Ann: December 2021 Quarterly Activities and Cash Flow Report, page-5

Agreed L64 a very positive quarterly

"Sacgasco is planning a 2 well drilling program including an exploration well, (Nandino) in SC54 and an extended well test (EWT) at the Cadlao oil field in SC6B"

"SGC plans to submit a preliminary drilling proposal for the Nandino Prospect for review and approval by the Philippines Department of Energy (DOE) in the March quarter."

"The Cadlao Field previously produced 11.1 million barrels of oil between 1981 and 1991 and at the time production ceased the field was still producing 950 bopd (5,900 blpd) from 2 subsea wells. Initial production from the discovery well, Cadlao-1A, was over 6,000bopd.

A proposal for an Extended Well Test (“EWT” to maximize reservoir knowledge and reduce risks associated with redevelopment of the field as well as provide early cashflow is being prepared for submission to Joint Venture partners and the DOE. A Plan of Development (POD) is also being prepared subject to the EWT confirming the commerciality"

"Subsequent to the quarter end, an auction of oil and gas leases in the Red Earth Area has surprised market participants with third-party winning bids materializing at around 10 times the value of the JV’s expectations. This is interpreted to reflect changing perceptions of oil and gas lease values in the Red Earth Area and more broadly in the Alberta Province of Canada."

"Sacgasco will undertake development concept and screening studies to assess the potential economic value of a notional gas discovery in SC58, including the opportunity to access the Philippine energy market via the Malampaya pipeline to Luzon"

"The West Linapacan Field previously produced 8.5 mmstb and was shut in in 1996 due to facility constraints and a corresponding low oil price environment. Sacgasco is considering development and funding options for the redevelopment of the West Linapacan Field"

"A multi-spectral satellite imagery study over Sacgasco’s Canadian assets has identified a number of significantly above-background hydrocarbon, hydrogen and helium anomalies"

"Successful wellwork on a gas well in the Rio Vista Field delivered almost 500% increase in production from that well"