High LeverageA high debt-to-equity ratio materially reduces financial flexibility and raises refinancing and covenant risk if oil prices or production dip. Elevated leverage increases interest burden and constrains the company's ability to fund development organically over multiple quarters.
Weak Cash Conversion TrendsVery low OCF-to-net-income and an extreme FCF growth collapse signal volatile cash generation and working capital or capex swings. Poor cash conversion undermines resilience to shocks and can force external financing or asset sales within a 2–6 month horizon.
Concentrated Geographic ExposureConcentration in Nigeria and Niger creates persistent political, regulatory and operational risk (permits, security, local content rules). Such country exposure can disrupt production or project timelines and affect medium‑term reserve development plans.