About OML65: a producing block located within the Greater Ughelli Depobelt, Niger Delta.

• The existing producing field, Abura, has been in production since the 1970s, has been ascribed 16.2 mmbbls remaining 2P reserves.
• OML65 also contains two further discovered fields with an estimated 34.9 mmbbls¹ additional 2P reserves, Owopele and Osioka. The fields have not been developed to date and will form part of the forward work programme.
• The recoverable volumes attributed to the Abura, Osioka and Owopele fields by Gaffney Cline are based on an assumed average recovery factor of 30%, which is conservative in the context of recovery factors typically achieved on analogous fields in the Niger Delta.
• Gaffney Cline has estimated 3P reserves of over 78mmbbls for Abura, Osioka and Owopele, implying an additional 27mmbbls of recoverable volumes in the high case.
• In addition, there are two targeted deeper prospects at Abura and Osioka containing an additional 227mmbbls¹ oil in place, to which Gaffney Cline have attributed P50 prospective resources of 91mmbbls, implying a recovery factor of 40%.
• The production facilities servicing the Abura field are capable of handling up to 40,000 bopd.

¹ Gaffney Cline & Associates June 2021 CPR

The Company will be seeking to commence the process for the proposed admission of its ordinary shares on London’s AIM market in H1 2023.