Investor Presentaiton

2023 Alaska Investor Trip Santos Nanushuk Geology - Unlocking Value in Brookian Clinoforms Excellent development opportunity across major Nanushuk trends with additional satellite reservoirs Nanushuk Depositional Model - Massive Topset Reservoirs 15+ Nanushuk Fairways across Santos Acreage • . • • Nanushuk reservoirs found in topset deposits of enormous Brookian clastic clinoforms from western NPRA to the Santos core position Sediments derived from west (Chukotka) and south (Brooks Range) filled the Colville foreland basin and buried organic-rich source rocks Up to 33% porosity in Nanushuk sands with permeability up to 1 Darcy Discovered Nanushuk fields exhibit modest API gravities, generally 24°- 40° 15+ laterally continuous Nanushuk fairways underpin enormous potential across Santos acreage Clinothem Depositional Setting and Deposits Setting Nanushuk Coastal-alluvial plain Lowstand shelf margin Torok Deposit proximal distal Marine slope. to basin floor Slope aprons and basin- floor fans LCU and PSU-GRZ condensed section Ancestral Brooks Range EDW Composite section location map סלר Coalescing BFF lobes Chukotka Chukchi Platform Herald Arch Slope apren 300 km (200 mi). Colville foreland basin isolated BFF lobe LSM North Nanushuk topsets aufortian strata Ellesmerian strata pre- Beaufort rift shoulder (Barrow arch) Rocks Older than Lower Cretaceous Clinothem. Beaufortian & Okpikruak Beaufortian Ellesmerian Www Pre-Mississippian basement From Houseknecht, 2019 Nanushuk-Torok Clinoforms Across the North Slope Petroleum Province Stirrup(1) Pikka Mitquq East Pikka Satellites Pikka Mitquq Nan 5 Nan 7 Nan 8 Nan 9 Nan 2 Nan 3 Nan 10 West Topset deposition from west to east Nan 0 Willow W. Willow Qannik Narwhal Stirrup 1 (1) Projected into the A-A' section line. GMT-2 Alpine GMT-1 50 miles Nan 6 Nan 5 Fan Mitquq 1ST Qugruk 3 " 11 Alpine C Mitquq 1 Pikka Unit Quokka Unit se a i Pka Fairway Horseshoe Unit NPRA State Lands Quokk Fairway Terminal Nanushuk STO Units Nanushuk Fairways 10 Miles 19

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