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Investor Presentaiton

Oman - Undeveloped Heavy Oil Asset Key takeaways Block 70 is located close to other major established oil fields, and contains the Mafraq oil discovery from 1988 • Mafraq is de-risked through extensive seismic and a total of five wells drilled pre-2020, including a production test Key stats 6 Drilled wells Field overview • • . Planning a phased development approach, with an initial committed work program of 11 wells plus seismic reprocessing, equivalent to USD ~20 million. Six wells have been drilled to date with drilling ongoing Signed agreement to farmout 35% WI to Mafraq Energy LLC • • • Maha to be reimbursed for 35% of all past costs and signature bonus Mafraq Energy LLC will pay its share of future expenditures on Block 70 Mafraq Energy LLC brings important technical expertise as well as strategic partnership in Oman for future growth Royal Decree by the Sultanate of Oman approving the farmout transaction Signed joint operational agreement with Mafraq Energy LLC on 28 January 2023 Production set to start in 1Q23 20,985 (mbbls) 2C Contingent Resources¹ 515 (mbbls) 2P Reserves¹ 348.5 (mmbbls) OOIP² Other major oil companies are present in Oman, neigbhoring Maha's Block 70 1) 65% woking interest 2) 100% Working Interest Source: Company information 16 47 Eni Muscat 51 ☐ [ Occidental 62 42 Shell 3 CC Energy 77 Eni 70 4 CC Energy MAHA ENERGY
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