APAAPA Corporation

The Company’s operations outside the U.S. are based primarily in Egypt and the U.K., with significant exploration exploration, appraisal, and appraisal development activities offshore Suriname. Suriname, which involve long-cycle projects with significant capital requirements and are subject to host-government approvals and fiscal and contractual frameworks that may evolve over time. On a barrel equivalent basis, approximately 38 percent of the Company’s 2024 2025 production was outside the U.S., and approximately 28 26 percent of the Company’s estimated proved oil and gas reserves as of December 31, 2024, 2025, were located outside the U.S. As a result, a significant portion of the Company’s production and resources are subject to the increased political and economic risks and other factors associated with international operations, including, but not limited to strikes and civil unrest; war, acts of terrorism, expropriation and resource nationalization, forced renegotiation or modification of existing contracts, including through prospective or retroactive changes in the laws and regulations applicable to such contracts; import and export regulations; taxation policies and investment restrictions; price controls; exchange controls, currency fluctuations, devaluations, or other activities that limit or disrupt markets and restrict payments or the movement of funds; constrained oil or natural gas markets dependent on demand in a single or limited geographical area; laws and policies of the U.S. affecting foreign trade, including trade sanctions and tariffs; the possibility of being subject to exclusive jurisdiction of foreign courts in connection with legal disputes relating to licenses to operate and concession rights in countries where the Company currently operates; the possible inability to subject foreign persons, especially foreign oil ministries and national oil companies, to the jurisdiction of courts in the U.S.; and difficulties in enforcing the Company’s rights against a governmental agency because of the doctrine of sovereign immunity and foreign sovereignty over international operations. to:

•In Egypt, substantially all of the Company’s 2025 natural gas production is sold to EGPC, primarily under an industry-pricing formula, EGPC pursuant to a sliding scale gas sales agreement that establishes pricing based on Dated Brent crude oil with a minimum of $1.50 per MMBtu and a maximum realized price of $2.65 per MMBtu, plus with the potential for higher pricing on incremental volumes when pre-determined production thresholds are met. The gas sales agreement was effective beginning January 2025. In the periods prior to the current agreement, the natural gas production in Egypt was primarily sold to EGPC at an upward adjustment for liquids content. industry-pricing formula of $2.65 per MMBtu. Overall, the Company’s Egypt operations averaged $2.94 $3.59 per Mcf in 2024, 2025, a one 22 percent increase from an average of $2.91 $2.94 per Mcf in 2023. In the fourth quarter of 2024, the Company entered into a new gas sales agreement, which could result in improved pricing if certain production thresholds are met. The new gas sales agreement, which is effective beginning January 2025, creates the potential for significant new drilling inventory with returns on par with oil. 2024.