What you need to know: • Jericho’s O&G JV assets are harvesting record cash flow and growing production steadily. The assets have a PV-10 of $43.7M. • JEV’s wholly owned Hydrogen Technologies has an innovative solution for clean hydrogen boilers. JEV also has two minority investments in disruptive hydrogen solutions. • JEV’s management team is made up of seasoned energy professionals and its cap table contains various strategic shareholders. Jericho Energy Ventures Inc. (JEV:TSXV, OTC:JROOF) is a publicly traded investment vehicle positioned for the energy transition by owning and operating both cash-flowing hydrocarbon JV assets and innovative hydrogen applications. The future of the Company lies with its patented Hydrogen Technologies, which has developed a zero-emission boiler technology for the industrial heat and steam industry. JEV also owns minority investments in technologies that solve critical issues in the hydrogen value chain. We are initiating coverage on Jericho Energy Ventures with a BUY rating and target price of C$0.40/share. Investment Thesis Summary Harvesting Record Cash Flow from O&G JVs. Jericho has various joint-venture assets in E&P properties in Oklahoma, covering 52,000 acres in mid-continent legacy basins. Over the last twelve months, JEV’s assets have averaged 305 BOPD and 1,959 MCFD across its 61 active wells which is expected to grow further in 2023. JEV’s latest reserve report valued its assets at a PV-10 of $43.7 (pretax), accounting for over 80% of its enterprise value. This business allows JEV to generate non-dilutive cash flow which can be re-invested in the high multiple hydrogen industry. Hydrogen Technologies has Disruptive Potential. Hydrogen Technologies (100% owned by JEV) has developed a cutting-edge zero-emission hydrogen steam boiler system which is positioned to disrupt one of the largest carbon-emitting industries in the world, steam boilers. The patented technology is currently going through engineering studies with 34 customers, and we expect this to result in firm contacts over the next year. Minority Investments Provide Optionality. Jericho owns 6.5% of H2U Technologies, a company that uses proprietary methods to discover and test low-cost electrocatalysts, allowing for the replacement of expensive platinum group metals. JEV also owns 10.3% of Supercritical, which is developing the world’s first high-pressure ultra-efficient electrolyser that does not require a hydrogen compressor. These investments have massive upside potential in the likely event of a sale in the medium/long-term. Management & Strategic Shareholders. JEV is led by CEO Brian Williamson who brings over 25 years of experience in the energy industry alongside an experienced team of hydrocarbon and renewable energy professionals. JEV also has various key strategic shareholders that we would not expect for a company of its size. Sum-of-the-Parts Valuation. We value Jericho based on 0.7x the PV-10 value of its O&G JV assets, 4.0x 2025E sales from Hydrogen Technologies, in addition to its minority investments at cost, resulting in our C$0.40/share target price.