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Corporate ProfileNovember 2016

REGIONAL UPSTREAM DEVELOPMENTS:

POLITICAL, REGULATORY AND ECONOMIC

CHALLENGES - The view from Greece

Dimitris Gontikas, Vice-President & Managing Director, Kavala Oil

Corporate ProfileNovember 2016

A leading independent E&P company in the Eastern Mediterranean

Athens Energy Forum, Hilton Hotel, February 1st & 2nd, 2017

Energean: leading E&P player in the SE Mediterranean

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PRODUCTION

DEVELOPMENT

EXPLORATION

MONTENEGRO Exploring the East Adriatic

WEST KOM OMBO

EGYPT

Exploring Upper Egypt

AITOLOAKARNANIA

IOANNINA

Exploring Western Greece

TANINKARISH

ISRAEL

Developing Karish & Tanin

PRINOSProduction of Oil & Gas

KAT

AKO

LO

Developing the first oil field in W. Greece

KATAKOLO

Greece, Prinos update: USD200million investment plan 2014-2018

Prinos Platform Complex – 32 meters water depth

1. Drill 15 development wells in Prinos 4 already drilled and completed

2. Install new unmanned platform on Epsilon field Fabrication tenders in progress

3. Develop 30mmbbls 2P Reserves 2016 Production 1,3mmbbls (cum.)

4. Identify new exploration targets from 3D New 3D seismic acquisition in 2015

Actions Current Status

5. Maximize recovery – EOR/IOR Water injection programme ongoing

Strong financing support

Prinos Platform Complex – 32 meters water depth

Private Founding shareholders

US Institutional Fund

International Financial Institution

Off-take agreement

The success story of Prinos 2007-2016: USD300 million invested

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Increasing the country’s resources

460 Direct Jobs

0

5

10

15

20

25

30

35

40

2008 2009 2010 2011 2012 2013 2014 2015 2016

25 7

1117

2430 30

40(*)

mm

bb

ls

Energean Reserves - Greece

Prinos 2P Reserves

(*) subject to audit

2016 : More than 1 million barrels produced

1.277.424 STOB

2015534533 STOB

East Adriatic-Western Greece: the new play?

MONTENEGRO• Operator, 100%• 2 blocks: 4218-30 (275km2) and 4219-26 (63km2)• 3D seismic to be acquired in 2017/18

• Operator, 100% WI - 4,187 Km2

• Proven analogues in Albania and Italy• 400Km 2D Seismic survey planned in 2017

IOANNINA• Operator, 100% WI - 4,360km2 - not signed yet• Proven analogues in Albania and Italy• 2D seismic survey planned for 2018AITOLOAKARNANIA

• Operator – 545 km2

• Government approved conversion to 25 Year exploitation license, 60km2 – Nov 2016

• 40mm bbls STOIIP – 30%RF• Plan to develop from onshore with ERD• USD50 mm investment - first oil 2019

KATAKOLO

Challenges in the Greek E&P sector

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The Greek E&P sector faces significant challenges frustrating its development :

1. Low oil price environment

2. Greece is still a frontier country with unproven exploration concepts

3. Need for stability in public administration and policy

4. Need for timely approvals of licenses and permits

5. Need for HHRM (EDEY) to be fully operational

6. Lack of infrastructure and service company support

7. Lack of support from the local banking sector

Conclusions

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Despite the significant challenges, the Greek E&P sector is open to new developments

Energean’s commitment in the region and consistent investment as the only oil & gas producer in Greece, succeeded in the revival of Prinos by over doubling the daily production and increasing the job positions during the worst economic crisis

Energean active in the exploration and development of the promising area of Western Greece

The success story of Energean in Prinos, its presence in Western Greece, Montenegro Israel and Egypt and the teaming up with oil majors and investors is a proof that long-term investors can succeed despite the challenges and grow into a leading player in the region

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www.energean.com

Thank you for your attention