Petroreconcavo (RECV3) investor relations material

Reserve certification and growth

• 2P reserves for 2025 certified at 182.2 MMBOE, supporting 19 years of production at current pace.

• Reserve Replacement Ratio (RRR) maintained at 1.0x, indicating full replacement of produced reserves.

• Future reserves development cost estimated at US $8.4/boe, with PV10 value of US $2.4 billion.

• 43% of total 2P reserves are gas, highlighting a balanced portfolio.

• Recovery factors for oil and gas show potential for further expansion, benchmarking favorably against industry standards.

Production and cash flow outlook

• WI production projected to remain stable, ranging from 26 to 37 kboe/day through 2035.

• Operating cash flow expected to be robust, with a growth trajectory supported by consistent production.

• Lower Brent price curve and increased lifting costs partially offset by reduced midstream costs.

• Operating cash flow after CAPEX remains strong, with PV10 at US $2.4 billion for 2025.

• Certification highlights operational resilience and adaptability to market changes.

Capital expenditure and cost management

• 2P development CAPEX for the next five years averages around US $130 million annually.

• 2P reserve development cost remains stable at approximately US $8.4/boe.

• Short-term CAPEX reduction achieved through exchange rate gains and project optimization.

• Expansion of secondary recovery projects supports long-term reserve growth.

• CAPEX allocation is closely aligned with operating cash flow to ensure financial discipline.