Financial Data and Key Metrics Changes - In Q3 2025, the company reported net income of $1.1 million or $0.01 per share and adjusted EBITDA of $23.7 million, with NRI sales at the high end of guidance at 12,831 BOE per day [17][18] - For the first nine months of 2025, net income reached $17.2 million or $0.16 per share, and adjusted EBITDA totaled $130.5 million [5][25] - The company raised the midpoint of its full-year production and sales guidance by about 5% while reducing capital guidance by almost 20% [4][24] Business Line Data and Key Metrics Changes - NRI production was 15,405 BOE per day, and working interest production was 19,887 BOE, both at the high end of guidance [4] - Production expenses on a per BOE basis decreased by about $1, with absolute production expenses at $29.87 million, a 26% reduction quarter over quarter [20] Market Data and Key Metrics Changes - Sales decreased by 33% due to fewer liftings in Gabon, and pricing was lower by about 7% quarter on quarter [18] - The company has hedged approximately 500,000 barrels of remaining 2025 oil production with an average floor of about $61 per barrel [19] Company Strategy and Development Direction - The company aims to maintain operational excellence and consistent production across its portfolio to support organic growth initiatives [5] - Plans include significant development drilling in Côte d'Ivoire starting in 2026 and a drilling campaign in Gabon [7][10] - The company is focused on maximizing asset value and exploring accretive opportunities while managing costs effectively [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing projects and achieving strong results despite challenges in the commodity price environment [24][72] - The company anticipates a meaningful production uplift from major projects beginning in 2026 and into 2027 [6][7] Other Important Information - The FPSO refurbishment in Côte d'Ivoire is on track, with a 10-year license extension for CI-40 [7][8] - The company has successfully completed a semi-annual redetermination with lenders, reaffirming initial commitments of a reserves-based credit facility [22] Q&A Session Summary Question: CapEx prediction for 2025 and its implications for 2026 - Management indicated a $60 million reduction in CapEx guidance, with $20 million being a permanent reduction due to efficiency gains [30][37] Question: Potential size of South Gazala reserves - Management noted ongoing evaluations to determine the extent of oil zones and potential development opportunities in South Gazala [31][32] Question: Gabon production performance despite no recent drilling - Management attributed strong production performance to reduced back pressure and improved well performance [43][46] Question: Timetable for Côte d'Ivoire drilling program - Management confirmed the FPSO is expected to be back in production by late April to early May 2026, ahead of the drilling program [51][62] Question: Maintenance work impact on upcoming drilling campaign in Gabon - Management stated that upgrades during maintenance have prepared facilities for the upcoming drilling campaign [63]