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

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

Feb 27, 2024 551 likes •770 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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New Management Team in Place Sold all non-Gold Creek Assets - $80mm 5 Well Winter Drilling Program New completion design on 1st well Replaced 98% of 2P Reserves Sold

    

Launched Crypto Mining Pilot

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6 Well Type Oil price ($/Bbl) Gas price ($/GJ) NPV10 ($M) IRR (%) Pay Out (yrs) PI @ 10% discount P50 $60 WTI flat $2.00 AECO 6,380 67.3 1.3 0.96 Economic assumptions:

  • P50 Oil EUR 300.0 MBbls
  • P50 Gas EUR 5.8 Bcf
  • NGL yield 25.3 Bbls/MMscf
  • 2500 m lateral length

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 50 100 150 200 250 300 350

Oil rate (Bbls/d) Days on Production

Elmworth Area Historical Production Performance & Type Well Forecasts

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

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Currently Being Tied Into IBR Facility

0.5 1 1.5 2 2.5 3 10 20 30 40 50 60 70 80 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

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R² = 0.466 20 40 60 80 100 120 140 2 4 6 8 10 12 14 16 18 20 R² = 0.8171 0.00 0.50 1.00 1.50 2.00 2.50 3.00 2 4 6 8 10 12 14 16 18 20

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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

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IBR Gold Creek

Calgary Edmonton Grande Prairie

Figures modified from Canadian Discovery Ltd. (Montney Hydrodynamics and Geothermics Presentation & Hydrodynamics and Regional Facies of the Montney Formation Phase I) & Zaitlin/Moslow, 2006

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All data from Geoscout public domain

*Downtime Removed

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IBR Montney land IBR 2017 Location IBR 2018 Location

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MB UPPER MONTNEY MA MC MD LOWER MONTNEY

McD YE2017 2P Reserves EUR Mboe OIL EUR Mbbl RAW GAS EUR Bcf 2,300 m lateral 870 207 3.98 IBR Development #GROSS SECS EST #NET SECS Gross Ha Total OOIP Mmbbls Avg. OOIP Mmbbls/ Sec Total Upper Montney 72.0 71.5 18,432 3,280 46

  • OOIP value of 3.2Billion Bbls supports

> 500 development locations

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Core

  • Reservoir parameters
  • Geomechanics
  • HC Geochemistry

Petrophysics

  • Resource estimation &

recovery factor

  • Reservoir mapping
  • Frack modeling

3D Seismic & Microseismic

  • Scoping Trade 3D for

purchase

  • Gold Ck. Public

microseismic information Geosteering

  • Optimal well placement
  • Maximize wellbore in

target zone Frack Tracers

  • Well placement &

spacing

  • Optimized completions &

Production 3D Reservoir Model

  • Integrates all data
  • Internal Modelling
  • Well placement,

drilling, completions

SUBSURFACE OPTIMIZATION

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