4Q 2025 Earnings Conference Call & Webcast February 25, 2026 www.talosenergy.com NYSE: TALO 1 Cautionary Statements Cautionary Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact included in this presentation, regarding our strategy ...

Core Viewpoint - New Stratus Energy Inc. has signed a significant farm-in Memorandum of Understanding with Vultur Oil to develop oil and gas concession contracts in Bahia, Brazil, enhancing its operational footprint in a region with rich hydrocarbon potential [1][11]. Concession Contracts - The agreement involves two concession contracts for oil and gas exploration, development, and production, specifically the 108 Contract and the 107 Contract, both held 100% by Vultur [2]. - These contracts are located in the Reconcavo Basin, adjacent to Petrobras' Araças field, which has a history of significant oil production [3]. Historical Operations - Vultur has successfully re-entered and stimulated the Candeias Formation in the GREN well, achieving promising initial results with 1P volumes reaching up to 100,000 barrels of light oil [4]. - Previous drilling in the area has confirmed the presence of hydrocarbons, indicating significant potential for increased production through advanced drilling techniques [5]. Reserves - At closing, New Stratus' 15% working interest in the blocks is estimated to have gross proved reserves of 1.42 million barrels of oil equivalent (BOE) with a before-tax net present value (NPV10) of US$15.2 million [8]. - Upon completion of the Second Stage Investment, the reserves attributable to a 32.5% working interest are projected to be 3.07 million BOE with an NPV10 of US$32.83 million [14]. MOU Terms - The MOU outlines the intention to negotiate a definitive farm-out agreement and a joint operating agreement for the development of the concession contracts [11]. - The agreement includes a phased approval process from the Brazilian National Petroleum Agency (ANP) for the transfer of working interests [12]. Financial Aspects - The transaction will not involve debt financing, and New Stratus will be responsible for funding a total of US$10 million for initial development activities [15][16].