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Corporate Presentation March 2025 TSXV: ALV OTCQX: ALVOF
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| TSXV: ALV, OTCQX: ALVOF Proven team with successful track record First Brazilian integrated onshore natural gas producer Alvopetro - A Disciplined Capital Allocation Model All references to “$” refers to U.S. dollars. C$ refers to Canadian dollars Balanced reinvestment and stakeholder return model High rate of return opportunities in Brazil & Canada 2 Strong operating and financial results well ahead of expectations
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| TSXV: ALV, OTCQX: ALVOF At a Glance – Value, Yield, Growth 3 Market Summary Shares outstanding(1) 36.4 million Average daily trading volume(1) 58,907 Insider ownership(1) 9.4% Market cap/Enterprise value(2) $117 million/$104 million Operating & Financial Production – Q4 2024 1,738 boepd Production mix 95% natural gas 2P Reserves(4) 9.1 MMboe 2P NPV 10 before tax(4) $327.8 million 2P NPV 10 after tax(4) $273.0 million Q4 funds flow from operations(3)(9) $7.0 million Enterprise Value/annualized FFFO(9) 3.7 times Working capital (3)(6)(9) $13.2 million Quarterly dividend – Q1 2025 $0.10/share Current Enterprise Value US$104MM 0 200 400 600 800 1P Probable 2P Possible Murucututu Contingent Resource* Murucututu Prospective Resource* US$ millions Reserves & Resources, NPV10 before tax (4)(7)(8)(12) December 31, 2024 Caburé Murucututu Oil fields *Risked, best estimate $0.06 $0.06 $0.08 $0.08 $0.08 $0.12 $0.14 $0.14 $0.14 $0.14 $0.09 $0.09 $0.09 $0.09 $0.10 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 $0.12 $0.14 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Dividends declared - US$/share Dividend History (Current Annualized Yield – 12.4%)
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| TSXV: ALV, OTCQX: ALVOF Brazil Reserves & Resources – as of December 31, 2024 (GLJ Evaluated) • 1P production replacement ratio(9) of 372%: 65% increase in 1P reserves to 4.5 MMboe after 2024 production of 0.7 MMboe • 2P production replacement ratio (9) of 167%: 5% increase in 2P volumes to 9.1 MMboe • 1PNPV10 before tax of $177.7 million (+53% from 2023) and 2P NPV10 before tax of $327.8 million (+6% from 2023) • Risked best estimate contingent resource 4.5 MMboe (NPV10 $110.0 million) and risked best estimate prospective resource 10.2 MMboe (NPV10 $208.9 million) 4 Current Enterprise Value US$101MM 0 200 400 600 800 1P Probable 2P Possible Murucututu Contingent Resource* Murucututu Prospective Resource* US$ millions Reserves & Resources, NPV10 before tax (4)(7)(8)(12) December 31, 2024 Caburé Murucututu Oil fields *Risked, best estimate
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| TSXV: ALV, OTCQX: ALVOF Focused on Delivering Shareholder Returns 1,209% return since 2018 including dividends (based on payment date), assumes cash returns without reinvestment 5 Cabure unitization completed Bahiagas GSA signed Enerflex agreement signed $4 million equity financing Permits Received $15 million Credit Facility +30% 2P Reserves First natural gas sales +21% 2P Reserves Share Restructuring and Buyback First dividend declared ($0.06/share) +52% 2P reserves value (NPV10BT) Divdiend +33% Credit Facility repaid Dividend +50% +17% 2P reserves value (NPV10BT) Dividend +17% 197(1) well on production 183-A3 well results Dividend -36% Expert decision Emergency Arbitration decision 183-A3 Completion Updated GSA +53% 1P reserves (NPV10BT) - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 CAD$ Share price (TSXV)
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| TSXV: ALV, OTCQX: ALVOF New natural gas market. 48% of supply is currently imported Largest oil producer in S. America and 9th globally World’s 12th largest economy Expanding onshore oil & gas market Attractive fiscal regime with 5.5-11% royalties & 15%-34% income tax Stable regulatory framework attracting new investments Brazil Brazil a Growing Market with Attractive Fundamentals 6
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| TSXV: ALV, OTCQX: ALVOF State of Bahia – Reconcavo Basin • Oldest producing basin in Brazil: 23.9 Mbopd + 2.2 e6m3/d (77 MMcf/d) • Brazil's 4th largest city Salvador (pop 2.9 million) • Well developed industrialized region • Majority of natural gas consumed in Camacari industrial complex • Highly strategic infrastructure 7 Bahia Gas City Gate Pojuca Power Substation Camacari City Gate Braskem Plant Dax RefineryUltra Cargo Terminal Landulpo Alves Refinery Candeias Petrobras Carmo Station RLAM Alvopetro UPGN Bahiagás City Gate Bahiagás Distribution Pipeline Caburé Field (56%) ALV 183-1 ALV 197-1 ALV 183-B Alvopetro Pipeline Murucututu Project(100%) ALV 183-A3
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| TSXV: ALV, OTCQX: ALVOF Caburé – Asset Overview – 56.2% ALV(12) • The Caburé field is a joint development of a conventional natural gas discovery • Unitized area development - 8 wells and all production facilities • Gross Unit production capacity up 33% to 21.2 MMcfpd (600 e3m3) • 2025 development plan includes 5 development wells Virtual Field Tour: https://www.youtube.com/watch?v=p1AvDNX0YXk&t=16s 8 Unit C well ALV 183-1 ALV 197-1 ALV 183-B1 Bahiagás Distribution Pipeline Caburé Field (56.2%) Murucututu Project (100%) Alvopetro Pipeline Alvopetro UPGN Bahiagás City Gate ALV 183-A3
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| TSXV: ALV, OTCQX: ALVOF Midstream - Infrastructure & Marketing (100% ALV) • 11-km transfer pipeline & Gas Plant (UPGN) with 18+ MMcfpd capacity • Bahiagás 15-km Distribution pipeline & 70 MMcfpd citygate at our plant site • Updated GSA effective January 1, 2025, increasing firm sales volumes by 33% • Price set quarterly based on Brent and Henry Hub benchmark prices • Natural gas price BRL1.95/m3, US$10.55/Mcf(5) – effective February 1, 2025 • Highly strategic legacy asset that positions ALV to unlock our natural gas potential 9 ALV 183-1 ALV 197-1 ALV 183-B1 Bahiagás Distribution Pipeline Caburé Field (56%) Murucututu Project (100%) Alvopetro Pipeline Camacari City Gate UPGN Caburé City Gate ALV 183-A3
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| TSXV: ALV, OTCQX: ALVOF Strong Production Results 10 *field estimates 1,772 2,253 2,441 2,038 1,611 1,541 1,999 1,618 2,298 2,169 84 103 110 99 78 76 95 109 141 115 - 2 6 6 12 12 12 11 18 - 1,857 2,358 2,557 2,142 1,701 1,629 2,106 1,738 2,457 2,285 - 500 1,000 1,500 2,000 2,500 3,000 H2 2020 2021 2022 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Jan 2025 Feb 2025* Alvopetro - Daily sales volumes (boepd) Natural gas - boepd Condensate - bopd Oil - bopd Total Company - Avg daily - boepd
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| TSXV: ALV, OTCQX: ALVOF Operating Netback 11 Q4 2024 realized price of $63.88/boe Including natural gas sales of $10.51/Mcf Subtract: Q4 2024 royalties of $2.15/boe Q4 effective royalty rate 3.4% (lower than statutory rates of 5.5% to 11%) as natural gas royalties based on raw/unprocessed natural gas value (closer to Henry Hub) Subtract: Q3 2024 production expenses of $6.64/boe =Q4 2024 operating netback of $55.09/boe Strong Q4 operating netback, a measure of operating profitability per unit of production (boe) Q4 2024 operating netback margin of 86% Operating netback as a % of realized sales price 26.85 33.39 59.43 68.82 66.16 64.30 59.19 55.09 3.88 3.64 3.80 5.38 7.76 5.73 5.38 6.64 2.15 3.61 4.81 2.13 2.02 1.94 1.89 2.15 32.88 40.64 68.04 76.33 75.94 71.97 66.46 63.88 82% 82% 87% 90% 87% 89% 89% 86% 0% 20% 40% 60% 80% 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 2020 2021 2022 YTD 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Operating Netback Margin(9) (% of Sales Price) Operating netback - $/boe Operating Netback(9)- $/boe Operating netback - $/boe Production expenses Royalties Sales price Operating netback margin
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| TSXV: ALV, OTCQX: ALVOF Disciplined Capital Allocation – Balancing Organic Growth & Returns 12 Balanced reinvestment and stakeholder returns since July 2020: • 44% of funds flow from operations dedicated to reinvestment • 48% returned to stakeholders (dividends, repurchases, debt & interest payments, capital lease) • 7% dedicated to building financial resources 3,610 4,252 4,756 5,471 7,930 6,480 10,904 12,434 13,348 13,193 14,972 11,047 9,618 12,393 8,513 7,910 9,886 6,966 - 4,000 8,000 12,000 16,000 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 US$000's Funds Flow From Operations(9) & Capital Allocation Capital expenditures Capital lease Credit Facility payments (interest & repayments) Dividends declared Shares repurchased Funds Flow From Operations Capex 44% Capital lease 6% Debt repayments 10% Interest 1% Dividends 31% Share repurchases 1% Building cash and working capital 7% Allocation of Funds Flow from Operations July 2020 to December 31, 2024
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| TSXV: ALV, OTCQX: ALVOF Brazilian Organic Growth Plan Near-term goal of 18 MMcfepd Longer-term vision of 35 MMcfepd Caburé Unit and midstream • Gas plant capacity 18+ MMcfpd • Redetermination - Unit working interest and production entitlement increased from 49.1% to 56.2%(12) • Further expand Unit capacity with additional development wells and facility expansion Murucututu (100%) • Field production facilities in-place • Successful 183-A3 completion • Multi-year development in Gomo and Caruaçu Formations • 2P Reserves, Risked Best Estimate Contingent & Risked Best Estimate Prospective Resource of 4.6 MMboe, 4.5 MMboe & 10.2 MMboe, respectively(4)(7)(10) 13 Bahiagas City Gate Pojuca Power Substation Camacari City Gate Braskem Plant Dax Refinery Alvopetro UPGN Bahiagás City Gate Bahiagás Distribution Pipeline Caburé Field (56%) ALV 183-1 ALV 197-1 ALV 183-B Alvopetro Pipeline Murucututu Project(100%) ALV 183-A3
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| TSXV: ALV, OTCQX: ALVOF 183-1197-1Jan2 A A’ 183-A3 Sequence 5 Sequence 6 Sequence 7 Sequence 4 Hydrocarbon window defined in well tests Gomo production TWT GR GR GR GR 1 km Murucututu Gas – Gomo + Caruaçu Development (100% ALV) 14 183-A3 Caruaçu net pay 116.1 metres Murucututu Top Maracangalha Seq 7 Time Structure 20ms CI Seq 5 Geobody Seq 6.2 Sand from amplitude 1256 Acres Seq 6 above 183-1 well 420 Acres Area > seq 6.4 top 273 Acres NDE Caburé • 5,460-acre deep basin gas resource • 2P reserves: 4.6 MMboe (27.4 Bcfe), NPV10BT $134.8 million(4) including five proved and probable undeveloped locations (183-D4, 183-D1, 183-A2, Mur-2, Mur-3) • Risked Best Estimate Contingent Resource 4.5 MMboe (27.3 Bcfe), NPV10BT $110.1 million(7)(10) • Risked Best Estimate Prospective Resource 10.2 MMboe (61.2 Bcfe) , NPV10BT $208.9 million(7)(10) • Q4 2024 production from Murucututu field was 2.2 MMcfpd ALV 183-1 ALV 197-1 ALV 183-B Caburé Field (56%) Murucututu Project (100%) Alvopetro Pipeline 183-A3 A A’
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| TSXV: ALV, OTCQX: ALVOF Murucututu – Positioned for Growth 15 • ALV can drill 6+ development wells from 3 existing well pads all connected to our field production facility at 183-1 that delivers gas to ALV UPGN • Currently drilling 183-D4 well a follow-up well to A3 110m updip
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| TSXV: ALV, OTCQX: ALVOF Murucututu Multi-Year Development Plan 16 • 2P Reserves: 3 existing wells + 5 undeveloped locations (183-D4, 183-D1, 183-A2, Mur-2, Mur-3) • Contingent Resource (best est): 4 development wells • Prospective Resource (best est): 12 additional wells Existing Pipeline Existing Well Future Pipeline Future Well Caburé Block
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| TSXV: ALV, OTCQX: ALVOF Alberta-Saskatchewan Mannville Conventional Heavy Oil Fairway 17 Source: Tapping into Opportunity: Unlocking the Potential of Mannville Oil in the Lloydminster and Cold Lake Areas – Part 1 – GLJ | Your Global Energy Partner GeoEdges Inc
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| TSXV: ALV, OTCQX: ALVOF Western Canadian Growth Platform • Initial focus area – Mannville heavy oil fairway • Multi-zone with large amounts of OOIP • Partnered with an established operator with strong track record • Funded 100% of first 2 earning wells to earn a 50% working interest in 19.1 sections (6,112 acres net) of land • First 2 earning wells drilled and both expected to be on production by end of April • Potential for > 100 drilling locations • Attractive economics through the application of multilateral drilling technology 18
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| TSXV: ALV, OTCQX: ALVOF Why Invest? 19 Results Value Yield Growth
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| TSXV: ALV, OTCQX: ALVOF Calgary, Canada: Alvopetro Energy Ltd. Suite 401, 255 – 17th Avenue SW Calgary, Alberta, Canada T2S 2T8 Tel: (587) 794-4224 Email: info@alvopetro.com Salvador, Brazil: Alvopetro S/A Extração de Petróleo e Gás Natural Rua Ewerton Visco, 290, Boulevard Side Empresarial, Sala 2004, Caminho das Árvores, Salvador-BA CEP 41.820-022 Tel: + 55 (71) 3432-0917 Email: info@alvopetro.com www.alvopetro.com TSXV: ALV OTCQX: ALVOF Icon Description automatically generated Icon Description automatically generated Icon Description automatically generated @AlvopetroEnergy @Alvopetro Alvopetro EnergyAlvopetro Energy Ltd
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| TSXV: ALV, OTCQX: ALVOF Cautionary Statements • Forward Looking Statements. This presentation contains forward-looking statements including forecasted future earnings and sales volumes, forecasted natural gas prices under the Company’s long-term gas sales agreement, the anticipated timing of projects, future exploration and development plans (including the timing and associated spending of such), the Company’s dividend policy and plans for dividends and other returns to stakeholders in the future, and results from future operations. These statements are based on current assumptions and judgments that involve nume rous risks and uncertainties, which may cause actual results to differ from those anticipated. These risks include, but are not limited to: the timing of regulatory licenses and approvals, equipment availability, the impact of pandemics and other worldwide events, the ability to access capital markets, the risks inherent in the oil and gas industry, operational risks relating to exploration, development and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production; the outcomes of future redeterminatio ns; costs and expenses, and health, safety and environmental risks; and fluctuations in foreign currency exchange rates and commodity prices. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Certain of these risks are set out in more detail in our 2024 MD&A and in our 2024 Annual Information Form both of which are available on SEDAR+ and can be accessed at www.sedarplus.ca. • Testing and Well Results. There is no representation by Alvopetro that the data relating to any drilling or test results contained in this presentation is necessarily indicative of long-term performance or ultimate recovery. The reader is cautioned not to unduly rely on such data as such data may not be indicative of future performance of the well or of expected production or operational results for Alvopetro in the future. Data included herein including net pay and porosities should be considered to be preliminary until further testing, pressure transient analysis and other detailed analysis and interpretation has been completed. • Non-GAAP and Other Financial Measures. This presentation contains financial terms that are not considered measures under International Financial Reporting Standards (“IFRS”), such as average realized natural gas price ($/Mcf), average realized NGL – condensate price ($/bbl), average realized oil price ($/bbl), averaged realize price ($/boe), funds flow from operations, funds flow from operations per share, operating netback, operating netback per boe, operating netback margin, and working capital. For further information and reconciliation to these GAAP measures, see “Non-GAAP and Other Financial Measures” in our most recent MD&A. Operating netback margin is computed as operating netback per boe divided by average realized sales price per boe. This presentation also refers to produ ction replacement ratio. Production replacement ratio is calculated by dividing the change in reserve volumes plus current year production by current year production. For further details on the calculation, see Alvopetro’s press release dated February 26, 2025. The non-GAAP and other financial measures within this presentation may not be comparable to those reported by other companies nor should they be viewed as an alternative to measur es of financial performance calculated in accordance with IFRS. • Boe disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equiva lency at the wellhead. All boe conversions in this news release are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil. • Currency. All amounts within this presentation are in U.S. dollars, unless otherwise noted. 21
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| TSXV: ALV, OTCQX: ALVOF Cautionary Statements • Net Present Value and Reserves Disclosed. The net present value of future net revenue attributable to Alvopetro’s reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, development costs, other income, future capital expenditures, well abandonment and reclamation costs for only those wells assigned reserves and material dedicated gathering systems and facilities for only those wells assigned reserves by GLJ Ltd. (“GLJ”) respectively. The GLJ evaluation was dated February 26, 2025, with an effective date of December 31, 2024 (the “GLJ Report”). Full disclosure with respect to the Alvopetro’s reserves as at December 31, 2024 is included in the annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Alvopetro’s reserves estimated by GLJ represent the fair market value of those reserves. Actual reserves may be greater than or less than the estimates provided herein. Possible reserves are those additional reserves that are less certain to be recovered than pro bable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The GLJ Report incorporates Alvopetro’s working interest share of remaining recoverable reserves as at December 31, 2024. With respect to the Caburé natural gas field, Alvopetro’s working interest was 56.2% as of December 31, 2024 and the net present values disclosed herein are based on this 56.2% working interest. As further discussed in Endnote 12, Alvopetro’s partner is disputing the results of the first redetermination which was completed in 2024. • Prospective Resources. This presentation discloses estimates of Alvopetro’s prospective resources as evaluated by GLJ with an effective date of December 31, 2024. There is no certainty that any portion of the prospective resources will be discovered and even if discovered, there is no certainty that it will be commercially viable to produce any portion. Estimates of prospective resources involve additional risks over estimates of reserves. The accuracy of any resources estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While resources presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. Prospective resources have both a chance of discovery and a chance of development, which combined represent for any undiscovered accumulation its chance of commerciality. Please refer to the not ed news release dated February 26, 2025 for additional information. Supplementary information is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). • Contingent Resources. This news release discloses estimates of Alvopetro’s contingent resources and the net present value associated with net revenues associated with the production of such contingent resources as evaluated by GLJ with an effective date of December 31, 2024. There is no certainty that it will be commercially viable to produce any portion of such contingent resources and the estimated future net revenues do not necessarily represent the fair market value of such contingent resources. Estimates of contingent resources involve additional risks over estimates of reserves. For additional details with respect to Alvopetro’s contingent resources, please refer to our news release dated February 26, 2025. Additional disclosure with respect to the Alvopetro’s contingent resources as at December 31, 2024 has been included in the Company’s annual information form for the year- ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). 22
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| TSXV: ALV, OTCQX: ALVOF Endnotes 1. As of March 18, 2025. Average daily trading volume is based on average volumes traded on all Canadian exchanges (TSXV and other Canadian) andon the OTCQX in the six months commencing on September 19, 2024 and ending on March 18, 2025. 2. Enterprise value of $103.9 million is computed as US$ market cap of $117.1 million as of March 18, 2025 adjusted for working capital as of December 31, 2024 of $13.2 million. US$ market cap of $117.1 million is based on C$ share price (TSXV) and 36,414,896 shares outstanding as of March 18, 2025, converted to US$ market cap based on March 18, 2025 exchange rate of C$1.4301/$1US. Enterprise value to annualized funds flow from operations is based on the enterprise value as of March 18, 2025 divided by annualized funds flow from operations based on the funds flow from operations for the three months December 31, 2024. 3. Working capital as of December 31, 2024. Funds flow from operations for the three months ended December 31, 2024. See ‘Non-GAAP and Other Financial Measures’ in Cautionary Statements. 4. Proved (“1P”) reserves, proved plus probable (“2P”) reserves, and proved plus probable plus possible (“3P”) reserves evaluated by GLJ. On February 26, 2025 Alvopetro announced 1P, 2P and 3P reserves data as of December 31, 2024. Full disclosure with respect to the Company’s December 31, 2024 Reserves is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). 5. Effective January 1, 2025 the natural gas price is set quarterly in Brazilian Real/m3 based on Brent oil equivalent prices and Henry Hub natural gas prices. As of February 1, 2025, our natural gas price is BRL1.95/m3. This price will apply to all natural gas sales from February 1, 2025 to April 30, 2025. Realized prices in US$/Mcf will fluctuate with fluctuations in the BRL/USD exchange rate. Our realized natural gas price, net of sales taxes, is estimated at $10.37/Mcf as of February 1, 2025 (based on our average heat content to date and the USD/BRL foreign exchange rate on January 31, 2025 of 5.83). See GLJ Ltd.’s most recent price forecast https://www.gljpc.com/price-forecasts/current-historical-forecasts/. 6. Working capital is computed as current assets less current liabilities. 7. Contingent and Prospective Resources on Alvopetro’s Murucututu property as evaluated by GLJ with an effective date of December 31, 2024. See Alvopetro’s press release dated February 26, 2025 for further details. Additional disclosure is included in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). 8. For any abbreviations referred to herein, refer to our most recent MD&A or our AIF, both of which are filed on SEDAR+ (www.sedarplus.ca). 9. See ‘Non-GAAP and Other Financial Measures’ in Cautionary Statements. 10. See ‘Prospective Resources’ and/or ‘Contingent Resources’in Cautionary Statements. 11. See ‘Testing and Well Results’ in Cautionary Statements. 12. Alvopetro’s original working interest share of the unitized area (the “Unit”) including Alvopetro’s Caburé and Caburé Leste fields and two fields held by a third-party was 49.1%. The working interest is subject to redetermination, the first of which was completed in April 2024. An independent expert (the “Expert”) was engaged in connection with the first redetermination to evaluate the redetermination and the impact to each party’s working interest. Following the Expert’s decision, Alvopetro’s working interest was increased from 49.1% to 56.2%. The effective date of the redetermined working interest is June 1, 2024. For further details on the Expert decision, refer to Alvopetro’s press release dated April 5, 2024 and to the Material Change Report dated April 12, 2024. Alvopetro’s partner is disputing the Expert decision; however pursuant to a decision of an emergency arbitrator appointed under the International Chamber of Commerce (as announced by Alvopetro on May13, 2024), the decision of the Expert is binding until such time as the matter is reviewed and decided upon by an arbitral tribunal under the Rules of Arbitration of the ICC. The redetermination dispute has proceeded to a full arbitration under the Rules of the ICC, however the timing and outcome of the full arbitration is uncertain and the resulting impact on the reserves and the net present value of future netrevenue attributable to such reserves as presented herein may be material. Further details are available in the Company’s annual information form for the year-ended December 31, 2024 which has been filed on SEDAR+ (www.sedarplus.ca). In addition, future redeterminations may also have a material impact on Alvopetro’s reserves and future cash flows. 23