Slide 1: Investor Presentation May 2026
Investor Presentation May 2026 petr ot alcor p. com InvestorRelations@petrotal-corp.com See additional details in the appendix All figures in USD millions “m” unless otherwise stated All production in “bopd” or “mmbbls” unless otherwise stated
Slide 2: Corporate Summary
Introduction to PetroTal Corporate Summary PetroTal is a publicly-traded oil and gas company focused on the development of oil assets in Peru. Our flagship property is the Bretaña oil field located in the Marañon Basin of northern Peru. As an invested partner, we’re working to help make Peru sociall
Slide 3: Production, Financial and 2026 Guidance
Production Financial 2026 Guidance 12,000 bopd $0.40/share USD $110-120M 2026 Guidance Share Price on Apr 30, 2026 Adjusted EBITDA 14,907 bopd 920M $180M Q1 2026 (Actual) Basic shares Net Operating Income 15,258 bopd $360M $80-90M Q4 2025 (Actual) Market Cap Capital Expenditures 19,473 bopd $104M $1
Slide 4: PetroTal overview
Introduction to PetroTal PetroTal overview 7th year of operation PetroTal operating presence $675m Invested since inception through Q4 2025 Texas, USA Peru, South America 31 mmbbls Produced from Bretana since inception $908m Remaining 2P investment 110 mmbbls Remaining 2P reserves $8.25/bbl1,2 Remai
Slide 5: Operations
COLOMBIA Introduction to PetroTal Operations ECUADOR AMAZON BASIN PERU BRAZIL Camisea BOLIVIA Peru LNG 5
Slide 6: Experienced leadership
Experienced leadership Manolo Zúñiga Jorge Osorio Director, President & Chief Executive Officer Chief Operating Officer • Petroleum engineer with over 30 years of • 37 years in the global oil & gas industry, most experience helping shape and promote oil recently as VP Operations for Ecopetrol in inv
Slide 7: Board of Directors
Board of Directors Mark McComiskey Gavin Wilson Non-Executive Director and Non-Executive DirectorDirector Chairman and chairman Felipe Arbelaez Hoyos Manolo Zúñiga Director, President & Chief Non-Executive Director and Executive Officer chairman Eleanor Barker Emily Morris Non-Executive Director and
Slide 8: Investment thesis
Introduction to PetroTal Investment thesis PetroTal is Peru’s largest crude oil producer, with a demonstrated track record of disciplined operations and financial management across commodity cycles. Bretaña is a high-quality, conventional oil asset with the capacity to return to profitable growth as
Slide 9: 2026 budget objectives
Investment Thesis 2026 budget objectives Reposition For Protect Liquidity Reset Cost Base Growth • Maintain minimum unrestricted • 21% reduction in opex/lifting costs • Budget assumes resumption of cash balance of $60 million • 24% reduction in run-rate G&A drilling by October 1, 2026 • Align capita
Slide 10: 2026 budget highlights
Investment Thesis 2026 budget highlights January 2026 Guidance PetroTal Annual Average Production (bopd) $80-90 million capital program +10% Development drilling to resume in H2 2026 +24% 19,473 $30-35 million 14% 17,733 Remaining erosion control expense +36% 14,248 20-25% reduction +58% 12,200 12,0
Slide 11: Bretaña: strategy reset
Investment Thesis Bretaña: strategy reset 1) Protect Liquidity and Financial Flexibility • Capital and financing decisions governed by minimum ~$60 million cash floor Reset cost • Proactive refinancing and asset monetization to manage financial resilience structure • Willingness to defer growth to a
Slide 12: Repeatable conventional oil
Operational Performance Repeatable conventional oil 1x Vivian reservoir – Massive fluvial sands with excellent reservoir quality OOIP unchanged at 494 mmbbls (2P) at YE25, compared to 329 mmbbls (2C) at YE17 Analogous fields have recovery factors of 22-42% vs Bretaña at 27% 5 and 6 new wells (1P and
Slide 13: Consistent type curve
Operational Performance Consistent type curve 10,000 10,000 Onstream <2021 Onstream 2022 8,000 8,000 bopd bopd 6,000 6,000 4,000 4,000 2,000 2,000 0 0 0 5 10 15 20 25 30 35 40 45 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Month Month 10,000 10,000 Onstream 2023 Onstream 2024 8,000 8,000 bopd b
Slide 14: Reserves growth
Operational Performance Reserves growth +7% -13% 9.3 years +14% Estimated 1P reserve life index 16% +14% $1.2 Billion 2P +39% 100 213 After tax PV10 valuation of Reserves (mmbbls) 200 99 186 75 $1.89/share 72 168 +25% 69 147 +12% 114 47 44 110 96.5 mmbbl 51 106 100 1P EUR – including 30 mmbbls 51 97
Slide 15: Development potential
Growth Strategy Development potential VS1 Unit: for the first time at Bretaña, PetroTal used the 20H well to drill a lateral into the upper Vivian VS1 unit, where a brief production test in August 2024 flowed 320 bopd. Independent estimates allocated ~28% of Bretaña of OOIP at YE24 (659 MMBbl 1) to
Slide 16: Core asset production profile
Growth Strategy Core asset production profile Netherland Sewell (NSAI) Production Profile (bopd) 40,000 > 10,000 bopd Full reserve life, in 3P case 35,000 30,000 1P 25,000 Contract Expiry: 2041 Probable 35,000 bopd Possible Possible peak production 20,000 15,000 10,000 20,000-25,000 5,000 bopd Abili
Slide 17: Erosion control
Infrastructure Investments Erosion control Bretana: mid-2025 Bretana: The Solution Breakwater 1 Breakwater 2 Breakwater 3 Erosion Control Breakwater 4 Impacted Area Breakwater 5 17
Slide 18: Erosion control
Infrastructure Investments Erosion control Recent Construction Activity: Bretana, Peru (Q1 2026) 18
Slide 19: Growth opportunities
Growing PetroTal Growth opportunities Peru’s Marañon and Ucayali Basins have been underexplored for hydrocarbons Near-term development upside at both Bretana and Los Angeles field Multiple prospects and leads from existing portfolio Blocks 95, 107 and 131 19
Slide 20: Block 95
Expansion Block 95 Key highlights Expansion beyond Bretaña at Block 95 345,000 acres Large, unexplored area in major Fiscal Terms N producing basin 5% - 20% royalty Existing seismic ~7.5% at 20,000 bopd plus Four exploration prospects have 2.5% social fund been identified on legacy 2D 120k seismic L
Slide 21: Block 107
Expansion Block 107 Key highlights Exploration Potential 534 mmbbls Fiscal Terms Mean estimate unrisked prospective resource over an area Block 107 is a prospect ready of 262,000 hectares area with road access Exploration commitment to drill Subsurface Reinterpreted seismic shows two exploration wel
Slide 22: Block 131
Expansion Block 131 Los Angeles Field Key highlights Acquisition closed in November 2024, for minimal net cash outlay from PetroTal Current production is approximately 500 bopd of 40º API oil Low risk conventional light oil reservoir in the Cushabatay sand Four-way closure composed of fluvial channe
Slide 23: Block 131 cont.
Expansion Block 131 cont. Continued growth in Peru Development potential 5,500 bopd Current oil handling capacity Fiscal Terms Bypassed oil 23.5% base royalty Royalty on existing production Horizontal well locations high on structure 9.5-20% incremental Voidage optimization royalty Lower opex with l
Slide 24: Los Angeles field historical production
Expansion 0 2,500 3,000 1,000 1,500 2,000 3,500 4,000 4,500 500 2/28/2014 12/31/2014 Daily Oil (bbl/d) 6/30/2015 12/31/2015 6/30/2016 Los Angeles field historical production 12/31/2016 6/30/2017 12/31/2017 Block 131 cont. 6/30/2018 12/31/2018 6/30/2019 Oil Rate (bopd) 12/31/2019 6/30/2020 12/31/2020
Slide 25: TEA Blocks
Expansion TEA Blocks Expanding exploration footprint in Ucayali and Maranon Basins Key highlights Low-cost land acquisition Acreage secured for no up-front capital commitments. TEA’s XCVII and XCVIII essentially reconstitute the historical boundaries of present-day Block 131, including acreage that
Slide 26: 2026 financial and operational performance
Financial Performance 2026 financial and operational performance Key highlights ● Maintain baseline average production above 12,000 bopd ● Capital expenditure budget of $80-90 million ● Begin 8-well drilling program to restore production to 20,000 bopd plateau ● Invest in water handling capacity exp
Slide 27: 2026 guidance summary
2026 guidance summary Summary in USD millions 2026 (May 2026 guidance) Production (bopd) 12,500 Brent ($/bbl) $83.60 Net operating income $180 Erosion control (opex portion) ($22) G&A, Realized Derivative Losses ($41)(1) (1) Includes mandatory profit $117 sharing for Peru office, and EBITDA (2) non-
Slide 28: Cash Flow sensitivity
Financial Performance Cash Flow sensitivity Illustrative Monthly After-Tax Cash Flow (in $M) Production (bopd) vs. Brent oil price ($/Bbl) 10,000 11,000 12,000 13,000 14,000 15,000 Key assumptions: • Sensitivity provided for information purposes $100 $9 $10 $12 $13 $15 $17 only – this is not guidanc
Slide 29: Dividend overview
Financial Performance Dividend overview Cuml. Dividend (USD mm) Top Up ($/share) Base Dividend ($/share) 0.025 $144 150 140 130 Dividends: $144 million 0.020 0.010 120 paid ($0.17/share) 110 Cuml. dividends (USDmm) 0.005 0.005 100 Returned through Sept. 15, 2025 Dividend/share (USD) 0.015 90 80 • Pa
Slide 30: Share buyback overview
Financial Performance Share buyback overview Cuml. Buybacks (USDmm) AIM TSX 7.0 12 6.5 $11 11 Buybacks: $11 million 6.0 5.60 10 in shares purchased 5.5 5.14 5.17 9 Shares repurchased (millions) 5.0 Through September 30, 2025 Cuml. buybacks (USD mm) 8 4.5 2.65 4.0 2.06 7 • Buyback approximately 10% 2
Slide 31: ESG overview
ESG overview Key Objectives Alignment with community Resource sharing mechanism accelerating the process for benefits Fewer operational disruptions, quicker resolutions, and safer work environments Management of the social trust by the trust administration committee 41 31
Slide 32: PetroTal created social trust
ESG Overview 2.5% PetroTal created Of fiscalized production ~$26 million social trust Contributions to date1 Trust administration committee (In region, comprised of community members) 2.5% 1. January 1, 2023 to December 31, 2025 Promoting savings for a sustainable fund 34 32
Slide 33: Relevant ESG initiatives
ESG Overview Relevant ESG initiatives Commitment through policies, projects and programs that have made PetroTal an ESG leader in the Peruvian energy sector Fishing innovation program benefiting Communitarian enterprise programs ~350 families and resulting in improved that benefit agri/aquaculture a
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Slide 35: Appendix
Appendix 35
Slide 36: Robust type curve profile
Performance Robust type curve profile Time Normalized Well Performance (Horizontal Well Portfolio + 7D) Normalized 3 Year Profile ~1.7 ~68m v mmbbls cuml. 6,000 NOI 5,500 5,000 Notes 4,500 Actual portfolio average horizontal data would indicate over 4,000 performance of NSAI 2P type curve. Horizonta
Slide 37: Horizontal, Estimated 2P and Deviated well economics
Horizontal Estimated 2P Avg Deviated (based on actual data) (NSAI) (based on actual data) $4,200 3,830 bopd $4,667 2,019 bopd $5,400 4,900 bopd Capital Capital IP 90 Capital IP 90 IP 90 intensity intensity intensity (180 days) (180 days) (180 days) 3,400 bopd 3,000 bopd 1,652 bopd IP 180 IP 180 IP 1
Slide 38: Footnotes
Appendix cont. Footnotes Slide 3 Slide 18 1. Market capitalization as of August 5, 2025 1. Based on actual company data 2. Available cash is Q2 2025 actual 2. Payback on each well uses average netback assumptions 3. See disclaimers – Non Gaap financial measures Slide 20 Slide 4 1. Water disposal cap
Slide 39: Disclaimers
Disclaimers 39
Slide 40: Disclaimer
Disclaimer Reader advisories FORWARD-LOOKING STATEMENTS: This presentation contains certain In addition, statements relating to expected production, reserves, recovery, statements that may be deemed to be forward-looking statements. Such replacement, costs and valuation are deemed to be forward-look
Slide 41: Disclaimer
Disclaimer Reader advisories expressed or implied by such forward-looking statements. Factors that could information, future events or otherwise, unless so required by applicable cause actual results to differ materially from those set forth in the forward-looking securities laws. Forward looking CA
Slide 42: Disclaimer
Disclaimer Reader advisories Changes in forecast commodity prices, differences in the timing of capital PetroTal utilizes EBITDA as a measure of operational performance and cash flow expenditures, and variances in average production estimates can have a generating capability. EBITDA impacts the leve
Slide 43: Disclaimer
Disclaimer Reader advisories recovery, an approximation of the quantity of oil or gas that is potentially RESOURCES DISCLOSURE. The prospective resource estimates contained recoverable or has already been recovered from a reserve or well. EUR is not a herein were derived from a resource assessment a
Slide 44: Disclaimer
Disclaimer Oil and Gas Advisories as to chance of discovery. Risks that could impact the chance of discovery there is at least a 10 percent probability (P10) that the quantities actually include, without limitation, geological uncertainty, political and social issues, and recovered will equal or exc
Slide 45: Disclaimer
Disclaimer Oil and Gas Advisories However, PetroTal has no way of verifying the accuracy of such information. achieving more production history on older wells or more recent completion There is no certainty that the results of the analogous information or inferred information on newer wells. thereby
Slide 46: Abbreviations
Disclaimer Abbreviations Bbl Free Funds/ Cash Flow 1P Barrel Adjusted EBITDA less CAPEX or as defined Proved Reserves in footnotes Bopd 2P Barrel of oil per day FFO Proved + Probable Reserves Funds flow from operations k bopd / Thousand barrel of oil per day 3P Adj. EBITDA Proved + Probable + Possib
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