VAALCO Energy Inc (EGY) 2023 Q4 法說會逐字稿

Good morning and welcome to the VAALCO Energy fourth quarter 2023 earnings conference call.

早安，歡迎參加 VAALCO Energy 2023 年第四季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Al Petrie, Investor Relations Coordinator.

我現在想將會議交給投資人關係協調員 Al Petrie。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Welcome to VAALCO Energy's fourth quarter and full year 2023 conference call.

歡迎參加 VAALCO Energy 2023 年第四季和全年電話會議。

After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the fourth quarter and full year 2023.

在我介紹前瞻性陳述後，我們的執行長 George Maxwell 將回顧第四季和 2023 年全年的主要亮點。

Ron Bain, our CFO, will then provide a more in-depth financial review.

我們的財務長 Ron Bain 隨後將提供更深入的財務審查。

George will then return for some closing comments before we take your questions.

然後，在我們回答您的問題之前，喬治將返回進行一些總結評論。

During the question-and-answer session, we ask you to limit your questions to one and a follow up.

在問答環節中，我們要求您將問題限制為一個和一個後續問題。

You can always reenter the queue with additional questions.

您隨時可以帶著其他問題重新進入佇列。

I'd like to point out that we posted a supplemental investor deck on our website that has additional financial analysis comparisons and guidance that should be helpful.

我想指出的是，我們在網站上發布了補充投資者平台，其中包含額外的財務分析比較和指導，應該會有所幫助。

With that, let me proceed with our forward-looking statement comments.

接下來，讓我繼續發表我們的前瞻性聲明評論。

During the course of this conference call, the Company will be making forward-looking statements.

在本次電話會議期間，該公司將做出前瞻性聲明。

Investors are cautioned that forward-looking statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.

請投資人注意，前瞻性陳述並不能保證未來業績，實際結果或發展可能與前瞻性陳述中的預測有重大差異。

VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

VAALCO 不承擔任何更新或修改任何前瞻性聲明的意圖或義務，無論是由於新資訊、未來事件或其他原因。

Accordingly, you should not place undue reliance on forward-looking statements.

因此，您不應過度依賴前瞻性陳述。

These and other risks are described in our earnings release, the presentation posted on our website, and in the reports we file with the SEC, including our Form 10-K.

這些風險和其他風險在我們的收益發布、我們網站上發布的簡報以及我們向 SEC 提交的報告（包括我們的 10-K 表格）中進行了描述。

Please note that this conference call is being recorded.

請注意，本次電話會議正在錄音中。

Let me now turn the call over to George.

現在讓我把電話轉給喬治。

Thank you, Al.

謝謝你，艾爾。

Good morning, everyone, and welcome to our fourth quarter and full year 2023 earnings conference call.

大家早安，歡迎參加我們的 2023 年第四季和全年財報電話會議。

I am very pleased with our ability to deliver exceptional operational and financial results in 2023, exceeding our guidance and expectations following the TransGlobe combination that occurred in late 2022.

我對我們能夠在 2023 年實現卓越的營運和財務業績感到非常滿意，超出了我們在 2022 年底 TransGlobe 合併後的指導和預期。

Our focus has been on optimizing production, managing our costs, and capturing operational and cost synergies, all while executing capital drilling campaigns to enhance profitability and growth.

我們的重點是優化生產、管理成本以及實現營運和成本協同效應，同時執行資本鑽探活動以提高獲利能力和成長。

Through the execution of this strategy, we have significantly grown our cash position while fully funding our capital program, shareholder dividends and buybacks, all of our remaining bank debt free.

透過執行這項策略，我們的現金狀況顯著增加，同時為我們的資本計畫、股東股利和回購提供了充足的資金，所有剩餘的銀行債務都沒有。

We returned over $50 million to shareholders in 2023 through dividends and buybacks.

2023 年，我們透過股利和回購向股東返還超過 5,000 萬美元。

And in 2024, we have already announced an acquisition that will utilize a portion of that $121 million in cash on the balance sheet to add 4,500 working interest barrels per day and 13 million barrels of 1P working interest CPR reserves.

到 2024 年，我們已經宣布了一項收購，將利用資產負債表上 1.21 億美元現金的一部分來增加每天 4,500 桶工作利息和 1300 萬桶 1P 工作利息 CPR 儲備。

Before I go into more detail on our many accomplishments over the past year and upcoming 2024 key items, let me first summarize some high-level financial and operational results that led to a record-breaking year.

在詳細介紹我們過去一年取得的許多成就以及即將到來的 2024 年關鍵項目之前，讓我先總結一下導致這一年破紀錄的一些高水準財務和營運表現。

We grew production by 83% year over year, which helped us deliver record-breaking adjusted EBITDA of $218 million in 2023.

我們的產量年增 83%，這幫助我們在 2023 年實現了創紀錄的調整後 EBITDA 2.18 億美元。

This was a 50% increase over 2022, despite a 26% decrease in realized commodity pricing.

儘管商品實際價格下降了 26%，但與 2022 年相比還是成長了 50%。

Our record production levels were driven by our successful drilling campaign programs in Egypt and Canada as well as high operational uptime in Gabon.

我們創紀錄的生產水準得益於我們在埃及和加拿大成功的鑽探活動計劃以及加彭的高運行時間。

By midyear, we increased our production guidance given the strong performance that we had experienced in the first half of 2023, and we finished the year at the top end of our increased production guidance with 18,710 NRI barrels of oil equivalent per day or 23,946 barrels on a working interest basis.

鑑於我們在 2023 年上半年經歷的強勁表現，到年中，我們提高了產量指引，並以每天 18,710 桶 NRI 石油當量或 23,946 桶石油當量結束了這一年，達到了提高產量指引的最高水平。工作興趣基礎。

The diversity of our asset base has allowed us to grow and generate significant operational cash flow to fund our activities.

我們資產基礎的多樣性使我們能夠發展並產生大量營運現金流來為我們的活動提供資金。

In 2023.

2023年。

We generated almost $120 million in free cash flow and returned over $50 million of the free cash flow back to shareholders through dividends and buybacks.

我們產生了近 1.2 億美元的自由現金流，並透過股息和回購將超過 5,000 萬美元的自由現金流返還給股東。

After fully funding our capital program and paying dividends and buyback, we grew unrestricted cash to over $120 million at the end of 2023.

在為我們的資本計劃提供全額資金並支付股息和回購後，我們的無限制現金到 2023 年底已增至超過 1.2 億美元。

We have positive momentum as we enter 2024, both operationally and financially.

進入 2024 年，我們在營運和財務方面都呈現出積極的勢頭。

And we are building size, scale, and profitability to sustainably grow VAALCO.

我們正在擴大規模、提高獲利能力，以實現 VAALCO 的可持續發展。

We recently announced an accretive all-cash acquisition of Svenska that expands our diversified portfolio of assets to include offshore Côte d'Ivoire.

我們最近宣布以全現金方式收購 Svenska，擴大我們的多元化資產組合，將離岸科特迪瓦納入其中。

Let's begin our overview of VAALCO's assets with the new acquisitions.

讓我們透過新收購開始概述 VAALCO 的資產。

A few weeks ago, we announced we were acquiring Svenska Petroleum Exploration and an all-cash deal with no issuance of debt or equity.

幾週前，我們宣布將以全現金收購 Svenska Petroleum Exploration，不發行債務或股權。

The gross purchase price of $66.5 million has an effective date of October 1, 2023, and is subject to customary closing adjustments.

總購買價為 6,650 萬美元，生效日期為 2023 年 10 月 1 日，並可依慣例成交調整。

We believe that the net cash we will need to pay at closing, which we expect to occur in the second quarter of 2024, will be between $30 million and $40 million.

我們認為，預計在 2024 年第二季完成交易時，我們需要支付的淨現金將在 3,000 萬至 4,000 萬美元之間。

We are adding an asset with strong current production and reserves at a very attractive price.

我們正在以極具吸引力的價格增加一項當前產量和儲量強勁的資產。

This acquisition is highly accretive on key metrics to our shareholder base and provides another strong asset to support future growth.

此次收購極大地增加了我們股東基礎的關鍵指標，並為支持未來成長提供了另一項強大的資產。

It provides us with additional diversification and strategically expands our West African focus area.

它為我們提供了額外的多元化，並策略性地擴大了我們西非的重點領域。

The Cote d'Ivoire Baobab field in Block CI40 has strong production of about 4,500 working interest barrel of oil equivalent and is 99% oil.

科特迪瓦 CI40 區塊的 Baobab 油田產量強勁，產量約 4,500 桶油當量，含油率達 99%。

The 1P working interest CPR reserves from this proven producing asset are 13 million barrels at October 1, 2023.

截至 2023 年 10 月 1 日，該已探明生產資產的 1P 工作權益 CPR 儲量為 1,300 萬桶。

And 2P working interest CPR reserves are 21.7 million barrels.

2P 工作權益 CPR 儲量為 2,170 萬桶。

We are very excited about the significant organic upside opportunity that is well defined and the potential 2026 drilling campaign of Baobab and the future to support development opportunity.

我們對明確定義的重大有機上行機會、Baobab 潛在的 2026 年鑽探活動以及支持發展機會的未來感到非常興奮。

The Baobab field has many parallels with the timing in terms of the historic production profile and how the upside is realized through development drilling campaigns, meaning this is an asset type that we understand well.

猴麵包樹油田在歷史生產狀況以及如何透過開發鑽探活動來實現上行空間方面與時機有許多相似之處，這意味著這是我們非常了解的資產類型。

The field has been significantly derisked through the drilling of 24 production wells, five injection wells, and a near 20-year production history.

透過鑽探 24 口生產井、五口注入井和近 20 年的生產歷史，該油田已大大降低了風險。

The planned drydocking and upgrading of the FPSO in 2025 will position the field for the expected production growth from the potential 2026 drilling program and for future drilling campaigns for many years to come.

計劃於 2025 年進行乾船塢和升級的 FPSO 將為 2026 年潛在鑽井計劃的預期產量增長以及未來許多年的鑽井活動做好準備。

We are partnering with a great operator and believe our significant development experience offshore West Africa and the successful managing of our FPSO changeover in 2022 will provide insight and experience to help enhance future success of Baobab.

我們正在與優秀的營運商合作，相信我們在西非近海的豐富開發經驗以及 2022 年 FPSO 改造的成功管理將提供洞察力和經驗，幫助增強 Baobab 未來的成功。

This acquisition contributes to our ability to generate sustainable cash flow for many years and provides another producing asset base that should enhance our ability to continue to return cash to shareholders.

此次收購有助於我們多年來產生可持續現金流的能力，並提供另一個生產性資產基礎，從而增強我們繼續向股東返還現金的能力。

As some condition precedents remain outstanding, we have not included production from Svenska in our 2024 guidance or any capital expenditures in our 2024 capital budget.

由於一些先決條件仍然懸而未決，我們沒有將 Svenska 的生產納入我們的 2024 年指導，也沒有將任何資本支出納入我們的 2024 年資本預算。

Turning to Egypt, our 2023 drilling campaign saw some very positive results.

談到埃及，我們 2023 年的鑽探活動取得了一些非常正面的成果。

We completed our 2023 campaign faster and at a lower cost than we originally planned, which allowed us to increase the drilling program from the original 2023 budgeted position.

我們比原計劃更快、成本更低地完成了 2023 年活動，這使我們能夠在原定 2023 年預算的基礎上增加鑽探計劃。

We finalized the last well in the program in October; and in 2023, we drilled 18 vertical wells, including one injector well and two exploration wells as well as a horizontal well.

我們於 10 月完成了該計劃的最後一口井； 2023年，我們鑽探了18口直井，其中包括1口注入井和2口探勘井以及1口水平井。

Overall, we had a very economic drilling program with strong production performance, and we are very pleased with our drilling performance in 2023.

整體而言，我們的鑽井計畫非常經濟，生產表現強勁，我們對 2023 年的鑽井表現非常滿意。

On the vertical wells, we're seeing significantly faster drilling performance, moving from a 2022 average of about three wells drilled every four months to now drilling two wells per month, which is a 60% reduction in cycle times.

在直井方面，我們看到鑽井性能顯著加快，從 2022 年平均每四個月鑽三口井變為現在每月鑽兩口井，週期時間縮短了 60%。

By drilling the wells faster, we are cutting costs meaningfully and improving the economics of our wells in Egypt.

透過加快鑽探速度，我們大幅削減了成本並提高了埃及油井的經濟效益。

In addition to the drilling efficiencies, we have also spent time and effort in Egypt reviewing the facilities and overall production operations.

除了鑽井效率之外，我們還在埃及花了時間和精力來審查設施和整體生產運作。

These efforts resulted in increased production, lower costs, and better safety and environmental performance in Egypt.

這些努力提高了埃及的產量、降低了成本並提高了安全和環境績效。

In addition, we achieved a major milestone in the first quarter of 2024 with 1 million man hours without a lost time incident.

此外，我們在 2024 年第一季實現了一個重要里程碑，即 100 萬工時沒有發生誤工事件。

The improvement in process flow and the drilling program resulted in SEC 1P additions of 4.8 million barrels on an NRI basis.

工藝流程和鑽井計劃的改進導致 SEC 1P 在 NRI 基礎上增加了 480 萬桶。

As we look to 2024, we are currently planning to reduce capital spend as we evaluate a potential drilling program.

展望 2024 年，我們目前計劃在評估潛在的鑽探計劃時減少資本支出。

We are focusing on the first half of the year on capital workovers that are forecasted to offset decline rates for the first half of this year.

我們將重點放在今年上半年的資本修復上，預計這將抵消今年上半年的下降率。

We have a 10- to 15-well drilling program that we are currently evaluating for the second half of the year.

我們有一個 10 至 15 口井的鑽井計劃，目前正在評估下半年的情況。

This program remains contingent on completion of the program evaluation and confirmation of a drilling rig for this period.

該計劃仍然取決於該期間計劃評估和鑽機確認的完成。

We have not included this program within our firm CapEx guidance until confirmed.

在確認之前，我們尚未將該計劃納入我們公司的資本支出指南中。

However, if successful, we anticipate additional CapEx of approximately $18 million, which will also generate additional production.

然而，如果成功，我們預計將增加約 1800 萬美元的資本支出，這也將產生額外的產量。

The macroeconomic position in Egypt has seen some headwinds recently.

埃及的宏觀經濟狀況最近遇到了一些阻力。

However, we have seen some positive announcements from the government over the past few weeks, which are encouraging.

然而，過去幾週我們看到政府發布了一些正面的公告，令人鼓舞。

In Canada, we drilled two wells in the first quarter of 2023, a 1.5-mile lateral and a three-mile lateral.

在加拿大，我們在 2023 年第一季鑽探了兩口井，一口為 1.5 英里的橫向井，另一口為 3 英里的橫向井。

Both wells were drilled and completed safely, and cost effectively without incident.

這兩口井均安全、經濟高效地鑽探和完井，沒有發生任何事故。

The wells were tied in and equipped in April and early May with overall cycle times that were significantly less than historical cycle times.

這些井於 4 月和 5 月初進行了連接和裝備，整體週期時間明顯少於歷史週期時間。

The wells began flowing in May with good production rates; and in early July, the pump and rods will run on both wells.

這些油井於 5 月開始生產，產量良好； 7月初，兩口井將開始泵浦和桿運轉。

Both wells' initial production rates exceeded expectations, and we are now continuing to produce a slightly above the expected type curves.

兩口井的初始產量都超出了預期，我們現在繼續生產略高於預期的曲線。

Canada set a production record for us in 2023 by eclipsing 3,000 barrels per day working equivalent on working interest in Q2, another reason we performed so well in Canada, and exceeded our production targets, while using the results and learnings from our 2023 drilling and completions program to enhance or 2024 drilling.

加拿大在2023 年為我們創造了產量記錄，第二季度的工作興趣超過了每天3,000 桶工作當量，這是我們在加拿大表現出色的另一個原因，並超出了我們的生產目標，同時利用了我們2023年鑽探和完井的結果和經驗教訓計劃加強或2024年鑽探。

We believe that to better optimize our Canadian prospects going forward, we will move to 2.5- and three-mile laterals almost exclusively, which we believe will further improve the economics of our development program.

我們相信，為了更好地優化加拿大未來的前景，我們將幾乎完全轉向 2.5 英里和 3 英里的橫向公路，我們相信這將進一步提高我們開發計劃的經濟效益。

In addition, we have optimized facilities and parts while also refining our completion techniques.

此外，我們也優化了設施和零件，同時完善了完井技術。

We have continued to add acreage around the existing land footprint to help extend the lateral length of our wells.

我們繼續增加現有土地面積周圍的面積，以幫助延長油井的橫向長度。

We had a small increase in year-end proved reserves in Canada tied to additional proved undeveloped locations from these acquisitions.

我們在加拿大的年底探明儲量略有增加，這與這些收購中額外探明的未開發地點有關。

In the first half of 2024, we are drilling four wells in the northern part of our lease holdings that are 2.5- and three-mile laterals and anticipate having them all completed and flowing in the second quarter.

2024 年上半年，我們將在租賃資產北部鑽四口井，橫向長度為 2.5 英里和 3 英里，預計在第二季全部完工並投產。

In addition, we're also targeting an exploration appraisal well in the South after completing these development wells.

此外，在完成這些開發井後，我們也計劃在南部進行勘探評估井。

This should provide a strong production boost in Canada.

這將為加拿大的產量帶來強勁的成長。

And as you can see from our guidance, we expect our production in Canada to increase in 2024.

正如您從我們的指導中看到的，我們預計 2024 年加拿大的產量將會增加。

Our Canadian assets continue to produce strong production and contribute to our overall ability to generate strong operational cash flow.

我們的加拿大資產持續產生強勁的產量，並有助於我們產生強勁營運現金流的整體能力。

Turning to Gabon, as you know we completed a previous drilling campaign in the fourth quarter of 2022 and invested only minimal CapEx dollars in Gabon in 2023, primarily related to maintenance CapEx and long lead drilling equipment.

轉向加彭，如您所知，我們在 2022 年第四季度完成了先前的鑽探活動，並於 2023 年在加蓬僅投資了極少的資本支出，主要與維護資本支出和長週期鑽探設備有關。

We are seeing strong overall production results in 2023 through reduced maintenance requirements and improved decline curves on the wells.

透過減少維護需求和改善油井遞減曲線，我們預計 2023 年整體產量將強勁。

The FSO infield reconfiguration projects in 2022 have allowed us to capture the efficiency and OpEx savings in the full year 2023, while enhancing production uptime and minimizing field decline prior to the next drilling campaign.

2022 年的 FSO 內場重新配置專案使我們能夠在 2023 年全年實現效率和營運支出節省，同時在下一次鑽井活動之前提高生產正常運行時間並最大限度地減少油田衰退。

Looking at 2024 and into 2025, we are preparing for our next drilling campaign at Etame.

展望 2024 年和 2025 年，我們正在為埃塔姆的下一次鑽探活動做準備。

We initially had planned the three- to four-well campaign in Gabon with a mix of development, appraisal wells, and a gas well for infield power requirements.

我們最初計劃在加蓬進行三到四口井的開發活動，其中包括開發井、評估井和滿足內場電力需求的氣井。

We also initiated a review of Ebouri field with a view to development opportunities to drill additional wells and workovers, which will target between 8 million to 12 million barrels of oil.

我們也啟動了對 Ebouri 油田的審查，以尋找鑽探更多油井和修井的開發機會，目標是生產 800 萬至 1,200 萬桶石油。

This is currently in our 1C and 2C reserve numbers.

目前該號碼位於我們的 1C 和 2C 儲備號碼中。

This will require some enhancement of the Ebouri platform to handle crude sweetening equipment.

這將需要對 Ebouri 平台進行一些增強，以處理原油脫硫設備。

Our engineering and subsurface plans are nearing completion to allow a move towards FID later this year, which if approved will enhance the planned drilling program in Gabon.

我們的工程和地下計劃已接近完成，以便在今年稍後向最終投資決定邁進，如果獲得批准，將加強加蓬計劃的鑽探計劃。

Some technical and regulatory approvals are still to be obtained in addition to completing the evaluation, and we will provide a further update on this exciting project when we confirm the scope and timing of our Gabon drilling program.

除了完成評估之外，還需要獲得一些技術和監管批准，當我們確認加蓬鑽探計劃的範圍和時間安排時，我們將提供有關這個令人興奮的項目的進一步更新。

We're expecting to spend between $30million and $40 million on long lead items in 2024 preparing for and in anticipation of the drilling campaign.

我們預計 2024 年將花費 3,000 萬至 4,000 萬美元購買長週期項目，為鑽探活動做準備和預期。

Turning to Blocks G and H, we held some discussions with our partners and have made some encouraging progress this quarter, and plan to move towards further discussions and negotiations in the second quarter of this year where we will provide a further update.

談到G和H區塊，我們與合作夥伴進行了一些討論，並在本季度取得了一些令人鼓舞的進展，併計劃在今年第二季度進行進一步的討論和談判，屆時我們將提供進一步的更新。

On Equatorial Guinea, efforts have continued and have intensified to finalize the JOA with our partners.

在赤道幾內亞，我們仍在繼續並加強努力，與我們的合作夥伴最終敲定聯合行動計劃。

I am pleased to say that we have only some confirmatory details remaining outstanding.

我很高興地說，我們只剩下一些尚未確認的細節。

And upon receipt, we expect to move this project into firm CapEx FEED study in the very near future.

收到後，我們預計在不久的將來將該項目納入公司資本支出 FEED 研究。

Turning to reserves, we are very pleased with the growth of our SEC proved reserve base despite a significant decline in pricing.

談到儲備，我們對 SEC 探明儲備基礎的成長感到非常滿意，儘管價格大幅下降。

Our positive reserve revisions due to positive field performance in Gabon and drilling results in Egypt and Canada, coupled with the reserves added with some land purchases in Canada, helped to more than offset production and downward pricing.

由於加彭的積極現場表現以及埃及和加拿大的鑽探結果，加上加拿大購買一些土地而增加的儲量，我們對儲量進行了積極的修正，這不僅有助於抵消產量和價格下降。

SEC proved reserves at year end increased by 3% to 28.6 million barrels of oil equivalent.

SEC 年末探明儲量增加 3%，達到 2,860 萬桶油當量。

The lower SEC pricing impacted our PV-10 values for 2023, despite the slight increase in 1P barrels.

儘管 1P 桶略有增加，但 SEC 定價較低影響了我們 2023 年的 PV-10 價值。

Overall, our PV-10 decreased 45% from (technical difficulty) our 2P CPR estimate, which includes proven and probable reserves using VAALCO's management assumptions for future pricing and cost reported no working interest basis prior to deductions for government royalties, so a year-over-year increase of 1% to 77.3 million barrels of oil equivalent.

總體而言，我們的PV-10 比我們的2P CPR 估計（技術難度）下降了45%，其中包括使用VAALCO 對未來定價和成本的管理假設的探明和可能儲量，報告在扣除政府特許權使用費之前沒有工作利息基礎，因此一年 -年增1%，達到7730萬桶油當量。

Once again, strong operational performance and reserves additions outweighed the impact of lower pricing and production.

強勁的營運表現和儲量增加再次抵消了價格和產量下降的影響。

The t2P CPR and PV-10 volume was impacted mainly by pricing and cost inflation as we saw a 23% decrease to $631 million by year-end 2023.

t2P CPR 和 PV-10 銷售主要受到定價和成本通膨的影響，我們發現到 2023 年底，銷售量下降了 23%，至 6.31 億美元。

In closing, we delivered outstanding results in 2023, and I'm excited about 2024 and beyond.

最後，我們在 2023 年取得了出色的成果，我對 2024 年及以後感到興奮。

We are focused on growing production reserves and value for our shareholders.

我們專注於為股東增加生產儲備和價值。

We have delivered significant shareholder returns during 2023, and have retained a strong balance sheet.

我們在 2023 年實現了可觀的股東回報，並維持了強勁的資產負債表。

I would like to thank our hard-working team who continue to operate and execute our plans.

我要感謝我們辛勤工作的團隊，他們繼續運作和執行我們的計劃。

We are bank debt free and remain firmly focused on our strategic vision of accretive growth while maximizing shareholder return opportunities and operating with the highest regards towards ESG.

我們沒有銀行債務，並始終堅定地專注於增值成長的策略願景，同時最大限度地提高股東回報機會，並在營運時高度重視 ESG。

With that I would like to turn the call over to Ron to share our financial results.

我想將電話轉給羅恩，分享我們的財務表現。

Thank you, George, and good morning, everyone.

謝謝你，喬治，大家早安。

I will provide some insight into the drivers for our financial results and rather than repeating what you can read in the earnings release or our 10-K, I will focus on the key points.

我將提供一些關於我們財務績效驅動因素的見解，而不是重複您在收益報告或我們的 10-K 中讀到的內容，我將重點放在關鍵點。

Let me begin by echoing George's comments about our continued success in 2023, driven by strong operational performance that yielded record financial results.

首先，我要重複 George 的評論，即我們在 2023 年持續取得成功，這得益於強勁的營運業績，帶來了創紀錄的財務業績。

In the fourth quarter, we generated $44 million in net income or $0.41 per share and $96 million in adjusted EBITDAX.

第四季度，我們產生了 4,400 萬美元的淨利潤或每股 0.41 美元，調整後的 EBITDAX 為 9,600 萬美元。

Both were significant increases compared to prior quarters and ahead of consensus estimates.

與前幾季相比，兩者都有顯著成長，並且超出了普遍預期。

The exceptional fourth quarter numbers helped to push our full year 2023 net income to $60.4 million or $0.56 per share and adjusted EBITDAX to $280 million.

出色的第四季數據幫助我們將 2023 年全年淨利潤推至 6,040 萬美元，即每股 0.56 美元，調整後的 EBITDAX 至 2.8 億美元。

We have a strong cash position, a clean balance sheet, and no bank debt.

我們擁有充足的現金狀況、乾淨的資產負債表，且沒有銀行債務。

I'm proud to say that we are much better positioned today with a growing and diversified asset base than ever before in VAALCO's history.

我很自豪地說，今天我們的定位比 VAALCO 歷史上的任何時候都要好得多，資產基礎不斷增長且多元化。

Let's turn to production and sales which, along with realized pricing, drives our revenue.

讓我們轉向生產和銷售，這與實現的定價一起推動了我們的收入。

Production for the fourth quarter remained solid, at the high end of our guidance with our sales for the quarter also at the higher end of guidance.

第四季的生產保持穩定，處於我們指導的高端，該季度的銷售額也處於指導的高端。

The production performance of our assets in 2023 was buoyed by successful drilling in Egypt and Canada and mitigating decline in Gabon through operating efficiencies

埃及和加拿大的成功鑽探提振了我們資產 2023 年的生產業績，並透過營運效率緩解了加彭的產量下降

With a diversified portfolio of assets, we will have changes from quarter to quarter in the mix of sales from each of our producing areas.

憑藉多元化的資產組合，我們每個產區的銷售組合將逐季度發生變化。

This change in mix impacts our realized pricing, and ultimately our revenue and earnings.

這種組合的變化會影響我們的實際定價，並最終影響我們的收入和收益。

But if you look at the bigger picture and over a full year, you'll see impressive growth across our expanding portfolio of producing assets.

但如果你從更大的角度看一整年，你會發現我們不斷擴大的生產資產組合取得了令人印象深刻的成長。

We saw growth in total sales volumes quarter over quarter and overall realized pricing increase from the third quarter due to higher sales mix in Gabon versus Egypt.

我們看到總銷售量較上季成長，由於加彭與埃及的銷售組合較高，整體實現的價格較第三季有所成長。

This drove our fourth quarter revenues to $149 million.

這使得我們第四季的營收達到 1.49 億美元。

For the full year 2023, we saw revenue increase by a little over $100 million.

2023 年全年，我們的營收成長略高於 1 億美元。

This was driven by sales increasing 86% year over year, but somewhat offset by lower realized pricing, which declined 26%.

這是由銷售額同比增長 86% 推動的，但在一定程度上被實現價格下降（下降 26%）所抵消。

You will note in our earnings release yesterday, we provided a detailed breakout of sales volumes along with commodity pricing by country.

您會注意到，在我們昨天發布的財報中，我們提供了詳細的銷售明細以及按國家/地區劃分的商品定價。

Regarding hedging, as shown in our earnings release, we continue to implement a hedging program that helps mitigate risk and protect our commitment to shareholder return.

關於對沖，如我們的收益報告所示，我們繼續實施對沖計劃，以幫助降低風險並保護我們對股東回報的承諾。

We have costless collars in place for Q1 through Q3 2024.

我們在 2024 年第一季至第三季實施了免費項圈。

All our collars have a floor price of $65 for around 15% of our production through Q. three 2024, with upside on the collars to between $92 and $100.

截至 2024 年第三季度，我們所有項圈的底價均為 65 美元，約占我們產量的 15%，項圈的上漲空間為 92 至 100 美元。

It's worth noting we have 85% of our production through Q3 2024 unhedged, whilst protecting our commitment to our dividend.

值得注意的是，到 2024 年第三季度，我們有 85% 的產量未對沖，同時保護了我們對股息的承諾。

Turning to costs, our production costs for the full year 2023 were below the low end of guidance on an absolute basis, and at the bottom end of guidance on a per barrel basis.

談到成本，我們 2023 年全年的生產成本絕對低於指導值的下限，並且以每桶計算處於指導值的下限。

We remain focused on capturing synergies and keeping our costs low to enable us to maximize margins and increase our cash flow.

我們仍然專注於捕捉協同效應並保持較低的成本，以使我們能夠最大限度地提高利潤並增加現金流。

While absolute costs were up 36% year over year, primarily due to higher sales volumes, our production costs per barrel are 27% lower year on year.

雖然絕對成本年增 36%（主要是由於銷量增加），但我們每桶的生產成本比去年同期下降了 27%。

This demonstrates that we are delivering on capturing synergies and cost-saving initiatives like the FSO project last year.

這表明我們正在實現像去年的 FSO 專案這樣的協同效應和成本節約措施。

G&A costs were also in line with guidance.

一般行政費用也符合指導意見。

When compared to the combined G&A costs seen in 2022 by both VAALCO and TransGlobe, we've seen meaningful reductions in costs well ahead of our target synergies.

與 VAALCO 和 TransGlobe 2022 年的綜合管理費用相比，我們發現成本大幅降低，遠遠超出了我們的目標綜效。

The final integration and reorganization of the business is behind us, and we've commenced a back office process improvement project with the implementation of a single cloud-based ERP across the whole company.

業務的最終整合和重組已經結束，我們已經開始了後台流程改進項目，在整個公司實施單一的基於雲端的 ERP。

Non-cash DD&A costs decreased considerably quarter over quarter, primarily due to year-end depletion adjustments, mostly in Egypt that were made in the fourth quarter once we've completed our reserves evaluation under our 2023 Competent Person's Report.

非現金 DD&A 成本環比大幅下降，主要是由於年終消耗調整，主要是在埃及，我們根據 2023 年合格人員報告完成了儲量評估後在第四季度進行了調整。

Compared to the prior year, in 2023 we have seen an increase in DD&A that's due to the step-up of the TransGlobe asset valuation and because of the additional investment in new wells brought online for both Egypt and Canada.

與前一年相比，我們看到 2023 年 DD&A 有所增加，這是由於 TransGlobe 資產估值的提高以及對埃及和加拿大上線的新油井的額外投資。

In the fourth quarter, we agreed on a protocol with the Gabonese state for a long-standing debt on TVA, together with an outstanding debt from the government-owned Sogara refinery.

第四季度，我們與加彭政府就 TVA 的長期債務以及政府擁有的 Sogara 煉油廠的未償債務達成了一項協議。

This was by way of transfer of state profit oil barrels to Etame contractors in settlement of its debts.

這是透過將國家利潤石油桶轉移給 Etame 承包商來償還債務的方式。

This reduced the quantity of barrels we are holding as foreign taxes payable, and that will likely be settled by a state lifting of the remaining bottles in 2024.

這減少了我們作為外國應繳稅款持有的石油桶數量，而國家可能會在 2024 年取消剩餘石油桶的數量來解決這個問題。

We had no Gabonese state listing in 2023, primarily due to the protocol agreement but had a state lifting in 2022 of approximately 600,000 barrels.

2023 年，我們沒有在加彭國家上市，這主要是由於協議協議，但在 2022 年國家增加了約 60 萬桶。

The costs in the fourth quarter of about $37.6 million resulted in an effective tax rate of about 46% in the quarter.

第四季的成本約為 3,760 萬美元，導致該季度的有效稅率約為 46%。

This was lower than prior quarters and driven by the revaluation of tax oil bottles held for Gabon.

這一數字低於前幾個季度，主要是由於為加彭持有的稅油瓶重新估價所致。

As I stated before in Gabon, our foreign income taxes are settled by the government through in-kind oil payments.

正如我之前在加彭所說，我們的外國所得稅是由政府透過實體石油支付來結算的。

At the end of each quarter, we have to mark-to-market the in-kind oil.

在每個季度末，我們必須以市價計算實體石油。

So in general, when the prices rise, it has a negative impact to our accrued taxes; and if prices fall, we see a benefit, thus reducing our tax liability.

所以一般來說，當物價上漲時，會對我們的應計稅收產生負面影響；如果價格下跌，我們就會看到好處，從而減少我們的稅務義務。

We cannot control the movement of the underlying commodity price to which this in-kind oil is marked to.

我們無法控制該實體石油所標的基礎商品價格的變動。

We continue to guide that 60% to 65% effective tax rate is a correct effective tax rate over the long term, excluding discrete items.

我們繼續認為，從長期來看，60%至65%的有效稅率是正確的有效稅率（不包括離散項目）。

Turning now to the balance sheet and cash flow statement.

現在轉向資產負債表和現金流量表。

Unrestricted cash rose to $121 million as of December 31, 2023.

截至 2023 年 12 月 31 日，不受限制的現金增至 1.21 億美元。

We plan to use a portion of this cash to fund the Svenska acquisition.

我們計劃使用部分現金來資助 Svenska 收購。

Last call, we discussed likely working capital movements, some of which occurred in the fourth quarter of 2023 related to the reduction in accounts payable associated with the 2023 capital program.

在上次電話會議中，我們討論了可能的營運資金變動，其中一些變動發生在 2023 年第四季度，與 2023 年資本計畫相關的應付帳款減少有關。

At the beginning of 2024, we're projecting a build Egyptian accounts receivable associated with domestic sales in the first quarter.

2024 年初，我們預計第一季埃及應收帳款將增加與國內銷售相關。

That will be partially offset by our annual modernization payment.

這將被我們每年的現代化付款部分抵消。

Additionally, we have certain annual cash payments that tend to be paid early in the new year, including the domestic market obligation in Gabon and insurances.

此外，我們還有某些年度現金付款往往會在新年初期支付，包括加彭的國內市場義務和保險。

Finally, as part of being a responsible operator and community partner in Gabon, we are executing on community engagement projects sanctioned by the PSC that were previously accrued.

最後，作為加彭負責任的營運商和社區合作夥伴的一部分，我們正在執行先前累積的 PSC 批准的社區參與專案。

These items will impact our working capital position in the first quarter of 2024.

這些項目將影響我們 2024 年第一季的營運資金狀況。

As has been the case since the third quarter of 2018, we are carrying no bank debt and credit facilities available to utilize for additional accretive acquisition opportunities to continue to build value.

與 2018 年第三季以來的情況一樣，我們沒有可用於額外增值收購機會以繼續創造價值的銀行債務和信貸額度。

In Q4 2023, VAALCO paid a quarterly cash dividend of $0.0625 per common share or $6.7 million, and our share buyback was about $6 million.

2023 年第四季度，VAALCO 支付了每股普通股 0.0625 美元的季度現金股息，即 670 萬美元，我們的股票回購約為 600 萬美元。

For the full year 2023, we returned $50.3 million or 42% of our free cash flow to shareholders through dividends and share buybacks.

2023 年全年，我們透過股利和股票回購向股東返還了 5,030 萬美元，即自由現金流的 42%。

In February, we announced the first dividend payment of the year at the same quarterly rate as 2023.

2 月份，我們宣布以與 2023 年相同的季度利率支付今年的首次股息。

Aside from fully funding our shareholder returns, we also fully funded over $70 million of capital expenditures in 2023.

除了為我們的股東回報提供全額資金外，我們還為 2023 年超過 7,000 萬美元的資本支出提供了全額資金。

These expenditures were primarily related to our drilling program in Egypt and Canada with some maintenance CapEx on long-lead items for Gabon.

這些支出主要與我們在埃及和加拿大的鑽探計劃有關，以及加彭長週期項目的一些維護資本支出。

Let me now turn to guidance where I'll give you some key highlights and updates.

現在讓我轉向指導，我將為您提供一些關鍵的亮點和更新。

I want to remind you that guidance does not include the recently announced Svenska acquisition and will be updated once the acquisition is finalized.

我想提醒您的是，指導意見不包括最近宣布的 Svenska 收購，並將在收購完成後進行更新。

Also, our full guidance breakout is in the earnings release and in our supplemental slide deck on our website with production breakout of both working interest and net revenue interest.

此外，我們的完整指導突破位於收益發布和我們網站上的補充幻燈片中，其中包含工作利息和淨收入利息的生產突破。

For the total company, we are forecasting Q1 2024 production to be between 21,700 and 22,400 working interest barrels of oil equivalent per day, and between 16,800 and 17,300 net revenue interest barrels of oil equivalent per day.

對於整個公司而言，我們預計 2024 年第一季的產量將在每天 21,700 至 22,400 桶石油當量之間，淨收入利息桶每天將在 16,800 至 17,300 桶石油當量之間。

This is down slightly from the fourth quarter of 2023 due to natural decline.

由於自然下降，這一數字較 2023 年第四季略有下降。

But that said, we do expect solid production growth in Canada due to our drilling program in 2024.

但話雖如此，由於 2024 年的鑽探計劃，我們確實預計加拿大的產量將穩健成長。

For the full year 2024, we are forecasting our total Company production to be between 20,800 and 23,400 working interest barrels of oil equivalent per day, and between 16,100 and 18,300 net revenue interest barrel oil equivalent per day.

對於 2024 年全年，我們預計公司總產量將在每天 20,800 至 23,400 桶石油當量之間，每天淨收入利息桶石油當量在 16,100 至 18,300 桶石油當量之間。

Looking at production by asset, we had expected natural decline in Gabon and Egypt, although we do have a capital workover program in Egypt in the first half of 2024 that should help mitigate decline.

從資產產量來看，我們預計加彭和埃及的產量會自然下降，儘管我們確實在 2024 年上半年在埃及製定了資本修井計劃，這應該有助於緩解產量下降的情況。

In Canada, as I've mentioned we expect year-over-year growth from our drilling campaign.

在加拿大，正如我所提到的，我們預計鑽探活動將實現同比增長。

For full year 2024, we are assuming our sales will be in line with our production.

對於 2024 年全年，我們假設我們的銷售將與產量保持一致。

But for the first quarter, this may not be the case.

但對於第一季來說，情況可能並非如此。

You will notice that Q1 sales in Gabon have a wide range.

您會注意到加彭第一季的銷售額變化很大。

This is because our listing in Gabon is scheduled for the end of March and could potentially shift into April.

這是因為我們在加彭的上市計劃於 3 月底進行，並且可能會推遲到 4 月。

Of course if that happens, it will not impact the full year sales, but impact our first and second quarter sales in Gabon.

當然，如果發生這種情況，不會影響全年銷售，但會影響我們在加彭和第二季的銷售。

Our absolute operating costs are expected to remain in line with 2023, but we are projecting our per barrel oil equivalent range to potentially increase slightly due to less projected revenue bottles.

我們的絕對營運成本預計將與 2023 年保持一致，但由於預計收入瓶數減少，我們預計每桶石油當量範圍可能會略有增加。

We're also expecting small increases in absolute G&A, and per barrel of oil equivalent G&A costs, primarily due to resourcing requirements.

我們也預期絕對 G&A 以及每桶石油當量的 G&A 成本將小幅增加，主要是由於資源需求。

Finally, looking at CapEx, our 2024 capital spend of $70 million to $90 million includes drilling four long lateral development wells in our northern acreage in Canada, long-lead items in Gabon, preparing for the 2025 drilling campaign, and capital workovers in Egypt.

最後，從資本支出來看，我們2024 年的資本支出為7000 萬至9000 萬美元，包括在加拿大北部地區鑽探四口長橫向開發井、在加蓬的長週期項目、為2025 年鑽探活動做準備以及在埃及的資本修井。

For the first quarter, we are expecting a range of between $22 million and $28 million for our CapEx.

我們預計第一季的資本支出將在 2,200 萬美元至 2,800 萬美元之間。

In closing, we continue to trade a very low multiple of EBITDAX despite having a strong dividend yield and being bank debt-free.

最後，儘管我們擁有強勁的股息收益率並且沒有銀行債務，但我們仍然以非常低的 EBITDAX 倍數進行交易。

By year-end 2023, we had over $120 million in cash on the balance sheet, generated $280 million in adjusted EBITDAX, and trading well below two times EBITDAX.

到 2023 年底，我們的資產負債表上有超過 1.2 億美元的現金，調整後的 EBITDAX 產生了 2.8 億美元，交易價格遠低於 EBITDAX 的兩倍。

With the Svenska acquisition, we should see an increase in production and sales while we continue to generate significant adjusted EBITDAX and operational cash flow in 2024.

透過收購 Svenska，我們應該會看到產量和銷售額的增加，同時我們將在 2024 年繼續產生大幅調整後的 EBITDAX 和營運現金流。

We are very well positioned to execute and fund our CapEx program across multiple producing assets over the next several years.

我們處於非常有利的位置，可以在未來幾年內執行多個生產資產的資本支出計劃並為其提供資金。

With that, I'll now turn the call back over to George.

這樣，我現在將把電話轉回給喬治。

Thanks, Ron.

謝謝，羅恩。

Our strategy remains unchanged, operate efficiently, invest prudently, maximize our asset base, and look for accretive opportunities.

我們的策略不變，有效率地經營，審慎投資，最大化資產基礎，尋找增值機會。

As you have heard this morning, we have successfully delivered strong operational and financial results in 2023 by executing on our strategic vision.

正如您今天早上所聽到的，透過執行我們的策略願景，我們在 2023 年成功實現了強勁的營運和財務表現。

Our effective drilling campaigns in Egypt and Canada helped both areas grow production in 2023, and our continued focus on operational uptime helped Gabon minimize decline.

我們在埃及和加拿大的有效鑽探活動幫助這兩個地區在 2023 年實現了產量成長，而我們對營運正常運作時間的持續關注幫助加彭最大限度地減少了產量下降。

All three areas have strong production performance that exceeded guidance.

這三個領域的生產表現都超乎預期。

We generated record adjusted EBITDAX of $280 million and free cash flow of $120 million while funding all of our CapEx, quarterly dividends, and share buybacks with cash flow and cash on hand.

我們創造了創紀錄的 2.8 億美元調整後 EBITDAX 和 1.2 億美元的自由現金流，同時用現金流和手頭現金為我們所有的資本支出、季度股息和股票回購提供資金。

We ended the year with over $121 million in cash on hand, and we're using some of that cash to make a very accretive acquisition.

到年底，我們手頭上有超過 1.21 億美元的現金，我們正在使用其中的一些現金進行一項非常增值的收購。

We have delivered on our commitment to the market and to our shareholders.

我們兌現了對市場和股東的承諾。

And we are in an enviable financial position with no bank debt and a greater portfolio of producing assets with future potential upside.

我們的財務狀況令人羨慕，沒有銀行債務，並且擁有更多具有未來潛在上漲潛力的生產資產組合。

In addition to funding our capital program and growing our cash position, we have remained focused on returning value to our shareholders.

除了為我們的資本計劃提供資金和增加現金狀況外，我們仍然專注於為股東回報價值。

In 2023, we returned $50.3 million to our shareholders through dividends and buybacks.

2023 年，我們透過股利和回購向股東返還 5,030 萬美元。

That's a 42% of the free cash flow that we generated.

這是我們產生的自由現金流的 42%。

We nearly doubled our quarterly dividend and have continued that higher rate into 2024.

我們將季度股息幾乎增加了一倍，並將這一較高利率持續到 2024 年。

We are on pace to deliver another $0.25 per share annual dividend for 2024 matching what we've paid out in 2023 which, at our current share price, is a dividend yield of nearly 6%.

我們計劃在 2024 年再派發每股 0.25 美元的年度股息，與我們在 2023 年支付的股息相當，以我們目前的股價計算，股息收益率接近 6%。

We have continued to repurchase common shares through the buyback program approved in 2022.

我們透過 2022 年核准的回購計畫繼續回購普通股。

Since inception of the program back in November 2022, we have returned over $28 million to shareholders and repurchased in excess of 6 million common shares.

自 2022 年 11 月該計畫啟動以來，我們已向股東返還超過 2,800 萬美元，並回購了超過 600 萬股普通股。

We are committed to returning value to our shareholders and, in 2024, we're targeting returning over $25 million of free cash flow to shareholders.

我們致力於向股東返還價值，我們的目標是到 2024 年向股東返還超過 2,500 萬美元的自由現金流。

We are expecting to close the Svenska acquisition sometime in the second quarter of 2024.

我們預計將在 2024 年第二季的某個時候完成對 Svenska 的收購。

And once it closes, we will see an immediate boost to production, adjusted EBITDAX, and cash flow in both absolute and per-share terms.

一旦關閉，我們將看到產量、調整後的 EBITDAX 以及絕對現金流和每股現金流的立即成長。

Our current 2024 guidance does not have the Svenska acquisition incorporated.

我們目前 2024 年的指引並未納入 Svenska 收購。

But once it closes, we will provide updated guidance.

但一旦關閉，我們將提供更新的指導。

We are truly excited about the future, and VAALCO is now in a very enviable position.

我們對未來感到由衷的興奮，VAALCO 現在處於令人羨慕的地位。

We have multiple producing areas and future prospects that have completely diversified our risk profile and resources of income.

我們擁有多個產區和未來前景，使我們的風險狀況和收入來源完全多元化。

We will remain disciplined in our approach to maximize value for our shareholders by delivering growth in production reserves and cash flow.

我們將繼續恪守紀律，透過生產儲備和現金流的成長，為股東實現價值最大化。

We are drilling four longer lateral wells right now in Canada, purchasing long-lead items, and preparing for the planned drilling campaign in Gabon.

我們目前正在加拿大鑽四口較長的側井，購買長週期產品，並為計劃在加彭的鑽探活動做準備。

And in Egypt, we have multiple workovers and are evaluating additional 10 to 15 well drilling program.

在埃及，我們進行了多次修井，並正在評估額外的 10 至 15 口鑽井計畫。

Our success over the past two years has generated meaningful change at VAALCO and created significant development opportunities well into the future.

我們過去兩年的成功為 VAALCO 帶來了有意義的變化，並為未來創造了重要的發展機會。

We are very excited for the future of VAALCO and remain confident that we will continue to deliver superior long-term value to our shareholders.

我們對 VAALCO 的未來感到非常興奮，並堅信我們將繼續為股東提供卓越的長期價值。

Thank you.

謝謝。

And with that, operator, we are ready to take questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions) Stephane Foucaud, Auctus Advisors.

（操作員說明）Stephane Foucaud，Auctus Advisors。

Thank you.

謝謝。

Morning, afternoon, gents.

早安，下午好，先生們。

Thanks for taking my question.

感謝您提出我的問題。

I'd like if possible to go back to the guidance, the CapEx and production guidance.

如果可能的話，我想回到指南、資本支出和生產指南。

I think, George, you talked about the Gabon CapEx, the same CapEx from 30 to 40.

我想，喬治，你談到了加彭資本支出，從 30 到 40 的資本支出相同。

Could you come back on the other items, please?

能再回來看看其他項目嗎？

And particularly if there is, I don't think there is, but confirm if there is anything associated with the FEED study for Egypt.

特別是如果有的話，我認為沒有，但請確認是否有任何與埃及 FEED 研究相關的內容。

And related to that, so should I understand that there should not be any uptick in production in Gabon around the end of the year because the drilling program is more likely to start in '25 rather than '24?

與此相關，我是否應該理解，加彭的產量在今年年底左右不會有任何上升，因為鑽探計劃更有可能在 25 年而不是 24 年開始？

Thank you.

謝謝。

Thank you, Stephane.

謝謝你，史蒂芬。

So yes, we are looking at $30 million to $40 million of CapEx within Gabon, which is primarily related to maintenance CapEx and long-lead items for the drilling program.

所以，是的，我們正在考慮加彭境內 3,000 萬至 4,000 萬美元的資本支出，這主要與維護資本支出和鑽井計畫的長期項目有關。

One thing that I mentioned during the introduction was that we do have or we're currently evaluating a drilling program in Egypt, which is not in guidance.

我在介紹中提到的一件事是，我們確實有或目前正在評估埃及的鑽探計劃，該計劃不在指導範圍內。

But should that get confirmed, that would add an additional $18 million of CapEx for those 10 to 15 wells.

但如果這一點得到證實，這將為這 10 至 15 口井額外增加 1,800 萬美元的資本支出。

You are correct in that when we were looking at the program and particularly the focus on the revision of the Ebouri field, the reason that we're delaying slightly the Gabonese program is to allow that program to have a much wider scope and. therefore, a greater number of wells which will lower the overall cost from the drilling, because we'll have more wells to spread mobilization demobilization over.

你是對的，當我們審查該計劃，特別是關注 Ebouri 領域的修訂時，我們稍微推遲加彭計劃的原因是為了讓該計劃有更廣泛的範圍。因此，更多的井將降低鑽井的整體成本，因為我們將有更多的井來分散動員和復員。

And that makes them much more efficient.

這使得他們的效率更高。

And also, we're targeting effectively what were originally proven reserves for Gabon and the Ebouri field and converting them from contingent.

此外，我們也有效地瞄準了加彭和 Ebouri 油田最初探明的儲量，並將其從特遣隊中轉換出來。

So there's quite a lot of opportunities within the CapEx program.

因此，資本支出計劃中有很多機會。

Thank you.

謝謝。

And so the split between EG and Canada for the CapEx?

那麼 EG 和加拿大之間的資本支出如何劃分呢？

Hi, Stephane.

嗨，史蒂芬。

It's Ron.

是羅恩。

Let me take that element for you on the breakdown of the CapEx.

讓我為您介紹一下資本支出細分的要素。

So as we said in the guidance, we got $70 million to $80 million.

正如我們在指南中所說，我們獲得了 7000 萬至 8000 萬美元。

I would say for guidance purposes, you're looking at Gabon being between 40% and 45% of that; Egypt, between 10% and 15%; Canada, 35% to 40%; and then the other will be corporate and possibly feed studies.

我想說的是，出於指導目的，加彭的佔比在 40% 到 45% 之間；埃及，10%至15%；加拿大，35%至40%；然後另一個將是企業，並可能提供研究。

And you're referring for that maybe for EG, the field study?

您指的是 EG，即實地研究？

Yes, I mean so just to recap.

是的，我的意思只是回顧一下。

As I mentioned earlier in the call, we have made significant progress on block P with the position with the partners.

正如我之前在電話會議中提到的，我們與合作夥伴的立場在 P 區塊上取得了重大進展。

And whilst we're not in a position right now, at this time, to confirm move towards a FEED study on the business development, I do anticipate in the very near future we will be.

雖然我們現在還不能確認業務發展的 FEED 研究，但我預計在不久的將來我們就能做到。

Thank you.

謝謝。

This is great.

這很棒。

Charlie Sharp, Canaccord.

查理夏普，Canaccord。

Yes, good morning, gentlemen, and thanks for taking my call, and congratulations on a great set of results.

是的，早安，先生們，感謝您接聽我的電話，並祝賀取得了一系列出色的成果。

If I could just, just trying to clarify a little bit more Gabon, if I may.

如果可以的話，我只是想澄清一下加彭的情況，如果可以的話。

I think, George, you said at the beginning, your piece on Gabon, that you initially planned a three- or four-well program, presumably that did not include the potential additional 2C 8 million to 12 million barrels of resources that you highlighted.

我想，喬治，你在關於加彭的文章一開始就說過，你最初計劃了一個三井或四井計劃，大概不包括你強調的潛在的額外 2C 800 萬至 1200 萬桶資源。

Might have been more than three or four wells, that's what I'm trying to get at.

可能不只三、四口井，這就是我想要得到的。

And exactly what might that encompass in terms of targets, reserves versus resources?

就目標、儲量與資源而言，這究竟包含哪些內容？

Yes.

是的。

So you're correct in that the initial program did not include the opportunity of the redevelopment of the Ebouri field.

所以你是對的，最初的計劃不包括重新開發 Ebouri 油田的機會。

The total, we would say, probably an additional two wells and one workover.

我們可以說，總共可能需要額外的兩口井和一次修井。

And so that would take the program on an almost firm basis between six and seven wells, and obviously we will guide options onto that as well.

因此，這將使該計劃在六到七口井之間建立一個幾乎堅實的基礎，顯然我們也會指導這一點的選擇。

The target for contingent resource conversion to reserves for the Ebouri redevelopment remains between 8 million to 12 million barrels.

Ebouri 重建的緊急資源轉換為儲備的目標仍然在 800 萬至 1200 萬桶之間。

As I mentioned in the commentary, one of the wells is for field fuel supply, so gas wells.

正如我在評論中提到的，其中一口井用於現場燃料供應，因此是氣井。

I won't add anything, but it will reduce, further reduce our OpEx in the field as we replace natural gas with diesel.

我不會添加任何內容，但當我們用柴油取代天然氣時，它會減少、進一步減少我們在該領域的營運支出。

And the other targets, obviously it's difficult to give you a range and we're looking at an appraisal step-out well, but we were looking between that 2 million to 4 million barrels on the other two wells.

至於其他目標，顯然很難給你一個範圍，我們正在考慮評估井，但我們正在尋找其他兩口井的 200 萬至 400 萬桶之間。

That's great.

那太棒了。

Thank you.

謝謝。

And can I just follow up with one question and on the CI-40 license.

我可以跟進一個關於 CI-40 許可證的問題嗎？

And I think you've indicated that the FPSO will be going in for maintenance and upgrades in 2025, presumably for a year or more.

我認為您已經表示 FPSO 將在 2025 年進行維護和升級，大概持續一年或更長時間。

What's the reason for that?

這是什麼原因呢？

And how much is that all going to cost?

這一切要花多少錢？

And presumably that will be cost recoverable in the following year.

據推測，這將在明年收回成本。

Hard question really because, obviously, we're not the operator of Baobab, and those plans have yet to be finalized by the operator.

這確實是一個難題，因為顯然我們不是 Baobab 的運營商，而且這些計劃尚未由運營商最終確定。

Our anticipation is obviously these would be fully cost recoverable.

我們的預期顯然是這些將完全收回成本。

There is a time schedule that would take the vessel off-station for a period of time.

有一個時間表，該船將離開車站一段時間。

Once we are in a position to have direct discussions with the operator, obviously we'll be in a position to comment more accurately on both the outage and time delays, where the drydocking will take place, and the nature of the upgrades.

一旦我們能夠與運營商進行直接討論，顯然我們將能夠更準確地評論停電和時間延遲、乾船塢將在哪裡以及升級的性質。

In our evaluation, clearly we included estimates both for time and CapEx within that.

在我們的評估中，顯然我們包括了對時間和資本支出的估計。

And we're very confident there are estimates here on the conservative side to allow us to make the statement of how accretive we believe this transaction is.

我們非常有信心，保守方面的估計使我們能夠聲明我們認為這筆交易的增值程度。

But it would really be upon completion we'd be able to give a more accurate picture, Charlie.

但真正完成後我們才能給出更準確的圖片，查理。

Okay.

好的。

Thank you.

謝謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thank you.

謝謝。

Good morning, George.

早上好，喬治。

This is slightly premature based on your answer to the previous question.

根據您對上一個問題的回答，這有點為時過早。

But from your understanding, is the FPSO work that is expected to be done in the Ivory Coast, is it similar at all to what VAALCO did at Etame in terms of trying to upgrade the field to lower costs and create better run times?

但據您了解，預計將在科特迪瓦進行的 FPSO 工作是否與 VAALCO 在 Etame 所做的類似，試圖升級該領域以降低成本並創造更好的運行時間？

I'll let Thor answer that one.

我會讓托爾來回答這個問題。

He's sitting beside me.

他坐在我旁邊。

The upgrade is really based around the class on the vessel itself.

升級實際上是基於船舶本身的等級。

So if you recollect in Gabon, we actually changed the vessel out from an FPSO to an FSO.

因此，如果您還記得在加彭，我們實際上將船舶從 FPSO 改為 FSO。

In this case, what's happening is that the vessel has reached class limits and needs to go into drydock to get class resumed.

在這種情況下，發生的情況是船舶已達到等級限制，需要進入乾船塢以恢復等級。

So that's the first part of it.

這是第一部分。

While it's there, they'll obviously pick up some metal replacement.

當它在那裡時，他們顯然會拿起一些金屬替代品。

They'll do some additional work probably on the Process Equipment.

他們可能會在工藝設備上做一些額外的工作。

I would expect cleaning it up, reinvigorating it for the next phase of its life.

我希望能夠清理它，為它的下一個階段注入新的活力。

And then the other part that needs to be done is, there needs to be some bearing replacements on the

然後需要做的另一部分是，需要更換一些軸承

[current].

[目前的]。

On the subsea side, there's really not a lot of work that's happening there.

在海底方面，實際上並沒有進行太多工作。

So it's the same, but somewhat different, more of a topside scopes than the subsea scope.

所以它是相同的，但有些不同，更多的是水上瞄準鏡而不是海底瞄準鏡。

Thanks.

謝謝。

And from a perspective on the rig program in Gabon and, ultimately, if you get the JOA finalized for EG, George, can you talk about the effect, just cost fluctuations that are having an impact on how you evaluate the work going into the FID in the FEED work?

從加蓬鑽機專案的角度來看，如果您最終為 EG 敲定了 JOA，George，您能談談效果嗎？成本波動會影響您評估 FID 工作的方式在飼料工作中？

Yes, I can Jeff.

是的，我可以，傑夫。

I mean, obviously, from where VAALCO were two years ago, capital allocation was relatively simple, as a single-asset company.

我的意思是，顯然，從 VAALCO 兩年前的情況來看，作為一家單一資產公司，資本配置相對簡單。

Capital allocation in a multi-asset company becomes, I wouldn't say more problematic, it becomes -- challenging us to where we get the best return for the investment.

多資產公司的資本配置變得，我不會說更多的問題，它變得 - 挑戰我們在哪裡獲得最好的投資回報。

Now, when we look at where we were 18 months ago and preparing the plan of development for Venus in Equatorial Guinea, obviously pricing both on drilling units, on production units has moved considerably.

現在，當我們回顧 18 個月前的情況並準備赤道幾內亞金星的開發計劃時，顯然鑽井單位和生產單位的定價都發生了很大變化。

Now, we believe we've maybe seen the top of that cycle now.

現在，我們相信我們可能已經看到了這個週期的頂峰。

We're starting to maybe see it plateau off from where it was in its historic highs in 2023.

我們可能會開始看到它從 2023 年的歷史高點開始趨於平穩。

And that's really the purpose of the FEED study.

這確實是 FEED 研究的目的。

It's not really to go on and reconfirm or challenge the technical position inside the plan of development.

這並不是真正要繼續重新確認或挑戰開發計畫中的技術地位。

However, if we do you see a better way of doing it and we do see a more economic way of doing it, that will come into that FEED study.

然而，如果我們確實看到了更好的方法，而我們確實看到了更經濟的方法，那麼這將納入 FEED 研究。

But the project itself had fairly robust economics despite its CapEx intensity.

但儘管資本支出強度很大，但該項目本身俱有相當強勁的經濟效益。

We're looking at that CapEx position and seeing how we can challenge that between CapEx and leasehold.

我們正在研究資本支出狀況，並了解如何在資本支出和租賃權之間挑戰這一點。

We've been looking atalso from a tax perspective.

我們也一直從稅收的角度來看。

But bear in mind that, albeit a relatively small project at about 17 million to 20 million barrels recoverable, it has a very short life, which gives it an attractive cash flow.

但請記住，儘管該項目規模相對較小，可採油量約為 1,700 萬至 2,000 萬桶，但其壽命很短，這使其現金流具有吸引力。

So throughout 2024, we'll be working on that FEED to firm up both the timing of the development, how it fits into our overall corporate CapEx program, and ensuring that the FEED study can deliver us towards an FID position.

因此，在整個 2024 年，我們將致力於 FEED，以確定開發的時間表、它如何融入我們的整體企業資本支出計劃，並確保 FEED 研究能夠幫助我們實現 FID 定位。

Thank you.

謝謝。

Chris Wheaton, Stifel.

克里斯·惠頓，斯蒂菲爾。

Thanks.

謝謝。

Good morning, guys.

早上好傢伙。

Two questions, if I may.

如果可以的話，有兩個問題。

Firstly, I wonder if you'd go back to Equatorial Guinea and just understand what the timing might be of the stages you need to get through to be able to get to FID here because obviously you're in the FEED stage.

首先，我想知道您是否願意回到赤道幾內亞，了解您需要經歷哪些階段才能到達 FID，因為顯然您正處於 FEED 階段。

It sounds like you are in the FEED stage at the moment, you need to get through to FID at some point.

聽起來您現在正處於 FEED 階段，您需要在某個時候進入 FID。

I'm presuming now that that is going to be next year, sometime in 2025, because you need to get the operating agreement sorted out as well.

我現在推測這將是明年，也就是 2025 年的某個時候，因為您還需要整理好營運協議。

My second question is kind of related to Equatorial Guinea, after you folded in the Svenska acquisition of the Baobab stake, I'm presuming you'd quite like to do both Equatorial Guinea and the Cote d'Ivoire redevelopment simultaneously.

我的第二個問題與赤道幾內亞有關，在您收購了Svenska收購Baobab股份後，我猜您很想同時進行赤道幾內亞和科特迪瓦的重建。

Financially, I'm interested in whether you see there's a risk of -- you see any risk of you not being able to do that.

從財務角度來看，我感興趣的是你是否認為有無法做到這一點的風險。

I would have thought you're, given your cash flows and your balance sheet strength, you're quite able to do both of those projects simultaneously if you want to.

我以為，考慮到您的現金流和資產負債表實力，如果您願意，您完全能夠同時完成這兩個項目。

I guess the question is, how good are the returns when you stack them up against each other?

我想問題是，當你將它們相互疊加時，回報有多好？

That's my second question.

這是我的第二個問題。

Okay.

好的。

The first question, we are positioned with Equatorial Guinea where through efforts from everyone, in particular efforts from the MMH, the government in Equatorial Guinea, we've got I would say 99% alignment on where we want to be within the JOA.

第一個問題，我們與赤道幾內亞的定位，透過大家的努力，特別是赤道幾內亞政府 MMH 的努力，我想說，我們在 JOA 中的目標達成了 99% 的一致性。

And as I've indicated, I can't say for sure today, but I do expect to see for sure in the very near future, that the JOA issues are ostensibly behind us.

正如我所指出的，我今天不能肯定地說，但我確實希望在不久的將來可以肯定地看到，JOA 問題表面上已經成為過去。

Like I said in my opening remarks, we're looking at confirmatory documentation as opposed to negotiating documentation, which is a big step forward from where we've been previously.

正如我在開場白中所說，我們正在研究確認文件，而不是談判文件，這比我們之前的情況向前邁出了一大步。

That does allow us to move into FEED.

這確實讓我們可以進入 FEED 領域。

I'm kind of guessing, when we move into FEED given the complexity for a blue water development there, we are estimating nine months on FEED.

我猜測，考慮到藍水開發的複雜性，當我們進入 FEED 時，我們預計 FEED 需要九個月的時間。

It could go quicker.

它可以走得更快。

It could go slower.

它可能會走得更慢。

But given we have seabed surveys, environmental impact assessments, and like it is starting from a blue water location, I do anticipate nine months is a reasonable timeframe to get to FEED and FEED will deliver.

但鑑於我們進行了海底調查、環境影響評估，並且就像從藍水位置開始一樣，我確實預計九個月是達到 FEED 的合理時間範圍，並且 FEED 將交付。

We do anticipate delivering FID.

我們確實預計會交付 FID。

During that same period, obviously we'll be able to give much more surety and clarity around what's happening in the Svenska acquisition, which we do expect to close in Q2, and become a full partner with the operator CNRL throughout the rest of this year.

在同一時期，顯然我們將能夠對 Svenska 收購中發生的事情提供更多的確定性和清晰度，我們預計該收購將在第二季度完成，並在今年剩餘時間內成為運營商 CNRL 的全面合作夥伴。

As we get into that position, we can give more clarity as to what the costing and timings are for the rehabilitation of the MV-10.

當我們進入這個位置時，我們可以更清楚地了解 MV-10 修復的成本和時間表。

The challenges, as you pointed out, Chris, about a number of CapEx opportunities coming together at the same time, we'll all be looking at the matter.

克里斯，正如您所指出的，關於許多資本支出機會同時出現的挑戰，我們都會關注這個問題。

Certain things that must happen, and clearly there's a timeframe that we will be engaged with the CNRL around what is happening for that field to shut down and recommence.

某些事情是必須發生的，顯然我們將與 CNRL 就關閉和重新啟動該領域所發生的事情制定一個時間表。

So there's a commitment there that we are absolutely committed to, based on the operator's time schedules as soon as we can discuss that with them.

因此，一旦我們能夠與營運商討論，我們就會根據營運商的時間表做出絕對承諾。

When we look at our own operations with regard to the drilling program and the enhancement that we talked about, and the opportunities in Gabon for early 2025, and the timing around the EG development, again as I said, we've looked at EG development and said, well it's CapEx intensive.

當我們審視我們自己的鑽井計劃和我們所討論的增強措施的運作、加彭 2025 年初的機會以及圍繞 EG 開發的時機時，正如我所說，我們已經研究了 EG 開發並說，這是資本支出密集型的。

However, we're looking at opportunities where we replace CapEx with missed opportunities, given the tax environment in EG.

然而，考慮到 EG 的稅收環境，我們正在尋找用錯失的機會取代資本支出的機會。

And also given that a nice dovetail opportunity between drilling programs in Gabon and Equatorial Guinea so we can, as I mentioned earlier back to, I think it was Charlie, that we may have up to a seven-well program opportunity in Gabon.

而且，考慮到加彭和赤道幾內亞的鑽探計畫之間有一個很好的契合機會，所以我們可以，正如我之前提到的，我認為是查理，我們可能在加彭擁有最多七口井的計畫機會。

We can tie that to a potential 10-well opportunity and a much more exciting program for a rig operator.

我們可以將其與潛在的 10 口井機會以及對鑽機操作員來說更令人興奮的計劃聯繫起來。

Dovetail the wells that we have planned in Equatorial Guinea.

與我們在赤道幾內亞規劃的水井相吻合。

So I do agree with you.

所以我同意你的觀點。

Financially, we're placed exceptionally well to execute all of these projects.

在財務上，我們處於非常有利的位置來執行所有這些項目。

But we're not challenged to the extent that we see we'd have to delay any as a result of financial constraints.

但我們所面臨的挑戰並沒有達到我們認為由於財務限製而不得不推遲任何計劃的程度。

It's really going to be on technical.

這確實是技術性的。

Great.

偉大的。

That's really helpful.

這真的很有幫助。

Thanks very much indeed.

確實非常感謝。

Go ahead.

前進。

Thank you and congratulations on a great quarter.

謝謝並祝賀您度過了一個美好的季度。

Would you please talk about the sourcing of the Svenska deal?

您能談談 Svenska 交易的來源嗎？

Talk about if you would be willing to do an additional transaction in '24 or if this is enough for now?

談談您是否願意在 24 年進行額外的交易，或者現在這是否足夠？

I think obviously, additional transactions are difficult to comment on, Bill, as you'd appreciate.

我認為顯然，額外的交易很難評論，比爾，正如你所理解的。

But we do look for opportunities where our natural experience and the experience we have inside the company, where we can get a deal structure that we see as immediately accretive and immediately adding production.

但我們確實在尋找機會，利用我們的自然經驗和公司內部的經驗，我們可以獲得一個我們認為可以立即增值並立即增加產量的交易結構。

Are we a company that's going to look around for blue water exploration acreage?

我們是一家要四處尋找藍水勘探面積的公司嗎？

That's not really -- it doesn't fit our bill.

事實並非如此——它不符合我們的要求。

But we will be looking at opportunities where we see production.

但我們將在看到生產的地方尋找機會。

Do we have enough for now?

現在我們夠了嗎？

Yes, we've got a lot of a lot of opportunities.

是的，我們有很多很多的機會。

With the opportunities we've acquired to date, we've created considerable longevity to the production profile that VAALCO has.

憑藉迄今為止我們獲得的機會，我們為 VAALCO 的生產概況創造了相當長的壽命。

When you look at the source, I'm not quite sure what you're referring to when it comes to source, we've got lots of information around opportunities as they exist in West Africa and in other parts of the world.

當你查看來源時，我不太確定你指的來源是什麼，我們有很多關於西非和世界其他地區存在的機會的資訊。

When we looked at this particular opportunity that we've managed to conclude, subject to closing precedence, we actually looked at that some time ago when we were running another company

當我們考慮這個特殊的機會時，我們已經設法得出結論，根據成交的優先順序，我們實際上在不久前經營另一家公司時就考慮過這個機會

(inaudible).

（聽不清楚）。

A lot of these deals, as some of you will be aware, in Africa can take a long time to percolate.

正如你們中的一些人所知，許多此類交易在非洲可能需要很長時間才能落實。

What really aided and abetted VAALCO's opportunity to close this particular deal was our knowledge of the asset, which came from a number of years ago, and our speed at which we could do technical and financial due diligence, and that came from the knowledge base we have inside the company.

真正幫助和促進 VAALCO 完成這項特定交易的機會是我們對資產的了解，這些知識來自多年前，以及我們進行技術和財務盡職調查的速度，這些知識來自我們的知識庫公司內部。

So the real sources is inherent inside VAALCO's DNA right now.

因此，真正的來源現在就存在於 VAALCO 的 DNA 中。

We do apply that to areas where maybe some of our shareholders have never heard of before.

我們確實將其應用於一些股東以前從未聽說過的領域。

But we know there's accretive opportunities in those geographies.

但我們知道這些地區存在著不斷增加的機會。

George, it's very helpful.

喬治，這很有幫助。

Thank you.

謝謝。

Very much.

非常。

And one country that, or area that we have heard of is Canada.

我們聽過的一個國家或地區是加拿大。

And given the success that you have had there, would you be willing to make additional acquisitions in Canada?

鑑於您在那裡的成功，您願意在加拿大進行更多收購嗎？

How are you thinking about that?

你覺得怎麼樣？

That's a good question, and I will respond exactly the same challenge that the Board gave the executive team over 12 months ago.

這是一個很好的問題，我將回答與董事會 12 個月前向執行團隊提出的挑戰完全相同的問題。

They said, look, this is a nice business, a small business.

他們說，看，這是一家不錯的企業，小企業。

How do you make it more viable?

如何讓它更可行？

How do you make it more contributive to the overall corporate plan?

如何使其對整個公司計劃做出更大的貢獻？

How do you make it cash generative while still expanding the opportunities inside Canada?

如何在創造現金的同時仍擴大加拿大境內的機會？

and that's exactly what we've done.

這正是我們所做的。

We have a five-year plan that was put together by the Canadian management team.

我們有一個由加拿大管理團隊制定的五年計畫。

It's an excellent plan and I have to commend them for putting it together.

這是一個很棒的計劃，我必須讚揚他們將其整合在一起。

In that plan, as we mentioned, we're moving to longer lateral wells to enhance the economic returns that we get from our investment activities there.

正如我們所提到的，在該計劃中，我們將轉向更長的側井，以提高我們從那裡的投資活動中獲得的經濟回報。

And in order to do that, we have to acquire land parcels that connect the disconnected land parcels that we have to allow the three-mile laterals instead of a one-mile lateral?

為了做到這一點，我們必須獲得連接斷開的地塊的地塊，我們必須允許三英里的橫向而不是一英里的橫向？

Or we have to go into joint ventures where we see opportunities in connecting those land parcels where perhaps the existing incumbent does not.

或者我們必須建立合資企業，在那裡我們看到了連接這些地塊的機會，而現有的現有企業可能沒有這樣做。

Some of this campaign we're doing right now is based on that strategy, where we have went into agreements with partners and adjoining land parcels with us where they come in as co-venturer initially.

我們現在正在進行的一些活動就是基於該策略，我們與合作夥伴達成協議，並與我們簽訂了協議，並與我們合作，他們最初是作為共同投資人加入的。

And in one instance, they decided they didn't want to and we've taken it 100%.

有一次，他們決定不這麼做，而我們 100% 接受了。

So I see opportunities to grow that strategy, but I don't see it growing into a three or four or five times the footprint we have today.

因此，我看到了發展這項策略的機會，但我認為它的足跡不會成長到我們今天的三、四或五倍。

But we do have a very nice contributing business in Canada right now.

但我們現在在加拿大確實有一個非常好的貢獻業務。

Thank you and congratulations again on a good quarter.

謝謝您，並再次恭喜您取得了良好的季度業績。

Jamie Wyland, Wyland Management.

傑米懷蘭 (Jamie Wyland)，懷蘭管理公司。

Nice quarter on all fronts.

各方面都不錯的季度。

A couple of cash questions.

幾個現金問題。

Talk about the acquisition.

談談收購。

You're paying $60 million, but it will be $30 million to $40 million in cash by the time it closes.

你要支付 6000 萬美元，但到交易結束時，現金將達到 3000 萬到 4000 萬美元。

I assume that means that the operation is generating north of $5 million a quarter for you when it closes?

我想這意味著該業務結束後每季將為您帶來 500 萬美元以上的收入？

Jamie, it's Ron.

傑米，是羅恩。

As we said before, the business itself is operating about 4,500 barrels equivalent to us per day when we close.

正如我們之前所說，當我們關閉時，該業務本身的營運量相當於我們每天約 4,500 桶。

And we see that is effectively going to be able to reduce the overall cash payment that we pay because the effective date, it's October 1, 2023.

我們看到，這實際上將能夠減少我們支付的現金總額，因為生效日期是 2023 年 10 月 1 日。

So we're looking at this deal as being, as I say, it's going to close somewhere between $30 million and $40 million in cash.

因此，正如我所說，我們認為這筆交易將以 3000 萬至 4000 萬美元現金完成。

And what's our business still continuing to deliver on those barrels right through until 2025, we see that business effectively paying itself back at present oil prices very, very quickly.

我們的業務在 2025 年之前仍然繼續交付這些桶，我們看到該業務在目前的油價下非常非常快地有效回報自己。

Wonderful.

精彩的。

At the end of the third quarter, you talked about kind of building cash in the fourth quarter of about $50 million.

在第三季末，您談到了在第四季度建立約 5000 萬美元的現金。

And I realize you had the buyback program, the dividend, and your payables actually declined by $20 million.

我意識到你們有回購計劃、股息，而你們的應付帳款實際上減少了​​ 2000 萬美元。

So it looks like you hit that $50 million target less all those outflows for shareholder returns and payable decline?

所以看起來你已經達到了 5000 萬美元的目標，減去所有因股東回報和應付帳款下降而造成的資金外流？

That's correct, Jamie.

沒錯，傑米。

I mean cash flow from operations was over $51 million for the quarter.

我的意思是，本季營運現金流超過 5,100 萬美元。

And we did guide that in the transcript.

我們確實在文字記錄中對此進行了指導。

We did state that -- because the drilling programs were over and there's a lag between now and the invoices being processed, they would have an accounts payable outflow, and we did see that in Q4.

我們確實指出，由於鑽探計劃已經結束，並且從現在到處理發票之間存在滯後，他們將出現應付帳款流出，我們確實在第四季度看到了這一點。

Got you.

明白你了。

I'm very pleased to see that the acquisition was done for cash as opposed to shares, considering how undervalued our shares are.

考慮到我們的股票被低估的程度，我很高興看到這次收購是用現金而不是股票進行的。

As you look at the buyback program, we're coming up, nearing the end of the $30 million, would you expect to reauthorize an additional sum for the buyback given the accretiveness of the acquisition?

當您查看回購計劃時，我們即將完成 3000 萬美元的回購計劃，考慮到收購的增值性，您是否希望重新授權額外的回購金額？

And how good the operations have been over the past year, and the future outlook?

過去一年的營運情況如何，以及未來的前景如何？

I mean, that's a good question.

我的意思是，這是一個好問題。

As I said earlier, the capital allocation is a key consideration that we're going to address at the upcoming meetings once we've completed and fully understand the program inside the Svenska acquisition.

正如我之前所說，一旦我們完成並充分了解了 Svenska 收購中的計劃，資本分配是我們將在即將召開的會議上討論的關鍵考慮因素。

As I've said, we haven't had direct discussions with the operators.

正如我所說，我們尚未與營運商進行直接討論。

So until we have the opportunity to sit down and fully understand those plans, then it allows us to give a longer-term cash management plan.

因此，在我們有機會坐下來充分了解這些計劃之前，我們才能製定長期現金管理計劃。

As to how we allocate that and make sure we, despite our very strong balance sheet, to make sure we avoid going into a debt position.

至於我們如何分配，並確保儘管我們的資產負債表非常強勁，但我們仍能避免陷入債務狀況。

Not that there is a bad thing when you're looking at the kind of growth opportunities we have, but we will be planning to steer away from that.

當你看到我們擁有的成長機會時，並不是說有什麼壞事，但我們將計劃避開這種機會。

Excellent.

出色的。

As you talk about the closing of the acquisition in the second quarter, are you looking at the end of the second quarter or that's a 90-day period?

當您談論第二季完成收購時，您是指第二季末還是 90 天的期限？

Where would you forecast it to be, middle, beginning, or end of the quarter.

您預測的時間是季度中期、季度初還是季度末。

Thor and I are traveling to Cote d'Ivoire in two weeks' time.

托爾和我將在兩週後前往科特迪瓦。

And based on the reception we get from the Minister, I'll be able to answer that.

根據部長的接待情況，我將能夠回答這個問題。

But so far, the ministerial comments have been very positive on VAALCO entering the country.

但到目前為止，部長們對 VAALCO 進入該國的評論非常積極。

Okay, excellent.

好的，非常好。

Great job, fellows.

幹得好，夥計們。

Thank you.

謝謝。

Thank you, Jamie.

謝謝你，傑米。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thanks, George.

謝謝，喬治。

Just a geopolitical question.

只是一個地緣政治問題。

Can you comment on any impacts that your Egypt operations are having moving export cargoes, given what's going on in the Red Sea?

鑑於紅海發生的情況，您能否評論一下您的埃及業務對出口貨物運輸的影響？

And then you've operated with the new government of Gabon now for five or six months, just a comment on how things are going with them.

然後你已經與加蓬新政府合作了五到六個月，只是對他們的進展發表評論。

On the first instance with regard to cargoes on the Red Sea, we're seeing no impact on that, primarily because we're still working with the EGPC to plan our 2024 cargoes.

首先，關於紅海的貨物，我們沒有看到任何影響，主要是因為我們仍在與 EGPC 合作規劃 2024 年的貨物。

And we're hopeful to get that discussions resolved in the very near future.

我們希望在不久的將來能夠解決這些討論。

So I guess from the shipping instances are taking place in the Red Sea, absolutely not, no impact to us whatsoever.

所以我認為從運輸情況來看，絕對不是發生在紅海，對我們沒有任何影響。

But the impact is, we still have discussions right now with EGPC regarding our 2024 cargoes.

但影響是，我們目前仍在與 EGPC 就 2024 年的貨物進行討論。

And as we have our Q1 call in May, hopefully we are in a position to give a resolution to that with some timings for these cargoes.

當我們在五月召開第一季電話會議時，希望我們能夠就這些貨物的一些時間表給出解決方案。

With regard to Gabon, I had a very good meeting with the President back in November and the minister when I traveled down to Libreville, I had a really good private dinner with the President and understood his aspirations for the country and how we can work with them to achieve that.

關於加彭，我在 11 月與總統進行了一次非常愉快的會面，當我前往利伯維爾時，我與總統進行了一次非常愉快的私人晚宴，了解他對該國的願望以及我們如何與他們合作他們來實現這一目標。

We have seen some changes in regulatory framework in Gabon, which we're going to have to work with, in particular new finance act, which has added 5% to the withholding tax, and we need to work out with the government how best and efficiently our investment is not impacted by that when we look at the drilling program.

我們看到加彭監管框架發生了一些變化，我們將不得不配合這些變化，特別是新的金融法案，該法案增加了 5% 的預扣稅，我們需要與政府共同製定如何最好地和當我們查看鑽探計畫時，我們的投資並未受到有效影響。

But overall, I think we have seen, as I mentioned last year, during the announcement of the Q, we have seen no impact to our operations.

但總的來說，我認為，正如我去年提到的，在 Q 公告期間，我們的營運沒有受到任何影響。

And I can attest to the meeting we had in November with the President. We see no impact to our future investing opportunities in Gabon.

我可以證明我們 11 月與總統舉行的會議。我們認為這不會對我們未來在加彭的投資機會產生影響。

We have seen, as I mentioned earlier, that where we've had stalled discussions around Blocks G and H with our partners, BWE and Panoro, we've seen an acceleration of those discussions in Q4 and Q1.

正如我之前提到的，我們已經看到，我們與合作夥伴 BWE 和 Panoro 圍繞 G 區和 H 區的討論陷入停滯，但在第四季度和第一季度，這些討論加速了。

And hopefully by the end of Q2, we've got some more exciting news on those opportunities.

希望到第二季末，我們能得到一些關於這些機會的更令人興奮的消息。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to George Maxwell for any closing remarks.

我想將會議轉回喬治·麥克斯韋爾發表閉幕詞。

Thank you very much.

非常感謝。

I think it's always a pleasure to have had such monumental achievements in 2023.

我認為在 2023 年取得如此巨大的成就總是令人高興的。

When we look at all the reorganization and integration work that had to happen post TransGlobe, post the reconfiguration in Gabon, and we're starting to see and reap the benefits of both of these transactions in 2023 to then couple that with an opportunity to add more exciting asset bases to our company and start another journey in another jurisdiction without a long degree of longevity, at least another 14, 15 years of production is also very exciting.

當我們審視 TransGlobe 後必須進行的所有重組和整合工作時，以及在加彭進行的重新配置時，我們將在 2023 年開始看到並收穫這兩項交易的好處，然後將其與添加的機會結合起來更令人興奮的資產基礎讓我們公司在另一個司法管轄區開始另一段旅程，壽命不長，至少再有14、15年的生產也很令人興奮。

So I think we should enjoy the moment.

所以我認為我們應該享受這一刻。

We've got a lot of hard work ahead of us, a lot of opportunities to develop more oil in the near term with capital investment.

我們面前有很多艱苦的工作，還有很多在短期內透過資本投資開發更多石油的機會。

We have a strong balance sheet and, as you've as I've already pointed out, we've got a very strong team here in Houston and in other places of the world to make sure we can execute in every jurisdiction that we operate.

我們擁有強大的資產負債表，正如我已經指出的那樣，我們在休士頓和世界其他地方擁有一支非常強大的團隊，以確保我們能夠在我們運營的每個司法管轄區執行。

And I'd like to thank everyone.

我要感謝大家。

Thank you very much for the call.

非常感謝您的來電。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。