This annual report contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “will,” “estimate” and “potential,” among others.
Forward-looking statements appear in a number of places in this annual report and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to, those identified under the section “Item 3. Key Information—D. Risk factors” in this annual report. These risks and uncertainties include factors relating to:
| ● | the volatility of oil and natural gas prices; |
| ● | operating risks, including equipment failures and the amounts and timing of revenues and expenses; |
| ● | termination of, or intervention in, concessions, rights or authorizations granted by the Colombian, Ecuadorian, and Brazilian governments to us; |
| ● | uncertainties inherent in making estimates of our oil and natural gas data; |
| ● | environmental constraints on operations and environmental liabilities arising out of past or present operations; |
| ● | discovery and development of oil and natural gas reserves; |
| ● | climate change related risks; |
| ● | project delays or cancellations; |
| ● | financial market conditions and the results of financing efforts; |
| ● | political, legal, regulatory, governmental, administrative and economic conditions and developments in the countries in which we operate; |
| ● | social and political unrest in many countries in which we operate; |
| ● | fluctuations in inflation and exchange rates in Colombia, Ecuador and Brazil and in other countries in which we may operate in the future; |
| ● | availability and cost of drilling rigs, production equipment, supplies, personnel and oil field services; |
| ● | contract counterparty risk; |
| ● | projected and targeted capital expenditures and other cost commitments and revenues; |
| ● | pandemics, or the future outbreak of any highly infectious or contagious disease, including the COVID-19 pandemic; |
| ● | weather and other natural phenomena; |
| ● | armed conflicts, including the current armed conflicts in Ukraine and Israel; |
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| ● | the impact of recent and future regulatory proceedings and changes, changes in environmental, health and safety and other laws and regulations to which our company or operations are subject, as well as changes in the application of existing laws and regulations; |
| ● | current and future litigation; |
| ● | our ability to successfully identify, integrate and complete pending or future acquisitions and dispositions; |
| ● | our ability to retain key members of our senior management and key technical employees; |
| ● | competition from other similar oil and natural gas companies; |
| ● | market or business conditions and fluctuations in global and local demand for energy; |
| ● | the direct or indirect impact on our business resulting from terrorist incidents or responses to such incidents, including the effect on the availability of and premiums on insurance; |
| ● | the adverse effect which a substantial or extended decline in oil and natural gas price may have on our business; |
| ● | material weaknesses in our internal control over financial reporting; |
| ● | the difficulty in integrating significant acquisitions or unexpected contingencies or changes in reserves estimates we discover following the completion of such acquisitions; and |
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