Cairo, September 9, 2026: Energean plc is strengthening its commitment to Egypt through a new investment program of up to $150 million over the next four years, as it advances the consolidation of its Abu Qir, North El Amriya (NEA) and North Idku (NI) concessions under a single concession framework.

The program aims to increase domestic natural gas production and unlock additional development and exploration opportunities across Energean’s Egyptian assets. Subject to exploration success, the program could add up to 50 million barrels of oil equivalent (MMboe) and support the doubling of production from the company’s Egyptian portfolio over the following decade.

Energean and the Egyptian General Petroleum Corporation (EGPC) have reached agreement on the main terms of the new concession, with the required formal and regulatory procedures currently progressing.

The new concession framework is expected to provide improved fiscal and commercial terms, including enhanced gas pricing, extending the economic life of Energean’s existing assets and supporting further development and exploration activities.

The new concession will also include two additional exploration areas: the Abu Qir deep horizon and open acreage adjacent to Energean’s existing development leases. The company estimates that the new acreage contains more than 4 trillion cubic feet (Tcf) of exploration potential, including approximately 3 Tcf of gas in the deep horizon.

The investment program follows significant progress by the Egyptian government and EGPC in settling Energean’s outstanding receivables. Historical dues have been substantially settled, while current dues are being paid regularly, bringing Energean’s net receivables in Egypt to their lowest level since 2020.

The program currently includes drilling six wells within the new concession, acquiring more than 700 square kilometers of new Ocean Bottom Node (OBN) seismic data, and reprocessing existing 3D seismic data to improve subsurface imaging and identify future development and exploration opportunities.

Mathios Rigas, Chief Executive Officer of Energean, said Egypt is a core country for the company and an important part of its long-term growth strategy, adding that progress on the concession merger represents an important step toward unlocking the next phase of investment and growth from its Egyptian assets.

Rigas welcomed the progress made by the Egyptian government and EGPC in addressing outstanding receivables, noting that the improved payment environment, together with constructive cooperation with Egyptian authorities and enhanced concession terms, provides greater confidence and a stronger foundation for further international investment in Egypt’s energy sector.

He added that the planned $150 million investment program reflects Energean’s confidence in Egypt, with the company aiming to double production from its Egyptian portfolio over the following decade while advancing new development and exploration opportunities.

Rigas also highlighted the more than 4 Tcf of exploration potential, including approximately 3 Tcf of gas in the deep horizon, as a significant opportunity to increase production and support Egypt’s objectives of maximizing domestic gas resources and strengthening energy security.

Energean reaffirmed its commitment to its longstanding partnership with EGPC and its cooperation with the Egyptian government and partners to deliver sustainable, long-term value for Egypt and its people.