Strong Financial Performance
First half reported revenue of $86 million, EBITDA of just under $51 million, and a cash position of $55 million with net debt to trailing 12 months EBITDA of less than 1x.
Shareholder Returns
Announced a cash distribution of NOK 80 million, bringing total distributions to approximately $700 million, which is just under 30% of market capitalization.
Production and Reserve Growth
First half production of 11,500 barrels per day, with a greater than 300% reserve replacement ratio, showcasing strong growth in reserves and production.
Dussafu Performance
Strong production with very good uptime on the FPSO. The Bourdon discovery looks promising with over 50 million barrels in place and 25 million barrels recoverable.
New Block Acquisitions
The acquisition of Niosi and Guduma blocks in Gabon and the EG-23 block in Equatorial Guinea adds significant potential for future exploration and production.