Asset Profile: Cory Moruga (Snowcap)

Asset Description

• Acquired in mid-2018 as part of Steeldrum acquisition
• Located along the western flank of the Rock Dome Anticline, north of the Moruga West field and west of the Inniss-Trinity Field
• A discovery made in 2010 by Panax

Technical Highlights

• Snowcap#1 flow test performed in February 2011 and 29.5-degree API oil flowed to surface
• Two extended production tests have been carried out. The first flowed 250 bopd on 7 -12/32′′ choke size (in 2012) and 80 bopd (in 2015) with an emulsion mix due to possible water influx from a deeper sand

Near-term Milestone

• Review all the data and field development plan assess if development is commercially feasible in the current oil price environment