Energean plc announced that it has farmed into Chariot Limited's acreage offshore Morocco, which includes the 18 Bcm (gross) Anchois gas development and significant exploration prospectivity. This new country entry is well-aligned with Energean's strategy to become the pre-eminent independent producer in the Mediterranean, with a focus on high quality gas assets. Highlights: New country entry in Energean's core Mediterranean region with acreage underpinned by an attractive gas development; Farm in to 45% of the Lixus licence, with the option to increase to 55% post drilling results, and 37.5% of the Rissana licence and assumes operatorship of both licences; Includes the commercial 18 Bcm (gross) Anchois development, located near to infrastructure for supply of gas to domestic and international markets; Up front cash consideration of $10 million; Appraisal well planned for 2024, targeting an additional 11 Bcm of gross unrisked prospective resource to be commercialised through the Anchois development; Energean to carry Chariot for its share of pre-FID costs, which are recoverable from Chariot's future revenues; Significant additional near-field, near-infrastructure prospectivity that is expected to add attractive, balanced-risk growth potential.

Assets: Energean has agreed to farm into a 45% working interest in the Lixus offshore licence, which contains the Anchois gas development (Chariot 30%, ONHYM 25%), and a 37.5% working interest in the Rissana licence (Chariot 37.5%, ONHYM 25%). Energean will assume operatorship for both licences. Farm in terms: As consideration for the interests in the licences, Energean has agreed to the following terms: $10 million cash consideration on closing of the transaction; Energean agrees to carry Chariot for its share of pre-FID costs (which are recoverable from Chariot's future revenues), up to a gross expenditure cap of $85 million, covering: drilling of the appraisal well; and all other pre-FID costs; and up to $7 million of seismic expenditure on the Rissana licence.

$15 million in cash, which is contingent on FID being taken on the Anchois Development. Post appraisal well option to increase working interest from 45% to 55%: Following the drilling of the appraisal well, Energean has the option to increase its working interest in the Lixus licence (which includes the Anchois development) by 10%, to 55%. On exercise of this option, the amount payable would be: Chariot's choice between either: i. 5-year, $50 million of convertible loan notes with a GBP20 strike price and 0% coupon; or ii.

3 million Energean plc shares, issued immediately upon exercise of the option but subject to a lock-up period until the earlier of first gas and 3 years post FID; Energean will pay to Chariot a 7% royalty for every dollar achieved on gas prices (post transportation costs) in excess of a base hurdle; An agreement to carry Chariot's 20% share of development costs for the Anchois development with the following terms: A net expenditure cap of $170 million; The carry available for development costs is reduced by costs carried in the pre-FID phase; All carried amounts are recoverable from 50% of Chariot's future revenues with interest charged at SOFR + 7%. If the option is not exercised, subject to FID, the partners agree to progress the Anchois development with an ownership structure of Energean 45%, Chariot 30%, ONHYM 25%. All amounts carried by Energean on behalf of Chariot would be recoverable from Chariot's future revenues under the same terms as above.