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Investor Presentaiton

8 RAFAEL FIELD APPRAISAL PROGRAM Rafael 1 Test Flow testing demonstrated excellent quality gas with less than 2% inerts (CO2) and rich condensate with no pressure depletion or reservoir boundaries observed. Rafael 3D seismic survey acquisition completed Will provide confirmation of the size of the structure and improve understanding of the trapping mechanism and potential column height. Processing deliverables: - Fast track interpretation – late Nov'23 - Final processing - End Feb'24 3D seismic is essential for optimal placement of the wells to reduce geological and drilling risk. Up to 2 Appraisal wells In planning phase for 2024 drilling to address the main subsurface uncertainties (hydrocarbon column height and net/gross distribution). Long Lead Item procurement to safeguard drilling in 2024. Rafael 1 recompletion and test 2022 flow test restricted to part of one zone because of well configuration. Test two additional zones and retest initial zone with confidence of increased flow rates. Test program planned to include perforation of additional intervals currently behind casing where gas flows were encountered while drilling, and the Prospective Resource zone in the Upper Laurel with interpreted rich gas condensate or volatile oil pay. Completed - Well test with flow from restricted zones 3D seismic Commercialisation options Resource re-evaluation Commercialisation pre- FEED Appraisal drilling Rafael 1 workover Test all zones open Resource confirmation Commercialisation Feed 1 1C 2C 3C Investor Presentation | November 2023 Buru Energy
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