5. Oil and Natural Gas Properties

Oil and natural gas properties accounted for under the full cost method consisted of the following as of June 30, 2026:

As of June 30, 2026, all of the Company’s capitalized oil and natural gas property costs related to its Greenland cost center and were classified as unevaluated costs excluded from the depletion base. The Company had not established proved reserves or commenced production as of June 30, 2026. Accordingly, no depletion expense or full cost ceiling-test impairment was recognized during the three or six months ended June 30, 2026.

Capitalized costs principally consisted of costs directly associated with the planning, procurement, mobilization and preparation of the Company’s exploration program, including qualifying equipment, logistics, technical services and other exploration-related expenditures.