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April 2024 Corporate Presentation
| Marshall Abbott | Page 20 of 11 |
May 06, 2024
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Carrizales Norte: Horizontal Well Program ? The Ubaque reservoir encountered at Carrizales Norte is world-class: up to 80 feet of stacked shoreface sands with 26-30% porosity and 7-10 Darcies permeability ? Low viscosity 13.4 0 crude and strong water drive allows for recovery factors of 30-35% ? Reservoir modeling and data from other fields in the basin suggest that the Ubaque reservoir is an excellent candidate for horizontal wells – initial production rates could be two to three times higher than a vertical well ? Proven completion technology can be utilized to manage water production, extending the economic life of each well ? The first horizontal well will be drilled in May 2024 from a new drilling pad, followed by up to four additional horizontal wells later in the year Additional Horizontal Wells - 2nd half 2024 CNB Drilling Pad CNB HZ-1 Spud May 2024 CNB HZ-2 Spud June 2024 CNB HZ-3 Spud July 2024 Ubaque Main Sand Structure Map