Petrotal Corp. · TSX:TAL
Petrotal — Investor Presentation (September 2026)
37 slides from Petrotal's investor presentation, September 2026
Slide 1: High-Growth Latin American Oil Producer
High-Growth Latin American Oil Producer September 2026 Investor Presentation petrotalcorp.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: PetroTal at a Glance
PetroTal at a Glance W H Y I N V E S T I N P E T R O T AL ? Production The Asset 2026 YTD (Actual): 13,181 bopd • Largest oil producer in Peru 2026 Guidance (Annual Average): 12,000 bopd • 110 mmbbls remaining 2P reserves • $1.2 billion after-tax PV10 valuation Financial The Track Record Market Cap
Slide 3: The Path Back to 20,000 bopd
The Path Back to 20,000 bopd Q4 2026: Growth Resumes 8 Wells / One Target / 2027 8 Well Drilling Program +10% • Drilling rig secured +24% -38% +67% • First well expected to spud October 2026 19,473 Production (Annual Average, bopd) 14% 17,733 20,000 bopd Production Target +36% • Target production ca
Slide 4: Peru: Our Operating Environment
Peru: Our Operating Environment COLOMBIA ECUADOR AMAZON BASIN PERU BRAZIL Camisea BOLIVIA Peru LNG 4
Slide 5: Bretaña: Deep Inventory, Proven Returns
Bretaña: Deep Inventory, Proven Returns 1x Proven at Scale 19 wells: horizontal wells drilled to date 33 million barrels: produced through August 2026 Efficient Capital Investment $675 million: capital invested to date $875 million: after-tax cash flow since inception Significant Upside Remaining 10
Slide 6: Consistent Well Performance
Consistent Well Performance Conventional HZ wells averaging 4,900 bopd IP90 8 Wells / One Target / 2027 10,000 Position on Structure Matters 9,000 • Wells drilled higher on the Bretaña anticline – particularly at the northern and southern ends of the field – consistently 8,000 outperform infill well
Slide 7: 20,000 bopd Target Well by Well
20,000 bopd Target Well by Well Production Recovery Profile: Historical Base + 8-Well Drilling Program (Bretaña Type Curve) 25,000 Los Angeles Base Bretana Base PetroTal Monthly Average Production (bopd) 20,000 15,000 10,000 Present Day 5,000 0 Jul-27 Jul-26 Jan-27 Jul-25 Jan-26 Jul-24 Jan-25 Apr-27
Slide 8: 2P Reserves A Blueprint for 20,000 bopd
2P Reserves A Blueprint for 20,000 bopd 2P reserves of 110 mmbbl sustain 20,000 bopd across multi-year plateau 40,000 1P 35,000 Probable 30,000 Possible 25,000 Contract Expiry: 2041 bopd 20,000 15,000 10,000 5,000 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042
Slide 9: Stable Reserve Base Compelling Valuation Gap
Stable Reserve Base Compelling Valuation Gap Consistent growth in every year except 2025 — driven by drilling pause, set to resume +9% +16% -9% 17% +16% 100 213 Reserves (mmbbls) +35% 75 186 200 99 72 168 +50% 69 147 114 47 110 44 -1% 100 52 55 106 97 51 3P 85 37 78 41 66 39 79 67 2P 51 33 48 20 39
Slide 10: Erosion Control Project Reset Underway
Erosion Control Project Reset Underway P R O J E C T S T AT U S Q 1 2 0 2 6 C O N S T R U C T I O N AC T I V I T Y Project Background • PetroTal's erosion control program protects the Bretaña facility's river-facing infrastructure - a critical long-term asset preservation investment initiated in 202
Slide 11: MEIA Approval Regulatory Green Light
MEIA Approval Regulatory Green Light What It Authorizes: • Development drilling within a defined operational baseline • Water handling and facility expansion activities required to support 20,000+ bopd production • Up to 56 total wells authorized — 47 producers and 9 injectors Key Obligations: • Mon
Slide 12: 2.5% Social Fund Structural Investment
2.5% Social Fund Structural Investment The 2.5% Social Fund: PetroTal contributes 2.5% of net revenue directly to a community-managed Social Trust Fund. Since 2023, $26M has been contributed. The fund is administered by an in-region committee of community members – not by PetroTal. This structure wa
Slide 13: Financial Roadmap
Financial Roadmap: Production, Infrastructure, Discipline Deliver on 2026 Production Targets • Meet or exceed 2026 guidance of 12,000 bopd, supported by strong YTD actual production of 13,181 bopd. Build Infrastructure for Growth • Invest in water handling capacity expansion to 320,000 bwpd by year-
Slide 14: 2026 Guidance Summary
2026 Guidance Summary Summary in USD millions 2026 (May 2026 guidance) Production (bopd) 12,000 Brent ($/bbl) $83.60 Net operating income $180 Erosion control (opex portion) ($22) G&A, Realized Derivative Losses ($41)(1) EBITDA(2) $117 (1) Includes mandatory profit sharing for Peru office, and Capex
Slide 15: Cash Flow Sensitivity
Cash Flow Sensitivity Illustrative Monthly After-Tax Cash Flow (in $M) Production (bopd) vs. Brent oil price ($/Bbl) 10,000 12,000 14,000 16,000 18,000 20,000 Key assumptions: • Sensitivity provided for information purposes $100 $9 $12 $15 $17 $20 $23 only – this is not guidance • Cash Flow figures
Slide 16: Dividend History
Dividend History $144M returned to shareholders since Q1 2023 Path to Reinstatement Cuml. Dividend (USD mm) Top Up ($/share) Base Dividend ($/share) Commitment to Sustainable 0.025 $144 150 Shareholder Returns 140 • PetroTal's board will evaluate 130 reinstating a regular dividend once 0.020 0.010 1
Slide 17: We are energy that generates well-being
We are energy that generates well-being Somos energia que genera bienestar 17
Slide 18: Appendix
VARVASSU SY ae at SN St I BS Sea
Slide 19: 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 20: Board of Directors
Board of Directors Mark McComiskey Manolo Zúñiga Non-Executive Director and Director, President & Chief Chairman Executive Officer Felipe Arbelaez Hoyos Gavin Wilson Non-Executive Director Non-Executive Director and chairman Eleanor Barker Emily Morris Non-Executive Director and Non-Executive Direct
Slide 21: Growth Optionality Beyond Bretaña
Growth Optionality Beyond Bretaña Thesis: PetroTal holds a portfolio of growth assets across the Marañón and Ucayali Basins that represent meaningful long-term optionality at low incremental cost. None of these assets require near-term capital allocation — they are structured to preserve optionality
Slide 22: Block 131 Low Risk Light Oil
Block 131 Low Risk Light Oil Thesis: Infrastructure-in-place acquisition at minimal cost. Low risk platform for incremental production growth. Low-risk conventional light oil – four-way closure with uniform thickness, good porosity and clear oil-water contact. Acquired with full surface infrastructu
Slide 23: Block 131 Exploration
Block 131 Exploration Horizontal Drilling • High-structure horizontal drilling locations identified • Bypassed oil accessible with modern technology Voidage Optimization • Water injection optimization to improve sweep efficiency • Reduce operating costs through lower chemical usage Blending Synergie
Slide 24: Block 95 Exploration
Block 95 Exploration Big Potential / Proven Trend • 345,000 acres of exploration area • Prospects on trend with producing Bretana field • License extends to 2041 • High Impact Exploration: Total of four prospects have been identified on legacy 2D seismic – all on trend with producing fields. PetroTa
Slide 25: Block 107 Exploration
Block 107 Exploration Large Prospective Resource • 534 million barrels unrisked prospective resource • NPV neutral on a dry hole basis • PetroTal capital exposure will be minimized. • The Opportunity: Reinterpreted 3D seismic reveals two main structural prospects in the Osheki area. New geologic mod
Slide 26: TEA Blocks Exploration Optionality
TEA Blocks Exploration Optionality • Four TEA agreements secured • Zero upfront capital • Right of first refusal to convert to license contracts. • Low-Cost Land Acquisition: Acreage secured with no upfront capital commitment. Work obligations consist primarily of geological studies at ~$100k per TE
Slide 27: Robust type curve profile
Robust type curve profile Time Normalized Well Performance (Horizontal Well Portfolio + 7D) Normalized 3 Year Profile ~1.7 ~$68m Mmbbls v cuml. 6,000 Produced NOI 5,500 5,000 Notes 4,500 Actual portfolio average horizontal data would indicate over performance of NSAI 2P type curve. Horizontal portfo
Slide 28: Horizontal Estimated 2P Avg Deviated
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 29: Definitions & Abbreviations
Definitions & Abbreviations 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 +
Slide 30: Disclaimers
VARVASSU SY ae at SN St I BS Sea
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 37
37