Company Presentation

November 2017

DisclaimerNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

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The distribution of the Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restrictions. The securities will not be registered under the applicable securities laws of the United States, Canada, New Zealand, Japan, South Africa or Australia and, subject to certain exemptions, may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an applicable exemption from and in compliance with any applicable securities laws.

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The information contained in this Presentation includes statements that are, or may be deemed to be, forward-looking statements. These forward-looking statements involve numerous assumptions, risks, uncertainties and other factors and the actual results may vary. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "intends", "expects", "will", or "may", or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions and include estimates, forecasts and statements as to management's expectations. These forward-looking statements include all matters that are not historical facts. Factors that may cause actual results and events to vary include, but are not limited to, general economic and/or business and/or political conditions, changes in law and/or regulation, Phoenix's ability to develop its strategy, competition, and future changes to current plans and strategy. There can be no assurance that the results and events contemplated by the forward-looking statements contained in this Presentation will, in fact, occur. These forward-looking statements made by Phoenix or on behalf of Phoenix speak only as of the date they are made. Phoenix does not undertake any obligation to revise these forward-looking statements to reflect events, circumstance or unanticipated events occurring after the date of this Presentation except as required by law or regulation.

Investment Highlights

1

Focus, scale and resources to unlock Argentina oil & gas potential:

Independent Board, strong management and proven operating capability

2

Profitable asset base and growing production supporting a transformational growth strategy

1

3

Argentina is a prolific hydrocarbon region with world class shale in Vaca Muerta and an improved political and investment climate

Over 480,000 working interest acres in the Vaca Muerta shale

4

A Leading Independent Argentinian E&P Company

2

Listing Information

London Stock Exchange AIM:PGR

Buenos Aires Stock Exchange BCBA:PGR

Issued Share Capital 2.5 bn

Operational Statistics

2P Reserves 61.7 mmboe

Average Daily Production (H1 2017)

11,537 boepd

Realised Average Oil Price (H1 2017) $51.95 /bbl

Netbacks (H1 2017) $18.59 /bbl

Scale in Argentina

Working Interest Acres 6,430,000

Vaca Muerta Shale Potential, Working Interest Acres

>480,000

Contingent Resources (2C + 2P) 693 mmboe

Prospective Resources (3C + 3P) 1,794 mmboe

Noroeste Basin

Cuyo Basin

Neuquén Basin‘Vaca Muerta Shale’

Golfo San Jorge Basin

Austral Basin

1

Governance – Strong and Independent Board

Philip Wolfe | Chief Financial Officer

John Bentley NED (Independent)

Javier AlvarezNED (Independent)

David Jackson NED (Independent)

Anuj Sharma | Chief Executive Officer

3

Sir Michael Rake | Non-Executive Chairman

Executive Directors

Non-Executive Directors

Guillaume Vermersch NEDGarrett Soden

NED (Independent)

Nicolas Mallo HuergoNED

Matthieu MilandriNED

▪ Led by Sir Michael Rake as Chairman with four additional independent Non-Executive Directors

▪ Intention to comply with full UK Corporate Governance Guidelines in due course

1

Experienced Management and Operating Team

Jorge GonzalezSenior Manager;

Drilling & Completion

26 Yearsexperience

Juan Carlos EstebanSpecial Operations

30 Yearsexperience

Nicolas GarciaSenior Completion

Engineer

14 Yearsexperience

Pablo VarettoHead of Finance and

Controller

~25 Yearsexperience

4

Pablo AriasManager;

Business Development

>12 Yearsexperience

Pablo Prado ZalazarProduction, Maintenance

and Facilities Manager

22 Yearsexperience

Erico StahlschmidtSenior Manager;

Subsurface

37 Yearsexperience

Anuj SharmaChief Executive

Officer

~20 Yearsexperience

Philip WolfeChief Financial

Officer

~27 Yearsexperience

Greg EasleySenior Manager:

Reservoir & Engineering

10 Years experience

Javier VallesiChief Operating

Officer

22 Yearsexperience

1

▪ Argentina focused – deep long-standing relationships developed over decades

▪ Proven record of success – track record of growing reserves, production and cash flows

▪ Experienced team – over 200 years of combined experience operating oil & gas assets

Argentina – an Improving Investment Climate

▪ New Government elected in December 2015 has focused on market reforms and communicating strategy to encourage investment into the country and in particular to the energy sector

– Mid term legislative elections results on 22 October 2017 have strengthened the position of Cambiemos/ the Government and allow them to continue with investor friendly reforms

▪ Improved political climate reflected in reduced bond spreads and strong stock market performance

200

300

400

500

600

700

800

900

1000

1100

Sep-14 Mar-15 Oct-15 Apr-16 Nov-16 May-17

Arg

en

tin

e 1

0y

r G

ov

t B

on

d S

pre

ad

to

10

yr

Tre

asu

ry

Bo

nd

(b

ps)

5

Merval IndexArgentine 10 year Bond Spread

0

2500

5000

7500

10000

12500

15000

17500

20000

22500

25000

27500

30000

Jan 13 Jul 13 Feb 14 Aug 14 Mar 15 Sep 15 Apr 16 Nov 16 May 17

2

Argentina – An Established Oil and Gas Country

▪ Established oil producing region with over 1 million boepd of production

▪ Extensive oil & gas infrastructure in place

– 3,171 km of oil and 17,884 km of gas pipelines

– 10 oil refineries, 639,000 bpd total capacity

– Substantial Vaca Muerta infrastructure

▪ Well established services industry

– Active presence of all major oil field service companies including Halliburton, Baker Hughes, and Schlumberger

____________________Sources: BP Statistical Review 2016, Argentina Investment Agency, Ministry of Energy and Mining and CAMMESA.

6

2

Established oil and gas producing region that has become a net importer

200

250

300

350

400

450

500

550

600

00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

Exports Imports Hydrocarbon Consumption

Argentine Production & Consumption of Hydrocarbons

Key Majors and NOC Operators & Investors

1,115

802707 665

573

Vaca Muerta – A World Class Shale Play

Recoverable Shale Gas Resources (Tcf) Recoverable Shale Oil Resources (BnBbl)

75

58

32 27 26

USA Russia China Arg Libya

____________________Sources: EIA, Chevron, and AAPG.

7

▪ Vaca Muerta is currently the only oil producing shale outside of North America

– Current production in excess of 65,000 boepd

2

Strong Analogues with Producing US Shale Plays

Play Vaca Muerta Wolfcamp Eagle Ford Mississippi Lime Haynesville Marcellus

Fluids Oil & Liquid Rich Gas OilOil & Liquid Rich

GasOil Gas Gas

Area (million acres) 7.5 11.2 3.0 17.0 6.0 6.2

TOC (%) 3 – 10 3 3 – 5 0.5 – 3 0.5 – 4 2 – 12

Reservoir Pressure (kpsi)

4.5 – 9.5 4.6 4.5 – 8.5 2.0 7.0 – 12.0 2.0 – 5.5

Thickness (ft) ~1,000 ~900 ~130 ~400 ~250 ~200

Vaca Muerta – A World Class Shale Play

____________________Sources: EIA, Chevron, and AAPG.

8

▪ Strong analogues with producing US shale plays including Eagle Ford and Wolfcamp

– Higher total oil content

– Higher pressure providing higher levels of recovery

– Greater thickness than the majority of the US shale plays

2

Recently Announced Investments into Vaca Muerta

Buyer Seller AnnouncedValue

(US$MM)US$/acre Commentary

July 2013 $1,240 $12,900▪ Continuation of previous joint operations▪ Initial outlays of US$1.24Bn

September 2013 $120 $11,000▪ Initial 16 well programme▪ 50:50 joint venture with YPF operating

April 2014 $140 $2,800▪ Four-year 50:50 exploration project drill and analyse 7

vertical and 2 horizontal wells

December 2014 $550 N/A▪ Two investments of US$250MM and US$300MM from the

partners▪ Includes both drilling and processing facilities

March 2015 $475 $10,000

▪ Petronas contributing US$475MM of US$550MM over 3 annual phases

▪ 30 wells planned in 3 year pilot▪ 50:50 JV (YPF operator)

February 2017 $300 $6,950▪ Pilot programme agreed in the block located northeast of

Loma Campana▪ 50:50 JV (Shell operator)

April 2017 $500 N/A

▪ MOU for development of the area in which partners will invest US$300MM in the AP East block and US$200MM in AP West

▪ Agreement includes unitisation of blocks and redistribution of P.I.s

April 2017 $390 $6,900▪ MOU to develop field with the drilling of 26 wells and

construction of new infrastructure▪ 49:51 JV (YPF operator)

9

____________________Source: Based on company announcement, publicly available information, and other company disclosures.

2

Vaca Muerta – Attracting Investment from Majors

____________________Sources: EIA, Chevron, and AAPG.

10

2

Enhancing Operating Efficiency in Vaca Muerta

Case Study: Loma Campana – Well Productivity Ahead Of Key US Analogues And Improving Rapidly…

103

127

100

64 6048

LomaCampana

2015

LomaCampana

2016

Bone Spring Eagle Ford Wolfcamp Bakken

+23%

2015-2016+23%

70 %

2014 wells

2015 wells

2016 wells

70 %

2014 wells

2015 wells

2016 wells

Boe of Estimated Ultimate Recovery (EUR) / Foot of lateral length Cumulative Production from Unconventional Wells

…Whilst Improved Drilling Performance Is Driving Costs Down

Drilling Days vs Depth (Loma Campana 2015-2016) Drilling and Completion Costs of YPF WellsFractures

47%+15M USD 8M USDMUSD

2015 2016____________________Source: YPF public document. 11

2

480,000 net acres with exposure to Vaca Muerta

Phoenix Vaca Muerta Acreage Overview Key Acreages

▪ Puesto Rojas – Cerro Mollar

― Successful unconventional drilling in early 2017

― 3D seismic tied to well data to support successful drilling undertaken

― W.D. Von Gonten has provided estimates of 1 bn Boe of resources

▪ Corralera and Mata Mora

― Pilot wells drilled by operator YPF found productive Vaca Muerta source rocks and are highly prospective

― Negotiating with government and other stakeholders to convert non-operated positions into operated

▪ Net WI acreage position

8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor

El Manzano

Cerro Mollar Oeste

Los BuitresMina Baku

Cerro del Alquitran

La Paloma

Cerro Mollar NortePuesto Rojas

Vega Grande

La Brea

Rio Atuel

Malargue

Cajon de los Caballos EX

Cajon de los Caballos PROD

Chachahuen

Mata Mora

Laguna el Loro

Neuquen

Corralera

Oil Window

Gas Window

Condensate Window

12

3

72k

26k

36k

24k

15k

77k

164k

47k27k1k

Vega Grande El Manzano La Brea Corralera Mata Mora

Malargue Rio Atuel Puesto Rojas Cerro Mollar Oeste Cerro Mollar Norte

Puesto Rojas – Cerro Mollar Overview

Up to ~1 Billion Barrels of Prospective Resources Over ~47,000 Acres in the Northernmost Vaca Muerta Acreage to Date

▪ The successful drilling of the CP-1010

well in 2016

▪ Four further unconventional wells

drilled and completed in Puesto Rojas

in 2017

▪ Shallower and lower cost wells versus

Neuquen province

▪ Significant opportunity to deploy

capital to advance the unconventional

resources for horizontal development

▪ In addition, the successful Cerro del

Medio well in the Tight Agrio suggests

applying new completion technology

could unlock significant conventional

resources

Puesto Rojas Wells relative to Other Vaca Muerta Wells

(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1(8MZK) 948646_1

LVx1El Manzano OesteThickness 115 m

(YPF 2014)

CP-1010Puesto Rojas

Thickness 219 m(Mercuria 2016)

NLaFi.x1Payún Oeste(YPF 2012)

95 km

90 km

Mendoza

Neuquén

Loma CampanaYPF-Chevron(2011-2017)

HorizontalVertical Oil WindowCondensate WindowGas WindowBasin

13

3

Puesto Rojas Well Analysis

CP-1010 Vertical Well Performance May Potentially Be Uplifted by 3-5 Times as a Horizontal Well

Vertical vs. Horizontal Well Type Curve ComparisonNeuquén Basin Wells in the Oil & Condensates

Window

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

1 16 31 46 61 76 91 106 121 136 151 166

Cu

mu

lati

ve P

rod

uct

ion

(b

bl)

Days Online

CP-1010 Vertical WellVaca Muerta Cumulative Production

Cum Oil Cum Boe 370 MBoe Type Well Profile

14

3

8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor8MZK: 941987_1.wor

99%

1% 0%

Austral Basin

Neuquen Basin

Cuyo Basin

36%

41%

23%0%

Austral BasinNeuquen BasinCuyo BasinOther

10%

70%

20%

Austral Basin

Neuquen Basin

Cuyo Basin

Leading Argentine Independent E&P Company

W.I. 2P Oil Reserves

W.I. 2P Gas Reserves

44.7MMBbl

102.1Bcf

W.I. 2016A Production

11.3MBoe/d

15

Net Acreage

Noroeste Basin

Cuyo Basin

Neuquén Basin

San Jorge Gulf Basin

Austral Basin

4

529k101k

794k

4,590k

332k

Austral Basin Cuyo Basin

Neuquen Basin Noroeste Basin

San Jorge Basin

47%53%

TUP Other Cuyo

91%

9%

SCS Other Austral

Key Conventional Assets Overview

Santa Cruz Sur Block Group

70 % W.I., Roch S.A. operator

Basin W.I. 2P Reserves

Puesto Rojas - Cerro Mollar

100% W.I., and operator

81%

19%

SCS Other Austral

Tupungato

100% W.I., and operator

Chachahuen

20% W.I., YPF is the operator

56%33%

11%

PR-CM

Chachahuen

Other Neuquen

21.5MMboe

42%

58%

TUP Other Cuyo

8.8MMBoe

Tupungato

Basin 2016A Production

4,073Boepd

4,615Boepd

2,557Boepd

53%

20%

27%

PR-CM

Chachahuen

Other Neuquen

Au

stra

lN

eu

qu

én

Cu

yo

31.4MMBoe

Tupungato

Cerro Mol lar Oeste

Puesto Rojas

Cerro Mol lar Norte

Chachahuen

Corralera

El Manzano

Chorri l los Block 1

Oceano (CA-9 M)

Moy Aike Block 1

16

4

$46.85 ($7.29)

($0.41) ($19.19)

($1.37) $18.59

CombinedRevenues

Royalties Treatment,Storage &

Transp.

LeaseOperating

TurnoverTax

CombinedNetback

Financial Overview

Production (Argentina)

Netbacks (US$/Boe)(1)

Financial Position

▪ Strong financial backing from Mercuria Group

▪ US$160 MM debt facility in place

▪ Net debt of US$132.4 million, as of 30 September 2017

▪ Available cash and undrawn facilities of US$45 million

▪ Additional debt capacity in the local bank market

____________________(1) Argentina operations only. Excluding InterOil, and non-oil and gas activity.(2) Adjusted EBITDA (continuing) excluding one-time charges (US$2.4MM).

17

Pro-forma Revenue

4

8,8489,950

11,284 11,30010,577

0

3,000

6,000

9,000

12,000

2014 2015 2016 1H 2016 1H 2017

Bbl/day$154m

$172m $184m

$95m$82m

$0m

$50m

$100m

$150m

$200m

2014 2015 2016 1H 2016 1H 2017

$31m

$52m $45m

$32m$26m

$0m

$20m

$40m

$60m

2014 2015 2016 1H 2016 1H 2017

Pro-forma EBITDA

Investment Highlights

18

Focus, scale and resources to unlock Argentina oil & gas potential:

Independent Board, strong management and proven operating capability

2

Profitable asset base and growing production supporting a transformational growth strategy

1

3

Argentina is a prolific hydrocarbon region with world class shale in Vaca Muerta and an improved political and investment climate

Over 480,000 working interest acres in the Vaca Muerta shale

4

Appendices

Mata Mora & Corralera Well Analysis

Recent Drilling Activity in the Area Has Shown Above Average Results in Mata Mora

Map Target Assets Production by Study Area

Mata Mora

Corralera

Others

____________________Note: Analysis performed using publicly available data provided by the Secretary of Energy of Argentina.

19

Puesto Rojas Stratigraphy

▪ Through the successful vertical test and

additional petrophysical work, the company

has been able to demonstrate the presence of

the stacked Vaca Muerta play with six

different horizons for potential development

▪ To assist in its development, the company is

planning to acquire additional 3D seismic data

in 2018

▪ The company is engaged in the drilling of

vertical wells which allows it to acquire the

data needed for future horizontal

development while at the same time

providing significant economic benefits

▪ Once sufficient core and other technical data

is acquired, the company plans to start its

horizontal unconventional drilling programme

which will have a state of the art multiple

transverse fracture completion

Tordillo

SALT

Agrio

Superior

Agrio Inferior

Avile

Chachao

VM1

VM2

VM3

VM4

VM5VM6

RHOB

Passey

resistivity

gamma ray

Potential Upside with Planned Seismic Acquisitions, and Robust Horizontal Unconventional Drilling Programme

Co

nve

ntio

nal

Un

con

ven

tion

al

Overview of Puesto Rojas Geologic Setting

20

Puesto Rojas Cross-Section Analysis

Block Acreage

Puesto Rojas 46,950

Cerro Mollar Oeste 26,934

Corro Mollar Norte 1,236

Total Acreage 75,120

Cross-Section Demonstrates the Correlatability and Thickness of Vaca Muerta in the Area

▪ Geologic characterisation of the CP-1010 well extends to other areas across the Puesto Rojas block

▪ The Vaca Muerta has an interval range from approximately 200 to 400 m in thickness across the concession area

― The Vaca Muerta in the concession area ranges from a depth of 1,600 to 2,600 m

― The play is thermally matured and been proven to be the hydrocarbon source for shallower historical conventional plays

― The Lower Vaca Muerta (VM5/VM6) have very high TOC, as much as 6.5%, resulting in high quality reservoir properties

▪ The Upper Vaca Muerta (VM1-4) have similar TOC and pressure gradient as the Wolfcamp play in the USA

▪ Multiple wells have penetrated and logged petrophysical properties across the formation

CP-1010

21

CP-1010

Puesto Rojas Seismic Petrophysics

3D-Seismic in the Block and Petrophysical Data from Deeper Wells Reveal Significant Contingent and Prospective Resources

NW

TOP VM

TOP TORDILLO

SE▪ 3D-Seismic data available across the northern half of the

concession

▪ Utilised by W.D. Von Gonten (WDVG) to help identify the prospective areas and apply proper risking

▪ Both the Top of the VM and the Base of the VM (Top of Tordillo) can be well imaged

▪ Contingent Resources are assigned in areas where well penetrations exist and relatively undisturbed on the 3D-Seismic data

▪ Prospective Resources are assigned to areas where 3D-Seismic data not available

▪ Recent CP-1010 modern petrophysical data indicates the high quality of the VM reservoir properties

▪ WDVG analysis indicates substantial OOIP in the VM

― The Lower VM (VM5/6) is estimated to have 49 to 93 MMBbl/section

― The Upper VM (VM1-4) is estimated to have another 78 to 178 MMBbl/section

― Potential for multi-zone stacked play development

▪ WDVG estimated volumetric recoverable resources

― Contingent Resources (P50) of 36 MMBbl in 4 areas totaling ~6,400 acres

― Prospective Resources (P50) of 394 MMBbl in 6 areas totaling ~33,700 acres

CP-1010 Petrophysical Analysis by WDVG

22