Elephant Oil

Play Types Play #1 Fluvio-Deltaic Play #2 Transgressive sands Play #3 Onshore syn-rift (inverted) graben Play #4 Pre-Rift sedimentary Play #5 Pre-Rift crystalline Elephant Oil has retained RISC (UK) Limited, trading under RISC Advisory ("RISC"), to carry out an independent review of the Company's assets exploration opportunities in Block B, onshore Benin, west Africa. RISC ADVISORY REPORT SUMMARY RISC ELEPHANT OIL RISC has reviewed the resources in accordance with the internationally recognized Society of Petroleum Engineers (SPE) Petroleum Resources Management System 2018 (PRMS). The RISC review gests the probable presenc of exploration opportunities over Benin Block B. Basin stage Block B - Play inventory (RISC) Transitional Syn-rift Pre-Rift Reservoir Targets Lithology Turonian Sandstones / Abeokuta Fm. (fluvio-deltaic) Albian sandstones pinch out Neocomian fluvio-deltaic, lacustrine sands Devonian/Upper Jurassic Sandstones (Intracontinental fluvio-deltaic) Naturally Fractured Crystalline Basement Likely Source(s) Albian to Coniacian Necomian Ise and Albian Necomian Ise Devonian Necomian Ise, Albian to Coniacian Notes: 1. The presence of a preserved sedimentary section onshore Dahomey Embayment remains speculative. However, RISC notes the possibility for an alternative pre-rift fractured basement play to be present. ELEPHANT OIL RISC Our ref: 200068 decisions with confidence Competent Persons Report Block B, Onshore Benin Elephant Oil Limited June 2021 Private and Confidential 9

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