Major Milestone in Egypt
Achieved a major milestone with government approval of consolidated production sharing contract terms in Egypt, enhancing fiscal terms and extending contract life.
Significant Cost Reduction
Reduced General and Administrative (G&A) expenses by approximately 80%, including staffing reductions, effectively rightsizing the organization.
Investment and Debt Management
Returned over $600 million to investors through dividends and share buybacks, and materially paid down debt in Egypt.
Production and Revenue Guidance
Production guidance remains at 17,000 to 21,000 BOE per day, with liquids slightly above forecast at 43% of production.
Improved Collections
Anticipated collection of at least $90 million in the second half of 2025, with improved collections from EGPC.