The Parex Advantage

Capachos & Arauca: Northern Llanos Future Growth Engine Basin: Northern Llanos Operator: PXT W.I.: 50% Arauca LLA-38 Capachos LLA-4-1 Accelerating development with high growth potential in the future ■ Historically difficult to access and challenging to drill Operating successfully in Capachos since 2018 ■ First Arauca well spud in January 2023, beginning drilling campaign Drilling in Capachos at roughly 1/3 of the cost of early historical wells ☐ ■ Superior reservoir quality and attractive royalty structures LLA-43-1 ☐ ■ Multi-layer potential with three zones that can be targeted Highest netbacks in the portfolio: ~$80/bbl operating netback at ~$100/bbl Brent ■ Removing facility restrictions through expansions and pre- investment Capachos: increasing fluid handling from 15 kbbl/d to 25 kbbl/d ■ Arauca: installing facilities in 2023 to handle ~40 kbbl/d 32 32 A

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