Pareto Securities E&P Independents Conference 2025

Carl K. Arnet, CEO

23 January 2025

Disclaimer

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Investment case

Growing E&P company with differentiated strategy

Proven ability to fast-track new resources into low-risk, low-cost production

Capital efficient growth from diversified asset base

Robust capital structure and financial flexibility

2024 production growth 69%

2024 reserve replacement ratio1 ~200%

EV / 2P reserves1 \$4.0/bbl

P / NAV (analyst consensus)2 ~0.58x

Diversified production and asset base with material reserves and potential

1) Management estimates as of 31 December 2024

Key figures

FY 2024 Net Production 27.6k bopd	YTD 9M 2024 Revenue \$561.5M	EBITDA \$315.6M
Up 69%	Up 118% from	Up 194% from
from 2023	9M 2023	9M 2023
OPEX / BBL	Net Income	Operating Cash Flow
\$30.1	\$109.9M	\$230.0M
Down 16% from	Up >100x from	Up 182% from
2023	9M 2023	9M 2023

Operations

Attractive producing assets Net production

Dussafu 2024 net production ~7.4 mmbbls, up 62% YoY
- ‒ High operational uptime, four new wells and completion of ESP replacement program
- ‒ Year-end opex1 run-rate below USD 20/bbl target
- ‒ Takeover of BW Adolo FPSO operations in 2025 set to further reduce cost
Golfinho production of ~2.6 mmbbls vs. ~1.3 mmbbls in 20232
- ‒ Production and opex1 impacted by extended maintenance in Q3 and Petrobras gas import pipeline shutdown in Q4 2024
- ‒ Production improved in late 2024 and into 2025
- ‒ Focus on optimisation of current production capacity and operating costs

kbbls/day

Field development

Maromba FID planned for Q1 2025

Wellhead platform design near completion
- ‒ Dry-tree concept
- ‒ Geotech campaign ongoing on site
FPSO refurbishment commenced
Long lead items will be ordered by end March 2025
Planned field delivery in Q3 2027
- ‒ Investment budget USD 1.2 billion
- ‒ Phase 1 targeting low-risk Maastrichtian barrels
- ‒ Target production of 50,000 bbls/day
Financing close to completion

Appraisal and exploration

Bourdon appraisal in Gabon - Q1 25

Drilling commenced in early 2025
Targeting risked gross recoverable reserves of ~30 mmboe1
Results expected during Q1

Kharas appraisal well in Namibia – Q3 25

Well located in northern portion of Kudu licence
Drilling program on track with rig bids received, selection in progress
Working closely with other operators in the Orange Basin to explore common use of available resources
Kudu PSDM 3D seismic processing completed