Regional Geology

Block 107 is located in the Ucayali Basin and its subsurface geology includes Permian-source rocks.

PetroTal has identified two prospects for drilling (Osheki – Kametza and Constitucion Sur) with combined unrisked resource potential of over 500 million barrels of light oil. The Company estimates $28 to $30 million of initial commitment for the first well and is considering farm-out partners.

• Farm out process commenced in 2023
• Targeting first exploration well in 2024 once permits are received

Potential Resource

• Osheki Structure is a sub-thrust play similar to Cusiana complex in the Llanos Foothills of Colombia
• Mean Estimate Unrisked prospective resources of 534 MMBO
• 2-D seismic completed with drilling permits approved
• De-risked with new 3D Geologic Model supporting Cretaceous reservoirs with oil charge from high quality Permian source rocks