Financial Data and Key Metrics Changes - In 2025, the company achieved production levels that exceeded guidance, with a year-end production of 182,000 barrels of oil equivalent per day, while projecting a decrease to 171,000 barrels of oil equivalent per day for 2026 [10][11] - Lease operating expenses were reduced by 20% year-over-year, and capital expenditures were kept below guidance due to efficiency gains [6][10] - The company reported an 80% success rate in exploration efforts for 2025 [14] Business Line Data and Key Metrics Changes - The Eagle Ford Shale production is expected to remain flat in 2026 with a 25% reduction in capital spending [11] - The Tupper Montney natural gas volumes are projected to decrease due to higher gas prices leading to increased royalties, but the cash flow impact is expected to be muted [10][11] Market Data and Key Metrics Changes - The company is expanding its exploration portfolio with new blocks in the Gulf of America and an entry into offshore Morocco, indicating a proactive approach to securing new opportunities [12][13] - The average reserve life in the industry is noted to be 12 years, with a focus on maintaining a solid balance sheet and low leverage ratio [13] Company Strategy and Development Direction - The company plans to strategically invest in development, exploration, and appraisal activities in the Gulf of America, Vietnam, and Côte d'Ivoire to enhance shareholder value in the mid to long term [9][14] - The focus is on intentional investments that set the groundwork for growth beyond the next few quarters, differentiating the company from its peers [10][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable market environment and softening commodity prices but expressed confidence in the company's positioning to withstand downturns [10][14] - The company anticipates modest growth in production profiles, particularly from the growing Vietnam business, while maintaining a cautious approach to capital expenditures [50][51] Other Important Information - The Hai Su Vang appraisal well reported a successful result with 429 feet of net oil pay, significantly above initial estimates, indicating potential for a new growth business in Vietnam [8][9] - The company is cautious about providing specific resource estimates until further appraisal wells are completed [40][41] Q&A Session Summary Question: Inquiry about Hai Su Vang 2X stem test and 2026 CapEx flexibility - Management confirmed that the 12,000 barrels per day production rate is not facility-constrained and discussed the flexibility of 2026 CapEx, indicating a potential 10% reduction if necessary [19][23][29] Question: Details on Civette drilling failure and its impact on future prospects - Management explained that the Civette well tested multiple objectives but did not yield commercial quantities of oil, emphasizing that this does not affect the probability of success for Caracal and Bubal prospects [33][36] Question: Expectations for Vietnam's production growth - Management projected that peak production from Hai Su Vang could occur by 2033, with ongoing appraisal wells expected to provide more clarity on resource estimates [115] Question: Clarification on royalty mechanisms in Tupper Montney - Management detailed that the royalty rate is a sliding scale based on commodity prices, projecting an increase from 4.6% in 2025 to approximately 8.4% in 2026 [62] Question: Plans for Morocco exploration - Management expressed excitement about the Morocco entry, highlighting the low cost of entry and existing seismic data that will be reprocessed to assess prospectivity [86][87]

Core Insights - Angkor Resources Corp. is initiating additional exploration on its CZ Gold target located in Ratanakiri Province, Cambodia, following previous announcements regarding the gold prospect [1][2] Exploration Activities - The CZ Gold Prospect is situated on a steep hill with a 47-metre underground incline, where artisanal miners have conducted shallow channel sampling [2] - A trenching, sampling, assay, and analysis program will be conducted, starting at the top of the exit area, with the trench expected to be 80 metres long [3][4] - Farmers will be compensated for any loss or damage to their crops during the exploration activities [3] Additional Prospects - Plans are underway for a drill program on the Wild Boar gold prospect, located 3 kilometers east of the CZ target, where trenching has revealed quartz veins and expanded the gold anomaly to 1.5 by 1.2 kilometers [7] Company Overview - Angkor Resources Corp. is a public company listed on the TSX-Venture Exchange, focusing on mineral and energy solutions in Cambodia and Canada [9] - The company holds two mineral exploration licenses in Cambodia, with multiple prospects in copper and gold [9] - Angkor's energy subsidiary, EnerCam Resources Cambodia Co. Ltd., has an onshore oil and gas license covering over 4095 square kilometers in Cambodia [10]

Core Insights - Equinor announced significant gas and condensate discoveries in the Norwegian North Sea, specifically in the Lofn and Langemann wells, with preliminary estimates indicating recoverable oil equivalents between 30 and 110 million barrels [1][2] Group 1: Discoveries and Development - The discoveries are located in the Sleipner area, which is a crucial hub for Norwegian gas exports to Europe, and can be developed using existing infrastructure [1][2] - Equinor plans to drill five additional exploration wells to enhance production capacity and maintain export levels [2] Group 2: Industry Context - The Norwegian Continental Shelf is seeing increased exploration near operational fields to leverage existing infrastructure for cost-effective production [3] - Norway has become Europe's top gas supplier since 2022, surpassing Russia, and aims to continue meeting Europe's gas demands [4] Group 3: Government Support and Economic Impact - The Norwegian government supports the oil and gas sector, which significantly contributes to the country's revenues and its sovereign wealth fund, the largest in the world [5]

Core Insights - Staatsolie, the state-owned oil and gas company of Suriname, announced that Chevron Suriname Exploration will begin drilling the Korikori-1 exploration well this month, located approximately 78km offshore at a water depth of 40m [1] - Chevron operates Block 5 with a 40% interest, alongside Paradise Oil Company (POC) with 40% and Qatar Energy with 20% [1] - The drilling operations are expected to last around 90 days to assess the presence of hydrocarbons in the subsurface [2] Summary by Sections Drilling Operations - Chevron received a permit from Suriname's National Environmental Authority for drilling operations at the end of July 2025 [2] - The Noble Regina Allen rig will conduct the drilling, arriving in the first half of this month [2] - The operations aim to determine the presence of hydrocarbons and will be launched from port facilities in Suriname [3] Economic Impact - The initiative provides opportunities for local entrepreneurs and suppliers to engage in Suriname's offshore oil and gas sector [3] - Block 5 covers approximately 2,200km² in the Suriname-Guyana Basin, with water depths ranging from 30m to 60m [4] - Staatsolie sought $1.5 billion (Sr$53.47 billion) in bank financing for the Gran Morgu energy project in 2025 [4]

Project Focus - TotalEnergies is undertaking three projects to explore Africa's new oil and gas [1]