Economics : Type Curve
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Kaybob Duvernay
Future Oil-Weighted Optionality Preserved
Kaybob Duvernay Acreage
2Q 2024 4 MBOEPD, 72% Liquids KAYBOB
NORTH
3 operated wells online in Kaybob West KAYBOB EAST
Completes 2024 well delivery program
Strong Performance from Recent Wells
Achieving highest IP30 rates in company history KAYBOB
WEST
Peak rate average 1,900 BOPD / well TWO CREEKS
Performance mirrors Eagle Ford Shale Catarina wells
Peak rate is top tier among peers, normalized for
lateral length 0 Mil 5
es
2024 Online Wells Murphy Acreage Battery Facility Pipeline Wells
2024 Kaybob Wells Normalized Peak Production vs Peers BBL / 1,000 ft
3,000
2024 Kaybob West Wells vs. 2024 Catarina Wells Average Cum MBOE / 1,000 ft
2,500
8
2,000 6
1,500
4
Kaybob
1,000
2 Catarina
500
0 0
A MUR B C D E F G 0 25 50 75
Days Online
Data per Enverus as of July 19, 2024 Acreage as of August 6, 2024
www.murphyoilcorp.com
NYSE: MUR
12
Murphy Oil Corp
August 2024
Enhancing Asset Quality with the Duvernay
Two well pad
Bonavista has over 135,000 acres of prospective Duvernay lands
2-mile Type 2-mile Type
licensed June 2019 Curve Curve
Single Well Pad (per well)
BNP H2 2019 location Two wells on production Drill & Complete Capital ( mm) 9.5 8.1
drilled in late Q3
in 3Q2019 at 1,033 bbl/d IP12 (boe/d) 425 425
and 945 bbl/d of liquids EUR* (mboe) 648 648
IRR* (%) 23 36
Rig released Payout* (months) 40 29
May 2019 700
Oil Production (bbl/d)
600
500
400
300
Two well pad with 200
cumulative oil 100
production 0
exceeding 1 2 3 4 5 6 7 8 9 10 11 12
BNP Lands 90 mboe per well Months on production
Industry Duvernay Wells 4-well Average 2-mile Type Curve High Well Low Well
* Refer to Advisories Referenced by Slide Number
www.bonavistaenergy.com TSX: BNP 28
Bonavista Energy Corp
March 2020
DUVERNAY COMPETITIVE SHALE PLAY
UNIQUE EXPOSURE TO THE OIL WINDOW KAYBOB WEST & EAST OIL
o Significant running room
700 remaining locations across the play
o Transitioning to development in select areas
1625 NORTHERN STEPOUT
Achieved C7.5MM D&C costs (2well pad) KAYBOB WEST & EAST (26 WELLS)
o High quality condensate local demand
40 50 API TWO CREEKS VS. EAST SHALE BASIN DUVERNAY
4 WELLS (1629 & 519) IP AVG PER WELL
ESB TOP QUARTILE
ESB AVERAGE (120 WELLS)
TWO CREEKS OUTPERFORMING EAST SHALE BASIN
o Testing the shallower window at Two Creeks
2,700m vertical depth
o Line of sight to multiwell pad efficiencies
Athabasca Oil Corp
March 2020