Producing and development-ready onshore operated gas asset, strategically located with key infrastructure in-place

Located in the Sinu San Jacinto basin and connected into the Promigas pipeline with direct access to the coastal urban and industrial areas in the north of Colombia
High quality asset with recently developed facilities
First gas achieved in November 2024 as part of the ongoing long term test
Current infrastructure in place for gross production of up to 40 mmcfd (16 mmcfd net to the acquired 40% working interest) with further development expected to increase production well beyond this initial level

Proven reserves with considerable exploration and appraisal upside

Prolific basin, with multiple producing fields in the area and strong geological continuities
Gross proven plus probable (2P) and proven plus probable plus possible (3P) reserves of respectively 158.8 bcf and 340.8 bcf as of 31 December 2023 (respectively 5 bcf and 136.3 bcf net to the 40% acquired working interest)
Multiple prospects, of which several ready to be drilled over the next 18 months

Very strong gas fundamentals for the Colombian domestic gas market

Strategic gas resource for a Colombian market that is structurally short in supply, projected to be short 30% of demand by 2026
Spot domestic gas prices in excess of $8/mmBtu as of Q4 2024
Supply shortfall situation expected to last at least for the next five years, whilst identified new gas resources in the country will come with high development costs (offshore fields)

Strategic opportunity for M&P to expand in Colombia

M&P has been present in the country for over 20 years
Cash flow diversification: non-Brent linked revenues in a stable OECD oil and gas jurisdiction
$150 million acquisition consideration (as of effective date of 1 February 2025), fully funded from M&P’s existing cash resources and available facilities
M&P will have a 12-month option from closing to acquire an additional 5% working interest in Sinu-9 from NG Energy under the same terms ($18.75 million consideration with the same effective date)

Signing of a letter of intent for the acquisition of a 40% operating working interest in the Sinu-9 gas licence in Colombia