Energean : Download (1.78MB)

Deutsche Bank 25th Annual

European Leveraged Finance

Conference

16 June 2021

Disclaimer

The following applies to the information following this slide, and you are therefore advised to carefully read the statements below before reading, accessing or making any other use of this presentation.

Disclaimer

The information in this presentation has been prepared by Energean Israel Limited ("Energean") exclusively for use during the presentation. Energean assumes no liability for this presentation if it is used for a purpose other than the above. The information and opinions

contained in this presentation have not been independently verified by Energean or other third parties. Therefore, no representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, impartiality, completeness or correctness of the information or the opinions or statements contained herein. Energean assumes no liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this presentation or its contents. The information contained in this presentation should be considered in the context of the circumstances prevailing at that time and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. Energean may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.

Important Information

This presentation does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for, underwrite or otherwise acquire, any securities of Energean or a successor entity or any existing or future subsidiary or affiliate of Energean or any other securities, nor should it or any part of it form the basis of, or be relied on in connection with, any decision to purchase or subscribe for any securities of Energean or any of such subsidiaries or affiliates, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Any securities of Energean or any of such subsidiaries or affiliates may not be sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended (the "Securities Act") and any applicable state or local securities laws. The securities referred to herein have not been registered under the Securities Act, and may not be offered or sold in the United States or to U.S. persons unless so registered or an exemption from the registration requirements of the Securities Act is available. The securities referred to herein may not be offered or sold in the United States except to QIBs in reliance on Rule 144A or pursuant to an exemption from, or a transaction not subject to, registration under the Securities Act. Any offering of securities by Energean or any of its subsidiaries or affiliates will be made by means of an offering memorandum (or equivalent), and any decision to purchase any offered securities should be made after reviewing, and on the basis of, such document. In any EEA Member State, this presentation is only addressed to and is only directed at "qualified investors" within the meaning of Regulation (EU) 2017/1129 (the "Prospectus Regulation"), who is also a person defined in subparagraph (1) of Section I of Annex II to MiFID II, who is authorized or regulated by an EEA Member State. In the United Kingdom, this presentation is only addressed to and is only directed at "qualified investors" within the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation"), who is also a person defined in subparagraph (1) of Section I of Annex II to UK MiFIR, who is authorized or regulated in the United Kingdom. Accordingly, no prospectus in relation to the proposed offering of securities contemplated in this presentation is required. Further, the manufacturers' target market (MIFID II/UK MiFIR product governance) is eligible counterparties (as defined in MiFID II and the FCA Handbook Conduct of Business Sourcebook) and professional clients (as defined in MifID II and UK MiFIR) only (all distribution channels).

The distribution of this presentation and any related presentation in other jurisdictions may be restricted by law and persons into whose possession this document or any related presentation comes should inform themselves about, and observe, any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction.

Forward-Looking Statements

This presentation contains statements that express Energean's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. Examples include discussion of Energean's strategies, financial forecasts, financing plans, growth opportunities and market growth. In some cases, such forward-looking statements can be identified by terminology such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or similar expressions. While Energean always intends to express its best judgment when making statements about what it believes will occur in the future, and although Energean bases these statements on assumptions that it believes to be reasonable when made, these forward-looking statements are not a guarantee of Energean's performance or the performance of any of its existing or future subsidiaries or affiliates. You are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date they were made. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, such as negative worldwide economic conditions and ongoing instability and volatility in the worldwide financial markets and possible changes in current and proposed legislation, regulations and governmental policies. Such risks and uncertainties may cause actual outcomes and results to be materially different from those expressed or implied by such forward-looking statements and readers are cautioned not to place undue reliance on such forward-looking statements. Many of these risks are outside of Energean's control. Neither Energean nor any of its existing or future subsidiaries or affiliates, nor the Initial Purchasers or any of their respective affiliates undertakes, and specifically declines, any obligation to update any such forward-looking statements or to publicly announce the results of any revisions to any of such forward-looking statements to reflect future events or developments. All subsequent oral or written forward-looking statements attributable to Energean or any of its existing or future subsidiaries or affiliates or any of its or their members, directors, officers, employees or any persons acting on its or their behalf are expressly qualified in their entirety by the cautionary statement above.

The forward-looking information included in this presentation derived from the D&M report as of 31 December 2020 ("D&M Report") is primarily based on the estimates of DeGolyer and MacNaughton Corp. ("D&M") with respect to the quantities of natural gas and condensate in the Karish & Tanin gas fields which are classified as reserves "On Production," and on certain other assumptions (the "D&M Data"). The D&M Data is also based on financial data representing Energean's 100% working interest in the Karish & Tanin gas fields (the

"Working Interest"). As such, the D&M Data is not a projection or prediction, but simply illustrates hypothetical results that are mathematically derived from D&M's reserves estimates and the specified assumptions. Accordingly, it will not readily allow comparisons of actual results against forecasts and does not facilitate ongoing budget comparisons. Reference to the D&M Data derived from the D&M Report should not be regarded as a representation by Energean, the Initial Purchasers or any other person that the results provided will be achieved. The D&M Data has been prepared based on certain important assumptions. Actual production levels, sales volumes, gas and condensate sales prices, availability, operating expenses, maintenance costs, royalties, levies, capital costs and interest and inflation rates may differ from those assumed as a result of many risks and uncertainties, including those described in the preceding paragraph. Accordingly, the actual performance and cash flows of the Working Interest for any future period may differ significantly from those shown by the D&M Data. You are cautioned not to place undue reliance on the D&M Data and should make your own independent assessment of the Working Interest's future results of operations, cash flows and financial condition.

ANY PROJECTIONS AND OTHER FORWARD-LOOKING DATA INCLUDED IN THIS PRESENTATION ARE INCLUDED FOR THE SOLE PURPOSE OF ASSISTING YOU IN DEVELOPING YOUR OWN MODEL OF SPONSOR. ALL OF THE INFORMATION CONTAINED IN THIS PRESENTATION, AS OPPOSED TO THE MODEL YOU MAY DEVELOP ON YOUR OWN USING SOME OF THE INFORMATION INCLUDED IN THIS PRESENTATION, IS CONFIDENTIAL INFORMATION. ACCORDINGLY, THE INFORMATION INCLUDED IN THIS PRESENTATION MAY NOT BE REFERRED TO, QUOTED OR OTHERWISE DIRECTLY DISCLOSED BY YOU WITHOUT OBTAINING SPONSOR'S PRIOR APPROVAL. BY READING, ACCESSING OR MAKING ANY OTHER USE OF THIS PRESENTATION, YOU ARE ACKNOWLEDGING THE CONFIDENTIAL NATURE OF THIS INFORMATION AND ARE AGREEING TO ABIDE BY THE TERMS OF THIS LEGEND. THIS CONFIDENTIAL INFORMATION IS BEING MADE AVAILABLE TO EACH RECIPIENT SOLELY FOR ITS INFORMATION AND BACKGROUND AND IS SUBJECT TO AMENDMENT.

Non-IFRS Financial Information

This presentation contains certain performance measures that are not defined under IFRS or any generally accepted accounting principles. Information Provided by BDO Ziv Haft Consulting and Management Ltd.

The data and information in this presentation provided by BDO Ziv Haft Consulting and Management Ltd ("BDO") should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by BDO in writing. To the fullest extent permitted by law, BDO accepts no responsibility for your use of this data and information except as specified in a written agreement entered into with BDO for the provision of such data and information.

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Energean Overview

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3

The Leading Independent, Gas-Focused E&P Player in the Mediterranean

Material Sustainable Cash Flow Generation & Meaningful Dividend Payments

9 Countries

Of operation

200 kboed

production target

Governance

Premium listing on LSE

Net Zero

Emissions

Commitment by 2050**

1.1 bnboe

2P + 2C*

+70%

Gas-weighted

Management

30 years

experience in gas

ESG & HSE

focused

• 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

** Scope 1 & 2 emissions

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First E&P Player Globally to Commit to Net Zero

85% Carbon Intensity Reduction Targeted by 2023 Versus Our 2019 Base

Rolling 3-Year Plan - Emissions Intensity Target		Fully Aligned with TCFD

80						TCFD Pillars
70	66.8					Governance
	+85%
			Reduction
60						Strategy
50						Risk
						Management
40
						Metrics & Targets
30
		22.2*	20.9
20
				10.3	9.5	Sustainalytics
10
0						Carbon
Energean 2019	2020	2021	2022	2023	Disclosure
	Project
	Carbon intensity scope 1 & 2 (kgCO2e/boe) based on 100% net production from
			operated sites

Key Actions Taken

Executive pay linked to ESG & achievement

of emissions reduction targets

Implemented climate-based scenario

analysis & internal carbon pricing to assist

with investment-decision making

Environment, Safety and Social

Responsibility Committee & new entity** formed to address climate-related risks

Full disclosure of metrics used to assess climate-related risks and opportunities

Fully Aligned with TCFD

Outperformer

"B-" in climate change and "B" in

suppliers' engagement

* When considering 2020 pro forma & enlarged Group performance data versus 2019 Energean standalone data		4
** Energean Egypt Energy Services - responsible for looking at low-carbon technology innovation, including potential new business lines e.g., CCS & Blue Hydrogen	4