Parex Resources : Llanos Foothills Trend – April 23, 2024

Parex Resources

High-Potential Foothills Trend April 23, 2024

Positioned for the next growth chapter

Minimizing risk & maximizing reward as Parex expands into

the country's most prolific area

Delivering on PXT Gas Strategy

Progressing Foothills Opportunity within Existing Capital Allocation

Partnered with

Ecopetrol & Government

Available

Infrastructure

Access to Markets

World-Class

Resource

High-Grades

Portfolio

• PXT operator of trend
• Vote of confidence on operating capability from Ecopetrol

▪	Accelerate development		▪	Area has cumulative
	through existing,			production of >1.4B bbls
	underutilized infrastructure			oil and ~4 TCF of gas(1)
▪	Attractive market;		▪	Proven analogs(2)
	projected supply &
	demand imbalance(3)

• Profundo well(4) one of
  PXT's highest ranking exploration prospects
• Created an AMI(5) that includes the Niscota exploration area

As announced, April 11, 2024, Parex and its strategic partner Ecopetrol entered into definitive agreements to consolidate their position along the Llanos Foothills trend in alignment with current

Colombian government objectives to secure gas supply and support energy transition initiatives.

See "Forward-Looking Statements" advisory.

(1) Source: IHS - S&P Global. (2) See "Analogous Information" advisory. (3) See slide #5. (4) Parex receives 50% participating share in future exploration; Ecopetrol retains 100% W.I. and operatorship of current production, with 50% participating share in future exploration; subject to government approval; see "Oil & Gas" advisory.3

(5) Area of mutual interest whereby if either party acquires the rights within an area, each party has the right to acquire a 50% W.I. of the acquired area; excludes the extension of the existing discoveries from the Piedemonte Convenio, where Ecopetrol will keep 100% rights over such area; subject to government approval.

Framework

Aligned with Partner: Development of Colombian Gas Essential

Slide as Presented by Ecopetrol at Arpel-Naturgas Conference(1)

The development of gas potential is essential for energy sovereignty

Will require momentum and support from all actors to achieve timely entry

Balance National Supply - Country Demand

(giga mmbtu)

Average demand

Gas shortages

Offshore material discoveries

Projects presenting entries 2027-2029

Onshore

Production declarations

Projected

Gas Shortfall

Part of the Solution

See "Forward-Looking Statements" advisory.	5
(1) As presented April 11, 2024; source: Ecopetrol (production profile as declared by third parties to the Ministry of Mines and Energy of Colombia; average demand based on Colombia's Mining and Energy Planning Unit 2024-2036 Scenario (actual data for 2023)).

Mutual Benefits for Colombia Through Foothills Collaboration

Energy	Support	Utilize Existing
Security	Energy Transition	Infrastructure
Secure Gas Supply	Gas Exploration	Underutilized
for the Future	& Development	Pipelines & Facilities

See "Forward-Looking Statements" advisory.	6

PXT Operatorship with High-Potential Part of Trend Captured

Operatorship

Highlights track record of technical expertise & stakeholder engagement

Harmonized Land

Aligned approach with

50-50 partnership(3)

Sirirí

Aligned

Area

Niscota

PXT/ECP

PXT Option

		AMI(2)(3)
Map is for Illustrative Purposes Only

Sirirí Convenio(1)(3)

Producing area with high- ranking prospects that could be fast-tracked to market(4)

Area of Mutual Interest

Creates access opportunity for prolific Niscota area(2)(3)

See "Forward-Looking Statements" advisory.

(1) Parex receives 50% participating share in future exploration; Ecopetrol retains 100% W.I. and operatorship of current production, with 50% participating share in future exploration. (2) Area of mutual interest whereby if either party acquires the rights within an area, each party has the right to acquire a 50% W.I. of the acquired area; 7 excludes the extension of the existing discoveries from the Piedemonte Convenio, where Ecopetrol will keep 100% rights over such area. (3) Subject to government approval. (4) See "Oil & Gas" advisory.

Strategic Infrastructure Position

Existing & Proposed Infrastructure(1)
To Bucaramanga		Arauca
(TGI Gas)	Gibraltar	Banadia
		Capachos
			OBC
	LLA-122
	Arantes
Cusiana	Araguaney
			Multiphase Pipeline
To Bogotá		Multiphase Tie-In(3)
	Gas Pipeline(3)
(TGI Gas / Porvenir Oil)		Existing Egress

See "Forward-Looking Statements" advisory.

(1) Map is for illustrative purposes only. (2) Resolution passed by Minister of Mines and Energy of Colombia (December 20, 2023). (3) Projected.

In-Place Infrastructure Could

Provide Egress for the High-Potential Area

Bicentenario (OBC) Pipeline Benefits

• Significantly underutilized infrastructure: previously built to lessen bottlenecks
• To be converted to multi-phase: government resolution passed in late 2023(2)
• Sizable: 42" diameter mainline already installed
• Close proximity to targets: ability to add capacity on a staged basis

Partner & Government Support to

Fast-Track Discoveries to Market

8

Llanos Foothills

Llanos Foothills - The Most Prolific Area in all of Colombia

	LLANOS FOOTHILLS HISTORICAL AVERAGE PRODUCTION(1)
Oil (kbbl/d)		~3.0 bcf/d			Natural Gas (bcf/d)
450	~450 kbbl/d			3.0
375						2.5
300						2.0
225						1.5
150						1.0
75						0.5
0						0.0
1992	1997	2002	2007	2012	2017	2022
	Produced Oil	Produced Gas		Sales Gas
Peak Oil Production				~450 kbbl/d (1999)
Peak Gas Production				~3.0 bcf/d (2004)

Major Discoveries & PXT Targets(2)(3)

PXT Target

Discovered Field

(1) Source: IHS - S&P Global. (2) Map is for illustrative purposes only. (3) See "Forward-Looking Statements" advisory.	10