Energean Israel 1Q 2023 Accounts

	31 March (Unaudited)
Interest on senior secured notes (1)	34,375	34,323
Interest expense on long terms payables (3)	612	2,064
Less amounts included in the cost of qualifying assets (2)	(3,568)	(33,744)
	31,419	2,643
Finance and arrangement fees	145	1,459
Other finance costs and bank charges	107	264
Unwinding of discount on provision for decommissioning	861	171
Unwinding of discount on right of use asset (1)	15	83
Less amounts included in the cost of qualifying assets (2)	(60)	(1,542)
	1,068	435
Total finance costs	32,487	3,078
Interest income from time deposits	654	557
Change of discount estimate on payables (3)	872	-
Interest income from loans to related parties	-	2,781
Total finance income	1,526	3,338
Net foreign exchange losses	(257)	(68)
Net finance income/(expense)	(31,218)	192

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		Page

Interim Condensed Consolidated Statement of Comprehensive Income		3
Interim Condensed Consolidated Statement of Financial Position		4
Interim Condensed Consolidated Statement of Changes in Equity		5
Interim Condensed Consolidated Statement of Cash Flows		6
Notes to the Interim Condensed Consolidated Financial Statements		7-20

			31 March (Unaudited)
	Notes	2023 $'000		2022 $'000
Revenue	3	158,853		-
Cost of sales	4	(83,905)		-
Gross profit		74,948		-

Administrative expenses	4	(3,922)		(2,205)
Exploration and evaluation expenses	4	(50)		-
Other expenses	4	-		(824)
Other income	4	-		53
Operating profit (loss)		70,976		(2,976)

Financial income	5	1,526		3,338
Financial expenses	5	(32,487)		(3,078)
Foreign exchange loss, net	5	(257)		(68)
Profit (loss) for the period before tax		39,758		(2,784)

Taxation income (expense)	6	(9,482)		1,260
Net profit (loss) for the period		30,276		(1,524)

	Notes	31 March 2023 (Unaudited) $'000	31 December 2022 $'000
ASSETS:
NON-CURRENT ASSETS:
Property, plant and equipment	7	2,818,159	2,926,313
Intangible assets	8	152,558	143,554
Other accounts receivable	10	5,614	108
Deferred tax asset	9	13,547	22,886
		2,989,878	3,092,861
CURRENT ASSETS:
Trade and other receivables	10	141,123	82,611
Inventory	11	8,142	8,313
Restricted cash		8,462	71,778
Cash and cash equivalents		32,081	24,825
		189,808	187,527
TOTAL ASSETS		3,179,686	3,280,388

EQUITY AND LIABILITIES:
EQUITY:
Share capital		1,708	1,708
Share premium		212,539	212,539
Retained losses		(40,252)	(70,528)
TOTAL EQUITY		173,995	143,719
NON-CURRENT LIABILITIES:
Senior secured notes	12	1,851,797	2,471,030
Decommissioning provisions		86,182	84,299
Trade and other payables	13	200,461	210,241
		2,138,440	2,765,570
CURRENT LIABILITIES:
Senior secured notes	12	621,382	-
Trade and other payables	13	245,869	371,099
		867,251	371,099
TOTAL LIABILITIES		3,005,691	3,136,669
TOTAL EQUITY AND LIABILITIES		3,179,686	3,280,388

	Share capital $'000	Share Premium $'000	Accumulated losses $'000	Total equity $'000
Balance as of 1 January 2023	1,708	212,539	(70,528)	143,719
Profit for the period	-	-	30,276	30,276
Balance as of 31 March 2023	1,708	212,539	(40,252)	173,995

Balance as of 1 January 2022	1,708	572,539	(35,946)	538,301
Loss for the period	-	-	(1,524)	(1,524)
Balance as of 31 March 2022	1,708	572,539	(37,470)	536,777

		31 March (Unaudited)
	Notes	2023 $'000	2022 $'000
Operating activities
Profit (Loss) for the period before tax		39,758	(2,784)
Adjustments to reconcile loss before taxation to net cash provided by operating activities:
Depreciation, depletion and amortisation	4	30,871	38
Loss from disposal on property, plant and equipment	4	-	824
Amortisation of payment made in advance to customers	3	4,928	-
Other expenses	4	-	5
Other income		-	(53)
Finance Income	5	(1,526)	(3,338)
Finance expenses	5	32,487	3,078
Net foreign exchange loss	5	257	68
Cash flow from operations before working capital		106,775	(2,162)
Increase in trade and other receivables		(18,315)	(2)
Decrease in inventories		172	-
Increase in trade and other payables		314	800
Cash from operations		88,946	(1,364)
Income taxes paid		(368)	(330)
Net cash inflows from (used in) operating activities		88,578	(1,694)
Investing activities
Payment for exploration and evaluation, and other intangible assets	8(B)	(25,318)	(2,231)
Payment for purchase of property, plant and equipment	7(C)	(55,752)	(44,002)
Movement in restricted cash, net		63,316	64,112
Interest received		1,509	692
Net cash inflows from (used in) investing activities		(16,245)	18,571
Financing activities
Senior secured notes - interest paid	12	(64,453)	(64,453)
Other finance cost paid		(44)	(384)
Transaction cost in relation to Senior Secured Notes		(229)	-
Repayment of obligations under leases	13	(250)	(248)
Net cash used in financing activities		(64,976)	(65,085)

Net increase (decrease) in cash and cash equivalents		7,357	(48,208)
Cash and cash equivalents at beginning of period		24,825	349,827
Effect of exchange differences on cash and cash equivalents		(101)	(45)
Cash and cash equivalents at end of period		32,081	301,574

Energean Israel 1Q 2023 Accounts

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NOTE 1: - GENERAL

NOTE 2: - Accounting policies and basis of preparation

NOTE 3: - Revenues

NOTE 4: - Operating profit (loss) before taxation

NOTE 5: - Net finance income/(expenses)

NOTE 6: - Taxation

NOTE 7: - Property, Plant and Equipment

NOTE 7: - Property, Plant and Equipment (Cont.)

NOTE 8: - Intangible Assets

NOTE 9: - Deferred taxes

NOTE 10: - Trade and other receivables

NOTE 11: - Inventory

NOTE 12: - Borrowings and secured notes

NOTE 13: - Trade and other payables

NOTE 14: - Financial Instruments

NOTE 15: - Significant events and transaction during the reporting period

Companies

UK 100

Latest directors dealings

Country	Asset	Working interest	Field phase
Israel	Karish	100%	Production
Israel	Tanin	100%	Development
Israel	Blocks 12, 21, 23, 31	100%	Exploration

	Oil and gas Assets $'000	Leased assets $'000	Furniture, fixtures and equipment $'000	Total $'000
Cost:
At 1 January 2022	2,241,783	4,009	829	2,246,621
Additions ⁽¹⁾	514,373	731	1,165	516,269
Disposals	(900)	-	-	(900)
Capitalised borrowing cost ⁽²⁾	129,357	-	-	129,357
Capitalised depreciation	632	-	-	632
Change in decommissioning provision	47,544	-	-	47,544
Total cost at 31 December 2022	2,932,789	4,740	1,994	2,939,523
Additions ⁽¹⁾	29,048	-	41	29,089
Handover to INGL⁽⁴⁾	(111,105)	-	-	(111,105)
Capitalised borrowing cost ⁽²⁾	3,628	-	-	3,628
Change in decommissioning provision	1,020	-	-	1,020
Total cost at 31 March 2023	2,855,380	4,740	2,035	2,862,155

Depreciation:
At 1 January 2022	433	693	228	1,354
Charge for the year ⁽³⁾	10,976	134	297	11,407
Capitalised to oil and gas assets	-	632	-	632
Disposals	(433)	-	-	(433)
Write down of the assets	250	-	-	250
Total Depreciation at 31 December 2022	11,226	1,459	525	13,210
Charge for the year	30,279	412	95	30,786
Total Depreciation at 31 March 2023	41,505	1,871	620	43,996

At 31 December 2022	2,921,563	3,281	1,469	2,926,313
At 31 31 March 2023	2,813,875	2,869	1,415	2,818,159

	Exploration and evaluation assets $'000	Software licences $'000	Total $'000
Cost:
At 1 January 2022	20,141	255	20,396
Additions ⁽¹⁾	123,005	1,713	124,718
Write off of exploration and evaluation costs ⁽²⁾	(1,277)	-	(1,277)
At 31 December 2022	141,869	1,968	143,837
Additions ⁽¹⁾	9,089	-	9,089
At 31 March 2023	150,958	1,968	152,926
Amortisation:
At 1 January 2022	-	255	255
Charge for the year	-	28	28
Total Amortisation at 31 December 2022	-	283	283
Charge for the year	-	85	85
Total Amortisation at 31 March 2023	-	368	368

At 31 December 2022	141,869	1,685	143,554
At 31 March 2023	150,958	1,600	152,558

	Property, plant and equipment & intangible assets $'000	Right of use asset IFRS 16 $'000	Tax losses $'000	Deferred expenses for tax $'000	Staff leaving indemnities $'000	Accrued expenses and other short‑term liabilities and other long‑term liabilities $'000	Decommissioning provision $'000	Total $'000
At 1 January 2023	(40,344)	(754)	56,415	6,209	167	1,193	-	22,886
Increase/(decrease) for the year through:
Profit or loss	(8,359)	95	(965)	(156)	13	33	-	(9,339)
At 31 March 2023	(48,703)	(659)	55,450	6,053	180	1,226	-	13,547
At 1 January 2022	(12,632)	(762)	4,750	11,031	94	923	8,171	11,575
Increase/(decrease) for the year through:
Profit or loss	(27,712)	8	51,665	(4,822)	73	270	(8,171)	11,311
At 31 December 2022	(40,344)	(754)	56,415	6,209	167	1,193	-	22,886

	31 March 2023 (Unaudited) $'000	31 December 2022 $'000
Deferred tax liabilities	(49,362)	(41,099)
Deferred tax assets	62,909	63,985
	13,547	22,886

	31 March 2023 (Unaudited) $'000	31 December 2022 $'000
Current
Financial items Trade receivables
Trade receivables	62,998	37,491
Other receivables ⁽¹⁾	59,348	999
Refundable VAT	17,711	37,131
Accrued interest income	33	888
	140,090	76,509
Non-financial items
Prepayments	214	159
Prepaid income tax	202	-
Deferred expenses ⁽²⁾	-	4,929
Prepaid expenses	617	1,014
	1,033	6,102
Total current trade and other receivables	141,123	82,611
Non-current
Financial items
Other receivables ⁽¹⁾	5,072	-
Non-financial items
Deferred borrowing fees	434	-
Deposits and prepayments	108	108
	542	108
Total non-current trade and other receivables	5,614	108

	31 March 2023 (Unaudited) $'000	31 December 2022 $'000
Hydrocarbon liquids	1,389	2,367
Natural gas	492	383
Raw materials and supplies	6,261	5,563
Total	8,142	8,313

			31 March 2023 (Unaudited)	31 December 2022
Series	Maturity	Annual fixed Interest rate	Carrying value $'000	Carrying value $'000
US$ 625 million	30 March 2024	4.500%	621,382	620,461
US$ 625 million	30 March 2026	4.875%	618,461	617,912
US$ 625 million	30 March 2028	5.375%	617,163	616,767
US$ 625 million	30 March 2031	5.875%	616,173	615,890
US$2,500 million			2,473,179	2,471,030

	31 March 2023 (Unaudited) $'000	31 December 2022 $'000
Senior secured notes - current	621,382	-
Senior secured notes - non current	1,851,797	2,471,030
Total	2,473,179	2,471,030

	Fair value hierarchy as at 31 March 2023
	Level 1 $'000	Level 2 $'000	Total $'000
Financial assets
Long term other accounts receivable	-	5,072	5,072
Short term restricted cash	8,462	-	8,462
Short term trade and other receivables	-	140,090	140,090
Cash and cash equivalents	32,081	-	32,081
Total	40,543	145,162	185,705
Financial liabilities
Senior secured notes ⁽¹⁾	2,298,750	-	2,298,750
Trade and other payables - long term	-	201,047	201,047
Trade and other payables - short term	-	207,788	207,788
Total	2,298,750	408,835	2,707,585

	Fair value hierarchy as at 31 December 2022
		Level 1 $'000	Level 2 $'000	Total $'000
Financial assets
Short term restricted cash		71,778	-	71,778
Short term trade and other receivables		-	76,509	76,509
Cash and cash equivalents		24,825	-	24,825
Total		96,603	76,509	173,112
Financial liabilities
Senior secured notes ⁽¹⁾		2,298,125	-	2,298,125
Trade and other payables - long term		-	210,062	210,062
Trade and other payables - short term		-	252,730	252,730
Total		2,298,125	462,792	2,760,917