What is Energean’s current view on Egypt’s upstream market, and where does it fit within the company’s wider Mediterranean portfolio?

Egypt remains a cornerstone of Energean’s Mediterranean strategy. It offers a balanced mix of scale, stability, and growth potential in a market that values gas as a transitional and strategic fuel. Our operations here are efficient and resilient, with floor price protections that ensure stable returns even in volatile price environments.

Egypt’s energy market is expanding fast, with growing demand for both gas and oil. The oil and gas remain  strategic for the country and Egypt continues to welcome new investment, a clear advantage when companies like ours prioritize destinations for growth. Energean already has a strong track record in Egypt, built on deep local knowledge and trusted relationships with the authorities, which gives us a solid foundation for future expansion.

Within our broader Mediterranean portfolio, Egypt represents a core production hub. It provides operational synergies, a skilled local workforce, and proximity to key regional markets. The combination of mature infrastructure and new exploration potential positions Egypt as a long-term value engine for Energean. Our plans are to grow, and we are always on the look out for new opportunities that fit our portfolio and strategy.

What core strategic objective is currently driving Energean’s decision-making and investment priorities in the Mediterranean, specifically within Egypt?

We want to grow in the country organically and externally, by acquiring new positions.

In organic developments, our strategic focus is extending the life of our fields while leveraging our infrastructure and delivering sustainable growth. In Egypt, that means optimizing mature assets like Abu Qir, developing further near-field discoveries in North El Almreya and North Idku and, finally, unlocking further upside from our nearly 3 Tcf deep-gas potential.

More generally, we are fully dedicated to invest with focus on efficiency, creativity, disciplined capital allocation, and sustainability. These priorities guide every investment decision we make.

Following the termination of the planned portfolio sale to Carlyle, how has the company re-evaluated the strategic role of the Egyptian assets, and what is the new mandate for maximizing their value?

The objective of the transaction with Carlyle was a portfolio optimization aiming at reallocating resources to other projects. Now, we revised our plans with a new growth scenario, in which Egypt remains a key asset within our EastMed portfolio. Rather than divesting, we are now doubling down on value creation in-country.

We engaged our operational optimization, field-life extension, and near-field exploration all aimed at maximizing cash flow and reserves. Our teams are fully committed to enhancing value from within by streamlining concessions, reducing costs, and exploring incremental long-term potential around existing hubs. Egypt needs and deserves to receive the best outcome from our efforts to produce better and more.

The Company is focused on streamlining its concessions. Can you elaborate on the benefits of merging offshore licenses and how this optimization will materially impact the economic life and operating costs of the fields?

Merging our neighboring offshore concessions Abu Qir, North El Almreya and North Idku is the very initial step in our new growth path in Egypt. As you are surely aware, Abu Qir is a very mature field producing for almost 50 years, but potential is still there, both in exploration and in development of old discoveries which require, however, new fiscal and price conditions for being processed. There is still an important price gap between current gas production costs and the import gas prices, making such changes possible and beneficial for Egypt.

The aim of the merger is to simplify the operations and management, but mainly to generate more production and extend the economic life of the area in an efficient and safe manner. Additionally, this is in line with Energean strategy to have an infrastructure driven exploration, where the current ullage in the Abu Qi infrastructure will provide a quick to market development path which achieves both Energean and Egypt aspiration to increase domestic production.

Energean recently announced an estimated 3 Tcf of additional gas potential beneath your current platforms. What is the immediate path and partnership strategy required to de-risk and commercialize this deep potential?

The nearly 3TCF gas potential you refer to lies mainly in the deeper layers in the Abu Qir Area, requiring expensive high risk/high gain type of operations. We are working with our partner the Egyptian General Petroleum Company (EGPC) and the Ministry of Petroleum to design and make this project feasible through the merger of our 3 concessions.  Part of this potential also lies in discoveries within the North Idku and North El Amriya concessions, which remain undeveloped due to high development costs that are not compatible with current fiscal and gas price conditions. These projects are anchored by existing infrastructure owned by our concessions and operated by our team, significantly facilitating rapid development.

The Abu Qir hub is critical. What operational and technical investments are you making to enhance efficiency, extend the life, and maximize the throughput of this key mature infrastructure?

Abu Qir is the backbone of our operations in Egypt. Our ongoing debottlenecking projects are designed to enhance throughput, reduce downtime, and optimize gas compression and processing capacity.

We are also implementing near-field infill drilling around the hub — over 30 mmboe of 2C resources have been identified for future development. Combined with a comprehensive asset integrity plan and maintenance programs, these initiatives ensure that Abu Qir remains a safe, efficient, and high-performing hub into the next decade.

Moreover, as part of the merger negotiations and fiscal terms improvement currently underway, Energean will commit to a number of development and exploration activities that would otherwise be noneconomic.

So maintaining our assets at international standards, developing and exploring the area, will extend the technical and economic life of the area and provide a platform to unlock further potential.

Could you provide an update on the progress and importance of the planned onshore drilling campaign at the East Bir El Nus (EBEN) concession in the Western Desert?

EBEN, in which we are the operator with INA as a partner, represents our entry into Egypt’s onshore domain, since we have finalized and left in 2019 previous on-shore exploration licenses. It complements our offshore activities. It is a lower cost, oil targeted exploration and drilling campaign designed to diversify our production base and leverage our operational expertise.

After a complete seismic picture has been acquired, studies and preparatory work is now well advanced. The drilling campaign is planned to start in Q1 2026. We view EBEN as a key testbed for expanding our onshore footprint in Egypt in a cost-efficient manner and potentially establishing a hub in the western desert replicating our successes in the Abu Qir hub.

What is the production outlook for Energean’s Egyptian portfolio over the next 18 months, and how does it compare to expectations prior to the strategic re-evaluation of the assets?

Our outlook for Egypt is stable to moderately growing production over the next 18 months. With the completion of NEA/NI in late 2023 and the start-up of Location B in mid-2024—where we discovered new gas and oil reserves—alongside additional rig-less activities, we successfully neutralized the production decline at Abu Qir in 2025 and sustained our contribution to Egypt’s output at nearly 30,000 BOED. I consider this an excellent achievement by our team, especially amid corporate, financial, and global market constraints. We now look forward to delivering even stronger results and continued growth.

As an operator in the East Mediterranean, how do geopolitical factors and regional gas infrastructure development influence your long-term planning and investment decisions for Egypt?

We are proud to be the most regionally integrated company in the Eastern Mediterranean among our peers, with active production in Italy, Croatia, Greece, Israel, and Egypt. Regional cooperation and infrastructure connectivity are central to our strategic planning. Egypt’s pivotal role in the Mediterranean oil and gas community—through the East Mediterranean Gas Forum (EMGF) and its established LNG and pipeline network—makes it a key enabler of regional gas monetization, and we are investing to be a major player in that ecosystem. Energean actively supports Egypt’s ambition to serve as a regional gas hub, and our strategy reflects that , we align field development with existing and emerging export infrastructure, ensuring resilience and flexibility in a dynamic geopolitical environment.

Energean has a leading Net Zero commitment. What is the concrete plan to leverage your expertise in Carbon Capture and Storage (CCS) and reduce the carbon intensity of your operations in Egypt?

We take our Net Zero 2050 commitment seriously, and Egypt offers a strong platform to advance it. We are in active dialogue with the Egyptian Ministry of Petroleum to explore collaboration on CCS and emissions-reduction projects, building on our experience in the development of the unique so far carbon storage in South Eastern Europe (Prinos, Greece, under construction), as well as in the wider Mediterranean basin.

Our goal is to integrate carbon management into our operations — from upgrading offshore infrastructure for electrification readiness to evaluating depleted reservoirs for potential CO₂ storage. These efforts align our upstream activity with both national and global decarbonization goals.

Considering Egypt’s ambition to be a regional energy hub, what role does Energean specifically plan to play in supporting the aggregation and potential export of gas?

Energean supports Egypt’s vision of becoming a regional energy hub by ensuring reliable domestic gas supply and by exploring ways to feed incremental volumes into Egypt’s LNG and export infrastructure.

Our offshore position in the Nile Delta, combined with existing facilities at Abu Qir, allows us to act as a consolidator of regional volumes. Through efficient operations, additional exploration, and potential partnerships, we aim to contribute to the aggregation and monetization of Eastern Mediterranean gas resources through Egypt’s well-established infrastructure. Meanwhile, we have the capacity to also import gas to Egypt from our current and future regional production.

Looking five years ahead, how will the Egyptian portfolio have evolved, and what would define success for Energean in the country by the end of the decade?

In five years, we expect our Egyptian portfolio to have evolved into a fully optimized, extended-life hub—producing steady gas volumes with lower emissions and higher operational efficiency.

Success for Energean will mean:

Sustained production and consistent cash generation.

A unified offshore license structure that extends field life.

Continued progress in exploring deep-gas potential in the Abu Qir area and onshore EBEN resources.

Measurable advancement in decarbonization and CCS initiatives, in partnership with the Egyptian government.

New developments following successful exploration in new acreages or through farm-ins to existing initiatives or production assets.

Ultimately, success is defined by creating long-term value for both Energean and Egypt—delivering reliable energy supply, supporting Egypt’s aspirations as a regional energy hub, and setting a benchmark for responsible, low-carbon upstream operations. We also believe our presence and activities in the country generate meaningful social value, by developing local skills and contributing to the well-being of our employees and surrounding communities.