Block 95 Expansion Areas

The expansion areas include 6-7 different leads and prospects in the southeastern areas of Block 95 that are on trend with the existing Bretaña Field. The mean estimate of potential gross reserves from our independent reserve engineers is over 114 million barrels of oil. There is the potential to replicate the success achieved at Bretaña with two additional fields on this expansion acreage.

• Technical estimate of >25 locations @ $10-$14 million per drill using 3.0 mmbbls EUR per well in expected case and 1.0 mmbbls EUR in conservative case
• Total infrastructure spending of $360 million over length of projects and includes seismic and first surface locations
• Lead D and Iberia not modeled at this this time
• 100% WI view
• 75 mmbbls recovered (expected case)
• First production – late 2027