Cheiron is pleased to announce the signing of the new East Gemsa Concession Agreement. Under the new agreement, signed by His Excellency, the Minister of Petroleum and Mineral Resources, EGPC and Cheiron, the Company has committed to an ambitious $24 million investment plan, which will see it complete two sidetracks to existing wells and drill a new exploratory well in the area. As part of the new Concession Agreement, Cheiron was awarded additional exploration acreage of approximately 98 square kilometers surrounding the existing production area, adding significantly to the prospectivity of the acreage.

This milestone aligns with Cheiron’s broader corporate strategy, focused on driving organic growth through operational excellence while optimizing its portfolio through selected strategic partnerships and license renewals on favorable terms.

Cheiron acquired its 100% Working Interest in East Gemsa from Shell in 1995. The field was discovered in 1989 with production first coming online in December 1991. As of 30 June 2025, the East Gemsa concession had produced over 27 mmbbl.