Commodity Price Volatility: The company's profitability is significantly impacted by fluctuations in crude oil prices and refined product margins, which can be highly unpredictable.

Energy Transition Risks: Exposure to the long-term decline in demand for fossil fuels, increasing carbon pricing, and the need for substantial capital expenditure to diversify into lower-carbon energy sources and comply with decarbonization targets.

Geopolitical Instability in Eastern Mediterranean: Operations and exploration activities are vulnerable to political tensions, regional conflicts, and changes in international relations affecting energy security and market stability.