PetroTal : Investor Presentation, October 2025

p e t r o t a l c o r p . c o m

Investor Presentation October 2025

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See additional details in the appendix

All figures in USD millions "m" unless otherwise stated

All production in "bopd" or "mmbbls" unless otherwise stated

Introduction to PetroTal

Corporate SummaryPetroTal is a publicly-traded oil and gas company focused on the development of oil assets in Peru.

Our flagship property is the Bretaña oil field located in the Marañon

Basin of northern Peru.

As an invested partner, we're working to help make Peru socially and

economically stronger.

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

TSX : TAL

AIM : PTAL

OTC : PTALF

Introduction to PetroTal

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Investment thesisPetroTal is Peru's largest crude oil producer and has demonstrated a

commitment to operational and financial excellence since inception.

The Bretaña asset is a high-quality conventional oil field with a history

of profitable growth from a small environmental footprint.

PetroTal has distributed over $144 million in dividends since Q1 2023, while increasing annual average production by more than 20% per year.

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Production Financial

2025 Guidance

20,000 - 21,000 bopd

2025 guidance

20,893 bopd

YTD production1

18,414 bopd

Q3 2025 (actual)

17,785 bopd

FY 2024 (actual)

$0.43/share USD

Share Price on Oct 10, 2025

913M

Basic shares

$400M

Market Cap

$109M

Available Cash2,3

1.6x

EV/2025 Adjusted EBITDA4

$55M (14% yield)

2025 dividends and buybacks

$200-215M

Net operating income

$170-185M

Adjusted EBITDA

$130-145M

After tax funds flow

$80M

Capital expenditure budget

1. Average through Sept 30. 2025 / 2. As of Q3 2025 / 3. See footnotes and disclaimers for financial definitions. / 4. 2025 Adjusted EBITDA of $185 million assumes average H2 Brent oil price of $70.00/bbl. 3

Introduction to PetroTal

PetroTal overview

PetroTal operating presence

Lima

Texas, USA Peru, South America

Houston

7th year of operation

$640m

Invested since inception through Q2 2025

29 mmbbls

Produced from Bretana since inception

$645m

Remaining 2P investment

114 mmbbls

Remaining 2P reserves

$5.66/bbl1,2

Remaining booked 2P development costs

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

1. Calculated as $64 5 million re ma ining futur e 2 P d eve lopment costs / 11 4 mmbbls of 2P reserves

2. Existing 2P FD&A costs since in cep tion ar e a pproximately $4.51/ bbl

   
   
   
   
   

   Introduction to PetroTal

   P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

   Experienced leadership

   Executive Leadership Team

   
   
   

   Manolo Zúñiga

   Director, President & Chief Executive Officer

   • Petroleum engineer with over 30 years of experience helping shape and promote oil investments in Peru

   • Former CEO of BPZ Energy

     
     
     

     Camilo McAllister

     Executive Vice President & Chief Financial Officer

   • Financial executive with over 30 years of experience in international energy companies

   • Former CFO of Constellation Offshore and

Frontera Energy

Max Torres

Interim Chief Operating Officer

• 30 years experience leading exploration projects

  around the world

• Formerly with Ecopetrol, Repsol

  
  
  

  Sudan I. Maccio

  Chief Legal Counsel and Corporate Secretary

• Legal executive with over 30 years of experience in global energy environments encompassing commercial, M&A, governance and risk matters

• Previously General Counsel and Corporate

  Secretary for Ecopetrol USA

  
  
  
  
  

  Introduction to PetroTal

  P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

  Experienced leadership

  Corporate Leadership Team

  
  
  

  Guillermo Florez

  Peru Country Manager

• Petroleum engineer with 18 years experience in various commercial and project management roles

• Formerly with BPZ Energy

  
  
  

  Glen Priestley

  Vice President Finance & Treasurer

• 25 years corporate finance experience with

  US-based upstream and midstream companies

• Former VP Finance at Energy XXI

  Raul Farfan

  
  
  

  Vice President Sustainability

• 25 years experience managing external affairs

  for resource companies throughout LATAM

• Previously External Relations Director for

  Newmont Peru

  
  
  

  Emilio Acin Daneri

  Vice President Commercial & Business

  Development

• Senior finance executive with extensive financial and commercial background in Latin America

• Formerly with CNOOC, Repsol, Pioneer, El Paso Marketing

Introduction to PetroTal

Corporate governance

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Board of Directors

Mark McComiskey Non-Executive Director and Chairman

Felipe Arbelaez Hoyos

Non-Executive Director

Eleanor Barker

Non-Executive Director

Jon Harris

Non-Executive Director

Emily Morris

Non-Executive Director

Denisse Abudinen Butto

Non-Executive Director

Gavin Wilson

Non-Executive Director

Manolo Zúñiga Director, President & Chief Executive Officer

Introduction to PetroTal

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Investor value proposition

Track record of Production

and reserve growth

Healthy

balance sheet

Experienced

management team

Leadership in

ESG principles

Strong return of

capital policy

Positioned

to grow

Introduction to PetroTal

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Peruvian landscape

GOVERNMENT STRUCTURE

• President: Dina Boluarte

• Prime Minister: Eduardo Arana Ysa

• Energy and Mines Minister: Jorge Montero

• Economy and Finance Minister: Raul Perez-Reyes

  POLITICAL STABILITY

• Stable Legal Framework: Supreme decree-governed contracts ensure continuity across regime changes. (Oil and gas concessions are contract law)

  FAVORABLE FISCAL REGIME

  • Competitive taxation and royalty structures designed to attract and retain foreign investment

    OFFSHORE EXPLORATION

  • Multinational companies interested in exploring Peruvian sea: Occidental and Total Energies

COLOMBIA

Introduction to PetroTal

Operations

ECUADOR

AMAZON BASIN

PERU

BRAZIL

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Camisea

Peru LNG

BOLIVIA

11

Growth Strategy

Bretaña: core asset driving growth

Short-term strategy

Conservative balance sheet

Execution of 2P to upgrade P3 well

locations

Mid-term strategy

Optimize cost

structure and operating synergies

Achieve $2 billion in market capitalization via expansion

Materially meet or exceed ESG targets in Bretaña

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Securing additional sales

routes

Returning

free cash flow to

shareholders

Reach and extend Bretaña plateau while developing other assets

Returning

free cash flow to

shareholders

12

Growth Strategy

P r e s e n t a t i o n

Production growth

PetroTal Annual Average Production (bopd)

+16%

+24%

20,500

+55%

17,733

+36%

14%

14,248

+58%

12,200

+37%

8,956

+331%

5,675

4,131

958

2018

2019

2020

2021

2022

2023

2024

2025E

August 2025 guidance highlights

16% annual growth

I n v e s t o r

2025 production guidance / 2024 actual

~$24.00/bbl

C o r p .

Estimated adjusted EBITDA netback1

$3.75/bbl

Non-recurring erosion control opex

Production (bopd)

12%

Dividend yield

P e t r o T a l

(1) Assuming $68.00/bbl average Brent oil price 13

Operational Performance

I n v e s t o r

P r e s e n t a t i o n

Reserves growth

2P After Tax

NPV10 (millions)

$326

$746

$621

(Covid impacted)

$1,020

$1,509

$1,639 $1,720

(includes Block 131)

6%

+19%

16%

+14%

+39%

213

200

+25%

168

+12%

147

106

114

100

3P

76

85

97

78

2P

1P

38

18

2018

38

22

2019

55

67

45

48

22

2020

37

2021

2022

2023

2024

59% increase

Strong YoY growth in high value

PDP reserves

100

10.3 years

99

Reserves (mmbbls)

Estimated 1P reserve life index

69

72

$1.7 Billion 2P

47

After tax PV10 valuation of

41

51

52

38

48

51

$1.89/share

20

33

16

95 mmbbl

1P EUR - including 28 mmbbls

produced to date

P e t r o T a l

C o r p .

14

Operational Performance

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Capital Efficiencies: best in class

Key Highlights

3-yr Reserve Replacement Costs (PDP Reserves)

FD&A Cost

Recycle Ratio

5.4x

2.4x

2.4x

2.9x

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

PetroTal

$12.22

$14.72

$18.72

$23.72

1.4x

$31.75

$37.94

$8.01

Over the past three years, PetroTal's PDP FD&A costs were $8.01/bbl, all-in. The LATAM peer group replaced reserves at an average of

~$20.00/bbl.

PetroTal's trailing 3-year cumulative EBITDA netback was ~$43.00/bbl, better than the peer group average of ~$40.00/bbl.

These numbers drive a trailing 3-year recycle ratio of 5.4x, substantially better than the peer group average of 2.1x.

Better Capital Efficiencies

Each barrel of oil PetroTal produces provides the capital to develop 5.4 additional barrels of PDP reserves.

(1) Peer group includes Canacol, Frontera, GeoPark, Gran Tierra, Parex, Vista 15

Operational Performance

Production continues to track higher

PetroTal Group Production Volumes - Cumulative Annual (Mbbls)

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

2025

2024

2023

2022

2021

2020

2019

P r e s e n t a t i o n

Key Highlights

Millions

YTD production (through Sept 30) remains

21% ahead of last year's pace.

I n v e s t o r

Healthy river levels facilitating full export capacity through dry season.

P e t r o T a l

C o r p .

Q3 2025 Bretana production of ~18,000 bopd is ~40% higher than last year's August/September average of ~12,750 bopd.

Block 131 workover program, along with additional pump replacements at Bretana, are expected to support production levels through Q4 2025.

Growth Strategy

1x

BS-1x

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Repeatable conventional oilVivian reservoir - Massive fluvial sands with excellent reservoir quality

OOIP increases to 494 mmbbls (2P) at YE24, compared to 329 mmbbls (2C) at YE17

Analogous fields have recovery factors of 22-42% vs Bretaña at 27%

8 and 14 new wells (2P and 3P, respectively) added to the development plan at YE24

2P and 3P reserves cases have 40 and 50 producing wells

Field Size: 15,028 acres

Growth Strategy

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Development potentialVS1 Unit: for the first time at Bretaña, PetroTal used the 20H well to drill a lateral into the upper Vivian VS1 unit, where a brief production test in August 2024 flowed 320 bopd.

Independent estimates allocated ~28% of Bretaña of OOIP at YE24 (659 MMBbl1) to the VS1 unit; nominal volumes were included in 3P reserves, pending additional production testing.



PetroTal has been using SLB's new Geosphere HD reservoir mapping-while-drilling technology to identify fluvial channel sands (VS1 and VS2), improve geosteering, aid in completion design, and refine its reservoir model.

(1) Bretana booked 2P OOIP as of YE24 18

Growth Strategy

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Core asset production profile

Netherland Sewell (NSAI) Production Profile (bopd)

45,000

40,000

35,000

30,000

Contract Expiry: 2041

25,000

1P

Probable Possible

20,000

15,000

10,000

5,000

0

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052

(1) Possible case assumes contract extension to 2051; of the 99 mmbl included in Possible reserves at YE24, approximately 43

mmbbl are produced beyond the expiration of the current license contract in 2041.

> 10,000 bopd

Full reserve life, in 3P case

40,000 bopd

Possible peak production

20,000-25,000 bopd

Ability to flatten peak production, into multi-year production profile

19

Growth Strategy

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Outstanding payouts

Max oil rate vs cumulative oil (inception through June 30, 2025)

14,000

12,000

11H

10,000

15H

10H

16H

9H

19H

13H

8H

8,000

21H

12H

5H

22H

4H

6,000

18H

6H

Scale = 1.0x Payback

23H

20H

17H 3D

7D

> 3.0x Payback

4,000

14H

1.0x - 3.0x Payback

BN-1

2XD

2,000

1XD

< 1.0x Payback & less than 6 months

producing

0

0

1,000,000

2,000,000

3,000,000

Cumulative oil produced (bbl)

Key highlights

6,500 bopd

Average max IP flow rate

2,627 bopd

Max daily rate (bopd)

Average IP365 flow rate

1.6 mmbbls

Produced in first 36 months

$14.6 million

Average horizontal well cost

3 months

Average well payout1

Infrastructure Investments

Estimated Erosion Control Project Cost Allocation within Opex and Capex

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026

Erosion Opex Recurring Opex

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026

Erosion Capex Development Capex



Erosion control

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Manageable cost allocation

Total Project Costs

Approximately $65-75 million, spread over the 2024-2026 period. Of this total, PetroTal plans to allocate ~60-65% to operating expense.

2025 Budget

PetroTal has budgeted $35-40 million for erosion control in 2025. Of this amount, approximately 75% will be allocated to operating expense.

2026 & Beyond1

After expensing $10 million of erosion control as opex in Q4 2024, approximately

$15-20 millon of project expenditures will carry into 2026, before wrapping up in Q2 2026.

Infrastructure Investments

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Erosion control

Bretana: Present

Bretana: The Solution

Erosion Control

Impacted Area

Breakwater 1

Breakwater 2

Breakwater 3

Breakwater 4

Breakwater 5

Infrastructure Investments

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Erosion control

Illustrative Construction Activity: La Pastora, Peru (2015)

Growing PetroTal

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Growth opportunitiesPeru's Marañon and Ucayali Basins have been underexplored

for hydrocarbons

Near-term development upside at both Bretana and Los Angeles field

Multiple prospects and leads from existing portfolio Blocks 95, 107 and 131

24

Expansion

Block 95

Expansion beyond Bretaña at Block 95

Fiscal Terms

5% - 20% royalty

~7.5% at 20,000 bopd plus 2.5% social fund

License contract until 2041 Bretaña Field Zapote

Iberia



Tapiche South Lead E

N

120k

Key highlights

345,000 acres

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Large, unexplored area in major producing basin

Existing seismic

Four exploration prospects have been identified on legacy 2D seismic

Drilling potential

PetroTal is considering strategies to de-risk one or two of these prospects in 2026

$25-$30M

in 2026 (possible drilling)

$10-$12/bbl

Estimated F&D costs if deemed commercial

Expansion

Block 107

Exploration Potential

Fiscal Terms

Block 107 is a prospect ready area with road access

Exploration commitment to drill

two exploration wells extended to February 2027

PetroTal will seek a

farmout partner

Gran Tierra retains 20% back

in option

Osheki Prospect

Unrisked mean / best estimate 534 / 275 mmbbls prospective resource

Key highlights

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

534 mmbbls

Mean estimate unrisked prospective resource over an area of 262,000 hectares

Subsurface

Reinterpreted seismic shows two main structural prospects

Updated technical

De-risked with new 3D Geologic Model supporting Cretaceous reservoirs with oil or gas charge from high quality Permian source rocks

Dry hole NPV neutral

Tax synergies with Bretaña

Expansion

Block 131

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Los Angeles Field

Key highlights

Acquisition closed in November 2024, for minimal net cash outlay from PetroTal

Current production is approximately 500 bopd of

40º API oil

Low risk conventional light oil reservoir in the

Cushabatay sand

Four-way closure composed of fluvial channels of uniform thickness, good porosity / permeability and clear OWC

Field Size: 2,435 acres

Expansion

Block 131 cont.

Included infrastructure: • Oil treatment plant

• Water treatment plant

• Water injection plant

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Continued growth in Peru

Development potential

5,500 bopd

Current oil handling capacity

Bypassed oil

Horizontal well locations high on structure

Voidage optimization

Lower opex with less chemical

Blending synergies

At the Iquitos refinery

Upside potential

Previous oil test in deeper Copacabana zone

Fiscal Terms

23.5% base royalty

Royalty on existing production

9.5-20% incremental royalty

New royalty structure for incremental production (pending ratification)

License contract expiring 2037

Expansion

Block 131 cont.

Los Angeles field historical production

Daily Oil (bbl/d)

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2/28/2014

12/31/2014

6/30/2015

12/31/2015

6/30/2016

12/31/2016

6/30/2017

12/31/2017

Oil Rate (bopd)

6/30/2018

12/31/2018

6/30/2019

12/31/2019

Cuml. Oil (mmbbl)

6/30/2020

12/31/2020

6/30/2021

12/31/2021

6/30/2022

12/31/2022

6/30/2023

12/31/2023

Cumulative Oil (mmbbls)

8

6/30/2024

12/31/2024

7

6

5

4

3

2

1

0

29

6/30/2025

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Expansion

TEA Blocks

Expanding exploration footprint in Ucayali and Maranon Basins

P e t r o T a l C o r p . I n v e s t o r P r e s e n t a t i o n

Key highlights

Low-cost land acquisition

Acreage secured for no up-front capital commitments. TEA's XCVII and XCVIII essentially reconstitute the historical boundaries of present-day Block 131, including acreage that had been relinquished by previous operators. TEA's CI and CII surround producing fields at Lote 8.

Basic work commitments

Work commitments largely include geological and geophysical studies, with total expenditures of approximately $100k per TEA. The TEA contracts grant PetroTal a right of first refusal to convert the acreage to a license contract.

Numerous exploration leads identified

All four TEA's have good legacy seismic coverage, and numerous exploration leads have already been identified on trend with producing oil fields in the area.

30