Demerara Block

October 2020 Demerara Area Wells Results Indicate Low Risk Exploration

The recent success in the area points towards Stabroek low risk exploration in the Demerara Block

Liza Complex Demerara Area Wells Demerara • Offset wells to the Demerara Block encountered good Joe Jethro quality sands in both the Tertiary and Cretaceous • Orinduik Jethro and Joe wells and Stabroek Orinduik Hammerhead Hammerhead are Tertiary reservoirs. • Kanuku Carapa well is Cretaceous Kanuku 25 miles • Orinduik Discoveries of Jethro-1 and Joe-1 are heavy crudes Carapa (10-15 API), with high Sulphur content. • Demerara Block prospects are modeled to have oil Well Results migrating from the Stabroek area source kitchen having low • Orinduik Joe Sulphur light oils • 14 meters of oil pay in high-quality oil bearing sandstone reservoirs • Orinduik Jethro • 55 meters of oil pay in high-quality oil bearing sandstone reservoirs • Stabroek Hammerhead • 60 meters of high-quality, oil-bearing sandstone reservoir. • Plan of development ongoing • Kanuku Carapa • 4 meters of oil pay with API of 27 and Sulphur content of less than 1%

www.cgxenergy.com 2 Demerara Area: Low Sulphur Light Oils

Stabroek Light Oil Source Kitchen for Demerara Prospects -Separate from Heavy Oil Area

Liza Demerara Complex Light Oils Joe Jethro Yellowtail Tripletail Heavy Oils Tilapia Orinduik Longtail 25 miles Hammerhead Turbot Haimara 25 km Maka Pluma Central Carapa • Orinduik Tertiary Aged Discoveries of Light Oil & Kwaskwasi Jethro-1 and Joe-1 are heavy crudes, Gas Condensates with high Sulphur content. • Hydrocarbons migrating into the Kanuku Sapakara Demerara block come from a distinct West Source Kitchen separate from the Orinduik Heavy/High Sulphur oil • Demerara Block prospects are modeled to have oil migrating from the Stabroek area source kitchen having low Sulphur light oils

www.cgxenergy.com 3 Demerara: Low Sulphur Light Oil Migration Pathways

NE A’ SW A F Prospect CGX Stabroek Demerara Block

Cross- Section depicts low Sulphur light oil migrating Liza from the Stabroek Liza area source kitchen directly into the Source Demerara Block prospects Rock

A’

Canje Formation F A 3D Time Data

www.cgxenergy.com 4 Joe Discovery on CGX Demerara 3D Depth Seismic Data

Estimated A Joe Well Joe Discovery appears to Location A’ NW extend onto the Demerara SE Block based on seismic

A Orinduik Demerara Demerara

Orinduik Joe A’

www.cgxenergy.com 5 Demerara Block – 3D Seismic Interpretation

3D Seismic interpretation indicates multiple play types and robust prospectivity • 3,100 km² of modern 3D seismic was acquired in 2014 • The seismic revealed a variety of play types as seen in the seismic section below • The diverse prospect inventory provides for multiple independent prospects to be drilled increasing the chance of finding hydrocarbons Intersection with Dip Lead “E” Line Potential Miocene Deepwater Fan Complex Lead “D” Progradding Onlap

Flattening Surface

Carbonate Platform/Buildups

Upper K/Jurassic Fluvial/Deltaic

Reservoir-prone seismic facies Fine-grained, sealing levee facies

www.cgxenergy.com 6 Demerara Block – Prospects C, D, E & F Outlines

Demerara Block Outline

3D Seismic Survey Single Sand C Main Amplitude Outline F D

Single Sand Thrust Main Block Amplitude 7 Sands Outline Combined E Total Area Outline Canyon Fill N 5 Sands Combined Total Area Outline

www.cgxenergy.com 7 Demerara Block – F Prospect

Demerara Block Outline PROSPECT NAME: Demerara F WATER DEPTH: 1,719 feet (524m) 3D Seismic Survey OBJECTIVE: Albian/Aptian sediment fan TRAP TYPE: Stratigraphic: F Prospect DEPTH OF OBJECTIVE: 10,190 feet (3,106m)

N HYDROCARBON TYPE: Oil 25,000m WELL DEPTH: 11,155 feet (3,400m)

• The F Prospect represents a low risk, high return prospect • Resource size is potentially large • The seismic amplitude map of the prospect is over 30,000 acres in size; it is larger than any single discovery made to date in the Guyana Suriname Basin • Shallow depth of the well provides a low-cost exploration well with significant upside

www.cgxenergy.com 8 Demerara Block – F Prospect A A’

F Prospect Amplitude

Full Stack Depth Data

EV Attribute Above Background With Structural Contours

A A’

C.I. - 100m

25,000m

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www.cgxenergy.com 10