#1COPL Investor Presentation August 8 2022 Webinar#2Disclaimer This document and its contents, the presentation and any related materials and their contents have been prepared by Canadian Overseas Petroleum Limited ("COPL" or "the Company") for information purposes only, solely for the use at this presentation and must be treated as strictly private and confidential by attendees of such presentation and must not be reproduced, redistributed, passed on or otherwise disclosed, directly or indirectly, to any other person or published, in whole or in part by any medium or in any form, for any purpose. Nothing in this document, the presentation and any related materials is intended as, constitutes or forms part of an offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any COPL securities, nor shall they or any part of them nor the fact of their distribution form the basis of, or be relied upon in connection with, any contract or commitment whatsoever in relation thereto. No investment decision should be made on the basis of and no reliance may be placed for any purposes whatsoever on the information contained in this document and/or related materials or given at this presentation, nor on the completeness of such information. Certain industry and market information in this document and/or related materials and/or given at the presentation has been obtained by the Company from third-party sources. The Company has exercised reasonable care in preparing this document (and in confirming that where any information or opinion in this document is from or based on a third-party source, that the source is accurate and reliable). However, to the fullest extent permitted by law, no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, affiliates, agents, or advisers (together, the "Identified Persons") or any other person as to the accuracy or completeness of the information or opinions given at the presentation or contained in this document and/or related materials. The Company has not independently verified the information contained in this document and none of the Identified Persons or any other person bears responsibility or liability for nor provides any assurance as to the fairness, accuracy, adequacy, completeness or correctness of any such information or opinions contained in this document (including information provided by third parties), nor as to the reasonableness of projections, targets, estimates or forecasts nor as to whether any such projections, targets, estimates or forecasts are achievable. Without prejudice to the foregoing, neither the Company nor the Identified Persons shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from any use of this document, its contents or otherwise arising in connection with this document. The information set out herein and in any related materials and given at the presentation is subject to updating, completion, revision, verification and amendment, and such information may change materially. Forward-looking statements speak only as at the date of this presentation and each of the Identified Persons expressly disclaims and is under no obligation to update, revise or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein (including in the forward-looking statements) except to the extent they would be required to do so under applicable law or regulation, and any opinions expressed herein, in any related materials or given at the presentation are subject to change without notice. This document, the presentation and any related materials may include certain forward-looking statements, beliefs or opinions which reflect management's current views with respect to the business, financial prospects and condition of the Company, including its anticipated financial or operating performance and cash flows, plans, objectives and expectations related to existing and future operations of the Company, the performance characteristics of the Company's properties, the Company's potential production levels, exploration work and development plans, the reserve and resource potential of the Company's license areas and strategies, objectives, goals and targets of the Company and/or its group. Forward- looking statements are sometimes identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "could", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "positions" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the control of management and because they relate to events and depend on circumstances that will occur in the future which may cause the Company's actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Prospective investors should carefully consider, among other things, the cautionary note regarding forward-looking statements and the risk factors set out in COPL's annual information form for the year ended December 31, 2021, dated March 31, 2022. In making the forward-looking statements in this presentation, the Company has also made assumptions regarding the timing and results of exploration activities; the enforceability of the Company's contracts; the costs of expenditures to be made by the Company; future crude oil prices; access to local and international markets for future crude oil production, if any; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in the jurisdictions in which the Company operates; the regulatory, legal and political framework governing the such contracts, royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business and the interpretation of applicable laws; the ability to renew its licenses on attractive terms; the Company's future production levels; the applicability of technologies for the recovery and production of the Company's oil resources; operating costs; availability of equipment and qualified contractors and personnel; the Company's future capital expenditures; future sources of funding for the Company's capital program; the Company's future debt levels; geological and engineering estimates in respect of the Company's resources; the geography of the area in which the Company is conducting exploration and development activities; the impact of increasing competition on the Company; and the ability of the Company to obtain financing, and if obtained, to obtain acceptable terms. Although the Company considers the assumptions that it has utilized to be based on reliable information, such forward-looking statements are based on a number of assumptions which may prove to be incorrect. COPL 2#3Disclaimer cont'd None of the Company or its advisers or representatives, including the relevant Identified Persons, accept any obligation to update any forward-looking statements set forth herein or to adjust them to future events or developments. Further, this presentation contains market, price and performance data which have been obtained from Company and public sources. The Company reasonably believes that such information is accurate as of the date of this presentation. The information contained in this document has not been independently verified and no Nothing in this dorepresentation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.cument constitutes or should be relied upon by a recipient or its advisors as a promise or representation as to the future or as to past or future performance. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Past performance of the Company is not necessarily indicative of and cannot be relied on as a guide to future performance. No statement in this document or any related materials or given at this presentation is intended as a profit forecast or a profit estimate and no statement in this document or any related materials or given at this presentation should be interpreted to mean that earnings per share for the current or future financial periods would necessarily match or exceed historical published earnings per share. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. The Company reserves the right to terminate discussions with any recipient in its sole and absolute discretion at any time and without notice. No person is authorised to give any information or to make any representation not contained in and not consistent with this document and any such information or representation must not be relied upon and has not been authorised by or on behalf of the Company. If this document is given in conjunction with an oral presentation, it should not be taken out of context. In this presentation, the Company has provided information with respect to certain resource information that is based on oil discovery information for lands surrounding its properties which is "analogous information" as defined applicable securities laws. This analogous information is derived from publicly available information sources which the Company believes are predominantly independent in nature. However, the Company cannot guarantee that such information was independently prepared. In addition, some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with Canadian Oil & Gas Evaluation Handbook. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. The Company believes that the provision of this analogous information is relevant to the Company's activities, given its acreage position and operations (either ongoing or planned) in the area in question, however, readers are cautioned that there is no certainty that any of the development on the Company's properties will be successful to the extent in which operations on the lands in which the analogous information is derived from were successful, or at all. Barrel of oil equivalent ("BOE") amounts may be misleading, particularly if used in isolation. A BOE conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel. This conversion ratio of six thousand cubic feet of natural gas to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In this presentation, the Company has referred to OOIP, meaning original oil in place and original gas in place, respectively, which are hereinafter collectively called "discovered petroleum initially-in-place". Discovered petroleum initially-in-place is the quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. The recoverable portion of discovered petroleum-in-place includes production, reserves and contingent resources; the remainder is unrecoverable. A recovery project cannot be defined for these volumes of discovered petroleum initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of the resources. Additionally, in respect of the prospective resources disclosed in this presentation, there is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources. By attending this presentation and/or accepting a copy of this document and/or any related materials, you agree to be bound by the foregoing provisions, limitations and conditions and, in particular, you have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this disclaimer including, without limitation the obligation to keep the information given at the presentation and this document and its contents confidential; and (ii) you will not at any time have any discussion, correspondence or contact concerning the information given at the presentation and/or in this document with any of the directors or employees of the Company or its subsidiaries nor with any of its suppliers, or any governmental or regulatory body without the prior written consent of the Company. COPL All dollar amounts in this document are in United States Dollars unless otherwise stated 3#4Agenda Resource Report Discussion Production Operations Update Deep Discovery Update Debt Re-Finance Update COPL 4#5Resource Report Discussion PETROLEUM RESERVES AND RESOURCES DEFINITIONS CANADIAN OIL AND GAS EVALUATION HANDBOOK (COGEH) AS REFERENCED IN NATIONAL INSTRUMENT 51 - 101 (NI 51-101) RESOURCES CLASSIFICATION The figure below taken from COGEH Volume 1, Section 5, Figure 5-1, illustrates the main resources classification system. DISCOVERED PIIP Commercial TOTAL PETROLEUM INITIALLY-IN-PLACE PIIP UNDISCOVERED PIIP Potentially Commercial | Sub-Commercial RESOURCES CLASSIFICATION FRAMEWORK PRODUCTION RESERVES H P90 P50 中 ● P10 ● Proved Probable Possible 1P 2P 3P CONTINGENT RESOURCES I 1C 2C 3C Low Estimate Best High Estimate Estimate UNRECOVERABLE PROSPECTIVE RESOURCES Low Best High Estimate Estimate Estimate Increasing Commercial Certainty ● ● Note the upward progression of Prospective Resources to Contingent Resources to Reserves NI 51-101 has many criteria each classification having evaluation criteria The Company must have lands under lease or license on which the evaluation can be stated The Evaluator determines which lands to evaluate UNRECOVERABLE Range of Technical Uncertainty COPL RYDER SCOTT COMPANY PETROLEUM CONSULTANTS 5#6A 038N-078W Parkerton Ranch Trend F + SEN-678W Disposal Well Gas Well Injection Well Oil Well Dry Holes Active Wellbores Barron Flats (Deep) Unit Barron Flats (Shannon) Unit Cole Creek Unit Natrona County 638N 077W 038N 078W 086N 077W + 034N-077W COPL SWP Leases COPL Figure 2. COPL land interests and outline of Parkerton Ranch Trend. GCO Lone Tree 2 036N 070W Converse County. . William Valentine #1 ⚫ BFU Fed 14-30VF South Cole Creek 31 034N-078W “ 038N-076W DEN-07EW 034N-076W " སུ # 6#7COPL 31 10 20° 20 18 + 14-30V R76W R77W Ро Well Symbols 28 20 3136 28 30 30 20 10 0 36 T35N Drilling Gas Gas Susp Gas Abid Oll SUD Ha Abed Gas Susp Oil&Gas Abid HO Susp Undes Abed (183 D&A a Santes injectin Abed Sanics Gas Injection Project Area Company Land Cole Creek Unit P1 P2 C1 C2 C3 Horizontal Well Location Canadian Overseas Petroleum Limited RYDER SCOTT Powder River Basin Wyoming DATE: April 2022 C.I: 10 Cole Creek Frontier 2 Net Pay As of June 30, 2022 SCALE: See Bar Scale BY: M.L#8COPL Internal F2 Net Pay Map OOIP: 351,910,000 bbls Frontier 2 Net Pay Ma (Arthur's) Elevation depth [it] 40.00 35.00 - 30.00 20.00 15.00 10.00 -5.00 (RS OOIP: 217,365,000 bbls) Note: 1. 2. 3. Contour Interval 2 feet 1. RS Contour Interval 10 feet Detailed mapping Conforms to a geologic model for an offshore shelf bar sand analogous to other Frontier fields in the Powder River Basin COPL 0.00 10000ft US 1:49266 CON52 14-30V BFU FED 11-22V#9Barron Flats Federal (Deep) Unit: Parkerton . Ranch Frontier Discovery Base Case Large Parkerton Ranch Frontier stratigraphic trap could be 39,340 acres (61.5 square miles) in size with Company acreage accounting for 90% of prospective land Reservoir parameters included area = 39,340 acres; average net pay 70'; average Sw = = 19 Poor logs DST - 5000' mud 20 21 TOON 22 23 24 Poor gamma Frontier A, B, C 22 Frontier is thin and tight DST OTS @ 170 BOPD from Frontier A Frontier D sand devel w/ resistivity (with resistivity) DST 100' mud 30 29 28 27 26 25 30 31 32 33 34 COLE CREEK 6 7 ANTICLINAL CLOSURE 9 COLE CREEK UNIT 10 Belle Crack Unit 18 30%; average porosity = 10%; Boi = 1.15 19 20 OOIP calculations = 1.30 billion barrels of oil 30 • Primary recovery = 8-10% 31 32 · 104 to 130 million barrels of oil recoverable • Secondary recovery = 40% . 520 million barrels of oil 9 2016 35N-R77 5-22 28 27 24 19 20 20 Sand Dunes Unit 26 25 30 29 Poor Frontier A, B, C, D sand A - resistivity 36 31 32 093 34 35 36 31 32 Poor Frontier A, B, C, D sand Good Frontier Resistivity 2 6 39,340 acres prospective for Frontier 1 6 5 12 Parkerton Ranc✗ Frontier Trend 14 Good Frontier Resistivity Barron Flats (Deep! Unit 10 16,300 acres prospective for Frontier within the BFU (Deep) Federal Unit 18 17 DST: 600' 120' Q O' WCoil, 15 4 18 17 T35N-R76W 23-1 77,000 BO prod 19 20 21 22 $23 24 19 20 12-23 11-22 44-22H 4-27 BFU 21-30 Poor gamma Frontier AB, C •Thin Frontier D sand devel w/ resistivity 31,000 BO prod 28 6,700 BO prod Good Frontier Resistivity 30 29 O Perf: 40° API Oil 28 27 26 25 DST: Oil to Surface at $150 BOPD Frontier BFU 14-30VF 140 net pay 32 BARRON FLATS 33SHANNON SECONDARY RECOVERY UNIT BFU Secondary Unit Good Frontie Resistivity , B, C, D 3 33 34 Radigan-1 well DST: Oil cut mud 6 5 Frontier has high resistivity 3 2 1 Frontier Oil Production SOUTH COLE CREEK Deep well locations A Deep well locations B Deep well locations C 10 11 (permitting now) 12 SOUTH COLE CREEK ANTICLINAL CLOSURE 30 29 31 32 6 LO 5 10 BFU (DEEP) 12 8 0 7,302 FEDERAL UNIT FEET#10Barron Flats Federal (Deep) Unit: Parkerton Ranch Frontier Discovery High Case • • Potentially larger Frontier stratigraphic trap could be 50,700 acres (79.2 square miles) in size with Company acreage accounting for 70% of prospective land Reservoir parameters included area = 50,700 acres; average = = net pay 70'; average Sw 30%; average porosity = 10%; Boi = 1.15 •OOIP calculations = 1.7 billion barrels of oil 19 Poor logs DST-5000' mud 20 21 TOON 22 23 24 20 Poor gamma Frontier A, B, C 22 Frontier is thin and tight DST OTS 170 BOPD from Frontier A Good Frontier sand devel w/ resistivity (with resistivity) DST 100' mud 30 29 28 27 26 25 30 Jim Draw 1-29 31 32 22 6 7 18 COLE CREEK ANTICLINAL CLOSURE 9 COLE CREEK UNIT 16 34 35 36 31 10 28 32 Ꭵ Ꭴ 13 24 19 20 Sand Dunes Unit 27 26 25 30 29 Poor Frontier A, B, C, D sand A - resistivity 34 35 36 31 32 Poor Frontier A, B, C, D sand Good Frontier Resistivity 2 6 5 Barron Flats (Deaol Unit Total 50,700 acres prospective for Frontier with over 70% under lease to COPL/SWP 17,100 acres prospective for Frontier within the BFU (Deep) Federal Unit 12 Parkerton Ranch Frontier Trend 13 Good Frontier Resistivity 14 10 GCO Fed 18 Lone Tree BARRON FLATS UNIT DST: 600' WCOil, 120' 9 15 14 T35N-R76W, 12 7 8 18 17 35N-R77 ⚫5-22 23-1 77,000 BO prod 19 20 19 20 21 22 23 24 19 20 12-23 11-22 44-22H 4-27 BFU 21-30 Poor gamma Frontier AB, C Thin Frontier D sand devel w/ resistivity 30 • Primary recovery = 8-10% 31 . 136 to 170 mmbbls of oil recoverable • Secondary recovery = 40% • 680 million barrels of oil 10 31,000 BG prod 28 6,700 BO pred Good Frontier Resistivity 30 29 28 27 26 25 O Perf: 40° API Oil DST: Oil to Surface at BFU 14-30VF 140' net pay 150 BOPD Frontier 32 33 SHANNON'S 0 SECONDARY RECOVERY UNIT 3.5. 32 33 34 Radigan-1 well Frontier has high resistivity DST Oil cut mud 6 5 4 3 2 SOUTH COLE CREEK Frontier Oil Production Deep well locations A (permitting now) Deep well locations B 10 12 11 SOUTH COLE CREEK Deep well locations C ANTICLINAL CLOSURE BFU Secondary Unit 3 Good Frontie Resistivity B, C, D 30 29 31 32 6 5 10 BFU (DEEP) 12 7 8 7,302 FEDERAL UNIT FEET#11COPL 14-30V 10 R77W . 14 0 (wet) 13 20 20 18 110 10 0 (wet) 수 0 (wet) 10 15 20 DST: 178' Oil, 20' OCM, 262' OCGCM sampler: 850 cc.oil T35N 0 (wet) 0 (wet) Well Symbols Location C Drilling Gas C&Car Sus O Susp Ges And Ol And Gas DS HỎI Susp O&Cas And HO And O&Gas Susp Undes D&A Service Irieda And Service Gas injection Project Area Company Land Cole Creek Unit P1 P2 C2 C3 Horizontal Well Location Canadian Overseas Petroleum Limited R RYDER SCOTT Powder River Basin - Wyoming Cole Creek Dakota Sand Net Pay As of June 30, 2022 SCALE: See Bar Scale BY M.L -% (wet) DATE: April 2022 C.I.: 5 11#12Barron Flats Federal (Deep) Unit: Parkerton Ranch Dakota Discovery 19 TOON tight No logs 020 22 23 24 19 20 21 22 poor logs - tight O tight 25 30 26 O29 28 27 thin-tight 29 30 28 24 19 20 20 Sand Dunes Unit N 27 26 25 30 29 29 • • Large Parkerton Ranch Dakota stratigraphic trap could be 40,160 acres (62.75 square miles) in size with company acreage accounting for 90% of prospective land Reservoir parameters included area = 40,160 acres; average net pay = 12'; average Sw = 25%; average porosity = 15%; Boi = 1.15 • OOIP calculations = 365 million • . • barrels of oil Primary recovery = 8-10% 29 to 37 million barrels of oil recoverable Secondary recovery = 40% • 146 million barrels of oil 12 31 32 33 34 35 36 No Togs Federal 10-6 well has produced 2 66,000 BO from 34 35 36 31 32 thin-tight FED 13-4 FED 33-4 thin ▼ 9 feet pay 1809 BO 54,019 BO 5 3 2 FED 3-14 2,805 BO the Dakota Outside of closure 40,160 acres prospective for Dakota 4 thin-tight 3 2 thin-tight 1 6 5 FED 21-9 45,436 BQ 3117H 195.701 BO 18 FED 24.17 26,103 BQ Federal 11-28 | well has produced 88,000 BO from the Dakota Outside of closure COLE CREEK ANTICLINAL CLOSURE COLE CREEK UNIT 10 FED 10-6 66,229 BO 7 Parkerton Ranch, Dakota Trend 10 GCO Fed Lone Tree 2 DST: 178' Oil, 20' OCM, 262' OCGCM sampler: 850 cc oil 13 18 17 16 15 14 Colle Crack Unit F 33-16S 16 6,321 BO 14 State 48-16 2,345 BO Govt F-12-26 1 ' FED 22-20 2087,850 BQ 21 FED 11-28 17,708 BO Cole Creek Field Dakota production totals over 6.3 MMBO 214,000 BO 22 GOVT 64 22,822 BO BAT F-32-27 53,654 0 28FED 22-28 27 GOVT F12-265 29,964 BO . T35N-R76W 12 7 8 18 17 19 20 21 22 23 24 19 20 42X-26 112,501 BO 30 29 28 27 30 29 Producing 3 feet pay BARRON FLATS 32 33SHANNON SECONDARY 31 32 RECOVERY UNIT 214,778 BO GOVT F33X-26G 41,564 BO 26-PF-14 8,612 BQ 34 -35- BFU 14-30VF 20' net pay DST: OTS@ 608 BOPD DST OTS@ 756 BOPD Govt 1 6 5 Ratigan-1 well DST: gas cut mud in Dakota 3 2 1 Unit 34 2,274 BO Unit 17 33,969 BO 14,970 BO Unit 15 92,141 BO BFU Secondary Unit 4 3 SOUTH COLE CREEK 97,279 BO 102,008 BO 378,629 BO 13394 BO 7 8 9 Dakota Penetration 10 11 12 SOUTH COLE CREEK ANTICLINAL CLOSURE 3,377 BO 54,226 BO 82.219 PO 10 56,847 BQ O DST: 125' Mud tight 1 Dakota Oil Production 1 6 5 nde nde BFU (DEEP) FEDERAL UNIT 12 7 8 0 7,302 FEET#13Production Operations Update Oil production in the Barron Flats Shannon Unit continues to be restricted due to high surface working pressures from a increasing number of wells. - These wells were originally pumping but have commenced flowing. COPL has undertaken several steps to mitigate this until it can upgrade its gas gathering system - - The Wyoming regulator has issued a permit to flare gas from 5 wells to bleed the pressure down. The permit was issued in June, with the allotted volume increased by 3X in July. COPL's Southwestern Production Unit has made application for unlimited flaring which will be heard at a hearing of the Wyoming Oil and Gas Board in mid September. The application has been made on safety grounds. Three formerly pumping wells commenced flowing in June, and all have been converted to flowing configuration at an average cost of $250,000/well. - A fourth well has commenced flowing with flowing pressures increasing weekly. Conversion of this well is immanent. One of the recent well conversions has been temporarily tied into the gas plant which has relieved pressure on the system. This well can flow relatively unrestricted at a high rate. - The fourth well to be converted will also be tied into the plant due to its proximity to the plant. COPL 13#14Production Operations Update . • Oil production is also being restricted by anomalous paraffin build up that is occurring in a number of lower productivity pumping wells. . This appears to possibly signal the arrival of the miscible front with an accompanying increase in productivity and ultimately possible flowing over pumping conditions An aggressive paraffin treatment program utilizing high volume condensate washes has commenced on 5 low productivity pumping wells near-by 4 flowing wells. These efforts have caused production to increase in the last week, with the stabilized increased production rate apparent in the next week to two weeks. Note: Permits for gas flaring are not assessed for environmental impact but for the payment of lessor royalties on flared gas. In the case of the Barron Flats Shannon Unit, no royalties are payable on the flared gas as the Company owns the gas as it was purchased and injected into the reservoir. COPL 14#15COPL 15#16• . Deep Discovery Update COPL has been able to secure 50% of the casing required to drill the first two horizontal wells. - There is a current global shortage of oil field tubulars (casing) due to the Ukrainian conflict. Casing prices have increased >50% with all grades in short supply Production tubing prices have increased by >30% COPL's Southwestern Unit has identified a drilling rig to conduct the operation. Contracting the rig will occur once there is certainty around casing supply . The Company has a well plan for drilling and completion operations • The first horizontal well will target the Frontier 2 sand at a location in the Barron Flats Federal (Deep) Unit The second horizontal well will target the Frontier 1 sand at a location in the Barron Flats Federal (Deep) Unit COPL 16#17Senior Debt Re-Finance Update In 2021 and 2022 COPL successfully acquired control of producing, long life oil reserves in Wyoming, USA for less than $2/bbl of 2P Reserves* COPL is working with a Specialist Oil & Gas Debt Advisor to secure a Reserve Based Loan supported by its Wyoming, USA asset base. In discussion with national and regional US banks and other E&P lenders. Cuda Acquisition was a key milestone to the debt process: COPL now has majority ownership and no bankrupt partner 2P reserves increase by 47% to 38.2 million barrels* COPL NPV10 increased by US$122 million from US$258 million to US$380 million * Next Steps: COPL is targeting draw down of a Reserve Based Loan in Q4 - 2022 - - Proven Developed Producing Model supports a 5 year term Target borrowing base of $50 million to $60 million - - Proceeds used to refinance current senior debt and for infrastructure / facility capex Scope for junior tranche for capex and drilling to augment borrowing facility Update on Debt Process and Term Sheet Negotiations by end of Q3 - 2022 COPL * COPL December 31, 2021 NI-51-101 Reserves - www.canoverseas.com/www.sedar.com 17