Delivering the Energy Transition Through a Strategic Focus on Gas in the East Med Mathios Rigas, Energean Group CEO IP Week London, 25Th February 2020

Delivering the Energy Transition Through a Strategic Focus on Gas in the East Med Mathios Rigas, Energean Group CEO IP Week London, 25th February 2020

Το σχέδιο ανάπτυξης του κοιτάσματος υδρογονανθράκων στο Δυτικό Κατάκολο Δρ. Κωνσταντίνος Νικολάου, Τεχνικός Σύμβουλος Energean Δημοτικό Συμβούλιο Πύργου, 14 Νοεμβρίου 2019 1 Key questions

1. Is there a role for independent E&P players in today’s market?

2. What is the role of the East Med in delivering the energy transition?

2 1 Energean at a glance Creating the leading independent, gas-focused, sustainable E&P company in the Eastern Mediterranean

820 MMboe ~130 kboed 80% FTSE 250 2P reserves and Production gas-weighted The Largest 2C resources by 2022* portfolio independent E&P

ESG & HSE ESG action Focused 1st E&P to commit A rating MSCI to net zero by 2050

*Edison E&P reserve estimates as of 31.10.2018, excludes UK, Norway and Algeria. 3 *Energean Israel reserve estimates as of 30.06.2019 CPR. Energean reserve estimates are pending finalisation of 2019 CPR. 2 *2022 production excludes UK, Norway and Algeria. Taking Action on Environmental Issues Through Focus on Gas

Leaders in ESG Carbon Intensity Reduction Plan

80 80% gas-weighted portfolio Energean today 70

First E&P company to commit 60 to net zero by 2050

50

40 Targeting 70% reduction in carbon Energean intensity 2020-22 + Edison 30 E&P Energean + Edison Executive pay linked to ESG goals 20 E&P + from 2020 Israel 10

Committed to transparency and 0 adherence to the UN SDG’s 2019 2021 2022

Carbon intensity scope 1 & 2 (kgCO2/boe)

4 3 Israel: Driving Gasification of the Economy and Phase Out of Coal

Israel Gas Demand Growth Reducing Co2 Emissions

35

30

25

20 bcma 15 Yuval Steinitz, Israel’s Minister of Energy

10 “The decision to switch four coal

5 fired plants to natural gas based on first production from Karish in 2021 will reduce Co2 emissions in Israel 0 by 3.6 million tonnes”

Energean Contracts Energean Available Capacity Rest of Market per Ministry of Energy Additional demand per BDO

5 4 Energean: Focused on Developing Israel’s Offshore Gas Resources

Energean Power The first FPSO in the East Med 8 Bcma capacity

A $1.7 billion investment with first gas in 2021

12 long-term GSPAs 5 Bcm/yr firm 1.3 Bcm/yr contingent

Karish North – 1 Tcf (25 Bcm) The only discovery in 2019 to be developed in 2020

6.3 Tcf (178 Bcm) prospective resources Drilling on Block 12 1Q 2020

6 5 Greece-East Adriatic: The New Exploration Frontier

Greece Focused on Decarbonisation Our Western Greece & East Adriatic Acreage

Kyriakos Mitsotakis, Greece’s Prime Minister

“We have taken the decision to shut down all our lignite-fired plants by 2028 and are rapidly Other IOC’s Operating in the region moving towards natural gas – the transition fuel”

7 6 EastMed Pipeline: Connecting the East Med with Europe

EastMed Pipeline An Export Route to Europe

• 1,700 kilometer pipeline • ~$6-7 billion construction costs • 10 bcm/year capacity • Developed by IGI Poseidon, a JV of Greece’s state- owned DEPA and Edison SpA • FID expected in 2022, completion 2025

Recent Progress

• Energean and DEPA LoI • Up to 2 Bcm/year of gas • Cyprus, Greece and Israel have signed the EastMed Pipeline Accord in Athens

EastMed Pipeline Accord, Athens

8 7 Italy: Offshore Exploration Banned Increasing The Reliance on Imports

“Italy’s domestic gas production accounts for only 7.5% of its needs while its oil production is around 7.3% of demand. It plans to phase out coal power production by 2025 and has set a target of having 30% of domestic energy consumption generated from green sources by 2030”

Italy Natural Gas Imports (2018)

35

30

25

20

Bcm 15

10

5

0 Russia Algeria Qatar Libya Norway Holland Others

9 8 Egypt: Is Once Again A Net Exporter of Gas

Energean/Edison E&P Key Updates

Egypt – Abu Qir 225 mmcfd gas production in 2019

Egypt – NEA

HE President Sisi with E&P Operators, EGYPS 2020 FID expected late 2020 20 MMboe WI reserves (88% gas) “The Egyptian oil and gas sector has received unprecedented achievements in Egypt – North Thekah Block recent years in several fields, foremost of Ameeq well spudded Jan 2020 which is the end of the gas import era and Targeting 7.4 Tcf GIIP (gross) the fulfilment of the contractual obligations for export” HE Mostafa Madbouly, Prime Minster of Egypt

10 9 Is Funding Available for Independent E&P’s?

BlackRock to divest from fossil fuels and EIB to phase out oil & gas financing

$200 million RBL for Prinos & Epsilon

2018 $1.275 billion Project Finance facility for Karish

$460 million equity raise through LSE IPO

$750 million Acquisition + $100 million Contingent Consideration

$265 million equity raise on LSE and TASE 2019 $600 million committed Bridge Loan Facility

$280 million Sale of North Sea subsidaries to Neptune

Energean has secured ~$3 billion in funding since 2018

11 10 Is there a role for independent E&P players in today’s market?

Reserves and resources have grown exponentially, despite the recent downturn

Acquisition $148 MM Edison E&P Development $465 MM IPO & of Prinos for Karish & Tanin Acquisition of the Prinos Area assets Karish FID 900 €1 MM acquisition $750 MM

800 73% CAGR in Reserves and 700 Resources 2008-20E*

600

500 mmboe 400

300

200

100

2 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Energean 2P Energean 2C Edison 2P & 2C

*Edison E&P reserve estimates as of 31.10.2018, excludes UK, Norway and Algeria. 12 *Energean Israel reserve estimates as of 30.06.2019 CPR. Energean reserve estimates are pending finalisation of 2019 CPR. 11 *Excludes UK, Norway and Algeria. Key Messages

1. Public pressure is forcing EU countries to move to a ‘greener’ future but…

2. North African countries are taking advantage and becoming net exporters of gas

3. Capital is becoming a constraint but is still available for the right companies and projects that combine returns with ESG leadership

4. Energean is investing $2 billion in gas discoveries and developments in the East Med, enabling the energy transition

5. Development of the East Med’s gas resources can secure affordable, sustainable and continuously available energy for the region and Europe

13 12 Thank you