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2020 Annual Report STRATEGIC REPORT let 2020 Annual Report Energean plc www.energean.com Page | 1 STRATEGIC REPORT Key Metrics Highlights Pro 2020 2019 forma 20201,2 Net working interest 2P reserves (MMboe) 982 762 342 Average working interest production (Kboepd) 48.3 3.6 3.3 Sales revenue ($m) 336 28 76 Cost of production ($/boe) 11.3 21.4 22 Adjusted EBITDAX ($m)3 108 (8) 36 Profit after tax ($m) (416) (93) (84) Cash flow from operating activities ($m) 137 2 36 Net debt / (cash) ($m)4 1,240 1,240 562 Report Highlights A year of strong delivery; Karish project 87% complete at year-end The Karish project was approximately 87% complete at year end 2020 (90% at 31 March 2021), signaling a strong year of operational delivery, despite some COVID-19 related challenges during the year, and we expect to deliver first gas within 12-months, in 1Q 2022. Since the year-end, we have also taken Final Investment Decision (“FID”) on Karish North (Israel) and NEA/NI (Egypt), which will lead to the commercialisation of a combined 280 million barrels of oil equivalent (“MMboe”) of 2P reserves and delivering project IRRs of >40% and >30%, respectively. Post- period end, we have further enhanced our Israeli position through the acquisition of Kerogen Capital’s 30% holding in Energean Israel Limited (“EISL”) 5 , adding 219 MMboe for a total consideration of less than $2/boe. Transitioning reserves into cash flows In 2020, pro forma6 working interest production was 48.3 kboepd, around the mid-point of guidance of 44.5 - 51.5 kboepd, with the Abu Qir gas-condensate field, offshore Egypt, accounting for over 70% of total output. On the back of strong operational performance, as well as the maturation of key growth projects, a number of our medium-term targets were enhanced during the period, including our objective to deliver working interest production of more than 200 kboepd, which we expect to translate into annualised adjusted EBITDAX of more than $1.4 billion per year. The next 12 months are expected to be our year of transition, in which the delivery of Karish in 1Q 2022 will accelerate us towards our medium-term goal of paying a meaningful and sustainable dividend. A carbon neutral future We have further developed our decarbonisation strategy, in which we target carbon neutrality7 across all operated assets by 2050 and have delivered a 67% year-on-year reduction in carbon emissions intensity to 22.2 kgCO2/boe, when considering 2020 pro forma8 performance data 1 Pro forma Energean plus the assets acquired from Edison E&P. The transaction closed on 17 December 2020 2 Reserves are pro forma Energean plus the acquisition of Kerogen’s 30% holding in Energean Israel Limited (“EISL”). The transaction closed on 25 February 2021 3The Group uses certain measures of performance that are not specifically defined under IFRS or other generally accepted accounting principles. These non-IFRS measures include adjusted EBITDAX. More information can be found in the Financial Review section, under the heading ‘Non-IFRS measures’ 4 Net debt/(cash) is shown on an actual basis i.e. not pro forma 5 The transaction closed on 25 February 2021 6 Pro forma production and financial results are presented as if Edison E&P results were consolidated for the entire year; the locked box date of the transaction was 1 January 2019 and therefore all economic results since that date accrue to Energean Actual results consolidate from the closing date of the transaction, which occurred on 17 December 2020 7 Scope 1 and 2 emissions 8 Pro forma carbon emissions intensity is presented as if Edison E&P performance was consolidated for the entire year Page | 2 STRATEGIC REPORT versus 2019 Energean standalone data. Moreover, in our 2020 year-end reporting, we have aligned with the Task Force for Climate Disclosure (“TCFD”) recommendations across all of the TCFD pillars and run scenario analysis across our assets. We also engaged with the Carbon Disclosure Project (“CDP”), achieving a B- score in climate change, putting us among the top third of companies within our sector, and a B score in supplier engagement. Finally, we established a new climate change entity called Egypt Energy Services (EES) to manage energy efficiency projects and evaluate the use of low carbon solutions, including carbon capture and storage. Furthermore, we introduced carbon shadow prices as a key sensitivity tool for decision making. Internal carbon shadow prices have been set at 25 €/t in 2020 gradually increasing to 200 €/t in 2050. Non-Financial Information Statement The information for this statement is included in: • Strategy on pages 17 to 23; • The Sustainability Review on pages 43 to 61, which reports on environmental performance, employees and human rights • Principal Risks and Uncertainties on pages 72 to 96; and • Governance and Risk Management on pages 97 to 159. Additional non-financial information is available on our website www.energean.com Page | 3 STRATEGIC REPORT Contents Key Metrics Highlights ..................................................................................................................... 2 Report Highlights .............................................................................................................................. 2 Non-Financial Information Statement .............................................................................................. 3 Strategic Review About Us........................................................................................................................................... 5 Performance in 2020 ........................................................................................................................ 7 Chairman’s Statement ..................................................................................................................... 9 Chief Executive’s Review ............................................................................................................... 12 Our Business Model and Strategy ................................................................................................. 15 Our Strategy ................................................................................................................................... 17 Market Overview ............................................................................................................................ 27 Our Key Performance Indicators ................................................................................................... 29 Review of Operations ..................................................................................................................... 34 Corporate Social Responsibility ..................................................................................................... 42 Financial Review ............................................................................................................................ 61 Risk Management .......................................................................................................................... 71 Viability Statement ......................................................................................................................... 94 Corporate Governance Board of Directors .......................................................................................................................... 96 Corporate Governance Report .................................................................................................... 104 Audit and Risk Committee Report ............................................................................................... 113 Nomination & Environment, Social & Governance Committee Report ....................................... 119 Remuneration Committee Report ................................................................................................ 125 Group Directors’ Report ............................................................................................................... 153 Statement of Directors’ Responsibilities ...................................................................................... 157 Financial Statements Independent Auditor’s Report to the Members of Energean Plc ................................................. 159 Group Income Statement ............................................................................................................. 173 Group Statement of Comprehensive Income .............................................................................. 174 Group Statement of Financial Position ........................................................................................ 175 Group Statement of Changes in Equity ....................................................................................... 177 Group Statement of Cash Flows .................................................................................................. 179 Notes to the Consolidated Financial Statements......................................................................... 182 Company Statement of Financial Position ................................................................................... 257 Company Statement of Changes in Equity .................................................................................. 259 Company Accounting Policies ..................................................................................................... 260 Glossary ......................................................................................................................................
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