EGY — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• •the macroeconomic, regulatory or other potential effects of a prolonged U.S. government shutdown;

• •the ultimate resolution of our abandonment funding obligations with the government of Gabon and the audit of our operations in Gabon currently being conducted by the government of Gabon;

• •the ability of the FPSO in Cote d’Ivoire to return to service within the expected timeframe;

• The oil and gas industry is cyclical and commodity prices are inherently volatile. Oil prices reflect global supply and demand dynamics as well as the geopolitical and macroeconomic environment and uncertainties. These factors, and any changes to these factors, among others, could have a material ad…

• Commodity Prices – Uncertainties in the global supply chain and financial markets impact oil supply and demand and contribute to commodity price volatility. These uncertainties include the impacts of ongoing international conflicts, inflation, current and potential tariffs or other trade barriers, g…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• •the uncertainty of estimates of crude oil, natural gas and NGLs reserves;

• •the impact and duration of scheduled maintenance of the floating, production, storage and offloading (“FPSO”) vessel in Côte d'Ivoire;

• •the ultimate resolution of our abandonment funding obligations with the government of Gabon and the audit of our operations in Gabon that was conducted by the government of Gabon;

• The Company paid a quarterly cash dividend of $0.0625 per share of common stock for the third quarter of 2025 ($0.25 annualized) on September 19, 2025 to stockholders of record at the close of business on August 22, 2025. The Company also announced its next quarterly cash dividend of $0.0625 per sha…

• The Company secured a drilling rig in December 2024 in conjunction with its 2025/2026 drilling program, which is expected to begin during the fourth quarter of 2025, once the drilling rig completes its current commitments. The program includes drilling multiple development wells, and appraisal or ex…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• Settlement PeriodIndexTotal volumes (Bbls)Weighted average floor price ($/Bbl)Weighted average ceiling price ($/Bbl)

• Oil and gas properties are assessed for impairment annually as well as whenever events or changes in circumstances indicate that a property’s carrying amount may not be recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company would estimate the fair value…

• If crude oil sales were to remain constant at the most recent annual sales volumes, a $5 per Bbl decrease in crude oil price would decrease our revenues and operating income or increase our operating loss for the three months ended March 31, 2026 as follows:

• With respect to our crude oil sales in Gabon, Egypt and Côte d'Ivoire, the prices received are based on Dated Brent prices plus or minus a differential. With respect to our crude oil and NGLs sales in Canada, prior to the Canadian Assets Divestment, the prices received are/were based on NYMEX WTI (W…

• differential. Natural gas sales are/were based on the Canadian index price whose price is based, in part, on the NYMEX Henry Hub Natural Gas futures contracts. Egypt production is based on Dated Brent prices, less a quality differential and is shared with the Egyptian government. When the price of o…

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• InstrumentIndexOctober 2025 to December 2025January 2026 to March 2026April 2026 to June 2026July 2026 to September 2026

• (a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions.

• The table below presents commodity swaps entered into subsequent to September 30, 2025.

• a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions.

• Oil and gas properties are assessed for impairment annually as well as whenever events or changes in circumstances indicate that a property’s carrying amount may not be recoverable. If the carrying amount exceeds the estimated undiscounted future cash flows, the Company would estimate the fair value…

Text added vs the prior filing · source: 10-Q · 2026-05-11

• We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rule…

• There have been no changes in our internal control over financial reporting during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Text removed vs the prior filing · source: 10-Q · 2025-11-10

• Our management, including our Principal Executive Officer and Principal Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of…

• MATERIAL WEAKNESS IN INTERNAL CONTROL OVER FINANCIAL REPORTING

• As previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, Management previously identified the following material weaknesses in internal control over financial reporting:

• •The Company had ineffective general information technology controls (“GITCs”) that support the consistent operation of the Company’s information technology (“IT”) systems, specific to its procure-to-pay system. As a result, automated process-level controls and manual controls dependent upon the acc…

• •The Company did not effectively design, implement, or operate process-level control activities related to its financial reporting process, specific to its procure-to-pay process.