Thursday 27 May 2021

Energean plc (LSE: ENOG, TASE: אנאג) is pleased to provide an update on recent operations and the Group’s trading performance in the 3-months to 31 March 2021.

Highlights

• Production in the four-months to 30 April 2021 was 44.2 kboepd (72% gas)
• 15% ahead of the mid-point of full year guidance
• Guidance increased to 38 – 42 kboepd (from 36 – 41 kboepd)
• First production from Karish now expected in mid-2022 following the re-introduction of enhanced COVID-19-related restrictions in Singapore
• Core focus on optimising the revised timetable with approximately 30 improvements being considered for implementation and not reflected in the schedule
• Final Investment Decision (“FID”) taken on two growth projects, offshore Israel:
• $70 million second oil train that will enable increased production of approximately 5 million barrels of hydrocarbon liquids per year at minimal incremental operating costs
• $40 million second gas sales riser, which will enable gas production at the full 8 Bcm/yr capacity of the FPSO
• Rig contract award for the 2022/2023 five-well growth drilling programme, offshore Israel, is expected to be signed shortly
• Targeting more than 1 billion barrels of oil equivalent of prospective resources
•  Athena well on Block 12 expected to spud in 1Q 2022
• FID taken on the revised Epsilon project, offshore Greece:
• Tieback to existing Prinos infrastructure with first oil expected around year-end 2022
• Greek parliamentary approval has been granted for the Prinos area funding package. Investment targets:
• Unlevered IRRs in excess of 30%
•  Peak production rates in excess of 10 kboepd
•  Extending the life of the fields as a pre-cursor to the implementation of carbon capture and underground storage (“CCUS”)
•  $122 million of receivables collection in Egypt December 2020 – April 2021 (inclusive), following closing of the acquisition of Edison E&P in December 2020
•  At 30 April 2021, following the refinancing of Energean Israel Limited’s project finance facility and term loan on 29 April 2021, Energean had cash resources of $1.1 billion, providing financial flexibility and ensuring that all planned activities are fully-funded
•  2021 year-end net debt guidance reduced to between $1.9 billion and $2.0 billion (from $2.0 billion to $2.2 billion)