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1 2 New completion New Management Sold all non-Gold - PowerPoint PPT Presentation

Feb 27, 2024 •551 likes •766 views

1 2 New completion New Management Sold all non-Gold Creek 5 Well Winter Replaced 98% of 2P design on 1 st well Team in Place Assets - $80mm Drilling Program Reserves Sold Launched Crypto Mining Pilot 3

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  3.      New completion New Management Sold all non-Gold Creek 5 Well Winter Replaced 98% of 2P design on 1 st well Team in Place Assets - $80mm Drilling Program Reserves Sold Launched Crypto Mining Pilot 3

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  6. Elmworth Area Historical Production Performance & Type Well Forecasts 700.0 600.0 500.0 Oil rate (Bbls/d) 400.0 300.0 200.0 100.0 0.0 0 50 100 150 200 250 300 350 Days on Production IBR 3-22-68-3W6 IBR 4-18-68-2W6 IBR 15-23-68-3W6 Velvet 1-10-69-3W6 Velvet 12-10-68-3W6 Velvet 5-10-68-3W6 Velvet 14-10-68-3W6 Velvet 2/14-10-68-3W6 IBR P50 Type well - 2500 m Well Oil price Gas price NPV10 ($M) IRR (%) Pay Out PI @ 10% Economic assumptions: • P50 Oil EUR 300.0 MBbls Type ($/Bbl) ($/GJ) (yrs) discount • P50 Gas EUR 5.8 Bcf P50 $60 WTI flat $2.00 AECO 6,380 67.3 1.3 0.96 • NGL yield 25.3 Bbls/MMscf • 2500 m lateral length 6

  7. Currently Being Tied Into IBR Facility 80 3 70 2.5 60 2 50 40 1.5 30 1 20 0.5 10 0 0 IBR 3-22 IBR 8-25 IBR 4-18 IBR 15-23 IBR 100/8-21 IBR 102/8-21 Competitor Well #1 Competitor Well #2 Competitor Well #3 7

  8. R² = 0.466 140 120 100 80 60 40 20 0 0 2 4 6 8 10 12 14 16 18 20 3.00 2.50 2.00 1.50 1.00 0.50 0.00 0 2 4 6 8 10 12 14 16 18 20 R² = 0.8171 All data are IP90 calendar daily average oil rates from public domain and include analogous Velvet and Inception wells directly offsetting IBR Gold Creek lands 8

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  10. • • • • • • • • • IBR Gold Creek Grande Prairie Edmonton Calgary Figures modified from Canadian Discovery Ltd. (Montney Hydrodynamics and Geothermics Presentation & Hydrodynamics and Regional Facies of the Montney Formation Phase I) & Zaitlin/Moslow, 2006 10

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  12. All data from Geoscout public domain *Downtime Removed 12

  13. • • • IBR Montney land IBR 2017 Location IBR 2018 Location 13

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  19. RAW GAS EUR McD YE2017 2P Reserves EUR Mboe OIL EUR Mbbl Bcf 2,300 m lateral 870 207 3.98 MA Avg. OOIP #GROSS EST #NET Total OOIP Mmbbls/ SECS SECS Gross Ha Mmbbls Sec UPPER MONTNEY IBR Development Total Upper Montney 72.0 71.5 18,432 3,280 46 MB • OOIP value of 3.2Billion Bbls supports > 500 development locations MC LOWER MONTNEY MD 19

  20. 3D Reservoir Model Core - Integrates all data - Reservoir parameters - Internal Modelling - Geomechanics - Well placement, - HC Geochemistry drilling, completions Petrophysics Frack Tracers SUBSURFACE - Resource estimation & - Well placement & recovery factor spacing OPTIMIZATION - Reservoir mapping - Optimized completions & Production - Frack modeling 3D Seismic & Geosteering Microseismic - Optimal well placement - Scoping Trade 3D for - Maximize wellbore in purchase target zone - Gold Ck. Public microseismic information 20

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