Agreement signed with INGL for the transfer of near shore and onshore infrastructure - ENERGEAN OIL & GAS

London, 25 June 2019 - Energean Oil and Gas plc (LSE: ENOG, TASE: אנאג) is pleased to announce that it has signed a Detailed Agreement (“Agreement”) with Israel Natural Gas Lines (“INGL”) for the transfer of title (the “hand over”) of the near shore and onshore part of the infrastructure that will deliver gas from the Karish and Tanin FPSO into the Israeli national gas transmission grid. An MOU with INGL was signed in December 2018. 

As consideration, INGL will pay Energean 369 million Israeli New Shekels, approximately US$102 million, which will be paid in accordance with milestones detailed in the Agreement.