Charlie Sharp

Charlie Sharp from Canaccord asked about the specific timetabling for the Baobab FPSO's return to stream in Côte d'Ivoire, expecting it before mid-2026 to facilitate drilling in the second half. He also questioned the pace of Gabon drilling, asking if it would be approximately one well per quarter extending into 2027, and whether the company would batch drill or complete successful wells as they go.

Answer

CEO George Maxwell confirmed the Baobab FPSO's sail away is scheduled for end of January, with hookup in late March/early April and production by end of April/early May, well ahead of the drilling program. For Gabon, he stated they would not batch drill but would drill pilot holes to establish hydrocarbon levels and then drill and complete successful wells as they go, starting with two pilots on the Etamy field.

Charlie Sharp inquired about the specific timetabling for the Baobab FPSO's return to stream, expecting it before mid-2026. He also asked about the pace of the Gabon drilling program, whether it would extend into 2027, and the strategy for completing successful wells (as-you-go versus batch drilling).

Answer

CEO George Maxwell confirmed the Baobab FPSO's sail away is scheduled for end of January, with hookup in late March/early April and production by end of April/early May, well ahead of the drilling program. For Gabon, he stated the plan is to drill pilot holes to establish hydrocarbon levels, then drill and complete successful wells as they go, rather than batch drilling. He outlined potential wells on Etamy, Sente, and a workover on Eburi.

Charlie Sharp of Canaccord Genuity Inc. questioned if the final investment decision (FID) for the Venus Block in Equatorial Guinea was contingent on the restart of production in Cote D'Ivoire and positive drilling results from Gabon.

Answer

CEO George Maxwell clarified that the Equatorial Guinea FID is not dependent on near-term results from other assets. He explained the focus is on optimizing the development plan for tax efficiency, with major commitments not anticipated until 2026, by which time Cote D'Ivoire production will have already been reestablished.

Charlie Sharp of Canaccord Genuity Group Inc. questioned the critical path items and timeline for the Cote d'Ivoire FPSO refurbishment and asked for an outlook on 2026 CapEx given the planned drilling campaigns.

Answer

Executive Thor Pruckl identified the turret bearing as a critical path item for the FPSO, noting it is en route to Dubai. He projected first oil between mid-to-late May 2026. CEO George Maxwell added that while 2026 guidance isn't set, it's reasonable to assume a similar CapEx level to 2025 due to the overlapping Gabon and Cote d'Ivoire drilling programs. However, he stressed that with both assets on production, capital recovery would be significantly accelerated.

Charlie Sharp of Canaccord asked about the Gabon drilling program, specifically the reason for the timing, rig rate pressures, well costs, and the number of new wells versus workovers. He also sought clarification on the status of the new Gabon licenses.

Answer

George Maxwell (executive) explained the drilling start time is based on rig availability and economics, not rate pressure. He estimated costs at ~$40M for a new well and ~$35M for a redrill, with at least 5 of the 7 firm wells being new. He also confirmed the new Gabon licenses have been awarded, with only a final administrative signature pending.