[sheet: Cover]

Field	Value
Document Title	Funds Flow Memorandum
Matter Number	1016-00003
Transaction	$850,000,000 Aggregate Principal Amount of 9.375% Senior Secured Notes due 2032
Issuer	Dunmore Energy Holdings Ltd.
Co-Issuer	Dunmore upstream Finance Corp.
Closing / Settlement Date	May 15, 2025
Prepared By	Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10017
Responsible Partner	Jennifer Kwon
Lead Associate	Eric Johannsen
Working Associate	Claire Dempsey
Billing Partner	Theodore Langston
Distribution	CONFIDENTIAL — For Deal Parties Only
Date of Memorandum	May 14, 2025
Governing Law	State of New York
CUSIP (144A)	265387 AA 5
CUSIP (Reg S)	C2085R AA 2
ISIN (144A)	US265387AA51
ISIN (Reg S)	USC2085RAA24
Trustee / Collateral Agent	Northgate Trust Company, N.A.
Paying Agent / Registrar / Transfer Agent	Beacon Fiduciary Services LLC

[sheet: Sources]

Line Item No.	Source Description	Payor / Source Entity	Contact Person	Amount ($)	Notes
1	Purchase Price — Ridgeline Capital Markets LLC (55% allocation)	Ridgeline Capital Markets LLC	Thomas Whitford / Simone Achterberg	460487500	$467,500,000 par × 98.50% issue price = $460,487,500
2	Purchase Price — Clarion Securities Inc. (30% allocation)	Clarion Securities Inc.	Derek Holmgren	251175000	$255,000,000 par × 98.50% = $251,175,000
3	Purchase Price — Pinnacle Partners LLC (15% allocation)	Pinnacle Partners LLC	Julia Song	125587500	$127,500,000 par × 98.50% = $125,587,500
TOTAL SOURCES	837250000	Equals gross proceeds ($850,000,000 × 98.50%) — reconciles to $837,250,000

[sheet: Uses]

Line Item No.	Use Description	Payee / Recipient Entity	Contact Person	Amount ($)	Notes
1	Partial Repayment of Existing 7.50% Senior Unsecured Notes due October 15, 2028	Trustee of Existing 2028 Notes (per Payoff Letter)	N/A	450000000	Partial repayment; $400,000,000 of existing $850,000,000 outstanding will remain after this payment
2	Cayar Offshore Phase II Development Capital Expenditures	Dunmore Senegal S.A. — Designated Capex Account	Deepa Rajaram (CFO)	250000000	Funds deposited into restricted capex account for Cayar Offshore Block Phase II development
3	General Corporate Purposes and Working Capital	Dunmore Energy Holdings Ltd. — General Operating Account	Deepa Rajaram (CFO)	114750000	Balance after debt repayment, capex, and offering costs
4	Gross Spread — Initial Purchasers (2.00% of par)	See Gross Spread Allocation sheet	See below	17000000	$850,000,000 × 2.00% = $17,000,000; split among Ridgeline, Clarion, Pinnacle
5	Estimated Legal, Accounting, and Other Offering Expenses	Various — see Expense Detail sheet	Various	5500000	Legal fees (C&H, WBC, local counsel), auditor, rating agencies, printing, trustee fees, etc.
TOTAL USES	837250000	Must equal Total Sources

[sheet: Gross Spread Allocation]

Initial Purchaser	Role	Par Allocation ($)	Allocation %	Total Gross Spread ($)	Management Fee (0.25%) ($)	Underwriting Fee (0.75%) ($)	Selling Concession (1.00%) ($)
Ridgeline Capital Markets LLC	Lead Left Bookrunner	467500000	55%	9350000	1168750	3506250	4675000
Clarion Securities Inc.	Joint Bookrunner	255000000	30%	5100000	637500	1912500	2550000
Pinnacle Partners LLC	Co-Manager	127500000	15%	2550000	318750	956250	1275000
TOTAL	850000000	100%	17000000	2125000	6375000	8500000

[sheet: Expense Detail]

Line Item No.	Expense Category	Payee Entity	Contact Person	Estimated Amount ($)	Notes
1	Issuer's Counsel — Calderwood & Harkness LLP (NY law)	Calderwood & Harkness LLP	Jennifer Kwon / Theodore Langston	1650000	Estimated fees within $3,200,000–$3,800,000 range; portion allocable to closing; Matter No. 1016-00003
2	Initial Purchasers' Counsel — Whitfield Baxter & Cohn LLP	Whitfield Baxter & Cohn LLP	Harrison Cates	950000	Fees and disbursements
3	Issuer's Cayman Counsel — Kincaid & Moreau LLP	Kincaid & Moreau LLP	Nigel Ashworth	175000	Cayman law opinions and corporate advice
4	Issuer's Nigerian Counsel — Abayomi Chambers	Abayomi Chambers	Chidinma Okafor	225000	Nigerian law opinions, DPR/NNPC regulatory, security interests
5	Issuer's English Counsel — Cresswell & Greaves LLP	Cresswell & Greaves LLP	Fiona Halsted	150000	English law guarantee and debenture opinions
6	Issuer's Senegalese Counsel — Theron Moss & Associates SARL	Theron Moss & Associates SARL	Moustapha Sy	125000	Senegalese law PSC compliance and security opinions
7	ABL Agent's Counsel — Pruitt Halsey LLP	Pruitt Halsey LLP	N/A	100000	Review of Intercreditor Agreement and ABL consent
8	Independent Auditor — Alverton & Co. LLP (comfort letters)	Alverton & Co. LLP	Graham Stillwell	350000	Initial and bring-down comfort letters; consent
9	Reserves Engineer — Duval Howard & Partners	Duval Howard & Partners	Dr. Evelyn Marchetti	200000	Consent to use of reserves report in OM; supplemental work
10	ESG Consultant — Barrisford Advisory Group LLC	Barrisford Advisory Group LLC	Nathan Reyes Linley CPAs LLP	125000	ESG data package preparation and OM review
11	Sanctions / OFAC Advisor — Sandoval Compliance Solutions LLC	Sandoval Compliance Solutions LLC	Rosa Medina	100000	OFAC, EU, UK OFSI sanctions screening of all group entities and counterparties
12	Rating Agency Fees — Lodestar Ratings International	Lodestar Ratings International	Catherine Irvine	375000	Preliminary rating B2 / Stable; initial and surveillance fees
13	Rating Agency Fees — Veridian Credit Assessments Inc.	Veridian Credit Assessments Inc.	James Fenwick	325000	Preliminary rating B+ / Stable; initial and surveillance fees
14	Trustee and Collateral Agent Fees — Northgate Trust Company, N.A.	Northgate Trust Company, N.A.	William Kerrigan	75000	Acceptance fee and first-year annual fee
15	Paying Agent / Registrar / Transfer Agent — Beacon Fiduciary Services LLC	Beacon Fiduciary Services LLC	Sandra Mitchum	50000	Acceptance fee and first-year annual fee
16	Printing, DTC, and Miscellaneous	Various	N/A	225000	OM printing, EDGAR/DTC eligibility, filing fees, miscellaneous closing costs
17	UCC Filing Fees (Delaware Secretary of State)	Delaware Secretary of State	N/A	5000	UCC-1 financing statement filings for DUFC, Dunmore Gulf, Dunmore Renewables, Dunmore Midstream
TOTAL ESTIMATED EXPENSES (excl. Gross Spread)	5500000	Includes estimated amounts; final amounts subject to actual invoices. Total Offering Costs = Gross Spread ($17,000,000) + Estimated Expenses ($5,500,000) = $22,500,000

[sheet: Wire Instructions]

Ref No.	Recipient Entity	Recipient Contact	Receiving Bank Name	ABA / Routing No.	Account Name	Account Number	Reference / Memo	Amount ($)	Confirmation Required From
1	Trustee of Existing 7.50% Senior Unsecured Notes due 2028 (Partial Payoff)	[Trustee Name — per Payoff Letter]	[Bank Name]	[ABA#]	[Account Name per Payoff Letter]	[Acct#]	Dunmore — Partial Redemption 7.50% Notes 2028	450000000	Deepa Rajaram (CFO, DEH)
2	Dunmore Senegal S.A. — Cayar Phase II Capex Account	Deepa Rajaram	[Bank Name]	[ABA#]	Dunmore Senegal S.A. — Restricted Capex Account	[Acct#]	Cayar Offshore Phase II Development	250000000	Deepa Rajaram (CFO, DEH)
3	Dunmore Energy Holdings Ltd. — General Operating Account	Deepa Rajaram	[Bank Name]	[ABA#]	Dunmore Energy Holdings Ltd.	[Acct#]	General Corporate / Working Capital	114750000	Deepa Rajaram (CFO, DEH)
4	Ridgeline Capital Markets LLC — Gross Spread	Thomas Whitford	[Bank Name]	[ABA#]	Ridgeline Capital Markets LLC	[Acct#]	Gross Spread — Dunmore 9.375% Notes 2032	9350000	Simone Achterberg
5	Clarion Securities Inc. — Gross Spread	Derek Holmgren	[Bank Name]	[ABA#]	Clarion Securities Inc.	[Acct#]	Gross Spread — Dunmore 9.375% Notes 2032	5100000	Derek Holmgren
6	Pinnacle Partners LLC — Gross Spread	Julia Song	[Bank Name]	[ABA#]	Pinnacle Partners LLC	[Acct#]	Gross Spread — Dunmore 9.375% Notes 2032	2550000	Julia Song
7	Calderwood & Harkness LLP	Jennifer Kwon / Theodore Langston	[Bank Name]	[ABA#]	Calderwood & Harkness LLP — Client Trust Account	[Acct#]	Matter No. 1016-00003 — Legal Fees	1650000	Theodore Langston
8	Whitfield Baxter & Cohn LLP	Harrison Cates	[Bank Name]	[ABA#]	Whitfield Baxter & Cohn LLP	[Acct#]	Legal Fees — Dunmore Notes	950000	Harrison Cates
9	Kincaid & Moreau LLP	Nigel Ashworth	[Bank Name]	[ABA#]	Kincaid & Moreau LLP	[Acct#]	Cayman Counsel Fees — Dunmore Notes	175000	Nigel Ashworth
10	Abayomi Chambers	Chidinma Okafor	[Bank Name]	[ABA#]	Abayomi Chambers	[Acct#]	Nigerian Counsel Fees — Dunmore Notes	225000	Chidinma Okafor
11	Cresswell & Greaves LLP	Fiona Halsted	[Bank Name]	[ABA#]	Cresswell & Greaves LLP	[Acct#]	English Counsel Fees — Dunmore Notes	150000	Fiona Halsted
12	Theron Moss & Associates SARL	Moustapha Sy	[Bank Name]	[ABA#]	Theron Moss & Associates SARL	[Acct#]	Senegalese Counsel Fees — Dunmore Notes	125000	Moustapha Sy
13	Pruitt Halsey LLP	N/A	[Bank Name]	[ABA#]	Pruitt Halsey LLP	[Acct#]	ABL Agent's Counsel Fees — Dunmore Notes	100000	Robert Cavanaugh
14	Alverton & Co. LLP	Graham Stillwell	[Bank Name]	[ABA#]	Alverton & Co. LLP	[Acct#]	Audit / Comfort Letter Fees — Dunmore Notes	350000	Graham Stillwell
15	Duval Howard & Partners	Dr. Evelyn Marchetti	[Bank Name]	[ABA#]	Duval Howard & Partners	[Acct#]	Reserves Engineer Fees — Dunmore Notes	200000	Dr. Evelyn Marchetti
16	Remaining Expense Payees (aggregate — to be broken out upon receipt of final invoices)	Various — see Expense Detail	[Various]	[Various]	[Various]	[Various]	Dunmore Notes Offering Expenses	1100000	Deepa Rajaram (CFO, DEH)
TOTAL WIRES	837250000

[sheet: Cover]
Field | Value
Document Title | Funds Flow Memorandum
Matter Number | 1016-00003
Transaction | $850,000,000 Aggregate Principal Amount of 9.375% Senior Secured Notes due 2032
Issuer | Dunmore Energy Holdings Ltd.
Co-Issuer | Dunmore upstream Finance Corp.
Closing / Settlement Date | May 15, 2025
Prepared By | Calderwood & Harkness LLP, 425 Lexington Avenue, New York, NY 10017
Responsible Partner | Jennifer Kwon
Lead Associate | Eric Johannsen
Working Associate | Claire Dempsey
Billing Partner | Theodore Langston
Distribution | CONFIDENTIAL — For Deal Parties Only
Date of Memorandum | May 14, 2025
Governing Law | State of New York
CUSIP (144A) | 265387 AA 5
CUSIP (Reg S) | C2085R AA 2
ISIN (144A) | US265387AA51
ISIN (Reg S) | USC2085RAA24
Trustee / Collateral Agent | Northgate Trust Company, N.A.
Paying Agent / Registrar / Transfer Agent | Beacon Fiduciary Services LLC
[sheet: Sources]
Line Item No. | Source Description | Payor / Source Entity | Contact Person | Amount ($) | Notes
1 | Purchase Price — Ridgeline Capital Markets LLC (55% allocation) | Ridgeline Capital Markets LLC | Thomas Whitford / Simone Achterberg | 460487500 | $467,500,000 par × 98.50% issue price = $460,487,500
2 | Purchase Price — Clarion Securities Inc. (30% allocation) | Clarion Securities Inc. | Derek Holmgren | 251175000 | $255,000,000 par × 98.50% = $251,175,000
3 | Purchase Price — Pinnacle Partners LLC (15% allocation) | Pinnacle Partners LLC | Julia Song | 125587500 | $127,500,000 par × 98.50% = $125,587,500
TOTAL SOURCES | 837250000 | Equals gross proceeds ($850,000,000 × 98.50%) — reconciles to $837,250,000
[sheet: Uses]
Line Item No. | Use Description | Payee / Recipient Entity | Contact Person | Amount ($) | Notes
1 | Partial Repayment of Existing 7.50% Senior Unsecured Notes due October 15, 2028 | Trustee of Existing 2028 Notes (per Payoff Letter) | N/A | 450000000 | Partial repayment; $400,000,000 of existing $850,000,000 outstanding will remain after this payment
2 | Cayar Offshore Phase II Development Capital Expenditures | Dunmore Senegal S.A. — Designated Capex Account | Deepa Rajaram (CFO) | 250000000 | Funds deposited into restricted capex account for Cayar Offshore Block Phase II development
3 | General Corporate Purposes and Working Capital | Dunmore Energy Holdings Ltd. — General Operating Account | Deepa Rajaram (CFO) | 114750000 | Balance after debt repayment, capex, and offering costs
4 | Gross Spread — Initial Purchasers (2.00% of par) | See Gross Spread Allocation sheet | See below | 17000000 | $850,000,000 × 2.00% = $17,000,000; split among Ridgeline, Clarion, Pinnacle
5 | Estimated Legal, Accounting, and Other Offering Expenses | Various — see Expense Detail sheet | Various | 5500000 | Legal fees (C&H, WBC, local counsel), auditor, rating agencies, printing, trustee fees, etc.
TOTAL USES | 837250000 | Must equal Total Sources
[sheet: Gross Spread Allocation]
Initial Purchaser | Role | Par Allocation ($) | Allocation % | Total Gross Spread ($) | Management Fee (0.25%) ($) | Underwriting Fee (0.75%) ($) | Selling Concession (1.00%) ($)
Ridgeline Capital Markets LLC | Lead Left Bookrunner | 467500000 | 55% | 9350000 | 1168750 | 3506250 | 4675000
Clarion Securities Inc. | Joint Bookrunner | 255000000 | 30% | 5100000 | 637500 | 1912500 | 2550000
Pinnacle Partners LLC | Co-Manager | 127500000 | 15% | 2550000 | 318750 | 956250 | 1275000
TOTAL | 850000000 | 100% | 17000000 | 2125000 | 6375000 | 8500000
[sheet: Expense Detail]
Line Item No. | Expense Category | Payee Entity | Contact Person | Estimated Amount ($) | Notes
1 | Issuer's Counsel — Calderwood & Harkness LLP (NY law) | Calderwood & Harkness LLP | Jennifer Kwon / Theodore Langston | 1650000 | Estimated fees within $3,200,000–$3,800,000 range; portion allocable to closing; Matter No. 1016-00003
2 | Initial Purchasers' Counsel — Whitfield Baxter & Cohn LLP | Whitfield Baxter & Cohn LLP | Harrison Cates | 950000 | Fees and disbursements
3 | Issuer's Cayman Counsel — Kincaid & Moreau LLP | Kincaid & Moreau LLP | Nigel Ashworth | 175000 | Cayman law opinions and corporate advice
4 | Issuer's Nigerian Counsel — Abayomi Chambers | Abayomi Chambers | Chidinma Okafor | 225000 | Nigerian law opinions, DPR/NNPC regulatory, security interests
5 | Issuer's English Counsel — Cresswell & Greaves LLP | Cresswell & Greaves LLP | Fiona Halsted | 150000 | English law guarantee and debenture opinions
6 | Issuer's Senegalese Counsel — Theron Moss & Associates SARL | Theron Moss & Associates SARL | Moustapha Sy | 125000 | Senegalese law PSC compliance and security opinions
7 | ABL Agent's Counsel — Pruitt Halsey LLP | Pruitt Halsey LLP | N/A | 100000 | Review of Intercreditor Agreement and ABL consent
8 | Independent Auditor — Alverton & Co. LLP (comfort letters) | Alverton & Co. LLP | Graham Stillwell | 350000 | Initial and bring-down comfort letters; consent
9 | Reserves Engineer — Duval Howard & Partners | Duval Howard & Partners | Dr. Evelyn Marchetti | 200000 | Consent to use of reserves report in OM; supplemental work
10 | ESG Consultant — Barrisford Advisory Group LLC | Barrisford Advisory Group LLC | Nathan Reyes Linley CPAs LLP | 125000 | ESG data package preparation and OM review
11 | Sanctions / OFAC Advisor — Sandoval Compliance Solutions LLC | Sandoval Compliance Solutions LLC | Rosa Medina | 100000 | OFAC, EU, UK OFSI sanctions screening of all group entities and counterparties
12 | Rating Agency Fees — Lodestar Ratings International | Lodestar Ratings International | Catherine Irvine | 375000 | Preliminary rating B2 / Stable; initial and surveillance fees
13 | Rating Agency Fees — Veridian Credit Assessments Inc. | Veridian Credit Assessments Inc. | James Fenwick | 325000 | Preliminary rating B+ / Stable; initial and surveillance fees
14 | Trustee and Collateral Agent Fees — Northgate Trust Company, N.A. | Northgate Trust Company, N.A. | William Kerrigan | 75000 | Acceptance fee and first-year annual fee
15 | Paying Agent / Registrar / Transfer Agent — Beacon Fiduciary Services LLC | Beacon Fiduciary Services LLC | Sandra Mitchum | 50000 | Acceptance fee and first-year annual fee
16 | Printing, DTC, and Miscellaneous | Various | N/A | 225000 | OM printing, EDGAR/DTC eligibility, filing fees, miscellaneous closing costs
17 | UCC Filing Fees (Delaware Secretary of State) | Delaware Secretary of State | N/A | 5000 | UCC-1 financing statement filings for DUFC, Dunmore Gulf, Dunmore Renewables, Dunmore Midstream
TOTAL ESTIMATED EXPENSES (excl. Gross Spread) | 5500000 | Includes estimated amounts; final amounts subject to actual invoices. Total Offering Costs = Gross Spread ($17,000,000) + Estimated Expenses ($5,500,000) = $22,500,000
[sheet: Wire Instructions]
Ref No. | Recipient Entity | Recipient Contact | Receiving Bank Name | ABA / Routing No. | Account Name | Account Number | Reference / Memo | Amount ($) | Confirmation Required From
1 | Trustee of Existing 7.50% Senior Unsecured Notes due 2028 (Partial Payoff) | [Trustee Name — per Payoff Letter] | [Bank Name] | [ABA#] | [Account Name per Payoff Letter] | [Acct#] | Dunmore — Partial Redemption 7.50% Notes 2028 | 450000000 | Deepa Rajaram (CFO, DEH)
2 | Dunmore Senegal S.A. — Cayar Phase II Capex Account | Deepa Rajaram | [Bank Name] | [ABA#] | Dunmore Senegal S.A. — Restricted Capex Account | [Acct#] | Cayar Offshore Phase II Development | 250000000 | Deepa Rajaram (CFO, DEH)
3 | Dunmore Energy Holdings Ltd. — General Operating Account | Deepa Rajaram | [Bank Name] | [ABA#] | Dunmore Energy Holdings Ltd. | [Acct#] | General Corporate / Working Capital | 114750000 | Deepa Rajaram (CFO, DEH)
4 | Ridgeline Capital Markets LLC — Gross Spread | Thomas Whitford | [Bank Name] | [ABA#] | Ridgeline Capital Markets LLC | [Acct#] | Gross Spread — Dunmore 9.375% Notes 2032 | 9350000 | Simone Achterberg
5 | Clarion Securities Inc. — Gross Spread | Derek Holmgren | [Bank Name] | [ABA#] | Clarion Securities Inc. | [Acct#] | Gross Spread — Dunmore 9.375% Notes 2032 | 5100000 | Derek Holmgren
6 | Pinnacle Partners LLC — Gross Spread | Julia Song | [Bank Name] | [ABA#] | Pinnacle Partners LLC | [Acct#] | Gross Spread — Dunmore 9.375% Notes 2032 | 2550000 | Julia Song
7 | Calderwood & Harkness LLP | Jennifer Kwon / Theodore Langston | [Bank Name] | [ABA#] | Calderwood & Harkness LLP — Client Trust Account | [Acct#] | Matter No. 1016-00003 — Legal Fees | 1650000 | Theodore Langston
8 | Whitfield Baxter & Cohn LLP | Harrison Cates | [Bank Name] | [ABA#] | Whitfield Baxter & Cohn LLP | [Acct#] | Legal Fees — Dunmore Notes | 950000 | Harrison Cates
9 | Kincaid & Moreau LLP | Nigel Ashworth | [Bank Name] | [ABA#] | Kincaid & Moreau LLP | [Acct#] | Cayman Counsel Fees — Dunmore Notes | 175000 | Nigel Ashworth
10 | Abayomi Chambers | Chidinma Okafor | [Bank Name] | [ABA#] | Abayomi Chambers | [Acct#] | Nigerian Counsel Fees — Dunmore Notes | 225000 | Chidinma Okafor
11 | Cresswell & Greaves LLP | Fiona Halsted | [Bank Name] | [ABA#] | Cresswell & Greaves LLP | [Acct#] | English Counsel Fees — Dunmore Notes | 150000 | Fiona Halsted
12 | Theron Moss & Associates SARL | Moustapha Sy | [Bank Name] | [ABA#] | Theron Moss & Associates SARL | [Acct#] | Senegalese Counsel Fees — Dunmore Notes | 125000 | Moustapha Sy
13 | Pruitt Halsey LLP | N/A | [Bank Name] | [ABA#] | Pruitt Halsey LLP | [Acct#] | ABL Agent's Counsel Fees — Dunmore Notes | 100000 | Robert Cavanaugh
14 | Alverton & Co. LLP | Graham Stillwell | [Bank Name] | [ABA#] | Alverton & Co. LLP | [Acct#] | Audit / Comfort Letter Fees — Dunmore Notes | 350000 | Graham Stillwell
15 | Duval Howard & Partners | Dr. Evelyn Marchetti | [Bank Name] | [ABA#] | Duval Howard & Partners | [Acct#] | Reserves Engineer Fees — Dunmore Notes | 200000 | Dr. Evelyn Marchetti
16 | Remaining Expense Payees (aggregate — to be broken out upon receipt of final invoices) | Various — see Expense Detail | [Various] | [Various] | [Various] | [Various] | Dunmore Notes Offering Expenses | 1100000 | Deepa Rajaram (CFO, DEH)
TOTAL WIRES | 837250000

[sheet: Cover]

Record

Parties

Dates

Amounts