Deep, ready-to-drill, short-cycle well inventory
Up to 900 locations under development in Vaca Muerta
Productivity of shale oil wells among best-in-basin
181.6 MMboe of proved reserves (81% oil) at YE 2021
Capacity to treat and evacuate up to ~62 Mbbl/d of oil (1)
Peer-leading operating performance
Q3-22 total production was 50.7 Mboe/d
New well design and continuous improvement in drilling and completion reduce development cost to 7.3 $/boe
7.5 $/boe lifting cost in Q3-22, down 46% since 2018 (2)
Flat and agile organization, led by an experienced oil & gas management team
Robust balance sheet & financial performance
Sound balance sheet with 183 $MM in cash, resulting in a net leverage ratio of 0.5x, as of Q3-22
203 $MM positive free cash flow in LTM (3)
Adjusted EBITDA margin of 70% and Netback of 50.1 $/boe at 76.6 $/bbl realized oil price in Q3-22 (4)
Sustainability focused culture
Aspiring to become net zero in 2026 (5) by combining strong reduction of operational carbon footprint with own portfolio of Nature Based Solutions to remove remaining emissions

(1) Combined capacity of Bajada del Palo and Medanito clusters
(2) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration and G&A costs
(3) Free cash flow = Operating activities cash flow + Investing activities cash flow
(4) Adj. EBITDA = Net profit for the period + Income tax expense + Financial income (Expense), net + Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments
(5) Scope 1 & 2 GHG emissions

Unique 'pure-play' public investment opportunity in Vaca Muerta.
P1 Reserves: 177.1 MMboe at YE 2021 (99.7% operated, 81% oil)
Q3-22 production: 50.2 Mboe/d (99.7% operated, 83% oil)

• 183,100 net acres in the Vaca Muerta formation
• Identified up to 900 new well locations, of which 550 are in Bajada del Palo Oeste
• Potential upside by de-risking additional landing zones, Bajada del Palo Este and Águila Mora
• Infrastructure in place to treat ~62 Mbbl/d of oil
• Shale oil concessions expiring in 2050+
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Águila Mora
• Net acres: 21 128 (90% WI)
• License term: 2054
• Operator: Vista
• Commitment: capital expenditure of 32 $MM before November 2022
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Bajada del Palo Este
• Net acres: 48,853 (100% WI)
• License term: 2053
• Operator: Vista
• Commitment: Capital expenditure of 52 $MM before Dec-2022
• Inventory: Identified up to 50 well locations
• Successful results in first 2 wells (drilled in Q1-22)
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Bajada del Palo Oeste
• Net acres: 62,641 (100% WI)
• License term: 2053
• Operator: Vista
• Inventory: Identified up to 550 well locations having tested 3 landing zones
• Production: 30.1 Mboe/d in Q3-22
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Bandurria Norte
• Net acres: 26,404 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
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Aguada Federal
• Acres: 24,058 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
• Successful results in first 2 wells (drilled in Q2-22)

Mexico assetsArrow
P1 Reserves: 4.5 MMboe at YE 2021
Q3 2022 production: 0.5 Mboe/d

We hold 100% operating working interest in the contract for block CS-01 in the Macuspana basin
Incremental production through different activities to produce undeveloped reserves at upper Zargazal and Amate formations, which have original pressure and hydrocarbon saturation
Future upside will come from field developments, infrastructure upgrades and exploration of untested deeper formations