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Corporate ProfileNovember 2016
REGIONAL UPSTREAM DEVELOPMENTS:
POLITICAL, REGULATORY AND ECONOMIC
CHALLENGES - The view from Greece
Dimitris Gontikas, Vice-President & Managing Director, Kavala Oil
Corporate ProfileNovember 2016
A leading independent E&P company in the Eastern Mediterranean
Athens Energy Forum, Hilton Hotel, February 1st & 2nd, 2017
Energean: leading E&P player in the SE Mediterranean
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PRODUCTION
DEVELOPMENT
EXPLORATION
MONTENEGRO Exploring the East Adriatic
WEST KOM OMBO
EGYPT
Exploring Upper Egypt
AITOLOAKARNANIA
IOANNINA
Exploring Western Greece
TANINKARISH
ISRAEL
Developing Karish & Tanin
PRINOSProduction of Oil & Gas
KAT
AKO
LO
Developing the first oil field in W. Greece
KATAKOLO
Greece, Prinos update: USD200million investment plan 2014-2018
Prinos Platform Complex – 32 meters water depth
1. Drill 15 development wells in Prinos 4 already drilled and completed
2. Install new unmanned platform on Epsilon field Fabrication tenders in progress
3. Develop 30mmbbls 2P Reserves 2016 Production 1,3mmbbls (cum.)
4. Identify new exploration targets from 3D New 3D seismic acquisition in 2015
Actions Current Status
5. Maximize recovery – EOR/IOR Water injection programme ongoing
Strong financing support
Prinos Platform Complex – 32 meters water depth
Private Founding shareholders
US Institutional Fund
International Financial Institution
Off-take agreement
The success story of Prinos 2007-2016: USD300 million invested
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Increasing the country’s resources
460 Direct Jobs
0
5
10
15
20
25
30
35
40
2008 2009 2010 2011 2012 2013 2014 2015 2016
25 7
1117
2430 30
40(*)
mm
bb
ls
Energean Reserves - Greece
Prinos 2P Reserves
(*) subject to audit
2016 : More than 1 million barrels produced
1.277.424 STOB
2015534533 STOB
East Adriatic-Western Greece: the new play?
MONTENEGRO• Operator, 100%• 2 blocks: 4218-30 (275km2) and 4219-26 (63km2)• 3D seismic to be acquired in 2017/18
• Operator, 100% WI - 4,187 Km2
• Proven analogues in Albania and Italy• 400Km 2D Seismic survey planned in 2017
IOANNINA• Operator, 100% WI - 4,360km2 - not signed yet• Proven analogues in Albania and Italy• 2D seismic survey planned for 2018AITOLOAKARNANIA
• Operator – 545 km2
• Government approved conversion to 25 Year exploitation license, 60km2 – Nov 2016
• 40mm bbls STOIIP – 30%RF• Plan to develop from onshore with ERD• USD50 mm investment - first oil 2019
KATAKOLO
Challenges in the Greek E&P sector
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The Greek E&P sector faces significant challenges frustrating its development :
1. Low oil price environment
2. Greece is still a frontier country with unproven exploration concepts
3. Need for stability in public administration and policy
4. Need for timely approvals of licenses and permits
5. Need for HHRM (EDEY) to be fully operational
6. Lack of infrastructure and service company support
7. Lack of support from the local banking sector
Conclusions
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Despite the significant challenges, the Greek E&P sector is open to new developments
Energean’s commitment in the region and consistent investment as the only oil & gas producer in Greece, succeeded in the revival of Prinos by over doubling the daily production and increasing the job positions during the worst economic crisis
Energean active in the exploration and development of the promising area of Western Greece
The success story of Energean in Prinos, its presence in Western Greece, Montenegro Israel and Egypt and the teaming up with oil majors and investors is a proof that long-term investors can succeed despite the challenges and grow into a leading player in the region
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www.energean.com
Thank you for your attention