Corcel: Angola Update

- Testing has commenced at the Tobias-14 (T0-14) well in the onshore Block KON-11 in Angola

- Initially delayed due to longer lead times on Equipment and adverse weather conditions

- Corcel (CRCL) now expects to receive initial flow test results for TO-14 over the next several weeks

- Once the testing is completed, the test equipment will move to the TO-13 well pad

-The Tobias 14 well is in the block KON-11 in Angola

- Considered a brownfield development, the Tobias field reservoir is in the Binga limestone

About KON-11 and the Kwanza Basin

- Located at a depth of approx. 700m along the crest of the structure

- 4-14% primary rock porosity which is enhanced by an extensive, naturally fractured carbonate system

- The Tobias field was drilled and developed by Petrofina in the 1960s and 1970s

- Inactive since the late 1900s

Market Intelligence

- The operator is Sonangol, one of the largest hydrocarbon producers in Angola

- Historic peak production at Tobias was 17,500 bbls/d with 29 MMbbls produced over the life of the field

- Corcel and Sonangol believe a revised interpretation will lead to a higher Original Oil in Place (OOIP) figure

- Corcel's estimated unproduced prospective oil resources are 65 MMbls, with 11.7 MMbls net to CRCL

- Corcel has a 20% working interest (18% net)

- The field will qualify for "marginal field fiscal terms" with advantageous royalty, tax, and depreciation regimes