CGX Energy : Corporate Presentation - August 2022

Corporate Presentation Exploring for Oil & Gas in Guyana

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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Company Overview

• CGX Energy Inc.(TSX-V:OYL) is an oil and gas exploration company focused on the Guyana Basin E&P and construction of a Deep Water Port on the Berbice River.
• Headquartered in Toronto, Canada with operational offices in Houston, Texas USA and Georgetown, Guyana.
• CGX Energy wholly owned subsidiary, CGX Resources Inc. (CRI), holds 32%1 Working Interest ("WI") of the Corentyne Petroleum Prospecting License in Guyana (Corentyne PPL).
• CGX has, in principle, reached agreements with the Government of Guyana to relinquish the Demerara and Berbice blocks through mutual termination agreements which terms remain to be defined and documented.
• On May 9, 2022, CGX confirmed a discovery at Kawa-1 with 228 feet (69 meters) of net pay across the Maastrichtian, Campanian, Santonian and Coniacian reservoir target intervals.
• CGX, through its wholly owned subsidiary; Grand Canal Industrial Estates Inc. (GCIE), is constructing the Berbice Deep Water Port on a site north of Crab Island 4.8 km from the Atlantic Ocean.
• CGX has a highly skilled and qualified management team with extensive Guyanese and industry experience.
• CGX has been operating in Guyana for 23 years and is widely acclaimed as Guyana's "Indigenous Oil Company;" maintaining strong relationships with the Government and People of Guyana.
• Frontera Energy Corp. (TSX: FEC), a major independent O&G Canadian company operating in Latin America, supports CGX initiatives, as a 78% equity shareholder.

1 The Company signed an agreement with Frontera on July 21, 2022 to transfer 34.667% interest in the Corentyne block to FEC: after closing, the Company will hold 32% Working Interest in the Corentyne block. The closing of the agreement is subject to certain precedent conditions including TSX-V and Government of Guyana approval.

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Company Overview

CGX Energy Inc.

(Ontario)

100%

CGX Resources Inc. (Bahamas)

100%

CGX Resources

Inc. (Guyana

Registered

Branch)

32%

Corentyne

PPL 1

100%

CGX Energy

Management

Corp. (Delaware)

66.667%

Demerara

PPL 2

100%	62%
GCIE Holdings	ON Energy Inc
Ltd. (Barbados)	(Guyana)

100%

Grand Canal

Industrial Estates

Inc. (Guyana)

100%	100%
Berbice Deep	Berbice
Water Port Project	PPL 2

1. The Company signed an agreement with Frontera on July 21, 2022 to transfer 34.667% interest in the Corentyne block to FEC: after closing, the Company will hold 32% Working Interest in the Corentyne block. The closing of the agreement is subject to certain precedent conditions including TSX-V and Government of Guyana approval.
2. The Company has, in principle, reached agreements with the Government of Guyana to relinquish the Demerara and Berbice blocks through mutual termination agreements which terms remain to be defined and documented

www.cgxenergy.com

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CGX at a Glance

• The Company has a clean balance sheet and is fully funded through the Wei-1 exploration well, to be spudded in October 2022, upon closing of a recent transaction signed with its JV partner, FEC, on July 21, 2022.
• The July 21, 2022 transaction proposes the transfer of 34.67% of working interest in the Corentyne block to FEC in exchange of (i) up to $130.0 million funding for Wei-1 well, (ii) up to $28.8 million of certain Kawa-1 exploration well, Wei-1 well pre-drill, and other costs, (iii) $54 million of outstanding payables settled, and (iv) $3.8 million cash consideration.
• On closing the transaction, subject to condition precedents being satisfied, the Company will own 32% of the interest in Corentyne PA.
• The Company recorded a discovery on the Corentyne block at the Kawa-1 well in 2022: condensate and light oil discovered in 228 feet of pay in the Maastrichtian, Campanian, Santonian and Coniacian levels. This discovery has significantly derisked the Wei-1 well, located 14km from Kawa-1 well, raising chance of success from 29 to 56%.
• Secured funding for the Wei-1 well, secured all permitting, contracted the Maersk Discoverer to drill the well, retained 95% of expert team which drilled Kawa-1. Spud expected in October 2022.
• Company has spent $21.8 million to date on its Berbice Deep Water Port and is focused on the completion of the first phase of the facility in 2023.
• CGX was recognized as one of the top-performing companies on the TSX Venture 50 2022. (https://v50.stocktrak.com/)

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