Slide 1: Half Year 2026 Results
Half Year 2026 Results 9 September 2026
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: H1 2026 Highlights
Highlights H1 2026 Highlights +180 Kboe/d1 achieved. Multiple growth catalysts. Delivering long-term shareholder value. 124 Kboe/d H1 2026 production2 Strong Operational Momentum Egypt Merger Terms Agreed, into H2, with Production New Investment Opportunities, $743 million Exceeding 180 Kboe/d1 in A
Slide 4: H1 2026 Financial Review
ENERGEAN) ETHOS Our World, Our Responsibility H1 2026 FINANCIAL REVIEW
Slide 5: Financial Results (1/2)
Financial Results (1/2) 14% year-on-year growth in liquids revenues partly offset the impact of the 41-day shutdown in Israel H1 2026 H1 2025 Increase/ (Decrease)% Gas sales volumes (kboe) 16,779 19,020 (12%) Liquids sales volumes (kboe) 3,391 3,794 (11%) Total sales volumes (kboe)1 20,170 22,814 (1
Slide 6: Financial Results (2/2)
Financial Results (2/2) Cash cost of production reduced, free cash flow increased H1 2026 H1 2025 Increase/ (Decrease)% Cash cost of production including royalties ($m)1 259 272 (5%) Cash G&A ($m)2 21 21 - Adjusted EBITDAX ($m)3 478 505 (5%) Profit after tax ($m) 160 110 45% Adjusted cash flow from
Slide 7: Resilient Cash Flow Generation
Resilient Cash Flow Generation Significant receivables collection combined with disciplined capital allocation and cost management H1 2026 movement in cash ($ million) (25) (250) 24 501 (129) 97 (74) (43) (12) 315 227 1. Cash position shown excluding restricted cash. Restricted cash at 31 Dec 2025:
Slide 8: Capital Structure
Capital Structure Balance Sheet Supported by Long-Life, Majority Contracted Cash Flows Debt maturity profile 1200 Structural cash flow protections 1000 18-year reserves life 800 ~2X greater than LSE, OSE, NYSE and Nasdaq peer average1 $ million Expects to refinance 600 2028 Notes c.$22 billion2 cont
Slide 9: 2026 Guidance
2026 Guidance All 2026 guidance reiterated, except for exploration and decommissioning expenditure, both of which have been reduced FY26 Guidance1,2 PRODUCTION Israel (kboed) 98 – 1043 Rest of portfolio (kboed) 32 – 36 Total production (kboed) 130 – 140 CASH COST OF PRODUCTION (OPERATING COSTS PLUS
Slide 10: H1 2026 Operational Review
ENERGEAN) QL ETHOS Our World, Our Responsibility H1 2026 OPERATIONAL REVIEW
Slide 11: Focus on HSE Underpinning all Operations
Focus on HSE Underpinning all Operations Committed to safe and responsible operations at all times Lost Time Injury Frequency (LTIF)1 H1 2026 0.000 (100%) H1 2025 0.408 Total Recordable Injury Rate (TRIR)1 H1 2026 0.242 (41%) H1 2025 0.408 Emissions Intensity (kgCO2e/boe)2 H1 2026 8.1 (2%) H1 2025 8
Slide 12: Group Production Exceeded 180 Kboe/d in August 2026
Group Production Exceeded 180 Kboe/d1 in August 2026 Remains on track to deliver full year production of 130 – 140 Kboe/d Group Average W.I. Production H1 2026 160 124 Kboe/d2 146 138 130-140 (H1 2025: 138 Kboe/d), down 10% due to: 140 11 135 • Ministry ordered suspension of production in Israel for
Slide 13: Israel – Second Oil Train Completed
Israel – Second Oil Train Completed Increasing Brent-linked liquids output FPSO total liquids processing capacity increased from 18 kbbl/d to 31 kbbl/d 32% Of H1 2026 Israel Liquids production successfully tested at rates of revenues from 25 kbbl/d liquids H2 2026 average liquids production expected
Slide 14: New ~$1.4 Billion GSPA Signed With Sorek
New ~$1.4 Billion GSPA Signed With Sorek Brings total contracted revenues to $22 billion1 over the next two decades; demonstrates strength of domestic gas demand outlook $22 Billion1 Long-Term Contracted Revenues >10 Bcm Gas Demand Growth2 30 New ~$1.4 billion GSPA Energean Power FPSO >10 bcm of dem
Slide 15: Katlan Development – Major Milestones Complete
Katlan Development – Major Milestones Complete Katlan phase 1A on track and on budget for first gas in H1 2027, Katlan phase 1B drilling in 2027 2026 progress and path to first gas Apollo & Hera Athena & Zeus First gas, development wells Subsea campaigns M01 & M091 development wells Subsea campaigns
Slide 16: Next Phase of Growth
Next Phase of Growth New exploration bid round announced, aiming to build on our track record of exploration success in Israel Key Milestones September 2026 Prequalification of Energean acreage operators OBR51 offered zones Existing leases and licenses November 2026 Bid submission deadline Q1 2027 S
Slide 17: Egypt — Highest Ever Half Year of Collections; Lowest Ever Net Receivables
Egypt — Highest Ever Half Year of Collections; Lowest Ever Net Receivables Improved payment environment Receivables collection ($ million) Net overdue ($ million) 300 H1 collection H2 collection Net overdue Not yet due Net receivables 250 17 226 250 200 200 150 150 100 100 75 50 50 0 - 2020 2021 202
Slide 18: Egypt — Concession Merger Agreed, Unlocking Growth
Egypt — Concession Merger Agreed, Unlocking Growth Parliament ratification expected by mid-2027, concession merger terms effective from 1 Jan 2027 Enhances cash flow generation • Abu Qir, NEA and North Idku to be merged into one concession • Improved fiscal terms and gas price Target to double produ
Slide 19: Block 2 — 9.5 Tcf Prospect To Be Drilled In Q2 2027
Block 2 — 9.5 Tcf Prospect To Be Drilled In Q2 2027 Partnering with ExxonMobil to drill Greece's first deepwater exploration well in 45 years Block 2 Exploration Drilling ● Energean 30% W.I., ExxonMobil 60% W.I., HELLENiQ Energy 10% W.I. ● Energean retains operational control of the exploration, ref
Slide 20: Europe – Operating Across the Full Life Cycle
Europe – Operating Across the Full Life Cycle Operated activity spanning exploration, development, production and decommissioning Italy operated production Epsilon development Irena development UK decommissioning Stable year-on-year, producing ~8 Kboe/d1 in 27 mmboe 2P oil project (YE25) First gas e
Slide 21: Outlook
ENERGEAN\ ‘Our World, Our Responsibility OUTLOOK
Slide 22: M&A – Disciplined Approach to Delivering Transformational M&A
M&A – Disciplined Approach to Delivering Transformational M&A Actively assessing opportunities to diversify our production base, enhance cash flow and support deleveraging Assets Strategy EMEA growth, including existing operating countries, Deploy Energean’s deepwater development and with supportive
Slide 23: Resilient Production Base And A Clear Growth Strategy Underpin The Next 18 Months
Resilient Production Base And A Clear Growth Strategy Underpin The Next 18 Months 124 Kboe/d2 1 Full-year production of 130–140 Kboe/d1, with August already above 180 Kboe/d1 — momentum building into H2. 2 Signing of Egypt concession merger and a new $150m investment program — targeting a doubling o
Slide 24: Supplemental Financials
APPENDIX SUPPLEMENTAL FINANCIALS For H1 2026
Slide 25: Group Total Comprehensive Income Statement
Group Total Comprehensive Income Statement H1 2026 30 June 2026 30 June 2025 #039;000 #039;000 Revenue 743,072 803,780 Cost of sales (428,580) (469,078) Gross profit 314,492 334,702 Other operating income 13,017 33,593 General and administrative expenses (29,960) (27,541) Change in decommissioning provisi
Slide 26: Group Statement of Financial Position (1/2)
Group Statement of Financial Position (1/2) H1 2026 30 June 2026 31 December 2025 #039;000 #039;000 ASSETS Non-current assets 4,861,972 4,694,273 Property, plant and equipment 4,395,966 4,250,419 Intangible assets 256,969 249,220 Equity-accounted investments 4 4 Other receivables 28,726 30,861 Derivative
Slide 27: Group Statement of Financial Position (2/2)
Group Statement of Financial Position (2/2) H1 2026 30 June 2026 31 December 2025 #039;000 #039;000 EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital 2,465 2,459 Share premium 465,331 465,331 Merger reserve 139,903 139,903 Other reserves 20,187 26,231 Foreign currency transl
Slide 28: Group Statement of Cash Flows (1/2)
Group Statement of Cash Flows (1/2) H1 2026 30 June 2026 30 June 2025 #039;000 #039;000 Operating activities Profit before taxation 178,412 174,149 Adjustments to reconcile profit before taxation to net cash provided by operating activities: Depreciation, depletion and amortisation 189,138 194,431 Impairm
Slide 29: Group Statement of Cash Flows (2/2)
Group Statement of Cash Flows (2/2) H1 2026 30 June 2026 30 June 2025 #039;000 #039;000 Investing activities Payment for purchase of property, plant and equipment (220,129) (331,109) Payment for exploration and evaluation, and other intangible assets (29,944) (53,412) Proceeds from disposal of exploration