Member Info for marland

Surfit, Been here since before the original Namibian dry hole. Love the rags to riches story of the oil business. Have participated in quite a few onshore wells since 1983. Of course familiar with the early history of really all the major companies and men who built them. A recommended book, The Greatest Gamblers.

Sorry to see all the negativity on the site lately. Would like to remind us we are a priveledged class to be here and comment. Personally I think all come right to quote Churchill.

It always makes me smile when I see these Moroccan well production rates. A million dollar well I was involved in Garvin County Oklahoma in 1983 came in at 1.468 mmcfd as I recall we got a$1.58, it paid for the whole 4 well package. Now Angola at 20000 Bopd. Wow.

Asked Malcy where he got the notion of Chariot selling off the renewables. Being he is the only known source in the Universe.

Angola's offshore oil tax policy

Angola's offshore oil tax policy has undergone significant changes to encourage investment and increase production. The new legal and fiscal regime for incremental production of petroleum concessions in the maritime zone has reduced the Petroleum Income Tax rate from 65.75 percent to 55.75 percent and the Petroleum Production Tax rate from 20 percent to 15 percent. These changes aim to stimulate research and development activities in the oil sector and to increase oil production. The new tax regime also includes tax reductions for association contracts and production-sharing agreements, reflecting Angola's commitment to boosting production and attracting new investments.

www.vda.pt

+2

The educational webinar series will consist of the following sessions, each scheduled at 9:00 AM Eastern Time (ET).

March 3, 2026 - Strategic Exploration and Development

March 10, 2026 - Murphy in Vietnam

March 24, 2026 - Basics of a Production Sharing Contract

The webinars will feature prepared remarks by members of Murphy’s senior leadership team and are intended to provide additional context around the company’s offshore capabilities, international portfolio, Vietnam operations, and the basics of production sharing contracts.

Each webinar will be accessible through a webcast link on the Investor Relations page of Murphy’s website at http://ir.murphyoilcorp.com. A copy of the presentation for each webinar will also be made available on Murphy’s website concurrently with the webinar.

A live question and answer session will follow each presentation. To ask questions or to attend via conference call, attendees may join using the dial-in details below:

Toll-Free Dial-in: (800) 715-9871

Conference ID: 6273081

Additionally, for those unable to attend a webinar, a recording will be made available on the Investor Relations page of Murphy’s website following each webinar.

ABOUT MURPHY OIL CORPORATION

Murphy Oil Corporation is an independent oil and natural gas company with a multi-basin onshore and offshore portfolio and significant exploration opportunities. The company has more than a century-long history of demonstrating strong execution and innovative, full-cycle development capabilities with a focus on value creation that drives shareholder returns. Murphy’s foresight and financial discipline, along with its culture of adaptability and accountability, will allow the company to continue its outstanding legacy and exceptional reputation. The company’s current operations include extensive inventory located onshore in the Eagle Ford Shale, Tupper Montney and Kaybob Duvernay, as well as offshore in the Gulf of America and Canada. Murphy also strives to create long-term shareholder value through offshore exploration and development in the Gulf of America, Vietnam and Côte d’Ivoire. Additional information can be found on the company’s website at www.murphyoilcorp.com.

FIELD START UPS

Azule Energy starts Ndungu full field production offshore Angola

Production start is a milestone within the broader Agogo Integrated West Hub Project's aim of maximizing recovery from the fields of the western area of Block 15/06.

FPSO offshore Angola

ANPG and Azule Energy Announce the Start Up of Ndungu full field

Azule Energy has started full field production from Ndungu, part of the Agogo Integrated West Hub Project (IWH) in the western area of Block 15/06, offshore Angola.

Ndungo full field lies about 10 km from the NGOMA FPSO in a water depth of around 1,100 m and comprises seven production wells and four injection wells, with an expected production peak of 60,000 b/d of oil.

The National Agency for Petroleum, Gas and Biofuels (ANPG) and Azule Energy noted the full field start-up with first oil of three production wells.

The phased integration of IWH, with Ndungu full field producing first via N’goma FPSO and later via Agogo FPSO, is expected to reach a peak output of about 175,000 b/d across the two fields. The fields have combined estimated reserves of about 450 million bbl.

The Agogo IWH project is operated by Azule Energy with a 36.84% stake alongside partners Sonangol E&P (36.84%) and Sinopec International (26.32%).

If I read correctly, 20000 BOPD per well. Yikes!

Out of my element here, but I am going to speculate . As to what seems to be our good fortune. Deal #1 might have held the block revenues in an escrow account waiting for it to be completed. Then deal #2 comes along and keeps the esgrow accumulating waiting finalization of the deal. Guessing of course but it seems good for the partnership. Hope we learn the real story behind our appearing good fortune. Good luck all.

Sft, Posted an article about Block 15 Yesterday or the day before for reference/comparison. It has all the same cast of characters.

Sft, Very good post. Asking for explanation on the Working Interest situation.

When oil was $32 onshore existing production sold for $7000 BOPD. That makes our 4000 BOPD worth north of $50mm. Confused how we are overpaying. Was wondering how in the heck we could get such a good deal. Plus they state there is room for development.

The main point here Fernan, it has upside. Thank you for your comments.

With this transaction we are working with a pre‐eminent partner in Etu Energias and delivering on our stated objective of

building out our upstream business. As set out last year, we re‐scoped our strategy to encompass oil production assets thereby

widening our investment case across the full value chain. These assets are highly attractive, combining a strong production

profile with substantial development value and we are delighted to be working alongside Etu Energias with Shell Trading

providing acquisition financing and offtake as part of the transaction structure. Together, we have a great balance of extensive

local knowledge, deep funding capability and a wide technical network. Importantly, this marks a strategic first step into

Angola's oil sector for us. We very much look forward to finalising this transaction as well as future opportunities that this

collaboration

Keep going over this deal, rereading and rereading, how could we be so fortunate. Regardless, this is transformative. By the time the deal closes in H2 with approvals, the retroactive income will pay for it by itself. CHAR should be sitting pretty. How could we be so lucky. Doesn’t matter I guess. Transformative is the true word to use. Added 100K still may add 300 then I’ll stop I think. Best of luck to all, to everyone.

• The net proceeds of the Fundraising will be used to:

o Part finance the acquisition of the working interest;

o Cover the costs involved with the Transaction;

o Provide additional corporate working capital

It says CHAR will purchase a Working Interest. That means they will share in the income and expenses per their share. Have participated in a couple of dozen wells in Texas and Oklahoma so speaking from experience. It says Block 14K has 93 million yet to harvest. And we’ll have 5% WI in those 5%*93mm*$60/ barrel=$279000000. Even if takes 10 years that will make us very comfortable.

Got a little clarity to the income distribution. Shell gets their payment, we get our money back then we start splitting with ETU. Honestly, everything reads to me, here and before that our first income is retroactive to the first of the year. Strange language: reasonable period. Which means to me Chariot gets the whole works for almost nothing. Kind of sweet. Though as Working Interest Owners we are obligated to fund our portion of the Blocks Expenses.

The funding provided by Chariot will be repayable from future cashflows from the asset, after servicing the Shell Facilities.

Once the funding provided by Chariot has been repaid, which is expected to be paid back within a reasonable period,

Chariot will subsequently share future cashflows with Etu Energias equivalent to up to 4,000 bopd. Shell Trading's

financing, legal documentation and secured bank account gives Chariot certainty of title over cash deposits and its future

cashflows.

FIELD START UPS

Azule Energy starts Ndungu full field production offshore Angola

Production start is a milestone within the broader Agogo Integrated West Hub Project's aim of maximizing recovery from the fields of the western area of Block 15/06.

Feb. 20, 2026

Photo from Azule Energy

FPSO offshore Angola

ANPG and Azule Energy Announce the Start Up of Ndungu full field

Azule Energy has started full field production from Ndungu, part of the Agogo Integrated West Hub Project (IWH) in the western area of Block 15/06, offshore Angola.

Ndungo full field lies about 10 km from the NGOMA FPSO in a water depth of around 1,100 m and comprises seven production wells and four injection wells, with an expected production peak of 60,000 b/d of oil.

The National Agency for Petroleum, Gas and Biofuels (ANPG) and Azule Energy noted the full field start-up with first oil of three production wells.

The phased integration of IWH, with Ndungu full field producing first via N’goma FPSO and later via Agogo FPSO, is expected to reach a peak output of about 175,000 b/d across the two fields. The fields have combined estimated reserves of about 450 million bbl.

The Agogo IWH project is operated by Azule Energy with a 36.84% stake alongside partners Sonangol E&P (36.84%) and Sinopec International (26.32%).

Heard back, no escape clause.

Hi Jackson,

Thank you for your email.

The warrants are set at 2.4p and are exercisable at that price for the next three years.

Hope this answers your question.

Best

The issuing warrants seem to be a contentious point. Have asked if they were callable and some explanation. When I first read the summary I recognized we had to do a payday loan deal to make it happen. Surely they can retire these early. But even if they can’t once they get to rockin they can do a stock buy back. The warrants will only be a speed bump not an insurmountable wall. They had to do what they had to do. Right now I actually feel more positive than I have in a long time. My desire has been for my investment not disappear. Yes, more shares but we have something for them, not like it is a crap shoot. 2.6mm shares at 3.8 cents.

Some positives I see:

1) we can see income streams coming from several directions.

2) plenty of different kinds of growth for the future.

3) with current transparency looks we’ll have a going concern w/o more raises.

4) it appears the very existence of the company is not threaten.

5) AP is putting in significant capital.

6) looks like they again are well connected in the extreme.

7) they mention becoming an Etana with AWCA.

8) it seems there is room for additional growth with the production they are buying into. It’s clear it is a mature asset but for a minnow it doesn’t matter.

Amongst all the gloom, 4000 bopd is $7mm per month.

· In addition to the funding provided by Chariot, Shell Western Supply and Trading Ltd ("Shell Trading") is providing

an acquisition financing package of up to US$170m (the "Shell Facilities") in return for future offtake barrels

· This marks a new era for Chariot's upstream business by introducing an economic exposure to a producing asset