EV Technology Group Ltd — Audit Report / Information 2021

Apr 6, 2022

FORM 51-101F1 STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION OF BLUE SKY ENERGY INC.

(“Blue Sky” or the “Corporation”)

Statements in this document may contain forward-looking information. Estimates provided for 2021 and beyond are based on assumptions of future events and actual results could vary significantly from these estimates. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on this forward-looking information.

DATE OF STATEMENT

Relevant Dates

This Statement of Reserves Data and other Oil and Gas Information (the “Statement”) is dated October 29, 2021. The effective date of the information provided in the Statement is July 31, 2021 unless otherwise indicated. The information was prepared between August 1, 2020 and October 29, 2021.

DISCLOSURE OF RESERVES DATA

As at July 31, 2021, Blue Sky Energy Inc. did not have any proved, probable or possible reserves attributed.

OTHER OIL AND GAS INFORMATION

Oil and Gas Properties and Wells

Iraq – Onshore

On November 29, 2016, the Company acquired from Sonoro Energy International Holdings B.V. (the “Vendor”) all the issued and outstanding shares of Sonoro Energy Iraq B.V. (“Sonoro Iraq”), a company incorporated in the Netherlands and the designated operator and holder of the license agreement with the Al-Salah ad Din Provincial Government of Iraq for bitumen exploration and asphalt production (the “Salah ad Din License”) defined in the license as hydrocarbons with an API gravity of less than 25 degrees. The Salah ad Din License covers a gross license area of 24,363 square kilometers, or approximately six million acres. The Company is awaiting for a grant of an investment licence from the Republic of Iraq Salah ad Din to resume work under the Salah ad Din License.

Properties with No Attributed Reserves

The Salah ad Din License covers a gross license area of 24,363 square kilometers, or approximately six million acres in Iraq.

Forward Contracts

The Corporation has not entered into any forward contracts.

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Tax Horizon

The Corporation was not required to pay income taxes during the year ended July 31, 2020. Blue Sky’s growth strategy will involve re-investment of substantially all internally generated cash flow in exploration and development programs and combined with substantial tax pools, will result, in Blue Sky’s estimation, in the Corporation not being required to pay income taxes in the foreseeable future.

Costs Incurred

The following table summarizes certain expenditures of the Corporation during the year ended July 31, 2021:

PROPERTY AND EQUIPMENT

Petroleum and natural gas propertiesOther property and equipmentLess:accumulated depreciationWrite-off	July31,2021July31,2020$0$0000000$0$0

Exploration and Development Activities

The Corporation did not completed any exploratory wells and developments wells in 2021.

Production Estimates

The Corporation does not expect to have any production in 2021.

Production History

The Corporation did not have any reported production of oil or gas in 2021 or 2020.

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