Energean (ENOG) Trading update summary

Operational performance and production

• Group production averaged 114 kboed in Q1 2026, down 21% year-on-year due to a 41-day suspension in Israel.

• Production in Israel resumed in April, with post-restart group output averaging 152 kboed, tracking original guidance.

• Revised 2026 group production guidance is now 130-140 kboed, reflecting the shutdown impact.

• Second oil train in Israel expected to boost liquids production above 20 kbbl/d by end of May.

• Major projects in Israel and Croatia remain on schedule for first gas in H1 2027.

Growth initiatives and project updates

• Rig contract signed for 2027 growth drilling, covering wells in Greece and Israel, with options for more.

• Katlan first gas and Nitzana export pipeline completion remain on track for H1 2027 and no later than October 2028.

• Strategic entry into Angola progressing, with acquisition completion targeted by end-2026.

• Two near-term exploration catalysts in Greece and Egypt targeting around 300 mmboe of prospective resources.

Financial performance and liquidity

• Q1 2026 revenue was $288 million, down 29% year-on-year; adjusted EBITDAX was $184 million, down 34%.

• Cash cost of production fell 14% to $116 million, mainly due to lower royalties.

• Cash flow from operations was $200 million, down 16% year-on-year.

• Cash and equivalents stood at $227 million at quarter-end, rising to $307 million by end-April.

• Net debt was $3,325 million at quarter-end, with leverage at 3.2x.