in Egypt, Italy, and Croatia. Pre-sale activities resulted in additional expenses recognised in Q1 2025, including consulting (\$0.6 million) and legal fees (\$2.1 million).
31Other income from reversal of prior period accrual mainly relates to \$18.9 million reversed accrued expense no longer required in Egypt, following the lapse of the statute of limitations period under the Egyptian Commercial law.
6. Net finance cost
| 30 June (Unaudited) | ||
|---|---|---|
| 2025 | 2024 (Restated)* | |
| \$'000 | \$'000 | |
| Interest on bank borrowings | 9,549 | 7,589 |
| Interest on Senior Secured Notes | 102,595 | 100,236 |
| Interest expense on long term payables | 1,498 | 1,249 |
| Interest expense on short term liabilities | 676 | - |
| Less amounts included in the cost of qualifying assets | (15,498) | (4,655) |
| 98,820 | 104,419 | |
| Finance and arrangement fees | 55 | 1,677 |
| Commission charges for bank guarantees | 2,507 | 1,369 |
| Other finance costs and bank charges | 822 | 905 |
| Unwinding of discount on right of use asset | 1,087 | 1,659 |
| Unwinding of discount on long-term trade payables | 5,146 | 7,804 |
| Unwinding of discount on provision for decommissioning | 18,295 | 16,046 |
| Unwinding of discount on deferred consideration | 2,085 | 4,358 |
| Less amounts included in the cost of qualifying assets | (541) | (345) |
| Total finance costs | 128,276 | 137,892 |
| Interest income from time deposits | (3,202) | (5,120) |
| Total finance income | (3,202) | (5,120) |
| Net loss on derivative instruments | 2,983 | 7 |
| Total net loss on derivative instruments | 2,983 | 7 |
| Net foreign exchange losses/(profits) | 26,853 | (11,145) |
| Net financing costs | 154,910 | 121,634 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
Set out below is information about how the Group determines the fair values of various financial assets and liabilities.
The share purchase agreement dated 4 July 2019 between Energean and Edison Spa provides for a contingent consideration of up to \$100 million. The amount of the Cassiopea contingent payment varies between nil and \$100 million, depending on future gas prices in Italy at the point at which first gas production is delivered from the field. The consideration was contingent on the basis of future gas prices (PSV) recorded at the time of the first gas, which was achieved on 19 August 2024. No payment was to be due if the arithmetic average of the year one (i.e., the first year after first gas production) and year two (i.e., the second year after first gas production) Italian PSV Natural Gas Futures prices wasless than €10/MWh when first gas production was delivered from the field. \$100 million was payable if that average price exceeded €20/MWh, with a range of outcomes between \$0 million and \$100 million if the average price was between €10/MWh and €20/MWh.
According to the SPA, the Group's payment obligation is due 90 days after the later of the first day of the month following the first month in which production from the Cassiopea field has continued on a regular basis for at least 25 days or the date upon which formal notice of production from Cassiopea has been accepted by the relevant competent authority in Italy (or failing which once production has continued on a regular basis for 90 days).
The first gas production commenced in August 2024, with four wells fully operational by the end of December 2024. This operational milestone led to a recognition of \$97.9 million deferred consideration as of 31 December 2024. In 2024 the fair value of the consideration payable was estimated by reference to the terms of the SPA and discounted at a cost of debt. The fair value of the consideration payable was recognised at level 3 in the fair value hierarchy.
The continued production on a regular basis was established in March 2025 resulting in the consideration of \$100 million becoming payable on 3 June 2025. It was subsequently settled by the Group on 1 July 2025.
The Group is exposed to certain risks relating to its ongoing business operations. The primary risks managed using derivative instruments during the reporting period are foreign currency risk and commodity price risk:
Foreign currency forward contracts are designated as hedging instruments in cash flow hedges of forecast transactions in currencies other than US\$. Thus, in January 2025 the Group entered into the forward contracts with the bank in Israel to manage the foreign currency risk related to EUR, NOK and GBP payments to suppliers under the Katlan EPCI contract. The forward contracts are subject to different maturity dates and are designed to match the payments for completion of Katlan Subsea development milestones under the host contract. Multi-currency instruments are effective from April 2025 to August 2027.
Looking to protect its exposure to EUR/USD fluctuations associated with the deferred consideration payment (refer to note 7 (a)), the Group also entered into the EUR put and call options with the bank in the UK. The contracts were to expire by 30 June 2025 and the hedged exposure matched the payable amount.
All gas sales contracts in Italy are linked to the PSV price index and therefore the associated revenue proceeds are subject to PSV price fluctuations. The increased volatility in PSV price over the past 12 months has led to the decision to enter into commodity forward contracts with the bank in the UK. In April and May 2025 the Group entered in a series of put and call options to hedge about 30% of anticipated gas production in Italy for the following 12 months (until May 2026). Hedging the price volatility of forecast gas sales is in accordance with the risk management strategy outlined by the Board of Directors.
There is an economic relationship between the hedged items and the hedging instruments as the terms of the foreign exchange and commodity forward contracts match the terms of the expected highly probable forecast transactions (i.e., notional amount and expected payment date, based on the nature of the underlying host instruments). The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the foreign exchange and commodity forward contracts are identical to the hedged risk components.
The Group considered foreign exchange and commodity price collars not meeting the definition of net written options and therefore those were designated as joint hedging instruments.
The Group is holding the following foreign exchange and commodity forward contracts on 30 June 2025:
| Less than 1 month |
1 to 3 months |
3 to 6 months |
6 to 9 months |
9 to 12 months |
13 to 24 months |
3 to 5 years |
Total | |
|---|---|---|---|---|---|---|---|---|
| Foreign exchange forward contracts highly probable forecast purchases: | ||||||||
| - Notional amount (in \$'000) |
8,678 | 14,279 | 34,023 | 43,791 | 42,224 | 85,657 | 127,457 | 356,109 |
| - Average forward rate (USD/EUR) |
1.05230 | 1.05445 | 1.05977 | 1.06620 | 1.07163 | 1.07663 | 1.08488 | - |
| - Average forward rate (USD/GBP) |
1.23695 | 1.24546 | 1.23675 | 1.24549 | 1.23675 | 1.23675 | 1.23681 | - |
| - Average forward rate (USD/NOK) |
11.21550 | 11.21500 | 11.21083 | - | - | 11.19150 | 11.17025 | - |
| Commodity forward contracts: | ||||||||
| - Notional amount (in \$'000) |
9,680 | 29,040 | 29,040 | 21,760 | - | - | - | 89,520 |
| - Notional amount (in MWh) |
240 | 720 | 720 | 560 | - | - | - | 2,240 |
The impact of hedging instruments on the statement of financial position is, as follows:
| Notional amount \$'000 |
Carrying amount \$'000 |
Line item in the statement of financial position |
Change in fair value used for measuring ineffectiveness for the period \$'000 |
|
|---|---|---|---|---|
| Foreign exchange forward contracts | 213,114 | 21,833 | Derivative asset, non |
- |
| Foreign exchange forward contracts | 142,995 | 15,323 | current Derivative asset, current |
- |
| Commodity forward contracts | 89,520 | (87) | Derivative liability, current |
- |
| 445,629 | 37,069 |
The impact of hedged items on the statement of financial position is, as follows:
| Hedged Item | Change in fair value used for measuring ineffectiveness for the period |
Cash flow hedge reserve |
|
|---|---|---|---|
| \$'000 | \$'000 | ||
| Highly probable forecast purchases | - | 28,611 | |
| Highly probable forecast gas sales | - | 87 |
The effect of the cash flow hedge in the statement of profit or loss and other comprehensive income is, as follows:
| Hedged Item | Total hedging gain/(loss) recognised in OCI \$'000 |
Ineffectiveness recognised in profit or (loss) \$'000 |
Line item in the statement of profit or (loss) \$'000 |
Amount reclassified from OCI to profit or (loss) \$'000 |
Line item in the statement of profit or (loss) |
|---|---|---|---|---|---|
| Highly probable forecast purchases | 42,845 | - | - | 5,990 | Was then capitalised in property, plant and equipment (BS) |
| Highly probable forecast purchases | 781 | - | - | 134 | Net loss on derivative (PL) |
| Highly probable forecast deferred consideration payment |
- | (3,117) | Net loss on derivative (PL) |
- | - |
| Highly probable forecast gas sales | (87) | - | Cash Flow Hedge (OCI) |
- | - |
The following financial instruments are measured at amortised cost and are considered to have fair values different to their book values:
| 30 June 2025 (Unaudited) | 31 December 2024 | |||
|---|---|---|---|---|
| \$'000 | Carrying value | Fair value | Carrying value | Fair value |
| Senior Secured notes | 3,043,634 | 3,007,175 | 3,040,010 | 2,934,170 |
The fair value of the notes is within level 1 of the fair value hierarchy and has been determined with the reference to market prices at the reporting date.
The fair value of other financial instruments not measured at fair value including cash and short - term deposits, trade receivables and other payables equate approximately to their carrying values. There were no transfers between the levels during the reporting period.
| 30 June (Unaudited) | ||
|---|---|---|
| 2025 | 2024 (Restated)* | |
| \$'000 | \$'000 | |
| Corporation tax – current period | (38,903) | (52,160) |
| Adjustments in respect of current income tax of previous year(s) | - | (32) |
| Total current tax charge | (38,903) | (52,192) |
| Deferred tax relating to origination and reversal of temporary differences | (24,762) | (34,256) |
| Income tax expense reported in the Income statement | (63,665) | (86,448) |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
The tax rate applied to the Group's profits in preparing the reconciliation below is the main corporation tax rate of 25.0% applicable in the United Kingdom.
The effective tax rate for the period is 37% (30 June 2024: 49%). The tax (charge)/ credit of the period can be reconciled to the profit per the unaudited interim consolidated income statement as follows:
| 30 June (Unaudited) | ||
|---|---|---|
| 2025 | 2024 (Restated)* | |
| \$'000 | \$'000 | |
| Accounting profit before tax | 174,179 | 174,985 |
| Tax calculated at 25.0% weighted average rate (H1 2024 (Restated): | ||
| 25.0%) | (43,537) | (43,746) |
| Impact of different tax rates | (4,557) | 5,358 |
| Non recognition of deferred tax on current year tax losses and other | ||
| temporary differences32 | (20,450) | (11,712) |
| Derecognition of previously recognised deferred tax | 372 | (10,987) |
| Permanent differences | (2,057) | (28,166) |
| Foreign taxes | - | (29) |
| Tax effect of non-taxable income and allowances | 6,514 | 936 |
| Other adjustments | 50 | (169) |
| Prior year tax | - | 2,067 |
| Total taxation expense | (63,665) | (86,448) |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
32 The Group did not recognise deferred tax on current year's tax losses and other temporary differences coming from the UK (\$11.4 million), Greece (\$4.9 million), Italy (\$3.0 million) and Cyprus (\$1.2 million) in line with the latest forecasts and assumptions.
There are no income tax consequences attached to the payment of dividends in either 2025 or 2024 by the Group to its shareholders.
OECD's Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. The Group exceeded the applicable threshold of €750 million for two subsequent years (FY2023 and FY2024) and therefore, it shall be within the Pillar Two rules from accounting years starting as of 1 January 2025. The Group has performed a preliminary assessment of the potential implications of the OECD's Pillar Two Global Anti‑Base Erosion (GloBE) rules, which introduce a global minimum tax of 15% on income in jurisdictions where effective tax rates fall below that threshold. Under the Transitional Country-by‑Country Reporting (CbCR) Safe Harbour regulations, the Group has analysed jurisdictional forecasted profits and taxes as reported in its financial statements, in line with the relevant administrative guidance. Based on this analysis, the Group expects to satisfy the criteria of the temporary safe harbour tests, including the simplified effective tax rate (ETR) test, as described in the OECD guidance. Accordingly, the Group does not expect to incur any Pillar 2 top‑up tax for the financial year ending 31 December 2025. The Group will continue to monitor any developments in local and international legislation and guidance and will update its assessment as required.
In line with the amendments to IAS 12, the exception from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes has been applied.
Basic earnings per ordinary share amounts are calculated by dividing net income for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted income per ordinary share amounts is calculated by dividing net income for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued if dilutive employee share options were converted into ordinary shares.
| 30 June (Unaudited) | ||
|---|---|---|
| 2025 | 2024 (Restated)* | |
| \$'000 | \$'000 | |
| Total profit from continuing operations attributable to equity shareholders | 110,484 | 88,537 |
| Effect of dilutive potential ordinary shares | - | - |
| 110,484 | 88,537 | |
| Number of shares | ||
| Basic weighted average number of shares | 183,947,626 | 183,480,959 |
| Dilutive potential ordinary shares | 2,648,155 | 1,070,515 |
| Diluted weighted average number of shares | 186,595,781 | 184,551,474 |
| Basic earnings per share | \$0.60 | \$0.48 |
| Diluted earnings per share | \$0.59 | \$0.48 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| Oil and gas Leased assets |
Other property, plant and |
Total | |||
|---|---|---|---|---|---|
| properties | equipment | ||||
| Property, plant and equipment | \$'000 | \$'000 | \$'000 | \$'000 | |
| Cost | |||||
| At 1 January 2024 | 5,201,651 | 108,278 | 64,104 | 5,374,033 | |
| Additions | 460,870 | 11,360 | 8,557 | 480,787 | |
| Lease modification | - | 603 | - | 603 | |
| Disposal of assets | (3,167) | - | (287) | (3,454) | |
| Capitalised borrowing cost | 15,348 | - | - | 15,348 | |
| Change in decommissioning provision | 3,535 | - | - | 3,535 | |
| Transfer to inventory | (448) | - | - | (448) | |
| Transfer from intangible assets | 204,589 | - | - | 204,589 | |
| Foreign exchange impact | (176,630) | (4,593) | (3,927) | (185,150) | |
| At 31 December 2024 (Restated*) | 5,705,748 | 115,648 | 68,447 | 5,889,843 | |
| Additions | 284,520 | 341 | 4,047 | 288,908 | |
| Lease modification33 | - | (37,099) | - | (37,099) | |
| Disposal of assets | - | - | (1) | (1) | |
| Capitalised borrowing cost | 15,498 | - | - | 15,498 | |
| Change in decommissioning provision | 16,579 | - | - | 16,579 | |
| Foreign exchange impact | 415,333 | 5,434 | 12,071 | 432,838 | |
| At 30 June 2025 (Unaudited) | 6,437,678 | 84,324 | 84,564 | 6,606,566 | |
| Accumulated Depreciation | |||||
| At 1 January 2024 | 898,549 | 46,337 | 57,822 | 1,002,708 | |
| Charge for the period | 331,685 | 13,630 | 1,516 | 346,831 | |
| Depreciation catch-up adjustment (note 26) |
62,125 | 1,919 | 982 | 65,026 | |
| Impairment | 95,607 | - | - | 95,607 | |
| Disposal | - | - | (170) | (170) | |
| Foreign exchange impact | (129,636) | (2,715) | (3,167) | (135,518) | |
| At 31 December 2024 (Restated*) | 1,258,330 | 59,171 | 56,983 | 1,374,484 | |
| Charge for the period expensed | 185,245 | 7,346 | 1,015 | 193,606 | |
| Impairment | 18 | - | - | 18 | |
| Lease modification34 | - | (13,498) | - | (13,498) |
Foreign exchange impact 311,563 7,243 6,632 325,438 At 30 June 2025 (Unaudited) 1,755,156 60,262 64,630 1,880,048
| Oil and gas properties |
Leased assets | Other property, plant and equipment |
Total | ||
|---|---|---|---|---|---|
| Property, plant and equipment | \$'000 | \$'000 | \$'000 | \$'000 | |
| Net carrying amount | |||||
| At 31 December 2024 (Restated*) | 4,447,418 | 56,477 | 11,464 | 4,515,359 | |
| At 30 June 2025 (Unaudited) | 4,682,522 | 24,062 | 19,934 | 4,726,518 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
33,34 Lease modification mainly refers to the termination of vessel lease contracts in Egypt and Israel. They are to be replaced with new lease agreements in the second half of the year.
Included in the carrying amount of leased assets at 30 June 2025 are right of use assets related to Oil and gas properties and Other property, plant and equipment of \$15.3 million and \$8.7 million respectively (31 December 2024: \$12.7 million and \$1.3 million excluding right of the use assets presented as discontinued, \$40.4 million). The depreciation charged on these classes for the six-month ending 30 June 2025 were \$6.5 million and \$2.8 million respectively (six months ended 30 June 2024 (restated): \$8.3 million and \$1.9 million).
The additions to Oil & gas properties for the period of six months ended 30 June 2025 are mainly due to development costs of Katlan (\$213 million) and the Karish North and the second oil train (\$22.5 million) in Israel, the Cassiopea and Santo Stefano Mare projects in Italy at the amount of \$14 million and \$10 million respectively.
On 21 March 2025, property, plant, and equipment owned by the ECL disposal group, with a carrying value of \$1,196 million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were recorded at their carrying value including the depreciation adjustment retrospectively made for the period they were classified as held for sale.
Borrowing costs capitalised for qualifying assets, included in oil & gas properties, for the six months ended 30 June 2025 amounted to \$15.5 million (30 June 2024: \$5 million). The weighted average interest rates used was 5.34% for the six months ended 30 June 2025 (30 June 2024: 1.58%).
No indicators of property, plant and equipment impairment were noted on 30 June 2025.
| Exploration and | Other | |||
|---|---|---|---|---|
| evaluation | Intangible | |||
| assets | Goodwill | assets | Total | |
| \$'000 | \$'000 | \$'000 | \$'000 | |
| Intangibles at Cost | ||||
| At 1 January 2024 | 397,716 | 101,146 | 11,543 | 510,405 |
| Additions | 241,950 | - | 1,233 | 243,183 |
| Transfer to property, plant and equipment | (205,324) | - | 735 | (204,589) |
| Exchange differences | (8,946) | - | (742) | (9,688) |
| At 31 December 2024 (Restated*) | 425,396 | 101,146 | 12,769 | 539,311 |
| Additions | (2,035) | - | 501 | (1,534) |
| Exchange differences | 27,921 | - | 1,202 | 29,123 |
| At 30 June 2025 (Unaudited) | 451,282 | 101,146 | 14,472 | 566,900 |
| Accumulated amortisation and impairments |
||||
| At 1 January 2024 | 158,274 | 20,485 | 6,257 | 185,016 |
| Charge for the period | - | - | 923 | 923 |
| Amortisation catch-up adjustment (note | ||||
| 26) | - | - | 45 | 45 |
| Impairment | 144,236 | - | 42 | 144,278 |
| Exchange differences | (7,052) | - | (277) | (7,329) |
| At 31 December 2024 (Restated*) | 295,458 | 20,485 | 6,990 | 322,933 |
| Charge for the period | - | - | 825 | 825 |
| Impairment | 656 | - | - | 656 |
| Exchange differences | 22,080 | - | 1,281 | 23,361 |
| At 30 June 2025 (Unaudited) | 318,194 | 20,485 | 9,096 | 347,775 |
Net Carrying Amount
| Exploration and evaluation assets \$'000 |
Goodwill \$'000 |
Other Intangible assets \$'000 |
Total \$'000 |
|
|---|---|---|---|---|
| At 31 December 2024 (Restated*) | 129,938 | 80,661 | 5,779 | 216,378 |
| At 30 June 2025 (Unaudited) | 133,088 | 80,661 | 5,376 | 219,125 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities for the difference between the assigned values and the tax bases of assets acquired and liabilities assumed in a business combination.
In 2024 the Group made significant additions to key ongoing projects, including \$133.2 million mainly related to the Katlan project in Israel prior to the final investment decision being taken in July 2024, \$65.2 million for the Company's partnership with Chariot Limited in Morocco's Anchois gas development (was fully impaired in 2024), and \$48.0 million for the Location B project in Egypt and the Orion exploration (was fully impaired in 2024). On 13 May 2025 the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for \$1 consideration with any related guarantee issued by the Group been terminated.
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of \$30.8 million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were recorded at their carrying value including the amortisation adjustment retrospectively made for the period they were classified as held for sale. No indicators of intangible assets impairment were noted on 30 June 2025.
| Deferred tax (liabilities)/assets |
Property, plant and equipmen t |
Right of use asset IFRS 16 |
Decom mi ssioning |
Prepaid expense s and other receivab les |
Invento ry |
Tax losses |
Deferr ed expens es for tax |
Retire ment benefit liability |
Accrued expense s and other short-te rm liabilitie s |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | |
| At 1 January 2024 | (163,994) | (3,737) | 103,560 | (2,051) | 6 | 144,866 | 5,578 | 369 | 10,122 | 94,719 |
| Increase / (decrease) for the period through, restated*: | ||||||||||
| Profit or loss | (3,286) | 634 | 17,296 | (764) | 413 | 20,580 | (633) | (39) | (2,096) | 32,105 |
| Other comprehensive income |
- | - | - | - | - | - | - | 79 | 10 | 89 |
| Exchange difference | 739 | 44 | (6,315) | 35 | (17) | (8,433) | - | (7) | (298) | (14,252) |
| At 31 December 2024 (Restated*) |
(166,541) | (3,059) | 114,541 | (2,780) | 402 | 157,013 | 4,945 | 402 | 7,738 | 112,661 |
| Increase / (decrease) for the period through: | ||||||||||
| Profit or loss | (19,989) | 2,448 | (7,660) | (123) | - | 1,918 | (314) | 64 | (1,107) | (24,763) |
| Other comprehensive income |
- | - | - | - | - | - | - | (8,626) | - | (8,626) |
| Exchange difference | (2,828) | (95) | 13,599 | (72) | 52 | 19,102 | - | 17 | 679 | 30,454 |
| At 30 June 2025 (Unaudited) |
(189,358) | (706) | 120,480 | (2,975) | 454 | 178,033 | 4,631 | (8,143) | 7,310 | 109,726 |
| 30 June 2025 (Unaudited) | 31 December 2024 (Restated*) |
|||
|---|---|---|---|---|
| \$'000 | \$'000 | |||
| Deferred tax liabilities | (156,116) | (141,403) | ||
| Deferred tax assets | 265,842 | 254,064 | ||
| Net deferred tax (liabilities)/ assets | 109,726 | 112,661 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
As of June 2025 the Group had gross total unused tax losses of \$1,055.6 million (as of 31 December 2024: \$957.0 million) available to offset against future profits and other temporary differences. The Group has not recognised deferred tax on tax losses and other differences of \$782.5 million.
In Greece and the UK, the net DTA for carried forward losses recognised in excess of the other net taxable temporary differences was \$114.5 million and \$39.3 million (2024: \$101.5 million and \$29.8 million) respectively.
Greek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession agreement expires (by 2049), whereas, the tax losses in Israel, Italy and the United Kingdom can be carried forward indefinitely. Based on the Prinos area forecasts (including the Epsilon development), the deferred tax asset is fully utilised by 2038. Finally, in the UK, decommissioning losses is expected to be tax relieved up until 2029 in accordance with the latest taxable profits forecasts.
At June 2025, the gross amount and expiry dates of losses available for carry forward are as follows:
| Expiring within 5 years (Note A) |
Expiring beyond 6 years (Note B) |
Unlimited (Note C) |
Total | |
|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | |
| Losses for which a deferred tax asset is recognised | - | 465,700 | 155,800 | 621,500 |
| Losses for which no deferred tax asset is recognised | 89,300 | - | 344,800 | 434,100 |
| 89,300 | 465,700 | 500,600 | 1,055,600 |
Note A: Mainly tax losses generated in the Republic of Cyprus (\$62 million) and Greece (\$27 million) of trading losses which cannot be utilised against profits from Prinos asset)
Note B: Tax losses ring-fenced to the Prinos asset in Greece which can be carried forward until the expiry of the relevant licences i.e. by 2049.
Note C: Unlimited losses for which a deferred tax asset is recognised comprise Italian tax losses of \$93m and UK tax losses of \$63m which can be carried forward indefinitely. Unlimited losses for which no deferred tax asset is recognised relate to remaining UK tax losses.
There are no income tax consequences attached to the payment of dividends by the Group to its shareholders. As a result of exemptions on dividend from subsidiaries and capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
| 30 June 2025 (Unaudited) \$'000 |
31 December 2024 (Restated*) \$'000 |
|
|---|---|---|
| Cash and bank deposits | 400,650 | 235,270 |
| 400,650 | 235,270 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
Bank deposits comprise deposits and other short-term money market deposit accounts that are readily convertible into known amounts of cash. The annual average interest rate on short-term bank deposits was 3.984% for the six months period ended 30 June 2025 (12 months ended 31 December 2024: 4.82%).
Restricted cash comprises cash retained under the Israel Senior Secured Notes and the Greek State Loan requirement as follows:
Current
The current portion of restricted cash at 30 June 2025 was \$83.26 million (31 December 2024: \$82.43 million). It mainly relates to the September 2025 coupon payment on Senior Secured Notes.
The cash restricted for more than 12 months after the reporting date was \$3.3 million (31 December 2024: \$2.95 million) mainly comprising \$2.4 million (31 December 2024: \$2.15 million) held on the Interest Service Reserve Account ('ISRA') in relation to the Greek Loan Notes and \$0.9 million (31 December 2024: \$0.8 million) for Prinos Guarantee.
| 30 June | 31 December | |
|---|---|---|
| 2025 (Unaudited) | 2024 (Restated*) | |
| \$'000 | \$'000 | |
| Crude oil | 16,002 | 33,887 |
| Hydrocarbon liquids | 4,551 | 3,581 |
| Gas | 519 | 502 |
| Raw materials and supplies | 69,251 | 63,878 |
| Total inventories | 90,323 | 101,848 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
| 30 June | 31 December | |
|---|---|---|
| 2025 (Unaudited) | 2024 (Restated*) | |
| \$'000 | \$'000 | |
| Trade and other receivables, current | ||
| Financial items: | ||
| Trade receivables | 346,684 | 341,339 |
| Receivables from partners under JOA | 6,260 | 290 |
| Other receivables | 8,414 | 8,131 |
| Refundable VAT | 45,491 | 49,438 |
| Accrued interest income | 4,191 | 1,048 |
| 411,040 | 400,246 | |
| Non-financial items: | ||
| Deposits and prepayments35 | 21,655 | 19,886 |
| Other taxes receivable | 13,442 | - |
| Other deferred expenses | 158 | 2,116 |
| 35,255 | 22,002 | |
| 446,295 | 422,248 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
35 Included in deposits and prepayments, are mainly prepayments for goods and services under the GSP Engineering, Procurement, Construction and Installation Contract (EPCIC) for Epsilon project.
| 30 June 2025 (Unaudited) |
31 December 2024 (Restated*) |
|
|---|---|---|
| \$'000 | \$'000 | |
| Other non-current assets | ||
| Non-financial items: | ||
| Other tax recoverable | 17,125 | 15,693 |
| Deposits and prepayments | 16,779 | 15,399 |
| Other non-current assets | 2,246 | 2,360 |
| 36,150 | 33,452 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
The below tables outline the share capital of the Company.
| Equity share capital | |||
|---|---|---|---|
| allotted and fully | Share capital | Share premium | |
| paid | |||
| Number | \$'000 | \$'000 | |
| Issued and authorized | |||
| At 1 January 2024 | 183,480,959 | 2,449 | 465,331 |
| Issued during the year | |||
| - New shares | - | - | - |
| - Share based payment | - | - | - |
| At 31 December 2024 | 183,480,959 | 2,449 | 465,331 |
| Issued during the period | |||
| - Share based payment | 800,000 | 10 | - |
| At 30 June 2025 (Unaudited) | 184,280,959 | 2,459 | 465,331 |
In line with the Group's dividend policy, Energean returned \$0.60/share to shareholders during the reporting period, representing two-quarters of dividend payments (6 months ended 30 June 2024: \$0.60/ share).
| \$ cents per share | 30 June, in \$' 000 | ||||
|---|---|---|---|---|---|
| Dividends announced and paid in cash | 2025 | 2024 | 2025 | 2024 | |
| March | 30 | 30 | 54,990 | 54,844 | |
| June | 30 | 30 | 55,277 | 54,991 | |
| 60 | 60 | 110,267 | 109,835 |
| 30 June 2025 (Unaudited) |
31 December 2024 (Restated*) |
|
|---|---|---|
| \$'000 | \$'000 | |
| Non-current | ||
| Bank borrowings - after two years but within five years | ||
| 4.875% Senior Secured notes due 2026 (\$625 million) | - | 622,102 |
| 6.5% Senior Secured notes due 2027 (\$450 million) | 446,756 | 445,797 |
| 5.375% Senior Secured notes due 2028 (\$625 million) | 620,362 | 619,602 |
| Bank borrowings - more than five years | ||
| 5.875% Senior Secured notes due 2031 (\$625 million) | 618,174 | 617,689 |
| 8.50% Senior Secured notes due 2033 (\$750 million) | 735,123 | 734,820 |
| Bank Leumi Loan | 71,553 | - |
| BSTDB Loan and Greek State Loan Notes | 115,215 | 101,894 |
| Carrying value of non-current borrowings | 2,607,183 | 3,141,904 |
| Current | ||
| 4.875% Senior Secured notes due 2026 (\$625 million) | 623,219 | - |
| Revolving credit facility | 133,000 | 128,000 |
| Other borrowings | 123,827 | - |
| Carrying value of current borrowings | 880,046 | 128,000 |
| Carrying value of total borrowings | 3,487,229 | 3,269,904 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
The Group has provided security in respect of certain borrowings in the form of share pledges, as well as fixed and floating charges over certain assets of the Group.
At 30 June 2025, the Group holds \$2.625 billion in aggregate principal amount of senior secured notes, issued in four series as follows:
• \$750 million, issued on 11 July 2023, maturing on 30 September 2033, with a fixed annual interest rate of 8.5%.
The interest on each series is paid semi-annually on 30 March and 30 September. The notes are listed for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd (TASE), and the TASE-UP for the 2023 issuance.
Additionally, the Group issued \$450 million in senior secured notes on 18 November 2021, maturing on 30 April 2027 with a fixed annual interest rate of 6.5%. These notes are listed on the Official List of the International Stock Exchange (TISE), with interest paid semi-annually on 30 April and 30 October.
Energean Oil and Gas SA entered into a loan agreement on 27 December 2021 with Black Sea Trade and Development Bank for €90.5 million for the development of the Epsilon Oil Field, with an interest rate of EURIBOR plus margins, and another agreement with the Greek State for €9.5 million maturing in 8 years with a fixed rate plus margin.
The Group has provided various collateral, including fixed charges over shares, leases, sales agreements, bank accounts, operating permits, insurance policies, exploration licenses, and the Energean Power FPSO. Floating charges cover present and future assets of relevant subsidiaries.
In February 2025, the Group signed a 10 year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for \$750 million. The term loan will be available to refinance the 2026 Energean Israel Limited Notes and to provide additional liquidity for the Katlan development. It has a 12-month availability period, during which multiple drawdowns can be made, providing flexibility to optimise finance costs. Up to \$475 million is available in US dollars and up to \$275 million is available in New Israeli Shekel. The interest rate for the loan is floating. The term loan is secured on the assets of Energean Israel, pari passu with the Energean Israel Limited notes, non-recourse to Energean and has a bullet repayment in 2035. \$75 million has been withdrawn by the Group on 30 June 2025 under this loan agreement.
Finally, the Group signed a three-year \$275 million Revolving Credit Facility (RCF) on 8 September 2022, increased to \$300 million in May 2023, led by ING Bank N.V. The RCF provides additional liquidity for corporate needs, including for issuing LCs for decommissioning in the UK, with an interest rate on loans of 5% plus SOFR on drawn amounts. \$154 million was drawn by way of Letters of Credit and \$133 million was drawn by way of loans on 30 June 2025. \$93 million were subsequently repaid in July 2025.
In March 2025, the Group signed new documentation to extend \$300 million Revolving Credit Facility by three years until September 2028. The loan extension was conditional upon certain precedents, all of which were satisfied in August 2025. In April 2025 the Group also obtained a \$125 million one – year unsecured loan from a third party. It is subject to SOFR + 3.95% interest charge. It has been fully drawn down during the reporting period.
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to provide returns for shareholders and benefits to stakeholders and to safeguard the Group's ability to continue as a going concern.
Energean is not subject to any externally imposed capital requirements. To maintain or adjust the capital structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt, engage in active portfolio management, adjust the dividend payment to shareholders, or undertake other such restructuring activities as appropriate.
| 30 June 2025 (Unaudited) |
31 December 2024 (Restated*) |
|
|---|---|---|
| \$'000 | \$'000 | |
| Net Debt | ||
| Current borrowings | 880,046 | 128,000 |
| Non-current borrowings | 2,607,183 | 3,141,904 |
| Total borrowings | 3,487,229 | 3,269,904 |
| Less: Cash and cash equivalents | (400,650) | (235,270) |
| Restricted cash | (86,589) | (85,377) |
| Net Debt | 2,999,990 | 2,949,257 |
| Total equity | 646,556 | 577,465 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
| 1 January 2025 (Restated*) |
Cash inflows | Cash outflows | Reclassification | Additions | Lease modification |
Borrowing costs including amortisation of arrangement fees |
Foreign exchange impact |
Fair value | 30 June 2025 (Unaudited) |
|
|---|---|---|---|---|---|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | \$'000 | changes | \$'000 | |
| 2025 | 3,425,762 | 238,000 | (161,114) | (1,644) | 353 | (23,913) | 116,781 | 22,135 | (837) | 3,615,523 |
| Secured Senior Notes | 3,040,010 | 75,000 | (107,194) | (624,856) | 102,595 | 6,333 | - | 2,491,888 | ||
| Current Borrowings: Convertible loan notes |
- | - | - | - | - | - | - | - | - | - |
| Revolving credit facility | 128,000 | 38,000 | (39,121) | 401 | 5,720 | - | 133,000 | |||
| Other current borrowings | - | 125,000 | (1,527) | (314) | 668 | 123,827 | ||||
| Long - term borrowings | 101,895 | - | (4,081) | 279 | - | - | 3,857 | 13,345 | - | 115,295 |
| Current portion of long-term borrowings |
- | - | - | 623,219 | - | - | - | - | - | 623,219 |
| Lease liabilities | 57,942 | - | (9,191) | (373) | 353 | (23,913) | 1,181 | 2,457 | (837) | 27,619 |
| Deferred consideration | 97,915 | - | - | - | - | 2,760 | - | - | 100,675 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
21.1 Provision for retirement benefits
| (Unaudited) \$'000 |
(Restated*) \$'000 |
|---|---|
| 1,789 | 1,551 |
| 1,551 | |
| 1,789 | 1,551 |
| 1,789 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| (Unaudited) \$'000 |
(Restated*) \$'000 |
|
| At 1 January | 1,551 | 1,595 |
| Current service cost | 67 | 109 |
| Interest cost | 24 | 51 |
| Extra payments or expenses | 1 | 19 |
| Actuarial gains from changes in financial assumptions | 0 | 114 |
| Benefits paid | (56) | (239) |
| Exchange differences | 202 | (98) |
| At 30 June / 31 December | 1,789 | 1,551 |
* Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
| Decommissioning provision | Litigation and other provisions |
Total | |
|---|---|---|---|
| \$'000 | \$'000 | \$'000 | |
| At 1 January 2025 (Restated*) | 810,659 | 7,637 | 818,296 |
| Additions (note 26) | - | 50,000 | 50,000 |
| Change in estimates | 20,506 | (829) | 19,677 |
| Recognised in property, plant |
and | ||
| equipment | 16,579 | - | 16,579 |
| Recognised in operating profit | 3,927 | (829) | 3,098 |
| Spend | (3,718) | - | (3,718) |
| Reclassification | (26,959) | - | (26,959) |
| Unwinding of discount | 18,295 | - | 18,295 |
| Currency translation adjustment | 86,434 | 973 | 87,407 |
| At 30 June 2025 (Unaudited) | 905,217 | 57,781 | 962,998 |
| Current provisions | 97,531 | 52,005 | 149,536 |
| Non-current provisions | 807,686 | 5,776 | 813,462 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
The decommissioning provision represents the present value of decommissioning costs relating to oil and gas properties, which are expected to be incurred up to 2045, when the producing oil and gas properties are expected to cease operations. The increase in the estimate is primarily due to changes in the discount rate and inflation assumptions as of 30 June 2025 and utilisation of provision during the reporting period.
The key assumptions underpinning the estimated decommissioning provision are as follows:
| Discount rate assumptio |
30 June | 31 | ||||
|---|---|---|---|---|---|---|
| Inflation assumption 30 June 2025 |
n 30 June 2025 |
Cessation of production assumption |
Spend in 2025 \$'000 |
2025 (Unaudited) \$'000 |
December 2024 \$'000 |
|
| Greece | 2.04% - 2.00% | 3.59% | 2045 | - | 16,311 | 12,966 |
| UK | 2.27% | 4.24% | 2030 | 3,718 | 211,961 | 193,972 |
| Israel36 | 2.17% - 2.70% | 4.78% | 2044 | - | 87,595 | 85,357 |
| Italy | 2.00% - 2.82% | 3.91% | 2025 - 2038 | - | 564,513 | 496,984 |
| Croatia | 2.00% - 2.82% | 3.91% | 2025 | - | 24,837 | 21,380 |
| Total | 3,718 | 905,217 | 810,659 |
36US inflation rate and US Bond rates have been used.
| 30 June 2025 (Unaudited) \$'000 |
31 December 2024 (Restated*) \$'000 |
|
|---|---|---|
| Trade and other payables, current | ||
| Financial items: | ||
| Trade accounts payable | 321,624 | 255,495 |
| Payables to partners under JOA37 | 214,059 | 240,876 |
| Other payables39 | 62,742 | 84,973 |
| Accrued expenses | 101,690 | 91,759 |
| Deferred consideration | 100,000 | 97,915 |
| Short term lease liability | 10,457 | 16,370 |
| Deferred income38 | 107,210 | - |
| VAT payable | 3,197 | 4,228 |
| 920,979 | 791,616 | |
| Non-financial items: | ||
| Other finance costs accrued | 53,008 | 51,460 |
| Social insurance and other taxes | 5,702 | 4,729 |
| 58,710 | 56,189 | |
| 979,689 | 847,805 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
37 Payables to partners under the JOA include both payables and working capital estimates provided by the operators.
38 Deferred income mainly comprises 'take-or-pay' payments received in Israel (\$5.5 million) and an advance prepayment in Italy (\$100 million).
39 Other payables primarily consist of royalties accrued in Israel (H1 2025: \$25 million, H1 2024: \$41 million) and in Italy (H1 2025: \$35 million, H1 2024: \$20 million).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| (Unaudited) | (Restated*) | |
| \$'000 | \$'000 | |
| Other non-current liabilities | ||
| Financial items: | ||
| Trade and other payables40 | 49,134 | 80,020 |
| Long term lease liability | 17,162 | 41,572 |
| 66,296 | 121,592 | |
| Non-financial items: | ||
| Social insurance | 193 | 792 |
| 193 | 792 | |
| 66,489 | 122,384 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
40 The amount represents a long-term amount payable in terms of the EPCIC contract. Following the amendment to the terms of the deferred payment agreement with Technip signed in February 2024 the remaining amount payable under the EPCIC contract reduced to \$210 million. The amount is payable in twelve equal quarterly deferred payments starting in March and therefore has been discounted at 8.668%. p.a. (being the yield rate of the senior secured loan notes, maturing in 2026, at the date of agreeing the payment terms). As of 30 June 2025, six instalments have been paid.
| 30 June (Unaudited) | ||
|---|---|---|
| 2025 | 2024 (Restated)* | |
| \$'000 | \$'000 | |
| Energean Deferred Bonus Plan (DSBP) | 822 | 1,083 |
| Energean Long Term Incentive Plans (LTIP) | 2,856 | 3,027 |
| Total share-based payment charge | 3,678 | 4,110 |
| Expensed as administration expenses | 3,678 | 4,110 |
| Total share-based payment charge | 3,678 | 4,110 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
Under the Energean plc's 2018 LTIP rules, senior executives may be granted conditional awards of shares or nil cost options. Nil cost options are normally exercisable from three to ten years following grant provided an individual remains in employment. Awards are subject to performance conditions (including Total Shareholder Return (TSR) normally measured over a period of three years. Vesting of awards or exercise of nil cost options is generally subject to an individual remaining in employment except in certain circumstances such as good leaver and change of control. Awards may be subject to a holding period following vesting. No dividends are paid over the vesting period; however, Energean's Board may decide at any time prior to the issue or transfer of the shares in respect of which an award is released that the participant will receive an amount (in cash and/or additional shares) equal in value to any dividends that would have been paid on those shares on such terms and over such period (ending no later than the Release Date) as the Board may determine. This amount may assume the reinvestment of dividends (on such basis as the Board may determine) and may exclude or include special dividends.
The weighted average remaining contractual life for LTIP awards outstanding at 30 June 2025 was 1.5 years, number of shares outstanding 2,311,256 and weighted average price of \$13.63.
Under the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration & Talent Committee, may be deferred into shares. Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or, exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award although may vest early on leaving employment or on a change of control.
The weighted average remaining contractual life for DSBP awards outstanding at 30 June 2025 was 1.24 years, number of shares outstanding 330,917 and weighted average price of \$13.01.
On 19 June 2024, the Company entered into a binding sale and purchase agreement for the sale of its portfolio in Egypt, Italy and Croatia (together referred to as "Energean Capital Limited Group", "ECL" or "ECL Group"), to an entity controlled by Carlyle International Energy Partners (the "Transaction") (the "SPA"). The sale of ECL was expected to be completed within 12 months. At 30 June 2024, ECL Group was classified as a disposal group held for sale ("HFS") and as a discontinued operation. The business of ECL Group represented the entirety of the Group's Egypt operating segment until 20 June 2024. With ECL being classified as
discontinued operations, the Egypt segment was no longer presented in the segment note. ECL operations in Italy and Croatia were previously included in the Group's Europe operating segment, they were no longer presented within this segment.
Completion of the Transaction was conditional upon customary regulatory approvals in Italy and Egypt together with antitrust approvals in Italy, Egypt and Common Market for Eastern and Southern Africa, to be satisfied by a longstop date of 20 March 2025. As of the longstop date, certain regulatory approvals in Italy and Egypt were not obtained by Carlyle (or waived), in accordance with the terms of the SPA. Additionally, the Company was not able to reach agreement with Carlyle to extend the longstop date beyond 20 March 2025. Accordingly, on 21 March 2025, the Company terminated the SPA. Subsequently, on 25 April 2025, the Company drew the amount of \$50 million under the letter of credit for payment of the Non-Completion Payable pursuant to the terms of the SPA. The Company fully provided for it on receipt.
Following the cessation of "held for sale" classification, the measurement of ECL reverted to the basis that would have applied had the classification never occurred (being lower than the recoverable amount). This resulted in a catch-up depreciation charge, recognised for the period from the original date of classification, together with the related deferred tax adjustment. To ensure consistency in presentation and measurement, the comparative financial information has been restated as if ECL had never met the criteria to be classified as held for sale.
ECL results previously presented in discontinued operations are reclassified and included in income from continuing operations for all periods presented. The amounts for six months ended 30 June 2024 have been re-presented.
The amounts presented for the assets and liabilities of disposal groups classified as held for sale in the comparative statement of financial position have been also restated accordingly. Each of the affected financial statement line items has been restated and the impact is summarised in the following table:
| 31 December 2024 (As previously reported) |
Adjustments | 31 December 2024 (Restated*) |
||
|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | ||
| Non-current assets | ||||
| Other property, plant and equipment | 3,378,752 | 1,136,607 | 4,515,359 | |
| Other intangible assets & goodwill | 185,310 | 31,068 | 216,378 | |
| Equity-accounted investments | - | 4 | 4 | |
| Other receivables | 32,973 | 479 | 33,452 | |
| Deferred tax asset | 128,368 | 125,696 | 254,064 | |
| Restricted cash | 2,950 | - | 2,950 | |
| 3,728,353 | 1,293,854 | 5,022,207 | ||
| Current assets | ||||
| Inventories | 29,233 | 72,615 | 101,848 | |
| Trade and other receivables | 132,454 | 289,794 | 422,248 | |
| Restricted cash | 82,427 | - | 82,427 | |
| Cash and cash equivalents | 182,251 | 53,019 | 235,270 | |
| Assets held for sale | 1,769,906 | (1,769,906) | - | |
| 2,196,271 | (1,354,478) | 841,793 | ||
| Total assets | 5,924,624 | (60,624) | 5,864,000 | |
| Non-Current Liabilities | ||||
| Borrowings | 3,141,904 | - | 3,141,904 | |
| Deferred tax liability | 141,403 | - | 141,403 | |
| Retirement benefit liability | 518 | 1,033 | 1,551 | |
| Provisions | 234,035 | 487,981 | 722,016 | |
| Other payables | 89,283 | 33,101 | 122,384 | |
| 3,607,143 | 522,115 | 4,129,258 | ||
| Current Liabilities | ||||
| Trade and other payables | 335,841 | 511,964 | 847,805 | |
| Borrowings | 128,000 | - | 128,000 | |
| Current tax liability | 81,034 | 3,813 | 84,847 |
| 31 December 2024 (As previously reported) |
Adjustments | 31 December 2024 (Restated*) |
||
|---|---|---|---|---|
| \$'000 | \$'000 | \$'000 | ||
| Derivative financial instruments | 345 | - | 345 | |
| Provisions | 58,260 | 38,020 | 96,280 | |
| Liabilities held for sale | 1,075,912 | (1,075,912) | - | |
| 1,679,392 | (522,115) | 1,157,277 | ||
| Total Liabilities | 5,286,535 | - | 5,286,535 |
Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated upon consolidation and are not disclosed in this note.
There have been no significant changes to related party transactions since 31 December 2024, refer to note 28 in the 2024 Annual Report and Accounts for more information.
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be undertaken on each permit/interest. The exploration and development capital commitments in the following table are an estimate of the net cost to the Group of performing these work programmes:
| 30 June 2025 (Unaudited) \$'000 |
31 December 2024 (Restated*) \$'000 |
|
|---|---|---|
| Capital Commitments: | ||
| Due within one year | 34,990 | 51,030 |
| Due later than one year but within two years | 4,625 | 2,072 |
| Due later two years but within five years | - | - |
| 39,615 | 53,102 |
* Restated for restated to classify the assets and liabilities previously classified as held for sale back to their original balance sheet line items, refer to note 26 for further detail.
As of 30 June 2025, \$1.8 million of capital commitments is towards Governments (31 December 2024 (Restated): \$2.0 million). An amount of \$37.8 million (31 December 2024 (Restated): \$51.1 million) pertains to \$10.8 million of capital commitments with partners based on future work programs for the development of the Scott field in the United Kingdom ((31 December 2024: \$3.0 million) and \$27.0 million in Italy (31 December 2024: \$43.0 million).
| 30 June 2025 | 31 December 2024 | |
|---|---|---|
| (Unaudited) | (Restated *) | |
| Performance guarantees: | ||
| Greece | 1,138 | 1,009 |
| Israel | 52,076 | 50,629 |
| UK | 141,356 | 134,056 |
| Morocco | 375 | 375 |
| Egypt | 6,000 | 6,000 |
| Italy | 12,285 | 22,710 |
| 213,230 | 214,779 |
*Restated for discontinued operations reclassified to continuing operations, refer to note 26 for further detail.
• Karish and Tanin Leases (\$25 million) - As required by the Karish and Tanin Lease deeds, the Group provided the Ministry of National Infrastructures, Energy, and Water with bank guarantees for each lease. These guarantees were renewed in June 2025 and are valid until June 2026.
The Group had no material contingent liabilities as at 30 June 2025 (31 December 2024: nil).
At 30 June 2025, the Group had investments in the following subsidiaries:
| Name of subsidiary |
Country of incorporation / registered office | Principal activities | Shareholding At 30 June 2025 (%) |
Shareholding At 31 December 2024 (%) |
|---|---|---|---|---|
| Energean E&P Holdings Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Holding Company | 100 | 100 |
| Energean Capital Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Holding Company | 100 | 100 |
| Energean Group Services Ltd. |
44 Baker Street, London W1U 7AL, United Kingdom | Oil and gas exploration, development and production |
100 | 100 |
| Energean Oil & Gas S.A. |
32 Kifissias Avenue, Marousi Athens, 151 25, Greece |
Oil and gas exploration, development and production |
100 | 100 |
| Energean International Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Oil and gas exploration, development and production |
100 | 100 |
| Energean Israel Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Oil and gas exploration, development and production |
100 | 100 |
| Energean Montenegro Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Oil and gas exploration, development and production |
100 | 100 |
| Energean Israel Transmission Ltd. |
Andre Sakharov 9, Haifa, Israel | Gas transportation license holder | 100 | 100 |
| Energean Israel Finance Ltd. |
Andre Sakharov 9, Haifa, Israel | Financing activities | 100 | 100 |
| Energean Egypt Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Oil and gas exploration, development and production |
100 | 100 |
| Energean Hellas Ltd. |
22 Lefkonos Street, 2064 Nicosia, Cyprus | Oil and gas exploration, development and production |
100 | 100 |
| Energean Italy S.p.a. |
31 Foro Buonaparte, 20121 Milano, Italy | Oil and gas exploration, development and production |
100 | 100 |
| Energean Sicilia S.r.l. |
Via Salvatore Quasimodo 2 – 97100 Ragusa (Ragusa) |
Oil and gas exploration, development and production |
100 | 100 |
| Energean Exploration Ltd. |
44 Baker Street, London W1U 7AL, United Kingdom | Oil and gas exploration, development and production |
100 | 100 |
| Energean UK Ltd. | 44 Baker Street, London W1U 7AL, United Kingdom | Oil and gas exploration, development and production |
100 | 100 |
| Energean Egypt Energy Services JSC |
Block #17, City Center, 5th Settlement, New Cairo, 11835, Egypt |
Oil and gas exploration, development and production |
100 | 100 |
| Energean Investments Ltd. |
44 Baker Street, London W1U 7AL, United Kingdom | Oil and gas exploration, development and production |
100 | 100 |
| Energean Morocco Ltd. |
44 Baker Street, London W1U 7AL, United Kingdom | Oil and gas exploration, development and production |
0 | 100 |
| Enearth Limited | 22 Lefkonos Street, 2064 Nicosia, Cyprus | Holding Company | 100 | 100 |
| Enearth Greece S.A. |
32 Kifissias Avenue, Marousi Athens, 151 25, Greece |
Carbon Capture Storage | 100 | 100 |
| Country | Licence/unit area | Fields | Fiscal regime | Group's working interest |
Joint operation |
Operator |
|---|---|---|---|---|---|---|
| Israel | ||||||
| Karish | Karish North, Karish Main | Concession | 100% | No | NA | |
| Tanin | Tanin | Concession | 100% | No | NA | |
| Katlan | Katlan | Concession | 100% | No | NA | |
| Egypt | ||||||
| Abu Qir | Abu Qir, Abu Qir North, Abu Qir West, Yazzi (32.75%) |
PSC | 100% | No | NA | |
| NEA | Yazzi (67.25%), Python | PSC | 100% | No | NA | |
| NI | Field A (NI-1X), Field B (NI 3X), NI-2X, Viper (NI-4X) |
PSC | 100% | No | NA | |
| Greece | ||||||
| Prinos | Prinos, Epsilon | Concession | 100% | No | NA | |
| South Kavala | Concession | 100% | No | NA | ||
| Katakolo | Katakolo (undeveloped) | Concession | 100% | No | NA | |
| Italy | ||||||
| C.C6.EO | Vega A (Vega B, undeveloped) |
Concession | 100%16 | Yes | Energean | |
| B.C8.LF | Rospo Mare | Concession | 100%17 | Yes | Energean | |
| Fiume tenna | Verdicchio | Concession | 100% | No | Energean | |
| B.C7.LF | Sarago, cozza, vongola | Concession | 95% | Yes | Energean | |
| B.C11.AS GIANNA | Gianna (undeveloped) | Concession | 49% | Yes | ENI | |
| Garaguso | Accettura | Concession | 50% | Yes | Energean | |
| A.c14.AS | Rosanna and Gaia | Concession | 50% | Yes | ENI | |
| A.C15.AX | Valentina, Raffaella, Emanuela, Melania |
Concession | 10% | Yes | ENI | |
| A.c16.AG | Delia, Demetra, Sara, Dacia, Nicoletta |
Concession | 30% | Yes | ENI | |
| A.C8.ME | Anemone and Azelea18 | Concession | 19% and 15.675% |
Yes | ENI | |
| Masseria Monaco | Appia and Salacaro (undeveloped) |
Concession | 50% | Yes | Energean | |
| G.C1.AG | Cassiopea , Gemini, Centauro |
Concession | 40% | Yes | ENI | |
| B.C14.AS | Calipso and Clara West | Concession | 49% | Yes | ENI | |
| B.C20.AS | Carlo, Clotilde e Didone (undeveloped) |
Concession | 49% | Yes | ENI | |
| Montignano | Cassiano and Castellaro | Concession | 50% | Yes | Energean | |
| B.C13.AS | Clara Est, Clara Nord, Clara NW, (Cecilia undeveloped) |
Concession | 49% | Yes | ENI | |
| Comiso (EIS) | Comiso | Concession | 100% | No | NA | |
| A.c13.AS | Daria, ( Manuela ,Arabella, Ramona undeveloped) |
Concession | 49% | Yes | ENI | |
| B.C10.AS | Emma West and Giovanna | Concession | 49% | Yes | ENI | |
| A.C36.AG | Fauzia | Concession | 40% | Yes | ENI |
16Energean has agreed with ENI to acquire the latter's WI and the request is pending approval from the Italian authorities. However by means of an agreement between ENI and Energean Italy all the production and cost are retained by Energean from 1 January 2021 and, according to the JOA, the decommissioning costs will be borne by both parties according to their initial WI (Energean 60%, ENI 40%).
17 Energean has requested from the operator to exit the licence.
18 Energean has requested from the operator to exit the licence.
| Country | Licence/unit area | Fields | Fiscal regime | Group's working interest |
Joint operation |
Operator |
|---|---|---|---|---|---|---|
| Torrente menocchia |
Grottammare (undeveloped) | Concession | 76% | Yes | Petrorep | |
| Montegranaro | Leoni | Concession | 50% | Yes | Gas Plus | |
| Lucera | Lucera | Concession | 4.8% | Yes | GPI | |
| Monte Urano | San Lorenzo | Concession | 40% | Yes | Energean | |
| A.C21.AG | Naide | Concession | 49% | Yes | ENI | |
| Colle di lauro | Portocannone | Concession | 83.32% | Yes | Energean | |
| Porto civitanova | Porto civitanova | Concession | 40% | Yes | GPI | |
| Quarto | Quarto | Concession | 33% | Yes | Padana Energia | |
| A.C17.AG | Regina | Concession | 25% | Yes | ENI | |
| S. Andrea | Concession | 50% | Yes | Canoel | ||
| B.C2.LF | San Giorgio Mare | Concession | 100% | Yes | Energean | |
| San Marco | San Marco | Concession | 20% | No | ENI | |
| B.C1.LF | Santo Stefano | Concession | 95% | Yes | Energean | |
| Mafalda | Sinarca | Concession | 40% | Yes | Gas Plus | |
| B.C9.AS | Squalo Centrale | Concession | 33% | Yes | ENI | |
| Massignano | Talamonti | Concession | 50% | Yes | Energean | |
| Masseria Grottavecchia |
Traetta | Concession | 14% | Yes | Canoel | |
| S. Anna (EIS) | Tresauro | Concession | 25% | Yes | Enimed | |
| Torrente Celone | Vigna Nocelli (Masseria Conca undeveloped) |
Concession | 50% | Yes | Rockhopper Italia |
|
| UK | ||||||
| Tors | Garrow, Kilmar | Concession | 68% | Yes | Energean | |
| Markham19 | Concession | 3% | Yes | Spirit Energy | ||
| Scott | Concession | 10% | Yes | CNOOC | ||
| Telford | Concession | 16% | Yes | CNOOC | ||
| Wenlock | Concession | 80% | Yes | Energean | ||
| Croatia | ||||||
| Izabela | PSC | 70% | No | NA |
| Country | Concession | Fields | Fiscal regime | Group's working interest |
Joint operation |
Operator | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Israel | ||||||||||
| Blocks 12, 21, 23, 3120 |
Hermes and Hercules | Concession | 100% | No | N/A | |||||
| Egypt | ||||||||||
| East North Bir El | PSC | 50% | Yes | Energean | ||||||
| Nus | ||||||||||
| Greece | ||||||||||
| Block-2 | Concession | 75% | Yes | Energean | ||||||
| Prinos | Prinos CO2 Storage | Concession | 100% | No | N/A |
19 License was relinquished on 19 July 2025.
20 In January 2025 the licences for Blocks 23 and 31 were extended until 13 January 2027. The licence for Block 21 was not extended and expired on 13 January 2025.
| Country | Concession | Fields | Fiscal regime | Group's working |
Joint operation |
Operator | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| interest | ||||||||||
| Italy | ||||||||||
| G.R13.AG | Lince prospect | Concession | 40% | Yes | ENI | |||||
| G.R.14.AG | Panda, Vela prospect | Concession | 40% | Yes | ENI | |||||
| Croatia | ||||||||||
| Irena | PSC | 70% | No | NA | ||||||
| Morocco (sold on 12 May 2025, refer to note 11) | ||||||||||
| Anchois | Lixus | Concession | 45% | No | NA | |||||
| Anchois | Rissana | Concession | 37.5% | No | NA |
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