Forza Petroleum has announced budgeted capital expenditures for 2022 of $81 million, dedicated exclusively to the Hawler license area. Planned investments include:

• 11 wells including, in no particular order, completion of the Zey Gawra Tertiary well to be spudded in December 2021 and a second well targeting the Zey Gawra Tertiary reservoir, a Zey Gawra Cretaceous well, a well targeting the Cretaceous reservoir in a previously undrilled structure west of the currently developed Zey Gawra field, two side tracks of existing wells targeting the Demir Dagh Cretaceous reservoir, three additional wells targeting the Demir Dagh Cretaceous reservoir, the completion of the Ain Al Safra-2 well that was suspended prior to testing the Triassic reservoir due to the invasion of ISIS in 2014, and a well targeting the Cretaceous reservoir of the Banan field east of the Great Zab river;
• processing facilities and pipelines connecting each of the Banan field and the Zey Gawra field to the Hawler production facilities at the Demir Dagh field; and
• pads, flowlines and infrastructure modifications needed to accommodate incremental drilling and production and to reduce operating costs.

The Corporation expects cash on hand as of September 30, 2021 and cash receipts from net revenues from export sales exclusively through the Kurdistan Oil Export Pipeline to fund its forecasted capital expenditures and operating and administrative costs through the end of December 2022.

Kurdistan Region - Hawler

Forza Petroleum has a 65% participating and working interest in, and is the operator of, the Hawler license area.

The Hawler license area has four discoveries on four structures which are estimated by independent reserves evaluator Netherland, Sewell & Associates, Inc. as of December 31, 2019 to contain a total of 103 MMbbl of gross (working interest) proved plus probable oil reserves in a report dated February 14, 2020.

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