Energean: Leading oil & gas development in the Mediterranean

Dimitris Gontikas, Energean Greece CEO

23rd IENE Conference, Athens, November 23, 2018

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Energean at a Glance: a strong, effective operator

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Operational

Strength

Effective

execution

$1.8bn ongoing investment in

Israel & Greece

$1.4bnEPCIC contract with

TechnipFMC

$12bnrevenue secured

through 12 GSPAs

4Countries, an

approved operator

c.350mmboe 2P

385Highly skilled

employees

Proven access to

capital$460m

equity raised in 2018

$1.275bnProject finance secured

in 2018

$180mRBL refinancing in

2018

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Strong Market Positioning in London & Tel Aviv

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• Biggest Oil & Gas IPO in London

IPO in 4 years

• One of the top Oil & Gas

performers in FTSE 250 YTD

• First London-listed, international

O&G operator to list on TASE

STRONG S/P PERFORMANCE

ENOG

35%

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Growth and Performance at the Heart of Energean

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2 57 11 17 24 30

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237

300

397

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50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Jun-18

mm

boe

Prinos 2P Prinos 2C Katakolo 2P Karish and Tanin 2C Karish and Tanin 2P

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A history of delivery in Greece

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1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q to date

kbo

ed 10

kbopd

by 2021

2018

• Prinos North extended reach well

• Production: 4,000 – 4,250 boepd

• Epsilon extended reach well – Dec 2018

2019

• 3 Epsilon wells to be drilled

27,500 boepd process & operating capacity

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BP Offtake Agreement until 2025

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Prinos: Oil & Gas, Tourism And Environment Coexist

Energean’s HSE

Mission

Transfer 37

years experience

of working safely

in

environmentally

sensitive

locations in NE

Greece to every

area we operate

Safety of Offshore Oil& Gas Operations

Directive

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Over 10 blue flags every year in the Kavala Gulf Thasos: Traditional tourist destination in the Aegean

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Developing the Epsilon Field – 19mmboe 2P reserves

An ERD well from Alpha Platform (Energean Force) and a vertical well (GSP Jupiter) are in progress

First steel cut on the new Lamda well-head jacket platform

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Topsides and Jacket fabricated

at GSP shipyard facilities

Constanza 2018 - 2019

Jacket Installed on

top of piles 2019

Deck Installed on

Jacket and Final

Commissioning 2019

Platform Piles and Base

frame installed 2018

2 3 4 5

GSP Neptune for

platform

Installation 2019

GSP Jupiter Drilling

Rig

Pre drilling 3 wells

EL1 – EL3 2018 and

Completions 2019

1 12

23

GSP Bigfoot 1 for

Pipelines

Installation

2018//2019

Developing the Epsilon Field - Installation Sequence

Lamda will be the first platform to be installed in Greece after 40 years

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• Three slots will used by Epsilon Pre Drilling Phase• Expected number of Epsilon Development wells is around nine wells

• Lamda platform is strategically positioned to develop Epsilon and Prinos North fieldsEpsilon Pre Drilling Phase wells

Epsilon Development wells

Developing the Epsilon Field – The Drilling Template

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Developing reserves – optionality at Katakolo

• 2P reserves of 10.5 mmbbls

• $60 million development capex

• 2 wells tested

• Development plan would likely is to drill the

first pilot hole to be converted to an injection

well shortly after FID

• Environmental and social impact

assessment to be submitted in 4Q18

Katakolo overview

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Adding more hydrocarbons - Western Greece

• Repsol 60% partner and operator in Ioannina and Aitoloakarnania onshore blocks

• Seismic exploration activities have commenced in Ioannina

JV with Repsol

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Adding more hydrocarbons – West Adriatic, Montenegro

Montenegro Key Highlights

• Blocks 4218-30 and 4219-26 awarded March

2017

• (Energean 100%)

• 1.8 Tcf & 144 mmbbls unrisked prospective

resources

• Four year optional second exploration period:

– 1 exploration well of not less than 2,800 m

• ENI operates 4 blocks to the south

• First exploration phase in progress: 2

block 3D seismic acquisition

programme, G&G + training

• Environmental Impact Assessment has

been submitted

• Public Consultation in the Municipality

of Bar has been completed

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The Karish and Tanin Acquisition and Development

EPCIC Contract Lump sum turnkey EPCIC

✓Drilling 4 firm, 6 optional wells

✓GSPAs 4.2 bcm/yr (16yr av) $12bn revenue

Project Financing $1.275 billion ✓

✓FID Taken March 2018

Regulatory FDP approved August 2017 ✓

✓

✓Equity $460 mn raise through Premium LSE IPO

67 BCM reserves – A $ 1.6 billion investment

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Building an 8 BCMA Vessel …gearing for further Growth

• The only FPSO in the East Med

• First steel cut in Cosco Shipyards, China, November 26

• Infrastructure hub for future developments

• 3.8 BCMA of “Spare” Capacity…to be filled

• First gas Q1 2021

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Significant near-field Prospective Resources

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Targeting multiples of upside through infrastructure-led exploration

1. NSAI August 2018

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TANIN FIELD

TANIN E

TANIN F

TANIN G

HERA ZEUS ATHENAAPOLLO

HESTIA

KARISH MAIN

KARISH EAST

KARISH NORTH

HERCULESARTEMIS

DEMETERARES

POSEIDON

HERMES

ORPHEUSSURFACE = TOP TAMAR SAND DEPTH

TAMAR FIELD

10KM

TAMAR FIELD

BLOCK 12

BLOCK 23BLOCK 22BLOCK 21

BLOCK 31

TANIN D

TANINMESOZOIC

KARISHMESOZOIC

Material prospective resource volumes with a high1 chance of success7.5 TCF

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•Start March ’19, KarishNorth

• 1.3 Tcf gas & 16.4 mmblsliquids

• 69% chance of success

•Karish Main development drilling – 3 wells

2019 – Drilling four wells in Israel

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Crete our own energy hub in the Mediterranean

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2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

BC

M/Y

Contracted Gas Sales Or Contract Option Excess FPSO Capacity NSAI CPR Economics

3.8 bcm/yr spare capacity

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Thank you!

www.energean.com