My comments in red below. The most challenging thing is the lazy conflating of the terms Gas Column with Gross Gas Pay? They are not the same thing. Gas column is merely connected gas porosity height above and computed or visible gas/water contact depth. Gross Gas Pay is actual sand thickness with gas bearing porosity - including some tight low porosity intervals and some shaly intervals that don't meet Net Pay cut off criteria. The estimated Gas Columns used here are identical in vertical thickness to what they are calling Gross Gas Pay and so they may just be guilty of sloppiness here? However neither measure gives any clue as to Net Productive Sand Pay? And they notably fail to give any sand body counts anywhere? One sand, two sands, three sands, dozens of sand, hundreds of sands? Whenever i come across such deliberately (?) obtuse and obscure descriptions it makes me suspicious. (Right up there with "Pleased to announce." Or "Working hydrocarbon system." Even "Estimated Resources in Place..."

Saxofon 1 – Encounters 338 feet of gross gas pay (From this they are equating the total summed gas column with actual Gross computed gas pay?) within the Porquero and CDO reservoirs

The Corporation commenced the drilling of the Saxofon 1 exploration well on December 2, 2022 on its 100% operated VIM5 Exploration and Production (“E&P”) contract located in the Lower Magdalena Basin. The well reached a total depth of 9,416 feet measured depth (“ft md”) on January 7, 2023 and encountered a gross gas column of 290 feet true vertical depth (“ft tvd”) (A 290 foot gas column is not to be sneezed at - but that gives absolutely no idea of the actual net porous sand thicknesses?) within the Porquero sandstone reservoir between depths of 4,385 and 4,675 ft md, and a gross gas column of 48 ft tvd within the primary Cienaga de Oro (“CDO”) sandstone reservoir between 7,560 and 7,608 ft md.

The gas bearing reservoirs encountered within the Porquero sandstone display average porosity of 26 %, (26% average porosity is fantastic) while those within the CDO sandstone display average porosity of 16 %. (A 16% average porosity is OK for a dry gas reservoir - however again we do not know just how thick the net clean porous sand units might be? A 48 foot gas column does not mean the same thing as 48 feet of continuous, porous, gas bearing sand. It just means that there is 48 feet from the top of the gas bearing sand to what is assumed to be some gas/water contact.)

The Corporation will provide production test results when they become available.

Dividivi 1 – Encounters 89 feet of gross gas pay (again equating gas column with gross gas pay?) within the CDO and Cicuco reservoirs

The Corporation commenced the drilling of the Dividivi 1 exploration well on December 20, 2022 on its 100% operated VIM33 E&P contract located in the Lower Magdalena Basin. The well reached a total depth of 4,692 ft md on January 2, 2023 and encountered a gross gas column of 89 ft tvd within the primary CDO sandstone and Cicuco limestone reservoirs between depths of 2,184 and 2,273 ft md. The gas bearing reservoirs have average porosity of 27 %.

The Corporation is currently executing a flow test of the well in order to formulate a commercial development plan for the discovery. The discovery is located approximately 35 kilometers to the west of the TGI gas pipeline which currently has approximately 260 MMscfpd of spare transportation capacity into the interior of Colombia. (So they will need to build a connecting pipeline and a gas processing - liquids knock out - facility. They will need to drill some more wells here to prove up size.)

The Corporation will provide production test results when they become available.

Chimela 1 – Encounters 85 feet of net oil and gas pay (OK - we are dealing with multiple Lisama sands here with the key sand being the Basal Lisama) within the Lisama reservoir

The Corporation commenced the drilling of the Chimela 1 exploration well on November 13, 2022 on its 100% operated VMM45 E&P contract located in the Middle Magdalena Basin. The well reached a total depth of 14,101 ft md on December 16, 2022, and encountered multiple zones of oil and gas pay within the primary Upper Lisama and Basal Lisama sandstone reservoirs between depths of 12,410 and 13,694 ft md. (This is pretty damn deep! ~3,900-4,300m. Hence the really low average porosity values.) 

Natilla 1 – Sidetracking

The Corporation spud the Natilla 1 exploration well located on its 50% operated working interest SSJN 7 E&P contract on December 1, 2022. Natilla 1 is targeting gas bearing sandstones within the CDO and Porquero sandstone reservoirs. The well drilled to a depth of 11,848 ft md within the Porquero sandstone interval, the secondary target of the well, prior to encountering drilling related problems. The well is currently being sidetracked and the Corporation anticipates to reach planned total depth of 16,609 ft MD within the primary CDO sandstone target within 6 weeks.

(OK - the Porquero sands are already deep (I note that no fluid or porosity information is given?) and so the CDO Sands must be really deep if they are planning upon drilling down to 16,609 feet (~5,200m) At that kind of depth we are looking at a porosity range of 8-12% - and that is getting tight, tight, tight even for gas - unless there are mitigating fracture plumbing indications?)

The Corporation plans to spud the Lulo 1 exploration well located on its 100% working operated interest Esperanza Exploration and Exploitation contract in mid March 2023. The Lulo 1 well is located less than 1 kilometer to the east of the Jobo production facility and is targeting gas bearing sandstones of the CDO sandstone reservoir. The well is anticipated to take 4 weeks to drill and complete.