Corporate ProfileSeptember 2017

A leading independent E&P company in the Eastern Mediterranean

Rev. 04/09/2017

Digitization and Automation in the Oil and Gas Industry – Challenges and Opportunities

(Tel Aviv, Israel – June 18th 2018)

Karish and Tanin: Current status of activity(Dr. Steve Moore, Energean Chief Growth Officer (CGO))

A leading E&P company in the Eastern Mediterranean

Agenda

1. Energean Oil and Gas

2. Karish and Tanin – a brief overview

3. Current status of the project

3

Energean at a glance

2.4 Tcf2C gross gas Resources

in Israel

Significant Israeli asset portfolio

US$1.6 billion

development plan

in Israel

17active wells

(13 producing,

4 injectors)

51 mmboe 2P

Reserves

in Greece

55.8mmbbls of

hydrocarbon liquids gross 2C

Resources in Greece and

Israel

US$350mInvestment plan in producing assets

in Greece (2017-2021)

2,4 Tcfgross unrisked

prospective Resources

in Israel

MONTENEGRO

Ioannina

Aitoloakarnania

Katakolo

EGYPT

GREECE

Prinos

Blocks 12, 21, 22, 23 & 31

Karish &Tanin

ISRAEL

Production Development ExplorationBlocks 26 & 30

Leading Oil & Gas Development in the

Eastern Mediterranean

Industry Partners Reserves Growth History

2 5 7 11 17 24 3058

237

300

390

0

50

100

150

200

250

300

350

400

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Post IPO

(mm

bo

e)

Prinos Basin 2P Prinos Basin 2C Katakolo 2P Karish and Tanin 2C

Agenda

1. Energean Oil and Gas

2. Karish and Tanin – a brief overview

3. Current status of the project

5

Aphrodite (2011)4.55 tcf

Leviathan (2010)21.93 tcf

Tanin (2012)0.8 tcf + 4.1 mmbo

Dolphin (2011)0.07 tcf

Tamar (2009)10 tcf

Dalit (2009)0.52 tcf

Karish (2013)1.6 tcf + 28.7 mmbo

Noa (1999)0.2 tcf

Mari-B (2000)0.98 tcf

Offshore Israel Explorations Wells

Notes: All volumes are 2C resource estimates prepared by third party (NSAI)

Main gas discoveries Offshore Israel since 1999: Over 40TcF

6

Regional seismic line between Tanin and Karish

Tanin Block 12 Karish

Karish Field: discovered and undiscovered accumulations

7

KARISH MAIN: 67.3 BCM

KARISH EAST: 17.1 BCM

KARISH NORTH: 52.1 BCM

Mapped structures in the Karish Lease

Discovered: 67.3 BCM (2.4 Tcf) GIIPYet-to-discover: 87.7 BCM (3.1 Tcf) GIIP

KARISH MAIN: 18.5 BCM

Notes:• NSAI 2017 CPR Mid Case Contingent and Prospective Resources• Volumes exclude deeper upside in lower Miocene/upper Oligocene horizons. These additional Prospective volumes to be included in the 2018 CPR (~26 BCM GIIP)• Volumes exclude additional upside in Karish Main B sands that will be appraised during planned 3-well drilling campaign.

Karish Field cross section: Deeper D sand potential

8

D4

D1B

A

9

TANIN “A”: 20.9 BCM

TANIN “B”: 3.3 BCM

TANIN “C”: 10.1 BCM

TANIN “D”: 2 BCM

TANIN “E”: 10.9 BCM

TANIN “F”: 6,4 BCM

Discovered: 33.7 BCM (1.0 Tcf) GIIPYet-to-discover: 17.4 BCM (0,5 Tcf) GIIP

Tanin Field: Discovered and undiscovered accumulations

Production system overview by 2021

Karish FPSO – view from North

11

Karish FPSO – view from South east

12

Interface with INGL and onshore scope

13

10km15km90km

3rd Party Fields

16” Riser

24” deep waterDry-gas line

24”-30”

KarishFPSO

CVS

DVS

12km 10km

0 -640 mmscf/dayLeviathan Platform

Onshore facilities

32” sales gas line (to DVS)6” stabilized liquids line (to product transport line)

30” shallow water/onshoreDry-gas line

3rd PartyInterface – ILM’s

Interface with future 3rd parties: In Line Manifolds

14

15

High Level Project Timeline: TFMC iEPCIC scope of work

Agenda

1. Energean Oil and Gas

2. Karish and Tanin – a brief overview

3. Current status of the project

3D Seismic reprocessing:

- Seismic re-processed from original tapes,

- Significant improvement in quality,

- Re-interpretation ongoing.

Exploration:

- Two exploration options agreed with Stena at a competitive day rate,

- Possible that one exploration well could be drilled prior to the Karish Main campaign

17

Subsurface and Exploration

Growth area:

- Evaluation of Block 12 complete – CPR in preparation (NSAI),

- Work ongoing on Blocks 21,22, 23,31 – CPR by mid year,

- 3D surveys to be acquired over blocks 23 and 31 end 2018,

- Facility development studies commenced:

• Sub sea tie backs to FPSO or mini-floaters?

KarishMain

Karish North

X

Y

KarishMain

Karish North

Karish East

Drilling Rig:

- Stena Forth – 6th gen drill ship,

- Mobilisation March 2019,

- 3 firm wells, 2+5 options

Drilling Services Contract:

- Haliburton – Integrated Services,

- Managed out of Haifa,

- Supported from Halliburton base in Cyprus.

Well Detailed Design:

- Lloyd Register team managed by Energean,

- Tree and wellheads – TechnipFMC,

- OCTG and Conductor – award in progress

- Well clean up – tender in preparation

- Formation evaluation programme,

• B-sand – chase additional 15 Bcm GIIP,

- Explore D1 and D4 plays – deepen 2 wells,

• Target additional 23 Bcm GIIP.

Logistics:

- Tenders planned for Q3 2018,

- Logisitics manager recruited.

18

Drilling and Logistics

EPCIC Contract TechnipFMC:

- SPS/SURF, Pipeline and Onshore scope – Aberdeen (UK):

• Wellheads and X-mas Trees: Dunfermline (UK),

• Umbilicals: Newcastle (UK),

• Manifolds and structures: Konsberg (Norway),

• Risers and Pipeline: Houston and Mobile (USA),

• Onshore: Rome (Italy).

- FPSO – Paris (France):

• Process module design: Oslo (Norway),

• Other topsides and integration design: Paris (France),

• Hull and LQ design (SCM): Singapore,

• Hull Fabrication (SCM): Bei-Hai (China),

• Topsides fabrication and Integration (SCM): Singapore.

Operations Readiness and Assurance Wood:

- Managed from Wood office (Aberdeen),

- Joint Energean/Wood integrated team:

• Operations Management System,

• Maintenance Strategy,

• HSE Management System components,

- Staffing contract in preparation.

Operator Dynamic Training Simulator TBC,

- Tender in preparation

19

Facilities Project and Operations Readiness

SubseaSystemsOverview

1st Gas target date: 15th February 2021

1st steel cut (FPSO hull): Q4 2018

Pipeline installation: Q3 2019

Risers and structures installation: Q2 2020

FPSO arrives Israel: Q4 2020

Key Facilities Milestones

HSE in design:

- Fire, explosion etc. design studies completed,

- QRA and ALARP completed,

- ROMH to be complete August 2018.

HSE Management:

- HSE-MS submitted to Ministry of Energy,

- Detailed Procedures in preparation – Energean/Wood,

• Oil Spill response, Emergency Response and Evacuation,

• Incident Investigation.

Environment:

- Development option with lowest Environmental footprint selected:

• 5 - 10% greater cost than near-shore solution,

• FPSO located “over horizon”,

• Nearshore facilities on sea-bed,

• Liquids exported,

• No liquids pipeline over Dor beach,

• No liquids connection to Haifa.

- Environmental Design Basis approved,

- Environmental Base Line Survey complete,

- Lease Environmental Document submitted end May,

- ESIA, ESMP and EPAP delivered to lending banks.

20

Health, Safety and Environment

Questions?

21

www.energean.com

OfficesUnited Kingdom21, Gloucester Place, London W1U 8HRUKTel: +44 2038593540

Cyprus36, Vyronos str.1506 Nicosia,CyprusTel: +35 722447444

Israel9, Metsada str. B.S.R 3 Tower, 21st floor5120109 Bnei Brak,IsraelTel: +972 3 779 1188

Greece- Athens32, Kifissias Ave.Atrina Center, 17th floor 151 25 MaroussiTel: +30 210 81 74 200Iinfo@energean.com

Greece - Kavala64006 Nea KarvaliP.O Box 8, Kavala GreeceTel: + 30 2510 317201

EgyptBuilding 1 Square 1169 MokararSheraton, HeliopolisCairo, EgyptTel.+202 22696484