Pan Orient Energy Corp. — Audit Report / Information 2020

Apr 30, 2021

Form 51-101F2 Report on Reserves Data by Independent Qualified Reserves Evaluator – Thailand

To the Board of Directors of Pan Orient Energy (Siam) Ltd. (the "Company"):

1. We have evaluated the Company’s reserves data as at December 31, 2020. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2020, estimated using forecast prices and costs.

2. The reserves data are the responsibility of the Company’s management. Our responsibility is to express an opinion on the reserves data based on our evaluation.

3. We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook as amended from time to time (the "COGE Handbook") maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter).

4. Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook.

5. The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated for the year ended December 31, 2020, and identifies the respective portions thereof that we have audited, evaluated and reviewed and reported on to the Company's management and Board of Directors:

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Independent
Qualified	Location of	Net Present Value of Future Net Revenue
Reserves	Reserves	Before income taxes (10% discount rate)
Evaluator or Auditor	Effective Date	(Country)	Cdn$	thousands
Audited	Evaluated	Reviewed	Total
Sproule	December 31, 2020	Thailand
Total	Nil	156,731	Nil	156,731

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1. In our opinion, the reserves data evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate.

2. We have no responsibility to update our report referred to in paragraph 5 for events and circumstances occurring after the effective date of our report entitled “Evaluation of the P&NG Reserves of Pan Orient Energy (Siam) Ltd. in Concession L53, Thailand (As of December 31, 2020)”.

3. Because the reserves data are based on judgments regarding future events, actual results will vary and the variations may be material.

Executed as to our report referred to above:

Sproule International Limited Calgary, Alberta February 4, 2021

(signed) Meghan M. Klein , P.Eng. Senior Manager, Engineering

(signed) Alec Kovaltchouk , P.Geo. Vice-President, Geoscience

(signed) Scott W. Pennell , P.Eng. Chief Operating Officer