Unlocking oil, gas & LNG potential

The following highly interesting PANEL DISCUSSION titled “GREECE & THE EASTERN MEDITERRANEAN
AS A REGIONAL ENERGY HUB: UNLOCKING OIL, GAS & LNG POTENTIAL”, the PRESENTATION
titled“PROGRESS IN MOTION: METLEN’s TRANSFORMATION FROM LOCAL LEGACY TO GLOBAL
LEADERSHIP” followed by the PANEL DISCUSSION titled “BUILDING GREECE’S ENERGY FUTURE:
RENEWABLES, POWER & NEW OPPORTUNITIES” were part of the agenda of the 27th Annual Capital Link
Invest in Greece Forum: & Building on Success: Unlocking Greece’s Investment Potential”, that was held with great success and participation, on Monday, December 8, 2025 in New York in cooperation with New York Stock Exchange – NYSE, Athens Exchange Group (ATHEX Group) and major Global Investment Banks & Organizations. Goldman Sachs, Morgan Stanley and TEN Ltd (Tsakos Energy Navigation) were the Lead
Sponsors. The Forum was organized under the Auspices of the Consulate General of Greece in New York. GREECE & THE EASTERN MEDITERRANEAN AS A REGIONAL ENERGY HUB: UNLOCKING OIL, GAS & LNG POTENTIAL

Moderator:
 Mr. Gus J. Papamichalopoulos, Senior Partner, Head of Energy Infrastructure; Chairman of the
Management Committee – Kyriakides Georgopoulos Law Firm
Panelists:
 Dr. John Ardill, VP – Global Exploration -ExxonMobil Upstream Company
 Mr. George Alexopoulos, Deputy CEO and GM of Strategic Planning & New Activities- HELLENiQ
ENERGY Holdings
 Mr. Panos Benos, CFO – Energean
 Mr. Rikard Scoufias, Non-Executive Chairman of the BoD – HEREMA
Mr. Gus J. Papamichalopoulos, Senior Partner, Head of Energy Infrastructure; Chairman of the
Management Committee – Kyriakides Georgopoulos Law Firm, stated: “Greece had been advancing a clear
and credible strategy to become a leading energy hub in the Eastern Mediterranean — a strategy grounded
not in declarations, but in tangible progress, investment-grade confidence, and concrete infrastructure that
connects production with markets in Europe. The regional energy landscape had changed materially, and the
imperative of secure supply had elevated the role of the Eastern Mediterranean to a matter of strategic priority.
Within this shifting environment, Greece had acted decisively, implementing reforms, enhancing regulatory
efficiency, and creating an investable framework that balanced security of supply with the EU’s long-term
decarbonization goals.
He noted that the return of major global energy players to Greek offshore exploration — alongside strong
domestic leadership — was not incidental. It was the direct result of policy stability, improved contractual and
licensing structures, and a professionalized upstream authority. As Senior Partner of KG Law Firm, he
underlined that robust legal governance, predictable permitting processes, and risk allocation aligned with
global market standards remained essential conditions for unlocking investment and accelerating project
execution.
Mr. Papamichalopoulos emphasized that natural gas would remain a critical transition and competitiveness
enabler for Europe, and Greece, with its LNG terminals, expanding pipelines, and maritime expertise, was
uniquely positioned to serve as a secure gateway into the EU energy system. The Alexandroupolis FSRU, the
developments in Revithoussa, and additional infrastructure in progress reflected a long-term commitment to
regional connectivity and diversification.
He concluded by stating that Greece now had a rare convergence of geopolitics, policy alignment, and
investor engagement on its side. The challenge, and opportunity, was to maintain momentum, ensure
disciplined execution, and convert promising exploration into value creation for the Greek economy, European
partners, and regional stability.”

Dr. John Ardill, Vice President of Global Exploration, ExxonMobil, highlighted the importance of Natural
Gas for energy security, and spoke of Greece’s Exploration potential. He stated: “Energy demand continues to
rise globally, and oil and natural gas remain essential to support modern living standards. Natural gas offers
significant emissions reductions compared to coal while providing reliable baseload power that complements
renewable energy sources.
As we explore for new supply, the Eastern Mediterranean stands out as a proven gas-generating region and is
emerging as a regional energy hub thanks to its proximity to European markets and untapped Exploration
potential. Following our Exploration success in Cyprus in 2019 and 2025, we are excited to have farmed into
Greece Block 2. We look forward to progressing our evaluation which could lead to potential exploratory
drilling in 2027.

With a proven track record of Exploration success, a leading LNG portfolio, steadfast commitment to safe and
responsible operations, and ambition to achieve net-zero Scope 1 & 2 emissions for operated assets by 2050,
ExxonMobil is well positioned to help Greece unlock its hydrocarbon potential.”

Mr. George Alexopoulos, Deputy CEO and GM of Strategic Planning & New Activities- HELLENiQ ENERGY
Holdings Energy stated:
“Greece has been gradually strengthening its position within the regional energy landscape, as substantial
progress in hydrocarbon exploration, the steady expansion of natural gas infrastructure and developments in
the power sector begin to shape a more prominent strategic role.
Offshore exploration activity in the Ionian Sea and South of Crete is accelerating, with the participation of US
majors. The first exploration well after decades of inactivity is expected to be drilled in 2027. HelleniQ Energy
is proud to be part of the effort to develop our country's natural resources.
Simultaneously, Greece’s natural gas system has expanded its regasification capacity and export capabilities,
enabling Greece to play a crucial role in supporting Southeastern Europe’s gas demand, as Russian gas is
gradually phased out. Additional FSRUs under development, including one by HelleniQ Energy, together with
strengthened cross-border connections, will further support the country’s ability to facilitate diversified natural
gas flows, particularly US liquefied natural gas, and contribute to regional energy security and resilience.
In parallel, the Greek power sector has been undergoing a shift toward renewable generation, with flexibility
provided through conventional units and eventually battery storage. Renewables already account for more
than 50% of electricity production, making Greece a regional exporter, while modern gas-fired units cover
renewable intermittency and provide essential balancing services within a regional system that lacks sufficient
flexible capacity. Continued investment in transmission upgrades, new interconnections and energy storage
will be vital to unlocking additional renewable potential and strengthening Greece’s role in the region’s energy
transition. HelleniQ Energy, through our subsidiaries HelleniQ Renewables and Enerwave, is well-placed to
continue to drive change in the power sector in Greece and Southeastern Europe”

Mr. Panos Benos, Energean Chief Financial Officer, stated:
Energy security dominates energy conversations as a key pillar of the global and regional balance. Yet,
Europe remains in a chronic and widening deficit supplying under 50% of its own gas consumption with
estimated ~7% p/a growth in energy demand. Greece imports virtually all its gas needs with 2024 y.o.y gas
demand growth of ~30%.Energean, in partnership with Exxon Mobil and with the diplomatic support of the U.S. government, will
commence exploratory drilling in the Greek Block 2 license as early as 2026. This development could shift
regional gas balances, unlocking a potential 200bcm of natural gas resources, promoting Greek and regional
energy security and independence.In the wider East-Med, Energean is distinguishing itself as a reliable contributor to energy security. Energean
operates the only FPSO in the East-Med offshore of Israel. Through the successful development of the Karish
and the Karish North fields, and the future development of Katlan, Energean is meeting half of Israel’s
domestic demand. This long-term, competitively priced, reliable supply, helps secure Israel’s economic
resilience and sets the basis for exports to neighbouring markets such as Cyprus and Egypt.
Energy demand globally is surging at an unprecedented rate. An estimated $4 trillion is to be invested in all
forms of energy annually to keep pace with this demand. Within this context ‘Energy Addition’ is beginning to
replace the narrower concept of ‘energy transition’, recognizing the practical needs of global economies for
energy, across the spectrum, to meet their long-term strategic goals.
At this pivotal time, the East-Med emerges as a region with vital strategic importance and potential. With
supportive governments, renewed interest from global majors, and agile, proven operators such as Energean
delivering tangible results, the region is positioned to play a defining role in EMEA’s energy security in the
years ahead.

Mr. Rikard Scoufias, Non-Executive Chairman of the BoD – Hellenic Hydrocarbons and Energy
Resources Management Company (HEREMA), elaborated on Greece’s energy transition emerging as an
excellent investable proposition, with hydrocarbon exploration serving as a stabilizing pillar. He stated:
“HEREMA is the country’s central interface for hydrocarbons and energy resources. Under the incumbent
Leadership Team, in close collaboration with the competent Ministry of Environment and Energy, and with
strong Government support, HEREMA has been implementing a diversified energy strategy — designed to generate investable opportunities with tangible economic, geopolitical, and societal benefits. This integrated
and bankable strategy aims at strengthening national and regional energy security; unlocking and monetising
Greece’s energy resources; and accelerating transition to a more sustainable energy system, by ensuring that
every reliable and complementary solution is included in the energy mix. As Greece is located at the
intersection of Europe, Africa and the Middle East—at the centre of a most dynamic energy theatre, where
extensive upstream projects are currently active—reviving the domestic upstream programme is a core
element of that strategy. To that effect, HEREMA has been supporting E&P activities in Greece and attracting
leading global investors — such as ExxonMobil, Chevron, HELLENiQ ENERGY, and Energean. Their
engagement reflects trust in the country’s promising—yet largely unexplored—geological potential, robust
institutional foundations, and significant energy infrastructure. In addition, the national hydrocarbons
programme, along with complementary offshore energy activities, creates a multi-decade portfolio of
opportunities across key sectors of the Greek economy — including industry, shipping, infrastructure, and
advanced services. Energy security and decarbonisation are integrated objectives, not competing priorities.
And at HEREMA, we remain committed to delivering a reliable energy mix that balances cost, security, and
sustainability; and to providing a single, coherent interface for an efficient energy value chain.”
Presentation
PROGRESS IN MOTION: METLEN’s TRANSFORMATION FROM LOCAL LEGACY TO GLOBAL
LEADERSHIP
Ms. Vivian Bouzali, Chief Corporate Affairs & Communication Officer – METLEN Energy & Metals
BUILDING GREECE’S ENERGY FUTURE: RENEWABLES, POWER & NEW OPPORTUNITIES
Moderator
 Mr. Constantinos Lambadarios, Managing Partner – Lambadarios Law
Panelists:
 Mr. Konstantinos Mavros, Deputy CEO – PPC Group
 Mr. Vassilis Tsaitas Group Chief Financial Officer – HELLENiQ ENERGY Holdings
 Mr. Paschalis Bouchoris, Non Executive Chairman – Hellenic Gas Transmission System Operator
S.A. – DESFA
 Mr. Haris Sitzoglou, Managing Director Investment Banking – AXIA Ventures Group
PROGRESS IN MOTION: METLEN’s TRANSFORMATION FROM LOCAL LEGACY TO GLOBAL
LEADERSHIP
Ms. Vivian Bouzali, Chief Corporate Affairs & Communication Officer – METLEN Energy & Metals,
underlined that the Company has evolved from a strong European industrial group into a London-listed, truly
global energy and metals leader operating in more than 40 countries and employing almost 10,000 people. In
2024, METLEN delivered had a turnover of €5.68 billion and EBITDA of €1.08 billion. Today it is Europe’s only
vertically integrated aluminium producer — from bauxite to primary aluminium — and one of the few European
companies active across the full energy value chain, while it expands rapidly into Circular Metallurgy and
Critical Metals. By 2028 METLEN will produce 50 metric tons of gallium annually. In parallel, the Company is
accelerating its Circular Metals platform — a capacity that is becoming essential for global economies. On the
defence sector, METLEN already manufactures hundreds of advanced systems annually. New production
lines will be operational within months and are designed to scale capacity. Finally, through agile LNG trading,
METLEN transmits American LNG into Southeast Europe to strengthen regional energy security.

BUILDING GREECE’S ENERGY FUTURE: RENEWABLES, POWER & NEW OPPORTUNITIES
Mr. Constantinos Lambadarios, Managing Partner – Lambadarios Law, stated that the message he wished
to convey was one of confidence in Greece’s trajectory and in the country’s ability to sustain the progress it
has worked hard to achieve. He noted that Greece now stands on a stronger foundation—economically,
institutionally, and reputationally—than at any point in the last decade, and this is reflected in the calibre and
commitment of investors who choose to engage with the Greek market.

He emphasized that Greece is entering a phase where opportunity and preparedness finally align. Large-scale
energy projects, ambitious infrastructure initiatives, the country’s digital transformation, and a more outward-
looking business environment all contribute to a positive and durable outlook. He added that the thoughtful
incorporation of new technologies, including artificial intelligence, will further strengthen Greece’s
competitiveness and its ability to attract investment of the highest quality.
In his view, Greece has every reason to be optimistic—provided it continues to move forward with discipline,
collaboration, and a long-term mindset.
Mr. Konstantinos Mavros, Deputy CEO – PPC Group: PPC is moving into the next phase of the Energy
Transition“With significant investments in energy storage projects, the PPC Group is moving into the next phase of the
energy transition,” stressed the Deputy CEO of PPC Group, Konstantinos Mavros, during his remarks at
Capital Link.As the Deputy CEO explained, “The role played by energy storage units in the system is extremely important,
as they are designed to support the operation of adjacent photovoltaic plants and contribute to the stability of
the electricity system. They optimize the management of renewable energy production, maximize their
contribution, and fully leverage the electricity generation potential of RES.”
He added that the PPC Group is at the forefront of this transition, already having three Battery Energy Storage
System (BESS) projects in Western Macedonia in its portfolio, with a total installed capacity of 150 MW and a
total storage capacity 400 MWh.
Referring also to the recent energy agreements between Greece and the United States, Mavros explained that
batteries contribute to the country’s “energy independence” on multiple levels—national, economic,
geopolitical, environmental, as well as investment-related.
“It is self-evident that the less energy-dependent a country is—especially in times of geopolitical shifts such as
the one we are experiencing—the stronger its position on the international chessboard and the greater its
negotiating power,” he concluded.

Mr. Vassilis Tsaitas Group Chief Financial Officer – HELLENiQ ENERGY Holdings, stated that:
“Europe has led global energy transition efforts, with Greece among the frontrunners, having exceeded 50%
participation of renewable energy sources (RES) in its electricity mix. However, challenges such as costs,
competitiveness, and policy coordination with global markets remain, especially as major economies like the
US adjust their policies. Greece also faces issues like overcapacity and regulatory inflexibility, but has
opportunities to become an energy hub for Eastern Europe amid geopolitical developments.
Helleniq Energy has successfully completed its 2020-2025 strategy cycle, having established a material
second pillar in energy, through the development of >0,5GW of RES and the acquisition of 50% Elpedison –
now Enerwave, that we did not own and the rebasing of Group EBITDA profitability by €250m to €1bn. We
plan to continue on a balanced approach between our Downstream business that we believe it is part of the
transition, as well as our Green Utility. We are looking to invest over €3 billion for growth projects, on top of €1
billion for stay-in-business capex, aiming to grow our Green Utility both in Greece as well as in SE Europe,
decarbonise downstream operations and improve our asset base, while also expanding internationally, with
the objective of reaching recurring EBITDA of €1.5 billion by 2025 with over 20% coming from Green Utility,
targeting to double shareholder value in five years.”

Mr. Paschalis Bouchoris, Non Executive Chairman – Hellenic Gas Transmission System Operator S.A. –
DESFA, stated: “In a rapidly evolving energy landscape, Greece emerges as a regional energy hub and a
pillar of stability for Southeast Europe and beyond. DESFA is proud to lead this transformation, advancing
connectivity and energy cooperation through strategic initiatives such as the Vertical Corridor—whose
importance is evident today—reinforcing security and diversification for Greece and Europe. Through an
ambitious nationwide investment plan and a strong commitment to innovation, we are securing today while
shaping tomorrow: future-proofing our infrastructure with hydrogen readiness, laying the foundations for the
country’s future hydrogen network, and pioneering decarbonization solutions such as CCS. We are building a
cleaner, more resilient, and prosperous energy future for Greece, creating new opportunities for growth”

Mr. Haris Sitzoglou, Managing Director Investment Banking – AXIA Ventures Group, stated that “Greece has
firmly established itself as one of the most attractive destinations for international investment in Europe.
Political stability, the return to investment-grade status, and a supportive financing environment have
combined with a strong pipeline of credible corporate and infrastructure projects to drive a significant
acceleration in FDI, particularly through M&A and capital-raising activity. Nowhere is this more evident than in
the energy-transition sector. Greece is rapidly emerging as a regional energy hub — a strategic corridor for
both electrons and molecules into Southeastern Europe. The scale of the renewable penetration in the
generation mix, storage development as well as grid upgrades and interconnection initiatives, are creating a
compelling environment for global infrastructure capital seeking long-duration, high visibility and scalable
opportunities. At AXIA, we see this momentum firsthand. We have had the privilege of working with some of
the most sophisticated global investors as they shape and execute their strategies in the Greek market. Over
the past 12 months, we have advised on nine transactions across the energy-transition spectrum, supporting
capital deployment into renewables, integrated utilities and energy storage. The message is clear: Greece can
offer depth and a reliable platform for long-term energy-transition investment — and the opportunity set is still
expanding”.