Supporting Energy Transition through Innovation and Technology

www.arverneresources.com

Pierre BROSSOLLETManaging Partner Arverne GroupCEO Arverne Resources (Co founder)

20 years experience in the O&G industry.VP at Total, Maurel&Prom, SMP, Dubai Petroleum

Expertise: Management, Drilling, Operations, Business development, Deal origination, Entrepreneurship.

Education: MSc Ecole Spéciale des Travaux Public (ESTP), Institut Français du Pétrole (IFP)

Guillaume TARNAUDManaging Partner Arverne Drilling(Co founder)

18 years experience in the O&G industryVP Total and SMP

Expertise: Management, Engineering, Drilling operations, Contracts & Procurement, Business Development.

Education: MSc Ecole Nationale des Arts et Métiers (ENSAM) ; Total University @ Hautes Études Commerciales (HEC)

Sébastien RENAUDArverne Group, Advisor

25 years experience in the O&G industry VP at Total, BNP

Expertise: Reservoir Engineering, M&A, deal structuration, entrepreneurship.

Education: Msc Ecole Polytechnique MSc Petroleum Engineering, Institut Français du Pétrole (IFP) MBA Hautes Études Commerciales (HEC)

Damien BÉVILLONCOO Arverne Resources(Co founder)

22 years experience in the O&G industry.VP at Perenco, Dubai Petroleum

Expertise : Reservoir engineering, Subsurface, general management

Education : PhD reservoir engineering, Institut Français du Pétrole (IFP) MSc Fluid Mechanics, Ecole Centrale Nantes MSc Physics, Nantes University

David MERLEPartner Arverne Group

20 years experience in the O&G industryCEO TBG energy, EVP Aker, SVP Cameron, Total

Expertise: Private Equity, Strategy, general management, EPC, Manufacturing, drilling operations, Entrepreneurship

Education: MSc Ecole Nationale des Ponts et Chaussées (ENPC) MBA Harvard Business School (HBS) Exec MBA Insead

Who we are...

Arverne Team

Arverne FranceA focus on France’s energy assets

Following the implementation of the Hulot law, asset owners want to both increase production and accelerate the recovery of reserves.

Arverne proposes an innovative model, fronting capital and delivering Turn Key Wells to the Operator.

Arverne has access to the Capital required able to finance the project

Contractual format: Arverne will intervene as a Service Contractor to Vermilion

Choice of projects and targets: jointly validated by Vermilion and Arverne.

Recoverable costs: budget validated by both parties. Capex Costs to be reimbursed with priority by the net proceeds of each well. Intervention costs (performed by Arverne) during the life of the well, will be covered as well by the production proceeds.

Profits: shared equally by both parties

Duration: the share of incremental production will be distributed until expiry of the target concession and after payment of 100% of the recoverable costs

Taxation: Taxation will be applied as per Operataor’s concessions fiscal terms

Procedures and authorizations with the French adminis-tration will be administered and paid for by Vermilion.

Well architecture and budgets: jointly validated by but constrained by French regulation (Demande d’Ouverture de Travaux DOT).

Opex: the level of Opex (in $/bbl or €/bbl) which will be deducted from the value of incremental production shall be fixed and validated yearly by the parties. Opex calculation will be detailed in the contract and applied as per concession

Product crude quality: no additional price adjustment will be made on the quality of the crude produced, other than that made on the crude produced by Vermi-lion from the same tanks. Vermilion will be in charge to market the oil and Vermilion procedures will apply.

Basis of contract

Financing

Arverne DrillingOver a half century of drilling experience

Our fleet dedicated to the Project

Our References:

Conventional Drilling Rig

Conventional Work-Over Rig

Hydraulic Rig

MR 8000Hook Load: 200 T Rated power: 1080 HPTDS: max torque 26 550 ft.lbsmax rpm 180Mud pumps: 2 x 1000 HPMud system: 200 m3

Manifold: 3" 5000 psi BOP: 13-5/8" 3000 psi annular 13-5/8" 3000 psi double

HH102

Hook Load: 100 T HPU: 575 HPTDS: max torque 26400 ft.lbsmax rpm 154Mud pumps: 2 x 600 HPMud system: 100 m3

Manifold: 2" 5000 psi BOP :

SK 12Hook Load: 73 T Rated power: 350 HPMud pump: 360 HPMud system: 90 m3

HydrilGK or GKM and Trojan 7-1/16"-3000 PSI

+1000 20wells countries

HH102a: 11" 3000 psi annular 11" 3000 psi double

HH102b: 13 5/8" 3000 psi annular 13 5/8" 3000 psi double

SK 7Hook Load: 82 T Rated power: 368 HPMud pump: 420 HPMud system: 90 m3

HydrilGK or GKM and Trojan 7-1/16"-PSI (annular and double rams)

Arverne ResourcesSubsurface expertise and Field Development

Arverne Resources based in the Pau region in the southwest of France, benefits from both unique knowledge and infrastructures in the energy Space.

City of Pau in France, a lead subsurface energy industry

Arverne Resources aims at re-developping both marginal and mature O&G fields leveraging best in class Innovation & Technology

A strong experience in Exploration & Production

• Specialized in mature fields take over and rehabilitation• Agile and hands on approach• Expertise & Operational• Multiple competences• Subsurface, EOR• Innovation & Technology

Founded by Managers from O&G Operators with 20 years worldwide experience

• Africa• Middle East• Europe• South America• Asia

Technopole Helioparc2, avenue Pierre Angot

64053 PAU CEDEX 9, France

+33 6 77 92 96 38info@arverneresources.com

www.arverneresources.com

www.arverneresources.com