Risk Factors Update Summary
- Global epidemics and public health crises may adversely impact operations and the global economy.
- Proved reserves from Acordionero, Costayaco, Moqueta, and Cohembi fields decreased from 89% to 88%.
- Capital program for 2024 increased from $210.0 million to $240.0 million for exploration and development activities.
- Brent oil prices required for funding the capital program increased from $60 to $70 per barrel.
- Average price of Brent oil decreased from $83 to $79 per barrel for the period ending February 15, 2024.
- Capital program funding may require issuing additional shares of Common Stock to investors.
- Increased focus on ESG practices and disclosures may impact access to capital and customer relationships.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
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