Investment Case
Multiple pathways to long-term value creation
Material Offshore and Onshore portfolio with potential for expansion
Offshore
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Production
6K ➜ ~13k ➜ >20k bopd
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2P Reserves
Maturation of 2C resources to 2P reserves
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Exploration Upside
Only 1 dry hole in 160 wells drilled New 3D seismic planned
Onshore
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Early revenue
Quenguela Norte First Oil Targeting 2027
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Exploration Platform
Proven basin with material potential
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Route-to-Market Validation
Establishing repeatable onshore development model
Portfolio expansion
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Angola Licence expansion
First mover advantage in Angola Low-cost acreage additions
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Production acquisition
Replicating Afentra model Disciplined, value-accretive
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New country entry
Same playbook