Energean Signs US$180M RBL Facility with EBRD, BSTDB, EximBank Romania and Intesa Sanpaolo Bank to Develop Prinos Basin

Loan agreement finances further development of the Prinos, Prinos
North and Epsilon oil fields

LONDON–(BUSINESS WIRE)–Energean Oil & Gas (“Energean” or “the Company”) is pleased to announce
that it has signed a reserves-based senior facility agreement (the
“Agreement”), amounting to US$180 million, with the European Bank for
Reconstruction and Development (“EBRD”), the Black Sea Trade and
Development Bank (“BSTDB”), the Export-Import Bank of Romania EximBank
SA (“ EximBank Romania”) and Banca Comerciala Intesa Sanpaolo Romania
S.A (“Intesa Sanpaolo Bank”), HSBC acting as the agent bank. This
Agreement is an extension to the existing US$75 million loan signed with
the EBRD on 19 May 2016.

The Agreement now includes two facilities: a senior secured reducing
revolving credit facility of up to US$105 million with the EBRD and
BSTDB as lenders; and a senior secured revolving credit facility of up
to US$75 million arranged by EximBank Romania and having EximBank
Romania and Intesa Sanpaolo Bank as lenders.

The expansion of the existing facility agreement will support the
Company’s development programme in respect of 41 mmboe (39.5mmbbls
oil/6bcf gas) 2P reserves and 23.8 mmboe (22.9mmbbls oil /5.3bcf gas) 2C
resources in the Prinos, Prinos North and Epsilon operating oil fields,
located offshore Greece (Prinos Basin). The financing will principally
fund the ongoing development of the Epsilon oil field with GSP Offshore
S.R.L, the appointed EPCIC contractor, as part of the ongoing Prinos
development programme that includes the drilling of up to 25 additional
wells and construction of two additional well platforms by 2021 to
materially increase production.

Energean Oil & Gas CEO, Mathios Rigas, commented: “Energean is delighted
to sign this agreement with EBRD, BSTDB, EximBank Romania and Intesa
Sanpaolo Bank to support the further development of our North-Eastern
Greece assets. We are committed to increasing our investment in the
Prinos Basin, where we already have a strong production track record,
and are now focusing on developing the Epsilon oil field, which is part
of the Prinos Licence.

“We believe this loan agreement is further evidence of the trust placed
in Energean by international banks and we believe demonstrates
confidence in the Company’s ability to consistently increase value for
its shareholders.

“The development programme underway at Prinos, where Energean holds a
long-term offtake agreement with BP for the entire Prinos production, is
part of the Company’s wider development plans in the Eastern
Mediterranean. This includes the Company’s flagship US$1.6 billion
development project of the Karish field, offshore Israel, as well as
development and exploration programmes in Western Greece and the
Adriatic. Energean is making strong progress on all fronts and is moving
towards fulfilling its goal of becoming a leading independent E&P
company in the East Mediterranean region.”

Ihsan Ugur Delikanli, BSTDB President, commented: “We are happy to
contribute to this operation bringing substantial development impact to
the Greek economy, including export promotion, job creation and
increased revenues for the state budget. It is particularly fulfilling
to join forces with our partners in supporting Greek businesses. I am
pleased to observe the strengthening of cooperation with EBRD and the
engagement of Export-Import Bank of Romania in a deal that will increase
Greece's energy efficiency".”

Eric Rasmussen, EBRD Director, Head of Natural Resources, said: “We are
very pleased to be involved in this transaction which will strengthen
Energean’s strategic growth plans with the participation of two
important new financial partners.”

ENDS

Contacts

Media Enquiries:
Energean Oil & Gas
Sotiris
Chiotakis
[email protected]
+30
6932663877
or
Instinctif Partners
David Simonson / Laura
Syrett / George Yeomans
+44 20 7457 2020