Thursday 4 November 2021

Energean plc has provided an update on recent operations and the Group's trading performance in the 9-months to 30 September 2021.

Mathios Rigas, Chief Executive of Energean, commented:

"In the third quarter of 2021, Energean continued to deliver excellent operational and financial results. Production was above expectations and combined with the quarter's high commodity prices has yielded strong financial results. We are on track to deliver record full year numbers, with annual revenues expected to be in excess of $450 million and EBITDAX in excess of $190 million.

"Our flagship project Karish remains on track to deliver first gas in mid-2022 and we will spud the first well of our new Israel growth campaign in 1Q 2022. Good progress is also being made across our key development projects in Egypt, Italy and Greece. We remain on target to grow production to over 200 kboed and achieve our medium-term revenue and EBITDAX targets of $2 billion and $1.4 billion, respectively.

"This will position Energean to deliver an industry-leading, sustainable and meaningful dividend.

"On the ESG-front, we are on track to reduce CO2 emissions intensity by approximately 20% year-on-year and are advancing our plans to accelerate our 2050 net zero target. The pre-FEED at our "Green Prinos" Carbon Capture and Storage project is progressing well and we are also investigating the feasibility of tying back a small scale eco-hydrogen project."

Highlights

· Average working interest production for the period was 42.6 kboed (72% gas), ahead of full year guidance

o Production continued to exceed expectations across all countries of operation

o Planned summer maintenance was successfully undertaken

· Strong performance has led to an increase in the lower end of the range with guidance now 40 - 42 kboed (from 38 - 42 kboed)

· Revenues for the period were $350 million and EBITDAX was $141 million

o Energean is on track to deliver record full-year consolidated results with revenues in excess of $450 million and EBITDAX of more than $190 million

· At 30 September 2021, Energean had gross cash resources of $895 million[1] and remains fully-funded for all of its key development projects, which remain on track and on budget

· The Karish development remains on budget and is on track to deliver first gas in mid-2022

o On 30 September 2021, the project was 91.8% complete[2]

o The FPSO, which is the critical path item in delivery of first gas, was 97.3% complete as of this date

· New gas supply agreement ("GSA") signed with A2A in Italy

Outlook

· Full year production guidance range narrowed to 40 - 42 kboed (from 38 - 40 kboed)

o Looking ahead, Energean has taken advantage of current strong European gas prices, hedging 17% of expected 2022 Italian gas production at approximately $14/mcf

· Improved net debt / EBITDAX medium term guidance, now expected to be <1.5x (versus <2.0x previously)

· Sailaway of the Energean Power FPSO from Singapore to Israel in 1Q 2022 with first gas from Karish expected mid-2022

· Commencement of the high-impact growth drilling campaign in 1Q 2022, starting with Athena

o First drilling results anticipated during 2Q 2022, marking a catalyst-rich start to 2022

· Continued progress on key gas development projects in Egypt (NEA / NI) and Italy (Cassiopea)

· Finalisation of funding for the Epsilon project in Greece and commencement of the development programme, expected 4Q 2021

· Continued progress towards net zero target, and detailing of plans to accelerate ahead of 2050

· Acceleration of the Green Prinos suite of projects

o Pre-Front-End Engineering Design ("pre-FEED") on the carbon capture and storage ("CCS") project underway and expected to complete by end 1Q 2022

Related Oil & Gas Projects

• Karish and Tanin