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Energean

2021 Review & 2022 Outlook

18 January 2022

Disclaimer

This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business.

Whilst Energean believes the expectations reflected herein to be reasonable considering the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group's control or within the Group's control where, for example, the Group decides on a change of plan or strategy.

The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group's expectations or any

change in circumstances, events or the Group's plans and strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.

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Key Messages

Record 2021 - Continuing to Deliver Growth - Further Transformation in 2022

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2021 - Record financial results - solid performance from existing assets 50% increase in revenue, 90% increase in EBITDAX year-on-year

FPSO expected to be ready to sail-away this quarter - First Gas Q3 2022

On track to achieve >200kboed in the medium term

High-impact drilling campaign in Israel to commence in March 2022, targeting 1 billion boe prospective resources

Robust Capital Structure with over $1 billion Liquidity

Dividend Policy to be announced with Annual Results in March 2022

Reduce carbon intensity to 13.4 kgCO2e/boe and mature Carbon Capture and Storage and Eco-Hydrogen Projects

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2021 Review: A Record Year for Energean

Strong Delivery Against Strategic Targets

Key Milestones Achieved in 2021 - Record Year

Record Financial

• Robust Operational

Performance

Sustainable

Capital Structure

Growth Plans

Firmly On Track

• Production 41.0 kboed (72% gas) - above initial 2021 guidance of 35.0 - 40.0 kboed
• 50% y-o-y increase in revenues to $495 million ($336 million)
• 90% y-o-y increase in EBITDAX to $203 million ($108 million)
• Record low Egypt net receivables position at 31 December 2021 of $92 million1 ($222 million YE20194)
• Fully integrated Edison E&P
• $2.5 billion Israel project bond and $450 million corporate bond issued, extending average life of debt to approx. 6 years. €100 million state backed loan for Epsilon development signed
• Achieved blended cost of debt of c.5.5%
• Completed value accretive acquisition of Kerogen's 30% holding in Energean Israel
• All projects fully funded, with $1,040 million of cash and Undrawn Facilities at 31 December 2021
• Karish development 92.5% complete at 31 December 2021 and on track for first gas in 2022
• Five high-return growth projects sanctioned2
• Rig contract signed with Stena - Israel growth drilling campaign to commence in March 2022
• Various domestic & international commercialisation options under evaluation in event of further Israel discoveries

On track to

achieve net zero

target

• Carbon intensity reduced to 18 kgCO2/boe3 - 19% decrease versus 2020 levels3
• "Green electricity" rolled out at all operated sites in Israel, Greece & Italy
• Zero-routine-flaringpolicy implemented at all operated sites
• Awarded 'Best ESG Energy Growth Strategy - Europe 2021' by CFI

1Net receivables (after provision for bad and doubtful debts); 2Karish North (Israel), Second Oil Train (Israel), Second Gas Sales Export Riser (Israel), NEA/NI (Egypt) and Epsilon (Greece); 3 As of Q3 2021 4 Edison acquisition reference date

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