Cenovus Energy Inc T.CVE.PR.E

Q3/2024 CC: RELEASE Of $ 600 Million In WORKING CAPITAL

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<span style="font-size:18px;">- <u><em><span style="font-size:22px;">the WORKING CAPITAL SURPLUS was USED ENTIRELY to BUY BACK CVE shares in the NCIB</span></em></u><br /> <br /> -<strong> the HUGE <em>Chistina Lake</em> TURNAROUND</strong> <span style="font-size:22px;"><u><em>was COMPLETED EIGHT (8) DAYS EARLIER than &#39;EXPECTED&#39;</em></u></span><br /> <br /> * <strong>as a RESULT,</strong> <span style="font-size:22px;"><u><em>BOP in Q3/2024 was 15,000 to 20,000 bbls/d HIGHER than &#39;EXPECTED&#39;</em></u><br /> <br /> <span style="font-size:18px;">- <strong>the <em>Chistina Lake</em> 17 kilometers TIE-IN to <em>Narrows Lake</em> was MECHANICALLY CONNECTED</strong> <span style="font-size:22px;"><u><em>and the WHOLE PROJECT is NOW 93% COMPLETED</em></u></span><br /> <br /> * <strong>STEAMING will START in April 2025 when the OUTSIDE TEMPERATURES are WARMER</strong> <span style="font-size:22px;"><u><em>and FLOWING BOP will BEGIN in&nbsp;~ June 2025</em></u></span><br /> <br /> * <strong>NOMINAL BOP @ <em>Narrows Lake</em> is <em>&#39;expected&#39;</em> to be in the 20,000 to 30,000 bbls/d RANGE</strong> <span style="font-size:22px;"><u><em>EXITING in 2025</em></u><br /> <br /> - <u><em>CVE is NOW SHIPPING the FULL 125,000 bbls/d CONTRACT CAPACITY on the TMX</em></u><br /> <br /> <span style="font-size:20px;">- <strong><em>SEAROSE FPSO</em> has LEFT Ireland</strong> <span style="font-size:22px;"><u><em>and is &#39;EXPECTED&#39; to be ON SITE within 2 to 3 DAYS</em></u><br /> <br /> <span style="font-size:18px;">- <strong>it will take about 30 to 45 DAYS to PERFORM ALL the CHECKS and CONNECTIONS</strong>&nbsp;<span style="font-size:22px;"><u><em>AFTER WHICH it can START DRILLING</em></u><br /> <br /> <span style="font-size:16px;">z173</span></span></span></span></span></span></span></span></span><br /> <br />