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Today's Presenters 0 Today’s Presenters Mathios Rigas Panos Benos Chief Executive Officer & Chief Financial Officer Founding Shareholder • Founding shareholder • Chartered accountant with more than 16 years oil & gas experience • Petroleum Engineer with 21 years both in banking and industry of investment banking and private equity experience mainly in the oil • Joined Energean from Standard & gas sector Chartered Bank • c.12.7% shareholding post-IPO • c.2.7% shareholding post-IPO 11 Senior Technical Team Dr. Stephen Moore – Chief Growth Officer Yaron Daissy – Karish Onshore Delivery Manager and • 32 years of E&P experience at Shell, Maersk Oil and Mubadala Head Regulatory Compliance • Previously Senior Vice President – Technical at Mubadala • Mechanical Engineer with over 20 years oil and gas experience • Previously spent 15 years at Noble Energy Mediterranean Ltd where his roles included Deep Water GoM production manager and engineering manager for Tamar and Leviathan Paul Rodgers – Karish Operations Manager Fred Riddiford – Reservoir Engineering Manager • Over 23 years experience in the oil & gas sector • Reservoir Engineering with almost 40 years of experience • Joined Energean from Petrofac, where his roles included Operations • Previously VP Reservoir Engineering at Mubadala Manager and Regional Head (Americas) • Previously spent 21 years with BP in various engineering roles Photis Papadopoulos – Karish FPSO Delivery Manager David Donaldson – Prinos Asset Manager and Managing Director, Kavala Oil • Mechanical engineer with over 25 years experience in the oil & gas sector • Petroleum Engineer with over 30 years of industry experience • Previous experience includes Project Engineer at Chevron, • Held senior drilling engineer positions at Shell, Eni and Halliburton Technip and KBR Steve Starkey Jones – Karish HSE Technical Safety Andreas Pelekanou – Karish Facilities Design Manager Manager • 40 years of experience in the oil & gas sector • 35 years experience within the industry, including senior • Previously Technical Director at ThyssenKrup, Engineer Manager engineering positions at PTTEP, Lundin and Tullow at Petroceltic, Hess and BHP Billiton • Provides HSE leadership for the design and implementation of Karish and Tanin Yoram Laks – Israel Security Manager Vassilis Zenios – Epsilon Project Manager • 35 years of operational command service in the Israeli Navy • 25 years of oil & gas experience where his positions included Commandant of the Naval academy, • Experience in offshore heavy lift solutions and pipelines Ashdod Operational Arena Commander and Head of Naval Intelligence (N2) 22 Energean Board of Directors Non-Executive Directors Simon Heale – Independent Non-Executive Chairman Andrew Bartlett – Senior Independent Director • Currently serves as Chairman of Gulf Marine Services, Marex • Started his career in Royal Dutch Shell where he worked for 21 years Spectron and Kaz Minerals • 11 years of investment banking experience and former Global Head • Prior to this served as NED and Chairman of Panmure Gordon, and of Oil & Gas M&A and Project Finance at Standard Chartered as NED of PZ Cussons, Morgan Advanced Materials, Coats and Carlton Commodities • Advisor to Helios Investments and NED of Africa Oil and Impact Oil & Gas • Served as Chairman of Azonto Energy and a NED of Eland Oil & Gas Stathis Topouzoglou – Non-Executive Director David Bonanno – Non-Executive Director • Shipowner with more than 35 years’ experience in the energy • Third Point representative to the Board transportation sector • Primary investment professional responsible for all Third Point’s • Founding partner of Energean Oil & Gas activities in Greece • Principal shareholder and founder of Prime which has more than 35 • Previously worked at Cerberus and Rothschild vessels under management Ohad Marani – Independent Non-Executive Director Robert William Peck – Independent Non-Executive Director • Board Member of Bank Leumi of Israel and member of the Investment • Ambassador Peck has almost 35 years in the Government of Canada Committee of Israel’s Infrastructure Fund as a career Foreign Service Officer • Previously Chairman of the board of Emmanuelle Energy, Israel • Resident mentor in the Human Resources Bureau at Global Affairs Natural gas Lines and Alumot Investment House Canada • Served as Director-General of Israel Finance Ministry and also in the • Has held diplomatic roles in Nigeria, Switzerland, Algeria and Greece Israeli Embassy in Washington Karen Simon – Independent Non-Executive Director Executive Directors • Currently Head of Director Advisory Services at JP Morgan with over 30 years of banking experience Mathios Rigas Panos Benos • Previously Head of the Financial Sponsor Coverage Group and Global Co-Head of Asia and EMEA at JP Morgan Chief Executive Chief Financial Officer Officer • On the board of Aker ASA and Youth Inc. 33 Energean - A Leading E&P Player In The Eastern Mediterranean 4 37 1,7 Years of experience Countries* TCF gas as an offshore 2C resources operator 13 393 45,9 E&P Highly skilled MMbls oil licenses employees** 2C resources 17 51 12 Active wells MMbls oil Israeli GSPAs of total 2P reserves contracted volume up to 74 BCM Israel values stated on a 70% working interest basis *Offices in the UK, Israel, Greece, Cyprus, Egypt and Montenegro ** Excluding sub-contractors 44 IPO Summary Main Market, Premium Listing Key information • Primary raise – largest London IPO in 2018 Offer price £4.55 per Share Restoring confidence in the London O&G market after 4 years with strong institutional interest Market cap Approx. £695 million ($968 million) at commencement • Only stock on the LSE offering exposure to the increasingly attractive East Mediterranean region of conditional dealings Global Offer Represents approx. 47.5% of the Shares of the Major institutional interest Company New Shares 72,592,016 • Significant UK, Israeli and international participation Gross proceeds Approx. £330 million ($460 • Institutions have bought into the East Mediterranean opportunity million) Ticker ENOG Flagship project: Developing Karish and Tanin, offshore Israel Proceeds of primary raise will be used alongside the recently secured project financing to deliver production from Energean’s Karish Development Project, offshore Israel, bringing competitively priced gas to the burgeoning Israeli energy market. IPO completes another milestone on path to first gas Project financing in place EPCIC contract with TechnipFMC agreed Gas supply contracts for over 4 BCM per year underpinning our cashflow expectations Energean took FID for the Karish and Tanin Development in March 2018 55 The Energean Investment Proposition Low Cost Efficient Montenegro Production Base Prinos Production from low cost, Ioannina assets in Greece Aitoloakarnania Katakolo Material and Multiple Growth A Sustainable GrowthBlocks Story 12, 21, 22, De-Risked Opportunities in a 23 & 31(3) Development Highly Prospective Project Region Karish & Tanin Israel Transformational Exploring the East Med with development of low commitment high Egypt $1.6 Billion impact assets in Greece, project in Israel Montenegro and Israel Production Development Exploration 2P (mmboe) 2C (mmboe) Product. 2017(1) (kboepd) Product. 2021E(2) (kboepd) Greece & Israel Value(2) ($bn) 26% 50% 51 339 4.1 80 1.7 74% 50% 93% 7% Note: (1) Exit rate. (2) Based on K&T, Prinos and Katakolo NSAI CPRs CPR values. Value calculated as the present value of the asset net cashflows discounted at 10%, adjusted for Company Oil Gas Greece Israel Israel Corporate Tax. All Israel values stated on a 70% working interest basis 66 Source: NSAI CPRs. Strategic Focus Around An Increasingly Active Region Increasing M&A Activity Cyprus European Gas Market (1) 5.4 Future exploration wells in 2018 1.4 1.4 boe 0.8 3 “Calypso 1 is a promising gas discovery and confirms the US$ / US$ extension of the Zohr like play 1 1 Jan 18 Dec 16 Nov 16 Jan 16 in the Cyprus EEZ […] that could contain more than 230 Asset 7.5% Tamar 30% Zohr 10% Zohr 35% Aphrodite BCM of gas, and contains not 1 2 3 less than 170 BCM” Buyer Claudio Descalzi, ENI CEO East Mediterranean Pipeline • Gas pipeline connecting East Med via Greece and Italy with the European gas network • MoU signed between Israel, Greece, Italy and Cyprus supporting the pipeline construction • Classified as European Project of Common Interest with EU sponsoring 50% of pre-FEED costs • Targeted project completion by 2025 Israel / Egypt Gas Deal Export Routes to Europe • Israeli firms signed a $15 bn deal to export gas to Egypt from Leviathan and Tamar • Two largely unused, fully • Agreement to supply 64 bcm functional LNG facilities at Idku of gas over 10 years and Damietta in Egypt • Implied price of c.$6.6/mmbtu • Connection to Turkey as potential gateway to Europe Energean Focus Regions Newcomers Trans-Anatolian Pipeline Trans-Adriatic Pipeline East-Med Pipeline Other Proposed Pipelines Egypt LNG plant Note: (1) Transaction value / boe. Source: Company Filings, Herold. 77 Transformational Reserves And Resources Growth Commercialisation of Reserves and Resources Through De-Risking(1) Acquisition of Karish and Tanin 400 390 Acquisition of 350 Energean Force 300 300 Greece 3D Seismic 250 237 (mmboe) 200 Third Point Investment Licence Extension Drilling and 150 Reservoir Engineering Work 100 Acquisition of Prinos 58 50 30 24 17 11 2 5 7 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Post IPO Prinos Basin 2P Prinos Basin 2C Katakolo 2P Karish and Tanin 2C Note : (1) 2016: 50% WI in Karish and Tanin, Post IPO: 70%
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