Bretaña: Large Undeveloped Oil Field

Large oil field with recent first production

• 3D seismic acquired in 2014
• Five wells define structure and continuity of reservoir
• 100% oil production with nominal gas
• First production initiated in June 2018 on time and under budget
• Capex of $18.5 million to first oil  – 25% under original budget

Development Plan in place

• Enhanced production from first well to 2,000 bopd in November following installation of oil well pump and water treatment and reinjection facilities
• Full development targeting plateau >20,000 bopd in 2022
• Infrastructure and export routes in place – established barging and pipeline route to tide-water market

Exploration upside on trend

• Additional development drilling should define Bretaña 2P recovery factor from 15% to management’s expected ~20%
• 5 exploration prospects / leads on trend with Bretaña