We intend to accelerate shareholder returns and increase shareholder value by controlling operating costs and capital expenditures, maximizing reserve recoveries and making disciplined strategic accretive acquisitions that meet our strategic and financial objectives.
We believe that our quality portfolio, strong management and technical expertise specific to the markets in which we operate, and our ongoing focus on maintaining a competitive cost structure and disciplined capital allocation framework position us to achieve our business strategy and navigate a variety of commodity price environments. Over the past years, we have delivered on our focused strategy and believe we will continue to do so with the organic growth programs across our diversified portfolio over the coming years.
In March 2025, the Company farmed into the CI-705 block offshore C te d’Ivoire as the operator with a 70% working interest and a 100% paying interest though a commercial carry arrangement with two other parties inclusive of the State Oil Company. The CI-705 block is located in the Tano basin, west of the Company’s CI-40 Block, where the Baobab and Kossipo oil fields are located. The total amount of acquisition costs for this transaction is approximately $3.0 million.
On February 4, 2026, the Company entered into an asset purchase agreement (the "Canada APA") to sell all its operating assets in Canada (the "Canada Asset Divestment") for a purchase price of $24.4 million (C$33.4 million Canadian dollars), subject to customary adjustments. The Canada Asset Divestment closed on February 19, 2026 with an effective date of February 1, 2026 for an adjusted purchase price of $25.5 million. The Canada Asset Divestment represents the Company’s complete exit of its Canadian oil and gas operations. Please see Part IV, Item 15., Note 4. Acquisitions and Divestiture and Note 20. Subsequent Events , to the Consolidated Financial Statements for further discussion on the Canada Asset Divestment.