The Parex Advantage

LLA-34: Replicating Success from Cabrestero Basin: LLA-34 (Llanos) ■ ◉ Non-Operator W.I.: 55% Focused on accelerating production, minimizing decline and delineation A Current development plan includes down spacing and waterflood injection ■ Down spacing to ~40 acres and waterflood injection pattern ■ Major facility expansion to ~610 kbfpd in 2023 to accelerate oil recovery Operational reliability has been improved by the electrification of the block National grid tie-in completed H2 2022 Maximizing delineation efforts though utilization of sidetrack options ■ Roughly 10 horizontal well locations have been identified for future exploitation PRODUCTION & CAPITAL FORECAST PROFILE (NET)(1) LLA-34 34 34 32 30 $70 2020A $85 2021A $120 2022A Capital Expenditures ($MM) (2) (1) After 2023F, budgets and forecast have not been finalized and are subject to a variety of factors, including prior year's results; see "Forward-Looking Statements and Financial Outlook" advisory. (2) Non-GAAP financial measure; see advisory. $120 2023F 29 $80. 2024F $25 2025F -Production (kboe/d) 31

View entire presentation