Slide 1: Energean H1 2022 Results
Energean H1 2022 Results September 2022
Slide 2: Disclaimer
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 infor
Slide 3: Key messages
Key messages Karish on track for first gas within weeks Maiden dividend payment declared Ex-Edison assets outperformed expectations Athena discovery de-risks 58 Bcm Olympus Area Hermes drilling ongoing Energean Power FPSO on station 3
Slide 4: H1 2022 Review
H1 2022 Review ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 5: Highlights – H1 2022
Highlights – H1 2022 #1 Financials • Revenues of $339 million (65% y-o-y increase) • EBITDAX of $198 million (165% y-o-y increase) • Group liquidity at 30 June 2022 of $880 million • Increased revenue ($2.5 bn) and EBITDAX ($1.75 bn) mid-term targets #2 Operational • Karish FPSO arrived in Israel, o
Slide 6: Financials: H1 2022 review and FY 2022 guidance
Financials: H1 2022 review and FY 2022 guidance
Slide 7: H1 2022 results – key figures
H1 2022 results – key figures Increase / (Decrease) H1 2022 H1 2021 % Working interest production 35.4 (73% gas) 44.0 (72% gas) (20) Kboed (% gas) Sales & other revenue 339 206 65 $ million Cash Cost of Production1 19 15 25 $/boe Cash S,G&A 15 17 (11) $ million Adjusted EBITDAX2 198 75 165 $ million
Slide 8: 2022 guidance – update
2022 guidance – update 2022 guidance 49.0 – 62.0 kboed (inc. Israel) Guidance narrowed. Production during H2 2022 expected to Down from 60-70 Production 34.0 – 37.0 kboed (excl. Israel) benefit from Abu Qir infill drilling and post-Rospo Mare Down from 35-40 maintenance Guidance narrowed within prev
Slide 9: Medium-term guidance – update
Medium-term guidance – update Revenue and EBITDAX targets increased Medium-term targets Production >200 kboed) Maintained No change Increased primarily due to improved contractual gas sales Revenues $2,500 million prices in Israel (PT increase) and Egypt (PSC amendment) Up from $2 billion Cost of Pr
Slide 10: Capital structure – update
Capital structure – update Net debt position – end-June 2022 Debt maturity structure Energean Israel Senior Secured Notes 30 June 2022 Energean PLC Senior Secured Notes $ million Greek State-Backed Loan 700 Cash – excluding Israel 457.8 Potential to refinance 2024-26 tranches to further extend profi
Slide 11: Capital allocation — update
Capital allocation — update ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 12: Dividend – update
Dividend – update Declared maiden dividend – one quarter early, aligned with commitments and no impact on capital allocation policy One quarter early Declared maiden quarterly dividend Due to strong cash flows from ex-Edison E&P assets of 30 US$ cents / share and readiness of our Karish project and
Slide 13: Dividend protected by long-term gas contracts with floor prices
Dividend protected by long-term gas contracts with floor prices Upside available from access to market prices Medium-term >140 kboed >40 kboed >20 kboed >200 kboed % Gas c.80% c. 90% c. 55% >80% Floor prices Gas – floor + Gas – floor + cap Gas – market indexed to PT with Brent linkage Liquids – mark
Slide 14: Operational update – production & Karish
Operational update – production & Karish
Slide 15: Production – H1 actuals, H2 and FY22 guidance
Production – H1 actuals, H2 and FY22 guidance Production – H1 actuals, H2 and FY22 guidance Comments 63 – 89 90 High Egypt 80 • H1 – 24.8 kboed (86% gas) • Abu Qir NAQ-PII#6 infill well online in September 70 • Full year guidance now 24 – 26 kboed Working interest production (kboed) 49 – 62 Low High
Slide 16: Karish – update
Karish – update First gas on track to be delivered within weeks Karish project update Hook-up completed, FPSO arrived in Israel First gas within weeks commissioning ongoing 16
Slide 17: Operational update – growth projects
Operational update – growth projects
Slide 18: Karish North and second oil train & gas riser – update
Karish North and second oil train & gas riser – update Projects on track to complete by end-2023 Second oil train & gas riser Karish North increases FPSO capacity to 33 Bcm + 30 MMbbl 8 Bcm + 32 kboe/d (244 MMboe) 2P1 Growth projects timeline H1 - 2021 H2 - 2021 H1 - 2022 H2 - 2022 H1 - 2023 H2 - 20
Slide 19: Egypt – update
Egypt – update H1 2022 – key statistics Egypt production outlook1 Abu Qir NEA/NI Improved gas 24.8 86% gas pricing 45 kboed production at Abu Qir Growing production to c.40 kboed 40 Working interest production (kboed) Asset highlights 35 Abu Qir 30 • NAQ-PII#6 infill well drilled • PSC amendment lif
Slide 20: Italy – update
Italy – update H1 2022 – key statistics Italy production outlook2 25 Other Italy Cassiopea 9.3 43% gas $95 million kboed production OCF H1 2022 Growing production to c.20 kboed 20 Asset highlights Working interest production (kboed) 15 Enhanced operating cash flow • c. 80% of Group’s $147 million H1
Slide 21: Commercial & exploration update
Commercial & exploration update
Slide 22: Flagship Karish assets underpinned by long-term gas contracts
Flagship Karish assets underpinned by long-term gas contracts Delivering competition, security of supply & displacing coal 7.2 bcm/yr gas sales agreements in Israel1 Commercialisation update bcm H2 2023 Full capacity – 8.0 Bcm/yr • Within weeks – Karish first gas. Production level depends growth Spo
Slide 23: Israel 2022 drilling campaign – update
Israel 2022 drilling campaign – update (1) Athena-01 Discovery (3) Karish North-01 Completed Drilling (5) Zeus-01 Firm well (2) Karish Main-04 (4) Hermes-01 Well Well name Operator / share Pre-drill estimate* Status On time, on budget no. 8 Bcm discovery, derisked 58 Bcm in Olympus #1 Athena-01 Ener
Slide 24: Israel drilling campaign – Olympus Area
Israel drilling campaign – Olympus Area Zeus confirmed as 5th well to further refine Olympus Area volumetrics and enable faster progress to commercialisation Athena • Commercial discovery in the A, B and C Sands made in May 2022 • Recoverable gas volumes of 8 bcm (283 bcf / 51 mmboe) on a standalone
Slide 25: ESG update
ESG update ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 26: ESG – H1 2022 results
ESG – H1 2022 results Emissions intensity reduced; best in class ESG ratings Actual emissions reduction1 Highlights 80 Emissions intensity reduced • c. 5.5% reduction in emissions intensity in H1 2022 70 66.8 versus FY 2021 • 2022 emissions intensity guidance 11 - 12 kgCO2e/boe Carbon intensity scop
Slide 27: Key milestones for the remainder of 2022
Key milestones for the remainder of 2022
Slide 28: Key milestones for the remainder of 2022
Key milestones for the remainder of 2022 1 Karish onstream 2 Results from Hermes and Zeus wells 3 First gas from NEA/NI 4 First dividend payment 5 Further commercialisation of resources, including for the Olympus Area 28