Karish and Tanin Development

On Track to Deliver Gas – 1Q 202116th Israel Energy and Business Convention

November 19th 2018

Mathios Rigas, CEO

2

Energean at a Glance: a strong, effective operator

2

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

3

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

58

237

300

397

0

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

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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Karish Tanin: FDP approval to FID in 6 months

Efficient, fast and effective execution

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Karish development

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On track to deliver First Gas in 1Q 2021

FPSO Key Milestones Well Key Milestones Subsea / SURF and Onshore Key Milestones

Source: Company.

March 2018

• FID

2018 2019 2020Q1 2021

First Gas

26 Nov 2018

• FPSO First

steel cut

Q4 2019

• FPSO hull

towed from

China to

Singapore

Q4 2020

• Completed

FPSO towed

to Israel

Q1 2019

• Pipeline

beach

crossing at

Dor

Q3/Q4 2019

• Sales-gas

pipeline

installation

Dor to Karish

Q2 2020

• Installation of

production

manifold and

other sub-surf

structures

March 2019

• Mobilise

Stena Forth

rig

• Drill 4 wells

17 8

FPSO

• Integration of

Topsides

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Building an 8 BCMA vessel…gearing for further growth

• The only FPSO in the East Med

• Infrastructure hub for future developments

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

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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

1

22

1

2

2

2

3TANIN FIELD

TANIN E

TANIN F

TANIN G

HERA

ZEUS ATHENAAPOLLO

HESTIA KARISH

MAIN

KARISH EAST

KARISH NORTH

HERCULES

ARTEMIS

DEMETER

ARES

POSEIDON

HERMES

ORPHEUS

SURFACE = TOP TAMAR SAND DEPTH

TAMAR FIELD

10KM

TAMAR FIELD

BLOCK 12

BLOCK 23BLOCK 22BLOCK 21

BLOCK 31

TANIN D

TANINMESOZOI

C

KARISHMESOZOIC

Material prospective

resource volumes with a

high1 chance of success

21/22/23/31

7.5 TCF

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• Drilling March ’19

• 1.3 Tcf Gas & 16.4 mmbbls liquids

• Well to be suspended as potential producer.

• 69% chance of success

• Single well development in the success case

First Step…Karish North

KarishMain

Karish NorthKarish North

111. Previously quoted figure of >80% relates to the C sands only. C sands still have an individual chance of success > 80%

Key Stats

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Next Steps…three wells into Karish Main

• Karish Main development drilling – 3

wells in 2019

• Upside to be targeted through Karish

development drilling – Lower D sands

0.5 Tcf

• Good quality sands identified at this

geological depth in Tanin-1

Key Stats

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Right Project, Right Market, Right Time

Providing the lowest cost resource to meet Israeli gas demand growth

13Source: Adiri report 2018, BDO Report

0

5

10

15

20

25

30

35

bcm

a

Energean Contracted Energean Available CapacityRest of Market per Adiri Additional demand per BDO

Adiri committee demand

forecasts

BDO demand forecasts

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Key Highlights

➢ Karish-Tanin a $1,6 billion project on track for first gas in 2021

➢ Bringing competition and security of supply to Israeli Gas Market

➢ Building an 8 BCM FPSO – creating strategic infrastructure for the

country

➢ Drilling 4 wells in 2019 in Israel

➢ Developing 2.4 TCF of Karish-Tanin reserves

➢ Targeting 7.5 TCF Prospective resources in our 7 licences in Israel

➢ Continuing to grow the leading independent E&P player in the Med

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