CALIMA ENERGY - Positive Outlook, page-107

Presentation from March 2023

Over 4,700 boe/d achieved.

Obviously some wells were better performers and others less so (normal in O&G production). Production rates on some wells may have declined.

It is clear that CE1 now knows its oil field better as a result of past drilling campaigns, and can now target future drilling campaigns with increased knowledge and certainty.

I would suggest we are seeing the fruits of the above described learning process in our recent successful drilling campaign, and i would expect the January 2024 drilling campaign to yield positive results also.