Business Description

OVERVIEW AND STRATEGY We are an independent energy company headquartered in Houston, Texas engaged in the acquisition, exploration, development and production of crude oil, natural gas and NGLs. We have a diversified, African-focused portfolio of production, development and exploration assets located in Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea, Nigeria, as well as, prior to the Canada Asset Divestment (defined below), producing properties in Canada. Our overall business strategy is to maximize the value of our current resources and expand into new development opportunities across our strategically complementary asset base. We intend to accelerate shareholder returns and increase shareholder value by controlling operating costs and capital expenditures, maximizing reserve recoveries and making disciplined strategic accretive acquisitions that meet our strategic and financial objectives. Specifically, we seek to: • Focus on maintaining production and lowering costs to increase margins and preserve optionality to capitalize on an increase in crude oil, natural gas and NGLs prices; • Manage capital expenditures related to our drilling programs so that expenditures can be funded by cash on hand and cash from operations; • Continue our focus on operating safely and complying with internationally accepted environmental operating standards; • Optimize production through careful management of wells and infrastructure; • Maximize our cash flow and income generation; • Continue planning for additional development of our properties; • Preserve a strong balance sheet by maintaining conservative leverage ratios and exhibiting financial discipline; • Opportunistically hedge against exposures to changes in crude oil, natural gas or NGLs prices; and • Actively pursue strategic, value-accretive mergers and acquisitions of similar properties to diversify our portfolio of producing assets. We believe that our quality portfolio, strong management and technical expertise specific to the markets in which we operate, and our ongoing focus on maintaining a competitive cost structure and disciplined capital allocation framework, position us to achieve our business strategy and navigate a variety of commodity price environments. Over the past years, we have delivered on our focused strategy and believe we will continue to do so with the organic growth programs across our diversified portfolio over the coming years. Divestment of Non-Core Assets On February 4, 2026, the Company entered into an asset purchase agreement (the “Canada APA”) to sell all the operating assets in Canada (the “Canada Asset Divestment”) to a third party purchaser for a purchase price of approximately $24.4 million (C$33.4 million), subject to customary adjustments. The Canada Asset Divestment closed on February 19, 2026 with an effective date of February 1, 2026 for an adjusted purchase price of $25.5 million (C$34.9 million), subject to additional customary post-closing adjustments. The Canada Asset Divestment represents the Company’s complete exit of its Canadian oil and gas operations. Please see Part IV, Item 15., Note 4. Acquisitions and Divestiture and Note 20. Subsequent Events , to the Consolidated Financial Statements for further discussion on the Canada Asset Divestment. SEGMENT AND GEOGRAPHIC INFORMATION For additional operating segment and geographic financial information, see Part IV, Item 15., Note 19. Segment Information to the Consolidated Financial Statements. Our reportable operating segments are Gabon, Egypt, Cote d'Ivoire, Equatorial Guinea and, prior to the Canada Asset Divestment, Canada. 11 Table of Contents The following table sets out a brief comparative summary of certain key data for each of the Company’s operating segments. Additional data and discussion are provided in Part II, Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K. Year Ended December 31, 2025 As of December 31, 2025 Production Volumes (1) Percentage of Total Production Revenue Year-End Estimated Proved Reserves Percentage of Total Estimated Proved Reserves (In MBoe) (In thousands) (in MBoe) Gabon 2,535 42 % $ 181,738 10,001 23 % Egypt 2,730 45 % 139,963 8,614 20 % Cote d'Ivoire 111 2 % 18,397 18,210 43 % Canada 667 11 % 19,174 6,158 14 % Equatorial Guinea (2) — — % — — — % 6,043 100 % $ 359,272 42,983 100 % (1) Production volumes are reported on NRI basis. (2) Undeveloped properties.…