Energean

January Trading & Operations Update

23 January 2025

Disclaimer

This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business.

Whilst Energean believes the expectations reflected herein to be reasonable considering the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group's control or within the Group's control where, for example, the Group decides on a change of plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group's expectations or any change in circumstances, events or the Group's plans and strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

The numbers contained herein are unaudited and may be subject to further review and amendment.

Highlights Mathios Rigas, Chief Executive Officer

Highlights

Strong performance from core assets generating significant growth in both sales and profitability

153 kboed Group 2024 production

: 114 kboed

Continuing operations¹

\$1,784 million

Group 2024 revenue Continuing operations¹ : \$1,316 million

\$1,166 million Group 2024 EBITDAX Continuing operations¹ : \$888 million

2.5x Group 31 Dec 2024 leverage \$541 million

Cumulative dividends

Excellent FPSO uptime (99%), production increasing year-on-year and all projects on track

Carlyle Transaction² expected to close this quarter, generating around \$800 million proceeds

Over \$4 billion of new gas contracts agreed in Israel to supply growing domestic demand

Refinancing of 2026 Notes secured

Expanded geographical M&A focus, supported by balance sheet strength, to deliver deep-value growth

1. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK and Morocco. 2. On 20 June 2024, the Group publicly announced that it has entered into a binding agreement for the sale of its portfolio in Egypt, Italy and Croatia (together referred to as "Energean Capital Limited Group" or "ECL"), fully owned and controlled by the Group.

Operations Review Mathios Rigas, Chief Executive Officer

A reliable and low-cost producer with steady cash flows and material reserves life

Proven reliability

Continuing operations 2P reserves1,3

1. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK and Morocco. 2. Operating netback is defined as adjusted EBITDAX over production. 3. Per D&M and NSAI YE23 CPRs 4. To the midpoint of 2025 guidance.

Double digit year-on-year production growth expected to continue in 2025 with long-term secured contracts

1. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK and Morocco. 2. Includes Dalia Energy Companies Ltd. binding term sheets and one additional contract yet to be signed.

Close to \$20 billion¹ of gas sales contracted over the next ~20 years

Providing visible cash flows immune to commodity price fluctuations

1. Total revenues over the life of the contract as per the ACQ. Life-of-contracts take-or-pay revenues are close to \$15 billion. 2.Dalia Energy Companies Ltd. 3. Summer months defined as between June to September. 4. Subject to issuance of an export permit by the

Petroleum Commissioner and compliance with any governmental export policy.

Israel drilling outlook

2026 campaign will include Athena and Zeus (Katlan) development wells (26 bcm) plus optional wells

Katlan overview

Hera and Apollo expected to be drilled in 2028 Development extends the production plateau Katlan first gas on track for H1 2027 No seller royalties or export restrictions²

1. Volumes based on YE23 D&M CPR. 2. Subject to issuance of an export permit by the Petroleum Commissioner and compliance with any governmental export policy

Organic growth opportunities

Multiple opportunities identified across the existing portfolio

Exploration opportunities across the Mediterranean to grow production base

Greece: high-impact exploration prospect

Block 2 75% W.I. operator 5 bnbbl STOIIP or > 9 Tcf² GIIP

1. Block 31 contains the YE23 D&M CPR unrisked 2U volumes and Block 23 contains 30 mmboe (management P50 unrisked from conceptual FDP). 2. Management unrisked P50 case

Greek Government approval of the Prinos Carbon Storage project within RRF

Transitioning the Prinos area into a decarbonisation hub

Project overview	Funding update
Prinos Carbon Storage is the only licenced carbon storage project in the Eastern Mediterranean	The Greek Government formally approved the project's inclusion within the RRF in December
NSAI CPR for 66 million tons 2C contingent storage resources and potential sequestration of up to 3 MtCO2/year	Application submitted for funding under the Connecting Europe Facility to seek support for the development of a liquid CO2 receiving terminal
11 MoUs signed with heavy industry emitters for a storage demand of 9 MtCO2/year	Funding enables the transition of Prinos into a new decarbonisation hub

1. Subject to a joint ministerial decision. 2. Per NSAI's Competent Persons Report

10% annual reduction in emissions intensity

Focused on Net Zero by 2050¹ commitment

1. Scope 1 and 2 emissions. 2. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK and Morocco.

Financial Review Panos Benos, Chief Financial Officer

2024 results – key figures

Material year-on-year revenue growth from continuing operations¹

	Financial Figures
	Energean Group			Continuing operations1
	2024	2023	% change	2024	2023	% change
Sales & Other Revenue (\$ million)	1,784	1,420	26%	1,316	978	35%
Cash Cost of Production (\$/boe)	10	11	(9%)	9	9	0%
Cash G&A (\$ million)	37	31	19%	20	19	5%
Adjusted EBITDAX (\$ million)	1,166	931	25%	888	667	33%
Development and production expenditure	574	487	18%	328	184	78%
Exploration expenditure	112	57	97%	71	29	145%
Decommissioning expenditure	44	19	132%	13	9	44%
	2024 (Energean Group)		2023 (Energean Group)		% change
Net Debt – Consolidated (\$ million)	2,949		2,849		4%
Leverage (Net Debt / Annualised Adjusted EBITDAX)	2.5		3.1		(19%)

14 and Morocco.

1. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK

Disciplined capital allocation framework

Focused on maximising returns to shareholders and maintaining an efficient capital structure

1. Or to fund growth opportunities or a combination of both, in accordance with the terms of its financing documents.

2025 guidance for the continuing operations¹

	Production Guidance
	FY 2025
Total Production (kboed)	120 – 130
	Financial Guidance
	FY 2025
Net Debt – Consolidated (\$ million)	2,700 – 2,900
Cash Cost of Production (includes royalties; \$ million)	410 – 440
Cash SG&A (\$ million)	20 – 30
Total Development & Production Capital Expenditure (\$ million)	400 – 430
Israel	380 – 400
Europe	20 – 30
Exploration Expenditure (\$ million)	0 – 5
Decommissioning Expenditure (\$ million)	55 – 65

1. The continuing operations comprises of the Group's remaining operations, post the Carlyle Transaction, in Israel, Greece, UK

Outlook Mathios Rigas, Chief Executive Officer

M&A: Expanded geographical focus and balance sheet strength to deliver deep-value growth

Expanded geographical focus to the wider EMEA region

Energean will evaluate opportunities beyond the Mediterranean in the wider Europe, Middle East and Africa ("EMEA") region.
Proven operator across the entire life cycle of oil and gas.

Focused on executing deep-value deals

• Any future acquisitions will be value-driven, opportunistic and focused on protecting shareholder returns.

Around \$800m sales proceeds expected in the near term

• Carlyle Transaction is expected to provide around \$800 million, which will be redeployed to maximise shareholder value.

Management team with proven M&A track-record

• Energean has executed five well-timed deals, taking advantage of the opportunities in the market, at the right time, with strict capital discipline.

Core Israel assets provide an excellent foundation for future growth

underpinned by long-term gas contracts with floor pricing

Geographical focus for M&A

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