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Achieved record quarterly production of 75,000 BOE per day, a 25% year-over-year increase driven by the ramp-up of GTA and new wells at Jubilee.

Capitalized on unique market exposure where 50% of production is priced off Dated Brent, which has seen its premium over WTI more than triple due to Middle East conflict tightness.

Reduced absolute operating costs by 22% year-over-year through portfolio high-grading, specifically the exit from Equatorial Guinea and the elimination of FPSO lease costs at TEN.

Maintained a disciplined capital allocation strategy, focusing on high-margin tie-backs like Tiberius in the Gulf of Mexico, which features an expected development cost of approximately $10 per barrel.

Strategic shift in Ghana involves drilling a series of wells before simultaneous completion to enhance efficiency, leading to a temporary production gap in Q2 followed by a material uplift in June and July.

Advanced the GTA Phase 1 expansion in Senegal with 50% land clearance for the northern pipeline segment, targeting enhanced project returns with minimal incremental facility expenditure.

Doubled the 2026 net debt reduction target from 10% to approximately 20% by year-end, supported by the Equatorial Guinea asset sale and higher realized pricing.

Anticipates a lag in pricing benefits, with the full impact of record Q1 benchmarks and differentials expected to materialize in the second and third quarters of 2026.

Projecting Jubilee gross oil production to reach the upper end of the 70,000 to 80,000 barrels per day range for the current year following the addition of three new producer wells in June and July.

Expects 2027 capital expenditure to remain tight at approximately $400 million, prioritizing sustaining CapEx in Ghana and the Gulf of Mexico alongside growth at Tiberius.

Targeting a long-term leverage ratio of 1.5x in a normalized price environment, with a near-term milestone of reducing net debt below $2 billion.

Winterfell-2 well in the Gulf of Mexico was shut in during April pending future intervention, leading to full-year production expectations at the lower end of guidance for that unit.

Relinquished interests in the Yakaar-Teranga project to focus resources on GTA domestic gas expansion, aligning with Senegal's priority for affordable power.

Q1 financial results included a $250 million mark-to-market derivative loss due to shifts in the forward curve, though the cash impact was limited to approximately $30 million.

The sale of producing assets in Equatorial Guinea is expected to close around mid-2026, with all proceeds dedicated to paying down the reserve-based lending facility.

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Management clarified that current 2026 drilling is informed by 4D NAS data, while the newer OBN seismic results will primarily derisk the 2027 and 2028 programs.

The continuous drilling program is essential for sustaining performance, with current wells achieving paybacks in approximately six months at mid-cycle prices.

The reduction is driven by high-grading the portfolio to remove high-cost assets like Equatorial Guinea and restructuring the TEN FPSO lease.

Further cost efficiencies are expected at GTA as production ramps up, spreading fixed costs over larger volumes to achieve sub-$4 per MMBTU operating costs.

Management is mitigating inflation by changing underlying operational models rather than relying solely on procurement cycles.

Growth CapEx for Tiberius and GTA Phase 1 is phased, with the heaviest spending for Tiberius deferred until 2028.

The company plans to extend the RBL tenure in mid-2026, shifting the maturity from 2029 to the 2032-2033 timeframe.

While the total facility size will remain around $1.25 billion, the goal is to reduce the actual drawn amount to approximately $800 million using free cash flow and asset sale proceeds.

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