Upstream Energy (Canada)

Northeast British Columbia

Horn River Basin and Greater Sierra Area

–? Average current production~12,500 boepd (97% natural gas)
– 2021 Year End 2P reserves of 37.7 million boe
– Carbon Capture and Sequestration potential currently being evaluated at Greater Sierra Area
– Restarted 3 existing Horn River Basin wells in September 2021
– Remapped the gathering system connecting all the wells and facilities in the Greater Sierra Area and also prepared an optimization program of replacing old equipment, swabbing wells, and adjusting operational calibrations to improve underperforming wells in Q4 2021
– Gas production feeds directly into the North American pipeline system which connects our assets in Northeast B.C. to LNG export terminals in Gulf of Mexico that supply global LNG demands and guarantee energy security
– LNG Canada, a US$30 billion LNG joint venture in Kitimat, B.C. among Shell, Petronas, PetroChina, Mitsubishi and KOGAS expected to commence operations in 2026 providing an additional export channel directly to Asia for Western Canadian natural gas

Alberta

Wapiti and Willesden Green

– Average current production~860 boepd (63% natural gas)

– 2021YE 2P reserves of 2.3 million boe

– 12 Proved Undeveloped drilling locations confirmed by world renowned third party reserve evaluators GLJ, Ltd. at Willesden Green, of which 3 locations have payout of 5 months by drilling two-mile-long laterals

As of 1 January, 2022, the estimated 2P hydrocarbon volumes under NTE Energy Limited are as follows:

“Please refer to the group’s announcement on 21 st September, 2021 for more details.”