CGX Energy : Corentyne Presentation - August 2022

Corentyne North August 2022

Forward-looking Statements

This presentation includes "forward-looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and other similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the offshore and onshore oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of CGX to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the risk of CGX not being able to fund the capital and operating expenses necessary to achieve its business plan, the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by CGX. The ability of the Company to carry out its business plan is primarily dependent upon the continued support of its shareholders, the discovery of economically recoverable reserves, the ability of the Company to secure customers for the use of its deep-water harbor upon completion of the project and the ability of the Company to obtain financing to develop such reserves. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of CGX should not place undue reliance on these forward-looking statements.

Although the forward-looking statements contained in this presentation are based on assumptions that management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements are expressly qualified by this cautionary statement.

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Corentyne Acreage and Activity

Corentyne Block In and Around Recent Discoveries

CGX Offshore Acreage Position

• Corentyne Block - 845,715 acres
• North Corentyne - 140,850 acres

CGX 2 Well Drilling Campaign in 2012

• Eagle Well - Oil shows
• Jaguar Well - Light oil recovered

CGX Corentyne Discovery 2022

• Kawa-1Discovery in Multiple Reservoir Intervals
• Light oil and Condensate

CGX Future Drilling Activity 2022

Northern

Corentyne

3D Seismic

Survey

• 2022 upcoming Wei-1 Spud			= Discoveries
targeting Maastrichtian,
Campanian, and Santonian			= Planned
		= CGX 2012 Wells
Reservoirs
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Guyana Basin E&P

Derisking Basin with Discoveries

• Stabroek Block
• • Liza was the original discovery in May 2015
  • Over 11 billion barrels of recoverable oil equivalent have been discovered, with billions of barrels of undrilled potential
  • 32 major oil discoveries to date
  • Multiple play types: Cretaceous and Tertiary sands as well as carbonates
  • Discoveries adjacent to CGX's Corentyne Block at Pluma and Haimara found 37 meters and 63 meters of high-qualityhydrocarbon-bearing sandstone reservoir
• Block 58 Suriname
• • Adjacent to Northern Region of Corentyne Block, 5 discoveries were made analogous to prospects identified by CGX in its Northern Corentyne Block
  • January 2020: significant oil discovery in Maka Central well announced offshore Suriname; discovery 7 miles from North Corentyne
  • April 2020: Sapakara-West well announced 79 meters of net oil and gas condensate pay in two intervals; 20 miles from North Corentyne
  • August 2020: Kwaskwasi 278 meters of net oil and volatile oil / gas condensate pay 15 miles from North Corentyne
  • January 2021: Keskesi discovered oil / gas condensate pay 30 miles from North Corentyne
  • February 2022: significant oil discovered at Krabdagu-1; drilled to approximately 17,300 ft and encountered multiple stacked pay targets in Maastrichtian and Campanian intervals with approximately 295 of net oil pay

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Corentyne Geologic Setting

Reservoir Development

Schematic Fan Lobe Deposition in the North Corentyne Region

	Turbot,
STABROEK	Longtail,
Lau Lau	BLOCK 58
BLOCK
Lukanani
	Pluma	Haimara

WEI-1

KANUKU BLOCK

KAWA-1

Amplitude window

CORENTYNE

SantonianBLOCK Unconformity at

base of Santonian Wedge Depth Grid

Grid = 5 km	North
C.I.= 100 m	Corentyne
	target

North Corentyne depositional environment

The "Berbice Canyon" carried sand into the Guyana basin during the Upper Cretaceous Period and deposited basin floor and slope sand complexes

These complexes became the primary reservoirs of offshore discoveries in the Guyana-Suriname basin

• Highly favorable northern region of the Corentyne Block near mouth of sand sourcing Berbice Canyon
• Large Santonian and Campanian depositional systems delineated by 3D seismic
• Targets analogous to recent discoveries in Block 58
• Kawa-1targeted stacked pay in eastern fan complex; discovered pay in channel and fan morphologies identified by seismic analysis
• Upcoming Wei-1 Well will target additional exploration opportunities across CGX's licensed block

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