Energean Plc · LSE:ENOG
Energean — Corporate Update (January 2024)
19 slides from Energean's corporate update, Jan 18, 2024
Slide 1: January Trading & Operations Update
Energean January Trading & Operations Update 18 January 2024
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: Highlights
Highlights Mathios Rigas, Chief Executive Officer
Slide 4: Highlights
Highlights Significant y-o-y production growth into a >150 kboed producer FY 2023 production in line with guidance ➢ FY23 production of 123 kboed, a 200% increase versus FY22. ➢ Day-to-day production in Israel continues to be unimpacted by the ongoing geopolitical developments. Strong financial perf
Slide 5: Significant production growth
Significant production growth… …underpinned by ramp-up of production from Karish 200% 34% 200 FY22 FY23 FY24 production production guidance 155-175 41 kboed 123 kboed 155-175 kboed in line with guidance 150 kboed 200 kboed 150 peak rate achieved in ‘23 near-term target 123 Israel – Karish production
Slide 6: Financial Review
Financial Review Panos Benos, Chief Financial Officer
Slide 7: FY 2023 results – key figures
FY 2023 results – key figures Production Figures FY 2023 FY 2022 % change Gas Production (bcm) 6 2 200% Liquids Production (kbbl/d) 21 10 110% Total Production (kboed) 123 41 200% Financial Figures FY 2023 FY 2022 % change Sales & Other Revenue ($ million) 1,419 737 93% 10.6 (of which 4.1 is 18.9 (o
Slide 8: KPIs
KPIs Focused on value and disciplined cost management Operating netback Operating costs Capital expenditure 45 70% 65% 20 1000 $19 61% $877 40 900 60% 18 $17 9 3 32 38 2 35 16 800 47% 50% 30 14 700 $642 19 40% 12 600 42 25 $11 $499 $ million $/boe $/boe 500 4 23 10 5 697 20 20 30% 4 8 16 16 400 15 3
Slide 9: 2024 guidance
2024 guidance Production Guidance FY 2024 Israel 115-130 Egypt 29-31 Rest of Portfolio 11-14 Total Production (kboed) 155-175 Financial Guidance FY 2024 Net Debt – Consolidated ($ million) 2,800-2,900 Israel 350-380 Egypt 30-40 Rest of Portfolio 190-210 Total Cash Cost of Production (includes royalt
Slide 10: Operations Review
Operations Review Mathios Rigas, Chief Executive Officer
Slide 11: Israel - FPSO successfully increased to initial production capacity
Israel - FPSO successfully increased to initial production capacity FPSO performing to meet nominations; upcoming FPSO capacity increase facilitates further step up Annualised Gas Production and Nominations 7 Capacity restricted to 6.5 bcm/yr until Karish North and second gas export riser completion
Slide 12: Israel – 2024 developments
Israel – 2024 developments Existing Growth projects expected online in 2024; Katlan FDP approved, FID expected upon EPC finalisation Katlan Karish North, Second Gas Export Riser & Second Oil Train Phase 1 FDP approved Project FID Expected start-up FID expected upon EPC finalisation Karish North 2021
Slide 13: Egypt – FY23 Highlights and Outlook
Egypt – FY23 Highlights and Outlook NEA/NI complete; focused on optimising Abu Qir production; upside via high-impact exploration well Flat 24% Egypt portfolio location FY22 FY23 FY24 North Idku 2 production production guidance North Idku-4 (Energean) 25 kboed 25 kboed 29-31 kboed Yazzi in line with
Slide 14: Italy - FY23 Highlights and Outlook
Italy - FY23 Highlights and Outlook Production holding steady; Cassiopea, Gemini & Centauro and unfrozen licences provide new areas of growth Flat 24% Cassiopea licence location FY22 FY23 FY24 production production guidance 11 kboed 11 kboed 11-14 kboed in line with guidance Production includes Ital
Slide 15: Prinos Carbon Storage Project – Update
Prinos Carbon Storage Project – Update The first CO2 storage in the East Med, designed to service Greek industry & regional emitters Recent progress on maturing the Prinos CS project ✓ Included within the European Commission as a Project of Common Interest ✓ Non-binding MoUs signed for ~5 million to
Slide 16: Morocco country entry and farm-in to Anchois gas development
Morocco country entry and farm - in to Anchois gas development Energean’s new frontier Farm - In To Chariot Energy’s Lixus and Rissana licences, offshore Morocco New country Entry in Morocco aligned with Energean’s core entry Mediterranean region Gas Acreage underpinned by attractive 18 Bcm focused
Slide 17: Progress on Net Zero commitment
Progress on Net Zero commitment 41% decrease in emissions intensity in FY 2023 versus FY 2022 80 70 66.8 Carbon intensity scope 1 & 2 (kgCO2e/boe) 60 50 86% reduction 2019 – 2023 40 30 19.8 Sector average 20 18.3 16.0 9.4 10 8.5-9.0 4-6 0 0 2019 2020 pro forma 2021 2022 2023 2024 guidance 2035 targe
Slide 18: Outlook
ENERGEAN\ ETHOS Our World, Our Responsibility
Slide 19: Outlook
Outlook 2024 production guidance - a material step towards near-term targets: • FPSO capacity increase • New gas contracts signed • Cassiopea onstream Growth and diversification on the horizon: • Katlan Final Investment Decision • Morocco farm-in completion and Anchois East appraisal well • Orion-X1