Frontera Energy Corporation · TSX:FEC

Frontera Energy — Technical Presentation (December 2023)

27 slides from Frontera Energy's technical presentation, Dec 11, 2023

  1. Slide 1: Joint Technical Presentation On Guyana-Suriname Basin, Corentyne Block, and Integrated Well Results

    Joint Technical Presentation On Guyana-Suriname Basin, Corentyne Block, and Integrated Well Results DECEMBER 11, 2023

  2. Slide 2: Legal Disclaimer

    LEGAL DISCLAIMER Cautionary Note Concerning Forward-Looking Statements: This presentation contains forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to activities, events, or developments that CGX and Frontera believe, expect, or anticipa

  3. Slide 3: Legal Disclaimer

    LEGAL DISCLAIMER Prospective Resources: This presentation discloses estimates of the Joint Venture’s prospective resources. Prospective resources are defined as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application o

  4. Slide 4: About the Joint Venture

    ABOUT THE JOINT VENTURE CGX Energy Inc. (TSXV: OYL) ("CGX") and Frontera Energy Corporation (TSX: FEC) (“Frontera”), are joint venture partners (the “Joint Venture” or “JV”) in the Petroleum Prospecting Licenses for the Corentyne block in offshore Guyana. • CGX is a Canadian-based oil and gas explor

  5. Slide 5: About the Presenters

    ABOUT THE PRESENTERS Professor of Geophysics at Stanford University, Dr. Mark Zoback Emeritus, author of two books on reservoir geomechanics. Founder and Chairman of CGX Energy Board of Directors, GeoMechanics International (GMI), a consulting Senior Technical Advisor and software company sold to Ba

  6. Slide 6: Highlights

    HIGHLIGHTS Material Discoveries after Drilling of Kawa-1 and Wei-1 - Well results from Wei-1 and Kawa-1 together confirm the prospectivity of the Corentyne Block 1 - Proven oil charge and excellent reservoir in Maastrichtian justifies new focus - Significant de-risking and growth of block prospect i

  7. Slide 7: Corentyne Block - Overview

    CORENTYNE BLOCK- OVERVIEW Recent Block Activity Highlights Map ~514 to 628 • Frontera Energy (72%) and CGX Energy (28%), together mmboe Prospective the “JV Partners”, jointly hold 100% working interest in Resource (Pmean the Corentyne Block, located in the highly prolific Unrisked) Guyana-Suriname b

  8. Slide 8: Corentyne Block - Convergence of the Gold and Silver Lanes

    CORENTYNE BLOCK- CONVERGENCE OF THE GOLD AND SILVER LANES LAU LAU (January 2022) SAILFIN (Oct 2022) • WD 4,793 ft • WD 4,616 ft) • Maastrichtian- U. • Maastrichtian targets • North Corentyne on trend Campanian? • 312’ “hydrocarbon” bearing with the “Golden Lane” of YARROW (October 2022) • 315’ HC be

  9. Slide 9: Exploration Results

    EXPLORATION RESULTS Wei-1 Depth (ft) Wei-1 14 km Kawa-1 Kawa-1 NW SE 12,000 Eocene-Paleocene ✓ Acquired full suite Tertiary ✓ Proved reservoir wireline logs 14,000 presence throughout Maastrichtian Primary Upper Cretaceous ✓ Acquired critical rock Stabroek discovery level- 13 ft 68 ft ✓ Found eviden

  10. Slide 10: Implications of the Results of the Drilling Program

    IMPLICATIONS OF THE RESULTS OF THE DRILLING PROGRAM This was a two-well drilling program, and results from The Maastrichtian in North Corentyne has: both wells were required to determine a forward plan. ✓ Favorable geologic setting- surrounded by • Kawa-1 found hydrocarbons in many different Golden

  11. Slide 11: Focus on Maastrichtian

    FOCUS ON MAASTRICHTIAN The results of Kawa and Wei-1 have derisked many compelling Maastrichtian anomalies on the block Depth Wei-1 (ft) Wei-1 14 km Kawa-1 Kawa-1 NW SE 12,000 Eocene-Paleocene Tertiary 14,000 Maastrichtian Primary Stabroek 16,000 13 ft 68 ft discovery level- “Golden Lane” Upper Camp

  12. Slide 12: Maastrichtian - Favorable Geologic Setting

    MAASTRICHTIAN- FAVORABLE GEOLOGIC SETTING Maastrichtian Depositional Compilation of seismic lines through Corentyne Block Environment SW Corentyne Block Stabroek Block Modern Kawa-1 Sailfin Modern shelf edge Wei-1 Haimara Seafloor Bluefin Tertiary Upper Cretaceous Cretaceous shelf edge Mid-Miocene A

  13. Slide 13: Maastrichtian - Thick Sand Packages in Corentyne Block

    MAASTRICHTIAN- THICK SAND PACKAGES IN CORENTYNE BLOCK Strike line through Kawa-1 Kawa-1 The potential for thick reservoir development is evident at Kawa-1 PAY PAY • Several stacked blocky sands over 600-foot interval; mappable sand package 100 feet • High Net-to-Gross sand ratio Sand package drilled

  14. Slide 14: Maastrichtian - Mappable and Predictable

    MAASTRICHTIAN- MAPPABLE AND PREDICTABLE Mapping Methodology • Extensive core and log dataset from Wei Perspective diagram of two intersecting seismic lines and a map of a Maastrichtian was used to calibrate with seismic to horizon. This is displaying just one of many horizons in the Maastrichtian. c

  15. Slide 15: Integrated Mapping - Seismic and Depositional Environment

    INTEGRATED MAPPING- SEISMIC AND DEPOSITIONAL ENVIRONMENT Seismic and geologic maps highlight a large channel complex penetrated by Kawa-1 and associated with the Maastrichtian pay sands SEISMIC MAP GEOLOGICAL MAP VpVs Depositional Interpretation • Depositional fairway associated with Kawa pay sands

  16. Slide 16: Maastrichtian - Mapping Potential at Many Horizons - Central Area

    MAASTRICHTIAN- MAPPING POTENTIAL AT MANY HORIZONS- CENTRAL AREA • This layer is just a little SEISMIC MAPN GEOLOGICAL MAP N Depositional Interpretation N deeper in the We Early unconfinedVpVs frontal splay, of the N i-1 Maastrichtian than the central axis of the CENTRAL Kawa submarine FRONTAL SPLAY

  17. Slide 17: Maastrichtian - Excellent Reservoir Quality

    MAASTRICHTIAN- EXCELLENT RESERVOIR QUALITY Thin Section Analysis Analyzed side wall core The potential for excellent reservoir development is evident at Wei-1, where Maastrichtian sidewall cores were obtained • Clean • Quartz-rich • Medium to coarse grained Thin section • Moderate sorting photograph

  18. Slide 18: Maastrichtian - Oil Charged

    MAASTRICHTIAN- OIL CHARGED • Log pay in Maastrichtian in Wei-1 • Log pay in Maastrichtian in Kawa • Similar hydrocarbon show as Kawa-1 • Good hydrocarbon shows in mud, including “heavy” components indicative Medium Sweet Oil from • MDT samples recovered and analyzed at lab of possible oil Wei-1 Maas

  19. Slide 19: Maastrichtian - Prospect Inventory for Development Plan

    MAASTRICHTIAN- PROSPECT INVENTORY F0R DEVELOPMENT PLAN Wei-1 • Multiple Maastrichtian prospects and leads, currently focused in North Corentyne area Maastrichtian Conceptual Kawa-1 • Maastrichtian prospects and leads stack for multi-zone Development Plan Area: potential 100 – 1,000- meter WD • Maast

  20. Slide 20: Wei-1 Deep Zones

    WEI-1 DEEP ZONES Deep upside for possible future development • Wei-1 results proved geological and LOWER CAMPANIAN geophysical models; thick packages of Thick blocky sand, well clean sands with indications of LOWER SANTONIAN imaged on seismic; hydrocarbons were penetrated Thick package of thick and

  21. Slide 21: Wei-1 Lower Campanian

    WEI-1 LOWER CAMPANIAN Wei-1 Lower Campanian 61 feet log pay Lower Campanian Wei targeted and penetrated a thick Lower Campanian channel complex sand is well Wei-1 Kawa-1 developed at Wei-1 NW 14 km SE Depth and illustrates (ft) U. Campanian Image Log potential for other 18,000 L. Campanian See box o

  22. Slide 22: Wei-1 Lower Campanian - Depositional Interpretation and Mapping

    WEI-1 LOWER CAMPANIAN- DEPOSITIONAL INTERPRETATION AND MAPPING Seismic and geologic maps highlight a large channel complex penetrated by Wei-1 and • Depositional fairway associated associated with the Lower Campanian pay sands with Upper Campanian pay sands Channels, in Wei mapped with VpVs point ba

  23. Slide 23: Wei-1 Santonian

    WEI-1 SANTONIAN Wei-1 Santonian Wei targeted and found a thick section of Santonian channel complexes 40 feet log pay Cores displayed Wei-1 Kawa-1 variability in NW 14 km SE lithology and Depth Upper Santonian (ft) U. Campanian reservoir quality 22 feet log pay in 18,000 80-foot sand L. Campanian 8.

  24. Slide 24: Maastrichtian - Conceptual Development Plan

    MAASTRICHTIAN- CONCEPTUAL DEVELOPMENT PLAN Subsea Well Completions tied back to FPSO Production System (FPSO / Platform) JV Partners retained SIA, a Subsea 7 – Schlumberger (OneSubsea) Joint Venture, to complete a conceptual field development plan for the northern portion of the Corentyne Block. The

  25. Slide 25: Timeline to First Oil

    TIMELINE TO FIRST OIL • The Joint Venture has initiated the appraisal phase. • Subsequent to appraisal, the project will pass the select, define, execute and operate stage gates shown below. • First oil date is prognosed as 2030, seven years after discovery with Final Investment Decision (FID) in 20

  26. Slide 26: Key Messages

    KEY MESSAGES Surrounded by discoveries An estimated 514 to 628 mmboe of CGX and Frontera’s successful Prospective Resource (Pmean unrisked) two well drilling campaign has In the right setting in the Golden Lane lies in the Corentyne Block in the high- “filled the gap” in the prolific Gold graded Maa

  27. Slide 27: Q&A Section

    K FRONTERA CgxO)

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