SP, page-2

Previous conventional flow tests in the Eocene zone have been 0.3 to 4.2 mmscfd.
Cambay 73 flowed at 1mmscfd plus condensate. It has 10m of active perforations in the Y zone.
Cambay 77 has 8 fractures over 350m in the Y zone.

14/7 Milling operation completed

21/7 40% of the frac water recovered. “signs of a high performance well”, “clean up remains on track to take 2 to 3 weeks”

4/8 55% of the frac water recovered. “clean up continues at a steady pace”, “shut in period extended the duration”

21/8 Hydrocarbon to gas ratio of 130 bbls per mmscf. “capable of being a high performance well”, “pressure data indicates a partial clogging” which “can be effectively remedied” (once we get another CT unit). “no gas water contact or oil water contact has been intersected”

17/9 Intervention complete. 75% of frac water recovered, “significant improvement in flowback rates”, “no formation water”, production flow 60 to 90% water”, “we remain very positive // of our proof of concept well”.

Assuming oil barrels can be substituted for water barrels, 22,000 barrels used for fracturing, 130 bbls per mmscf and not taking into account shut in’s or intervention water;