VAALCO Energy Inc (EGY) 2024 Q2 法說會逐字稿

Thank you, operator.

謝謝你，接線生。

Welcome to VAALCO Energy's second-quarter 2024 conference call.

歡迎參加 VAALCO Energy 2024 年第二季電話會議。

After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the second quarter.

在我介紹前瞻性陳述後，我們的執行長喬治·麥克斯韋 (George Maxwell) 將回顧第二季度的主要亮點。

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。

(Operator Instructions)

（操作員說明）

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資料，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 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。

With that, let me 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 second-quarter 2024 earnings conference call.

大家早安，歡迎參加我們的 2024 年第二季財報電話會議。

We began 2024 with positive operational and financial results, including strong earnings and adjusted EBITDAX generation.

2024 年伊始，我們取得了積極的營運和財務業績，包括強勁的盈利和調整後的 EBITDAX 生成。

Operational excellence and delivering consistent production is key to allowing us to grow adjusted EBITDAX.

卓越營運和穩定生產是我們實現調整後 EBITDAX 成長的關鍵。

For the past two years, we have met or exceeded our quarterly production guidance.

在過去的兩年裡，我們已經達到或超越了我們的季度生產指引。

We are executing at a high level and continue to deliver results in line or above our guidance.

我們正在高水準執行，並繼續交付符合或高於我們指導的結果。

This is due to strong drilling and workover results in Canada and Egypt, coupled with strong uptime in Gabon.

這是由於加拿大和埃及的強勁鑽井和修井成果，以及加彭的正常運作時間。

Also, in the second quarter, we closed the Svenska acquisition at the end of April, which helped us to increase our earnings to over $28 million, or $0.27 per share, and grow adjusted EBITDAX to $72.5 million.

此外，在第二季度，我們於 4 月底完成了對 Svenska 的收購，這幫助我們將收益增加到超過 2,800 萬美元，即每股 0.27 美元，並將調整後的 EBITDAX 增加到 7,250 萬美元。

We continued to return cash to our shareholders in Q2 2024 through our quarterly dividend, and we announced a third-quarter dividend as well.

2024 年第二季度，我們繼續透過季度股利向股東返還現金，我們也宣布了第三季股利。

I would now like to go through and give a quick update on our diverse portfolio of high-quality assets, beginning with our newest asset in Cote d'Ivoire.

現在，我想簡要介紹我們多樣化的優質資產組合的最新情況，首先是我們在科特迪瓦的最新資產。

We quickly and efficiently closed the Svenska acquisition in an all-cash deal for $40.2 million on April 30, 2024.

我們於 2024 年 4 月 30 日以 4,020 萬美元的全現金交易快速且有效率地完成了對 Svenska 的收購。

Our team traveled to Cote d'Ivoire to meet directly with the Ministry of Hydrocarbons to officially introduce VAALCO as the new partner in Block CI-40.

我們的團隊前往科特迪瓦與碳氫化合物部直接會面，正式介紹 VAALCO 作為 CI-40 區塊的新合作夥伴。

This acquisition is highly accretive on key shareholder metrics, provides another strong asset to support future growth, and have significant upside potential.

此次收購對關鍵股東指標具有極大的增值作用，為支持未來成長提供了另一項強大的資產，並具有巨大的上升潛力。

We added a solid asset with reserves that exceeded our initial estimates and we did so at a very attractive price.

我們增加了一個堅實的資產，其儲量超出了我們最初的估計，而且我們以非常有吸引力的價格做到了這一點。

Based on the results of our third-party reserve engineers, we have SEC net proved reserves as at year-end 2023 of 16.9 million barrels of oil equivalent with 93% oil.

根據我們第三方儲備工程師的結果，截至 2023 年底，我們的 SEC 淨探明儲量為 1,690 萬桶油當量，其中石油含量為 93%。

Our previous 1P working interest CPR reserves were 13 million barrels of oil equivalent.

我們先前的 1P 工作權益 CPR 儲量為 1,300 萬桶油當量。

This 30% increase in reserves further justifies the acquisition and improved semantics associated with the purchase.

儲備金增加 30% 進一步證明了此次收購的合理性以及與購買相關的語義的改進。

We are working with the operator of Cote d'Ivoire and will provide additional information in the second half of 2024 on the Baobab FPSO project planned in 2025 and future Baobab drilling plans.

我們正在與科特迪瓦運營商合作，並將於 2024 年下半年提供有關計劃於 2025 年實施的 Baobab FPSO 項目以及未來的 Baobab 鑽井計劃的更多資訊。

Turning to Canada.

轉向加拿大。

We successfully drilled four wells in the first quarter of 2024, completed those wells in March and April on both the wells online.

我們在 2024 年第一季成功鑽探了 4 口井，並於 3 月和 4 月在網路上完成了這些井。

As a reminder, we feel longer laterals to improve the economics of the program and all four wells are 2.75-mile laterals.

提醒一下，我們認為更長的支管可以提高該計劃的經濟性，所有四口井都是 2.75 英里的支管。

Three of the four wells had very strong initial rates with IP rates exceeding our type curve and one of the wells, the lower-type curve.

四口井中的三口具有非常強的初始速率，IP速率超過我們的類型曲線，其中一口井的IP速率低於類型曲線。

To show the impact of the new wells, in Q1, our Canadian production was about 60% liquids.

為了顯示新井的影響，第一季度，我們加拿大的產量約為液體產量的 60%。

And in Q2, our Canadian production was approximately 75% liquids.

在第二季度，我們加拿大的產量大約有 75% 是液體。

The strong oil production has rebalanced production in Canada, more favorable liquids, which contributes to the strong production performance and our overall profitability.

強勁的石油產量重新平衡了加拿大的生產，更有利的液體，這有助於強勁的生產業績和我們的整體獲利能力。

As the wells continue to produce, they are coming in line with our type curve, and we are optimistic about the future drilling potential in Canada.

隨著油井的持續生產，它們與我們的類型曲線一致，我們對加拿大未來的鑽探潛力感到樂觀。

As I mentioned last call, we are also targeting an exploration approval well in the third quarter of 2024 in our Southern Acreage.

正如我在上次電話會議中提到的，我們還計劃在 2024 年第三季在南部地區獲得勘探井批准。

In our Southern Acreage, we have minimal horizontal subsurface information, and this exploration well is successful to prove additional long lateral wells in the future with the potential to add proved undeveloped locations.

在我們的南部地區，我們擁有的水平地下資訊很少，而這口勘探井成功地在未來證明了更多的長側井，並有可能增加已探明的未開發地點。

In Egypt, as we disclosed last quarter, the first half of 2024 is focused on high rate of return capital workover projects to help mitigate decline.

正如我們在上季度所揭露的那樣，在埃及，2024 年上半年的重點是高回報率資本修井項目，以幫助緩解衰退。

As you saw in the earnings release, we had four recompletions in the second quarter with some very strong results, adding about 800 barrels of oil per day when you combine the four IP30 rates.

正如您在收益發布中看到的那樣，我們在第二季度進行了四次重新完工，取得了一些非常強勁的成果，如果將四個 IP30 費率結合起來，每天增加約 800 桶石油。

In addition to the successful workovers, I am very proud of a major milestone that we accomplished in the first half of 2024 in Egypt.

除了成功的修井工作之外，我還為 2024 年上半年我們在埃及實現的一個重要里程碑感到非常自豪。

We have grown over 2 million man hours with a lost time incident completing in the third quarter of this year.

隨著今年第三季完成的一次誤工事件，我們的工時增加了超過 200 萬小時。

This is a testament to our commitment to safety, training, and dedication of all of our people in the field.

這證明了我們對現場所有人員的安全、訓練和奉獻的承諾。

As I mentioned on the last call, we have 10 to 15 well drilling programs that we are currently evaluating in Egypt.

正如我在上次電話會議中提到的，我們目前正在埃及評估 10 到 15 個鑽井項目。

This project remains contingent on completion of the program evaluation and confirmation of a drilling rig.

該項目仍取決於計劃評估和鑽機確認的完成。

We have not included this program in our 2024 CapEx guidance and won't add it until confirmed.

我們尚未將此計劃納入 2024 年資本支出指南中，並且在確認之前不會將其添加。

However, if we proceed with the program, we anticipate additional CapEx of approximately $9.5 million, which will also generate additional production.

然而，如果我們繼續實施該計劃，我們預計將增加約 950 萬美元的資本支出，這也將產生額外的產量。

We will see some additional production in 2024.

我們將在 2024 年看到一些額外的產量。

However, the bulk of the additional production will impact early 2025 production.

然而，大部分新增產量將影響 2025 年初的產量。

We have seen some positive announcements from the government in 2024, in particular, payment of age receivables, which is very encouraging.

我們看到2024年政府發布了一些正面的公告，特別是應收帳款的支付，這是非常令人鼓舞的。

Ron will go into more details regarding the Egyptian receivables.

羅恩將詳細介紹有關埃及應收款項的情況。

Turning to Gabon.

轉向加彭。

In the second quarter, production was impacted by Avouma platform issue.

第二季度，生產受到 Avouma 平台問題的影響。

Operationally, we had a planned maintenance turnaround in Avouma in the third quarter, but due to the platform issue, we moved that forward into Q2.

在營運方面，我們計劃在第三季對 Avouma 進行維護週轉，但由於平台問題，我們將其提前到了第二季。

This issue was addressed, and the platform was brought back online safely, and we will not have the turnaround now in the third quarter.

這個問題已解決，平台已安全恢復上線，我們現在在第三季不會有轉機。

You will notice that our Q3 production midpoint for Gabon is actually above the Q2 production of just under 7,500 barrels per day due to the movement of the turnaround at Avouma.

您會注意到，由於 Avouma 的周轉，加彭第三季的產量中點實際上高於第二季的日產量略低於 7,500 桶。

Given that we haven't drilled a well in Gabon in over a year, we are pleased with the positive overall production results and strong production uptime and improved decline curves on the wells.

鑑於我們已經一年多沒有在加彭鑽探井了，我們對積極的整體生產結果、強勁的生產正常運行時間以及油井遞減曲線的改善感到滿意。

The FSO and field reconfiguration projects in 2023 have allowed us to minimize downtime, capture efficiency, and reduce overall optics.

2023 年的 FSO 和現場重新配置專案使我們能夠最大限度地減少停機時間、提高捕獲效率並減少整體光學元件。

Looking ahead to 2025, we have prepared a firm seven-well program that we plan to initiate first-half 2025 subject to securing a drilling rig.

展望 2025 年，我們已經準備好了一個堅定的七井計劃，計劃在 2025 年上半年啟動，但前提是確保有鑽機。

The proposed program includes an in-fill well and exploration well in Etame, a Gamba infill well and a gas well for field fuel supply ascent, which will reduce our dependency on diesel and reduce OpEx, and two work-over wells and a redrill of 3-H on Ebuori.

擬議的計劃包括 Etame 的一口加密井和勘探井、一口 Gamba 加密井和一口用於現場燃料供應上升的氣井，這將減少我們對柴油的依賴並減少運營支出，以及兩口修井和一口重新鑽探。 Ebuori 上的3-H。

We have completed the analysis on Ebouri that we have highlighted in previous quarters.

我們已經完成了前幾季強調的對 Ebouri 的分析。

We will conduct to workovers on existing wells and drill one new well to increase production from Ebouri that will be treated with this chemical process.

我們將對現有油井進行修井，並鑽一口新油井，以增加將採用這種化學過程處理的 Ebouri 的產量。

The study has indicated that downhole chemical injection can adequately cover the sweetening of the treat, and therefore, we anticipate that the more costly CapEx option for a full CFP will not be required.

研究表明，井下化學注入可以充分覆蓋處理的甜味，因此，我們預計不需要更昂貴的資本支出選項來實現完整的 CFP。

This is a positive outcome that should allow the company to access contingent resources and place them back into reserves upon completion.

這是一個積極的結果，應該使公司能夠獲得應急資源，並在完成後將其重新納入儲備。

Subject to contracting, we plan to initiate a program in late Q1, early Q2 2025, and expect the campaign to continue throughout 2025.

根據合約情況，我們計劃在 2025 年第一季末、第二季初啟動一項計劃，並預計該活動將持續到 2025 年。

We will provide more detail on CapEx and volumes when we present our 2025 budget and guidance.

當我們提出 2025 年預算和指導時，我們將提供有關資本支出和數量的更多詳細資訊。

Our expected CapEx spend for 2024 on long-lead items remains as previously noted between $30 million and $40 million.

如前所述，我們預計 2024 年在長週期專案上的資本支出仍保持在 3,000 萬美元至 4,000 萬美元之間。

Further discussions on Block G and H have taken place, and we have included the signature bonuses in our 2024 CapEx forecast.

關於 G 區和 H 區的進一步討論已經進行，我們已將簽章獎金納入 2024 年資本支出預測。

On March 25, 2024, we announced the finalization of documents in Equatorial Guinea related to the Venus Block P plan of development.

2024年3月25日，我們宣布敲定赤道幾內亞Venus Block P開發計畫相關文件。

The finalization of these agreements included a carrier arrangement of the partners, Atlas and GEPetrol.

這些協議的最終確定包括合作夥伴 Atlas 和 GEPetrol 的承運安排。

This arrangement is on commercial terms at SOFR plus 7%, which at today's rates is about 12.5%.

這種安排是按照商業條款規定的，SOFR 加 7%，以今天的費率計算約為 12.5%。

This includes our 1P economics on those previously announced, and we have included an illustration of that in our accompanying slide deck.

這包括我們之前宣布的 1P 經濟學，並且我們在隨附的幻燈片中包含了對此的說明。

We will now proceed with our front-end engineering design or FEED study.

我們現在將繼續進行前端工程設計或 FEED 研究。

We anticipate the completion of the FEED will lead to an economic final investment decision, or FID, which will enable the development of Venus.

我們預計 FEED 的完成將導致經濟最終投資決策 (FID)，從而促進 Venus 的開發。

We are excited to proceed with our plans to develop, operate, and begin production from the discovery in Block P offshore Equatorial Guinea over the next few years.

我們很高興能夠在未來幾年內繼續推動赤道幾內亞近海 P 區塊的開發、營運和開始生產計劃。

We look forward to discussing this new area of operations in more detail once the FEED study is complete.

我們期待在 FEED 研究完成後更詳細地討論這個新的營運領域。

In the first half of 2024, we have delivered or exceeded our guidance operationally and the solid financial results that have outpaced analyst expectations.

2024 年上半年，我們已經實現或超越了我們的營運指導，穩健的財務表現也超出了分析師的預期。

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

我們仍然專注於為股東增加產量、儲量和價值。

I would like to thank our hardworking team to continue to operate and execute our plans.

我要感謝我們勤奮的團隊繼續運作和執行我們的計劃。

Over the past two years, we have greatly diversified our portfolio, which has expanded our ability to generate operational cash flow, all while growing our cash position and remaining bank debt free.

在過去的兩年裡，我們的投資組合大大多元化，這增強了我們產生營運現金流的能力，同時增加了我們的現金狀況並維持無銀行債務。

We are well positioned to execute the projects and our enhanced portfolio and our proven track record of success in the past few years to distil confidence in our future.

我們有能力執行這些項目，增強我們的產品組合，並在過去幾年中取得成功，讓我們對未來充滿信心。

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

說到這裡，我想把電話轉給羅恩，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 with a focus on the key points.

我將重點介紹我們財務表現的驅動因素，並重點介紹一些要點。

Let me begin by echoing George's comments about our continued success into 2024, driven by a strong operational performance.

首先，我要重複 George 的評論，在強勁的營運表現的推動下，我們將在 2024 年繼續取得成功。

The second quarter also saw some positive impacts from the strange cash position, including our first lifting in Côte d’Ivoire in May.

第二季也看到了奇怪的現金狀況帶來的一些正面影響，包括我們五月在科特迪瓦的首次提貨。

We generated $28.2 million in net income, or $0.27 per share, and around $72.5 million in adjusted EBITDAX, both significant increases over the first quarter.

我們產生了 2,820 萬美元的淨利潤，即每股 0.27 美元，調整後的 EBITDAX 約為 7,250 萬美元，均較第一季大幅成長。

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。

As George mentioned, we've met or exceeded production guidance for the past two years with production and sales up for the second quarter, driven by incorporating the Côte d’Ivoire volumes following the closing of the acquisition.

正如喬治所提到的，在收購完成後納入科特迪瓦產量的推動下，我們已經達到或超過了過去兩年的生產指導，第二季度的產量和銷售額有所增長。

We completed the lifting in Côte d’Ivoire in May and received payment in June.

我們在 5 月完成了科特迪瓦的吊掛工作，並於 6 月收到了付款。

Total NRI sales for the quarter increased to 19,386 barrels of all equivalent per day, above the midpoint of our guidance with production of 20,588 at the higher end of guidance.

本季 NRI 總銷量增至每天 19,386 桶（所有當量），高於我們指導的中點，產量為 20,588 桶，處於指導的上限。

I'd like to reiterate that 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.

我想重申的是，隨著資產組合的多元化，我們每個產區的銷售組合也會逐季改變。

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, on toward a full year, you'll see the impressive growth across our expanding portfolio of producing assets.

但如果你放眼全局，展望全年，你會發現我們不斷擴大的生產性資產組合取得了令人印象深刻的成長。

Pricing remains solid in Q2 and our hedging program has always looked to help mitigate risk and protect our commitment to shareholder return.

第二季的定價保持穩定，我們的對沖計劃始終致力於幫助降低風險並保護我們對股東回報的承諾。

Our current hedge positions were disclosed in the earnings release.

我們目前的對沖頭寸已在收益報告中披露。

Turning to costs, our production costs for the second quarter of 2024 were impacted by a $15 million non-cash purchase price adjustment in Côte d’Ivoire.

談到成本，我們 2024 年第二季的生產成本受到科特迪瓦 1,500 萬美元非現金採購價格調整的影響。

According to GAAP rules, inventory purchased in the acquisition was mark-to-market at the time of the purchase, and when the lifting occurred in May, prices had dropped, but the corresponding expense is recorded to production expense.

根據GAAP規則，收購中購買的庫存在購買時是按市價計價的，5月份解禁時，價格已經下降，但相應的費用計入生產費用。

Without this acquisition, related non-cash adjustment, VAALCO would have been below the midpoint of our Q2 production expense guidance.

如果沒有這次收購以及相關的非現金調整，VAALCO 將低於我們第二季生產費用指引的中點。

We believe that Côte d’Ivoire production expense on an ongoing basis will be around $3 million net per month.

我們認為，科特迪瓦的持續生產費用每月淨額約為 300 萬美元。

Our focus remains on capturing synergies and keeping our cost low to enable us to maximize margins and increase our cash flow.

我們的重點仍然是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。

G&A cost were also in line with guidance, and while the rules on an absolute basis driven by our growth on a per barrel, we were virtually flat with Q1 2024.

G＆A 成本也符合指導，雖然絕對基礎上的規則是由我們每桶增長推動的，但我們實際上與 2024 年第一季持平。

We commenced the back-office process improvement project with the implementation of a single cloud-based ERP across the whole company that will go live in Q3 2024 and should allow us to streamline processes and efficiently work across multiple offices located across the world.

我們啟動了後台流程改善項目，在整個公司實施單一基於雲端的 ERP，該項目將於 2024 年第三季投入使用，這將使我們能夠簡化流程並在世界各地的多個辦事處高效工作。

Non-cash DD&A costs increased quarter over quarter, primarily due to increased depletion costs associated with the addition of Côte d’Ivoire.

非現金 DD&A 成本較上季增加，主要是由於科特迪瓦的加入導致消耗成本增加。

Compared to the same quarter in the prior year, we saw a decrease in the absolute on per barrel DD&A cost due to lower depletable cost in Gabon, Egypt, and Canada, and partially offset by the addition of Côte d’Ivoire.

與去年同期相比，由於加彭、埃及和加拿大的消耗成本較低，我們發現每桶 DD&A 絕對成本有所下降，但部分被科特迪瓦的增加所抵消。

Moving to taxes.

轉向稅收。

And as I’ve previously stated, in Gabon, our foreign income taxes are settled by the government through in-kind oil liftings.

正如我之前所說，在加彭，我們的外國所得稅是由政府透過實體石油開採來結算的。

Last call, we discussed that we would have a government lifting in May.

上次通話時，我們討論了政府將在五月解除政府職務。

In Q2, we settled $30.2 million in foreign income taxes for Gabon through the government taking their oil barrels as payment in kind.

第二季度，我們透過政府以石油桶作為實物支付，為加彭繳納了 3,020 萬美元的外國所得稅。

We discussed our mark-to-market of the in-kind oil in the past.

我們過去曾討論過以市價計價的實體石油。

With the lifting in Q2, the amount of in-kind oil has been reset.

隨著第二季的提振，實體油的數量已被重置。

So in the near term, price fluctuations will not have a significant of an impact to a tax liability until the quantity of barrels of in kind oil begins to build back up.

因此，在短期內，價格波動不會對稅務義務產生重大影響，直到實體石油數量開始增加。

Cash cost in the second quarter of about $9.3 million resulted in an effective tax rate of about 25% in the quarter.

第二季現金成本約為 930 萬美元，導致該季度的有效稅率約為 25%。

This was lower than prior quarters and driven by non-deductible items, such as the Svenska transaction cost, the Gabonese state lifting settling, and the bargain gain associated with the Svenska transaction.

這低於前幾個季度，並受到不可扣除項目的推動，例如 Svenska 交易成本、加彭國家解除結算以及與 Svenska 交易相關的討價還價收益。

Excluding the bargain gain, the effective tax rate is 53% for the quarter.

不計討價還價收益，本季的有效稅率為 53%。

Our new projected effective tax rate over the long term, excluding discrete items, ranges 55% to 60%.

我們新預期的長期有效稅率（不包括離散項目）範圍為 55% 至 60%。

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 at the end of the second quarter was $62.9 million, which were down compared to the first quarter due to several factors.

第二季末不受限制的現金為 6,290 萬美元，受多種因素影響，較第一季下降。

In Q2, we paid $40.2 million for the Svenska acquisition.

第二季度，我們為收購 Svenska 支付了 4,020 萬美元。

We spent $32.5 million in cash CapEx and returned $6.5 million through dividends to our shareholders.

我們花了 3,250 萬美元的現金資本支出，並透過股息向股東返還了 650 萬美元。

I’d also like to point out that we settled $30.2 million in taxes in Gabon through an in kind oil lifting, which means the government received the cash associated with this lifting, rather than VAALCO settling it and receive any cash proceeds as we normally would.

我還想指出的是，我們透過實體石油開採在加彭繳納了3020 萬美元的稅款，這意味著政府收到了與此石油開採相關的現金，而不是像我們通常那樣由VAALCO 結算並獲得任何現金收益會。

I’d like to point out that there is some noise in the cash flow statement regarding the Svenska acquisition.

我想指出的是，關於 Svenska 收購的現金流量表中存在一些噪音。

We have a slide in the supplemental deck showing a waterfall to help to explain the movements.

我們在補充甲板上有一張幻燈片，展示了瀑布，以幫助解釋這些運動。

And the investing activities, you will see $40.6 million cash received in business combination.

在投資活動中，您將看到企業合併收到的現金為 4,060 萬美元。

This with cash that's Svenska had on the books to piece seller accrued liabilities, that flowed through the operating activities section that VAALCO issued with the purchase.

這筆資金是 Svenska 帳簿上的現金，用來計算賣方應計負債，這些負債流經 VAALCO 在購買時發布的經營活動部分。

Last call, we discussed likely working capital movements, primarily related to Egypt.

上次電話會議中，我們討論了可能的營運資金變動，主要與埃及有關。

In the second quarter of 2024, we sold all Egyptian production domestically, which drew for June accounts receivable higher.

2024 年第二季度，我們在國內銷售了所有埃及產品，這使得 6 月的應收帳款更高。

Following the end of the quarter, we did receive in early July an $8 million cash payment for Egyptian accounts receivable.

本季末後，我們確實在 7 月初收到了埃及應收帳款 800 萬美元的現金付款。

Additionally, EGPC has now provided written confirmation and recognized our invoice in the June payables related to the contractual backdated receivable from the market of the PSCs of approximately $40 million.

此外，EGPC 現已提供書面確認，並在 6 月應付帳款中確認了我們與 PSC 市場約 4000 萬美元的合約回溯應收帳款相關的發票。

This is a major step forward and with EGPC demonstrating through March and July back payments to IOCs and with the new oil minister prioritizing resolving the aged payable situation we are pleased to continue to work with the Egyptian government, which has made a concentrated effort to reduce its back dated bill payables in 2024.

這是向前邁出的重要一步，隨著EGPC 在3 月和7 月期間向國際石油公司展示了拖欠款項，並且新任石油部長優先考慮解決老化的應付款問題，我們很高興繼續與埃及政府合作，埃及政府已集中努力減少其應付票據日期追溯至 2024 年。

As has been the case since the third quarter of 2018, recurring new bank debt on hand credit facilities available to continue to build value.

與 2018 年第三季以來的情況一樣，經常性的新銀行債務現有信貸額度可用於繼續創造價值。

In Q2 2024, VAALCO paid a quarterly cash dividend of six and a quarter cents per common share or six and $6.5 million absolute.

2024 年第二季度，VAALCO 支付了每股普通股六又四分之一美分的季度現金股息，即絕對六又 650 萬美元。

In 2024, we have now returned almost $20 million in shareholder returns.

到 2024 年，我們已經向股東返還了近 2,000 萬美元的回報。

We also announced the third dividend payment of the year, which will be paid in September.

我們也宣布了今年第三次股息支付，將於9月支付。

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 now includes the recently closed Svenska acquisition which only affected two months for the second quarter and the full impact will be seen in the third quarter.

我想提醒您，現在的指導包括最近完成的 Svenska 收購，該收購僅影響第二季兩個月，全面影響將在第三季看到。

Also, our full guidance breakout is in the earnings release and in our supplement the slide deck on our website with production breakout about working interest and net revenue interest by asset area.

此外，我們的完整指導突破位於收益發布中，並在我們網站上的補充幻燈片中，其中包含按資產領域劃分的工作權益和淨收入利息的生產突破。

For the total company, we are forecasting Q3 2024 production to be between 24,900 and 27,600 working interest barrel of oil equivalent per day and between 20,300 and 22,800 NRI barrels of oil equivalent per day.

對於整個公司來說，我們預測 2024 年第三季的產量將在每天 24,900 至 27,600 桶油當量之間，NRI 每天產量將在 20,300 至 22,800 桶油當量之間。

This is up compared to the second quarter due to the full impact of the Svenska acquisition and due to the Gabon turnaround timing that George discussed.

由於 Svenska 收購的全面影響以及喬治討論的加彭週轉時間，這一數字比第二季度有所上升。

For the full-year 2024, we're now forecasting our total company production to remain unchanged between 23,600 and 26,500 working interest barrels of oil equivalent per day and between 18,900 and 21,400 NRI barrels of oil equivalent per day.

對於 2024 年全年，我們目前預測公司總產量將保持不變，在每天 23,600 至 26,500 桶石油當量之間，以及每天 18,900 至 21,400 桶石油當量之間。

Looking at production by assets for the full year, we are expecting natural decline in Gabon in Egypt although the capital work program in the first half of the year in Egypt has helped to mitigate some decline.

從全年資產產量來看，我們預計加彭和埃及的產量將自然下降，儘管埃及上半年的基本建設計畫有助於緩解一些下降。

In Canada we are seeing year-over-year growth from our drilling campaign and in Côte d'Ivoire we are reflecting operations from May through to December and our full-year numbers.

在加拿大，我們看到鑽探活動逐年成長，在科特迪瓦，我們反映了 5 月至 12 月的營運情況以及全年數據。

For the third quarter and the full year 2024, we are assuming our sales will be more or less in line with our production.

對於第三季和 2024 年全年，我們假設我們的銷售額將或多或少與我們的產量保持一致。

Our absolute operating costs are expected to go down compared to Q2 due to the non-cash purchase price adjustment and operating costs that drove cost higher in Q2.

由於非現金採購價格調整和營運成本導致第二季成本上升，我們的絕對營運成本預計將比第二季下降。

Normalizing for the adjustment then adding expected quarterly rolling costs, this will go up for the full year due to the normal operational expenses in Côte d'Ivoire.

調整正常化，然後加上預期的季度滾動成本，由於科特迪瓦的正常營運費用，全年的成本將會上升。

Taking all this into consideration, we are projecting our per barrel or equivalent range to decrease due to the additional Côte d'Ivoire volume.

考慮到所有這些，我們預計每桶或等效範圍將由於科特迪瓦的額外產量而減少。

We're also expecting flat to slightly lower absolute G&A as we noted previously.

正如我們之前指出的，我們也預計絕對總管理費用將持平或略有下降。

Finally, looking at CapEx our 2024 capital spend is between $115 million and $140 million, as we prepare for the 2025 FPSO change out.

最後，從資本支出來看，我們 2024 年的資本支出在 1.15 億至 1.4 億美元之間，我們正在為 2025 年 FPSO 更換做準備。

The anticipated next drilling campaign in Gabon and the largely completed Canadian 2024 drilling program.

預計在加彭進行的下一次鑽探活動以及加拿大 2024 年鑽探計畫已基本完成。

For the third quarter, we’re expecting a range of between $32 million and $54 million for our CapEx.

對於第三季度，我們預計資本支出將在 3,200 萬美元到 5,400 萬美元之間。

In closing, we are executing on our strategy and adding meaningful value.

最後，我們正在執行我們的策略並增加有意義的價值。

With the Svenska acquisition, we are forecasting a meaningful increase in production and sales, which should also increase our ability to generate additional adjusted EBITDAX and operational cash flow in the second half of 2024.

透過收購 Svenska，我們預計產量和銷售將大幅成長，這也將提高我們在 2024 年下半年產生額外調整後 EBITDAX 和營運現金流的能力。

We are very well positioned to execute and fund a robust capital 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跨多個生產資產的穩健資本計劃並為其提供資金。

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

現在，我將把電話轉回給喬治。

Thanks, Ron.

謝謝，羅恩。

We will continue to execute our strategy focused on operating efficiently, investing prudently, maximizing our asset base and looking for accretive opportunities.

我們將繼續執行我們的策略，重點是高效營運、審慎投資、最大化我們的資產基礎並尋找增值機會。

As you have heard this morning, the first half of 2024 has been very profitable.

正如您今天早上所聽到的，2024 年上半年非常有利可圖。

We have generated $35.8 million, or $0.34 per share in net income, and almost $135 million in adjusted EBITDAX.

我們創造了 3,580 萬美元，即每股 0.34 美元的淨利潤，調整後的 EBITDAX 近 1.35 億美元。

With the closing of the Svenska acquisition at the end of April, we will see a positive impact to production, sales OpEx per barrel of oil equivalent, operational cash flow and adjusted EBITDAX for the second half of the year.

隨著 Svenska 收購於 4 月底完成，我們將看到下半年生產、每桶油當量銷售營運支出、營運現金流量和調整後息稅折舊攤銷前利潤 (EBITDAX) 產生正面影響。

Looking across our asset base, we are pleased with the Canadian drilling results.

縱觀我們的資產基礎，我們對加拿大的鑽探結果感到滿意。

We are planning the joint campaign at Etame and we are progressing with the FEED study in Equatorial Guinea and optimizing production, while executing workovers in Egypt.

我們正在規劃在 Etame 的聯合活動，我們正在赤道幾內亞推進 FEED 研究並優化生產，同時在埃及進行修井。

Our entire organization is actively working to deliver sustainable growth and strong results.

我們整個組織正在積極努力實現永續成長和強勁成果。

I believe we have gained credibility over the past two years having delivered on our commitments to the market and to our shareholders, and we will continue to deliver with the exciting slate of projects that we have over the next few years.

我相信，我們在過去兩年中兌現了對市場和股東的承諾，贏得了信譽，並且我們將在未來幾年繼續兌現我們擁有的一系列令人興奮的項目。

We are in a tangible financial position with no bank debt and given our strong portfolio of producing assets with future upside potential.

我們的財務狀況良好，沒有銀行債務，我們擁有強大的生產資產組合，具有未來的上升潛力。

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

除了為我們的資本計劃提供資金外，我們仍然致力於為股東回報價值。

In Q2, 2024, we returned over $6 million to our shareholders through dividend and we are on pace to deliver further $0.25 per share annual dividend for 2024 matching what we paid out in 2023 with our current share price is a dividend yield of about 4%.

2024 年第二季度，我們透過股息向股東返還超過600 萬美元，我們預計在2024 年進一步派發每股0.25 美元的年度股息，與我們2023 年支付的股息與當前股價相匹配，股息收益率約為4% 。

As Ron discussed, our 2024 guidance has the Svenska acquisition incorporated with strong production and sales expected to continue.

正如 Ron 所討論的，我們的 2024 年指導將 Svenska 收購納入其中，預計將繼續強勁的生產和銷售。

We are too excited about the future and VAALCO now has multiple producing areas and future prospects that have diversified our rich profile under sources of income.

我們對未來感到非常興奮，VAALCO 現在擁有多個產區和未來前景，這使我們在收入來源方面的豐富形象更加多樣化。

We are confident in our ability to execute on the many projects ahead, largely because we have been highly successful over the past two years, developing and growing our assets

我們對執行未來許多專案的能力充滿信心，主要是因為我們在過去兩年中在開發和成長我們的資產方面取得了巨大成功

Our disciplined approach to maximizing value for our shareholders by delivering growth and production, reserves and cash flow has led to expanded results thus far and we believe that we will carry that momentum into the remainder of 2024 and beyond.

我們透過實現成長和產量、儲備和現金流來實現股東價值最大化的嚴謹方法，迄今為止已帶來了業績的擴大，我們相信我們將在 2024 年剩餘時間及以後繼續保持這一勢頭。

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。

Him guys.

他，夥計們。

Thanks for taking my question.

感謝您提出我的問題。

I’ve got two.

我有兩個。

The first is about the receivable in Egypt and in particularly with the agreement that have been signed.

第一個是關於埃及的應收帳款，特別是已簽署的協議。

Those reached $40 million and $50 million that has been to it.

這筆資金達到了 4000 萬美元，其中 5000 萬美元已經到位。

Is it already on the balance sheet at the end of June or would there be something that could be added value when you said an asset under comes in?

它是否已經在 6 月底出現在資產負債表上，或者當您說一項資產納入進來時，是否會有一些可以增加價值的東西？

That was my first question.

這是我的第一個問題。

And my second question is around the exploration program in Canada in H2, what sort of volume receivable could be the risk potentially by this program just runs off of a idea of the order of magnitude?

我的第二個問題是關於加拿大下半年的勘探計劃，該計劃可能帶來的應收金額是多少？

Thank you.

謝謝。

Thanks, Stephan.

謝謝，史蒂芬。

I’ll leave that to Ron to answer the first question.

我將讓羅恩回答第一個問題。

And once he is done, I’ll come back on the second one.

一旦他完成了，我就會回來討論第二個。

Hi.

你好。

Thanks, George.

謝謝，喬治。

Stephane, yeah, and in relation to the Egyptian receivable, that's the backdated contractual receivable that was basically there for when we took over TransGlobe and we’ve been looking for resolution for that really since day one in October 2022.

Stephane，是的，就埃及應收帳款而言，這是回溯的合約應收帳款，基本上是我們接管TransGlobe 時就存在的，從2022 年10 月第一天起，我們就一直在尋找解決方案。

It’s been a long pass to take, but we've managed to get to the position now where we've got the documentation.

這是一個漫長的過程，但我們現在已經成功地獲得了文件。

We got an agreement through all of the departments in EGPC and effectively, we're in the signing process in relation to each of those areas now.

我們透過 EGPC 的所有部門達成了一項協議，實際上，我們現在正處於與這些領域相關的簽署過程中。

But the invoice has actually been cut.

但發票其實已經被砍掉了。

The values have been agreed.

價值觀已達成一致。

And they have recognized and given as written confirmation that the net receivable is now sitting there at the end of June 2024 on their payables too.

他們已經承認並以書面確認，截至 2024 年 6 月末，應收帳款淨額現在也存在於他們的應付帳款中。

So it's like anything else it has to be on their tables registered before there's any chance that you are getting any payments on at all and I'm glad to see we've succeeded on that part.

因此，就像其他任何事情一樣，它必須在他們的表格上註冊，然後您才有機會獲得任何付款，我很高興看到我們在這方面取得了成功。

Sorry, I meant is that -- you got already in the balance sheet of VAALCO as it revolve or not?

抱歉，我的意思是——無論是否旋轉，您都已經進入 VAALCO 的資產負債表了嗎？

That's what I meant rather than EGPC.

這就是我的意思，而不是 EGPC。

Ron, do you hear that?

羅恩，你聽到了嗎？

Okay, we may have lost Ron.

好吧，我們可能失去了羅恩。

But I'll answer the second question Stephane.

但我會回答第二個問題史蒂芬。

So with the exploration well on the southern acreage in Canada, what we're trying to do is, about a year or so ago, some of the well performance came below with type curve and we lost some reserves there also we didn’t in the North and what we are looking to do is re-establish those reserves with this exploration well.

因此，在加拿大南部地區的勘探井中，我們試圖做的是，大約一年前，一些井的性能低於類型曲線，我們在那裡失去了一些儲量，但我們並沒有這樣做。透過這口勘探井重新建立這些儲量。

And roughly, I think it's between 8 million to 12 million barrels what we're looking to try and re-establish and that would open a play for further drilling in the Southern acreage.

粗略地說，我認為我們希望嘗試重新建立 800 萬至 1,200 萬桶的產量，這將為在南部地區進一步鑽探奠定基礎。

And so, we're quite encouraged by looking at this well that we hope to spud in September and that will further enhance the program going into 2025.

因此，我們對這口油井的觀察感到非常鼓舞，我們希望它能在 9 月開鑽，這將進一步加強該計畫在 2025 年的進展。

Great.

偉大的。

That's wonderful.

太棒了。

Thanks, George.

謝謝，喬治。

Chris Wheaton, Stifel.

克里斯·惠頓，斯蒂菲爾。

Thank you, George, good afternoon and in Ron is absent.

謝謝喬治，下午好，羅恩缺席了。

Sorry I think well probably I'll ask you a slightly different question which was in Equatorial Guinea, it's good to see progress there at the second half, progress towards FID.

抱歉，我想我可能會問你一個稍微不同的問題，這是在赤道幾內亞，很高興看到下半年取得進展，朝著最終投資決定取得進展。

Could you update on the timing after that?

能更新一下之後的時間嗎？

But at what point do you see moving towards actual first construction and therefore first oil, and also if they need to update the cost of the development or likely cost of the development given the resourcing to be in an inflationary environment for offshore services at the moment?

但是，您認為何時會轉向實際的首次建設，從而實現首次石油開採，以及考慮到目前離岸服務的資源處於通貨膨脹環境中，他們是否需要更新開發成本或可能的開發成本？

Okay.

好的。

As I think I've mentioned before, what we did initially about 18 months ago was put together the plan of development and that was fully costed -- and that was fully costed with three wells plus a CapEx spend for a MOPU and it was somewhere around about a gross spend of $218 million.

正如我之前提到的，大約 18 個月前我們最初所做的就是製定開發計劃，並且完全計算了成本——這完全計算了三口井的成本加上 MOPU 的資本支出，它在某個地方總支出約2.18 億美元。

The plan going through the FEED study is to try and reduce that CapEx since what CapEx or OpEx because it's much more tax efficient given the short tenure of this development.

透過 FEED 研究的計劃是嘗試減少資本支出（自資本支出或營運支出以來），因為鑑於此開發項目的使用期限較短，它的稅收效率要高得多。

So there is a little bit of adjustment that we're trying to achieve through this FEED study to reduce the CapEx spend to around about $160 million level growth.

因此，我們試圖透過這項 FEED 研究進行一些調整，將資本支出減少到約 1.6 億美元的成長水準。

And increase the OpEx position through the result of the MOPU.

並透過 MOPU 的結果增加 OpEx 頭寸。

Now, of course, there are some inflationary pressures still on services.

當然，現在服務業仍面臨一些通膨壓力。

However, part of the output from the FEED study we will be looking at particularly opportunities where we can have some of the older jackup rigs converted into a MOPU and go through that recent arrangement.

然而，在 FEED 研究的部分成果中，我們將特別關註一些機會，將一些舊的自升式鑽井平台改造成 MOPU，並完成最近的安排。

And as you were aware, there are quite a few of those units available here in the United States.

如您所知，在美國有相當多的此類設備。

So right now, I wouldn't be advising that we need to increase any of the cost profile.

所以現在，我不建議我們增加任何成本。

I'm kind of hoping that we get to a point where for Equatorial Guinea, we get to FID, we get into a plant structure that may allow us to piggyback on the Gabon campaign and allow Equatorial Guinea to come in on the back of that which would be mid to late ’26 for drilling, which would then allow us to look at first oil sometime in 2017.

我有點希望我們能夠達到赤道幾內亞的最終投資決定，我們進入一個工廠結構，這可能使我們能夠利用加彭的競選活動，並允許赤道幾內亞參與其中鑽探時間為26 美元中後期，這樣我們就可以在2017年的某個時候看到第一批石油。

Okay.

好的。

That’s really helpful.

這確實很有幫助。

Thank you, George.

謝謝你，喬治。

I'll leave it there.

我會把它留在那裡。

Thank you.

謝謝。

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究。

Thank you, George.

謝謝你，喬治。

In Cote d'Ivoire, do you have any additional detail with the operator on the timeline for the FPSO change out from what you've provided in the past?

在科特迪瓦，您是否能向營運商提供有關 FPSO 變更時間表（與您過去提供的情況相比）的更多詳細資訊？

And while the FPSO is upstation, will there be any significant operating costs in CI or will all the costs incurred be on the capital cost lines?

當 FPSO 升級時，CI 中是否會產生大量營運成本，或者所有產生的成本都在資本成本線中嗎？

Yeah, that's a good question, Jeff.

是的，這是個好問題，傑夫。

I mean, hopefully, just having those discussions right now.

我的意思是，希望現在就進行這些討論。

At the moment, we have no change to what we initiated which was a Q1 shutdown in 2025 for the vessel to leave station.

目前，我們沒有改變我們發起的計劃，即在 2025 年第一季停工，以便船舶離港。

We do not anticipate any significant OpEx and we're looking at retaining those operating cost being capitalized during the period of 2025.

我們預計不會出現任何重大營運支出，並且我們正在考慮在 2025 年期間保留這些營運成本資本化。

Those discussions are still ongoing because we're retaining those as part of the project cost but obviously there are ongoing costs for retaining the presence in CDI.

這些討論仍在進行中，因為我們將其保留為專案成本的一部分，但顯然，保留 CDI 的存在會產生持續的成本。

But that won’t be significant.

但這並不重要。

The main focus will be on the FPSO refurbishment and the timeline to get it back on station which we will go through into 2026.

主要關注點將是 FPSO 翻新以及將其恢復到 2026 年的時間表。

So as I said in my commentary earlier, when we come to finalize that position with the operator and finalize our position and timing of the 2025 closing program, at that point later this year when we come to give budget and guidance for ’25, we can be a lot more specific and detailed on -- and we will provide that detail there, project plan slide to everyone see when we plan -- when it's time for the vessel to leave and when it's time for it to combat where it’s going and the cost structures around that and that will be linked to I will say the 2025 capital program for Gabon, as well.

正如我之前在評論中所說，當我們與運營商敲定這一立場並最終確定 2025 年關閉計劃的立場和時間安排時，我們將在今年晚些時候為 25 億歐元提供預算和指導。可以更加具體和詳細——我們將在那裡提供該細節，項目計劃幻燈片讓每個人都可以看到我們何時計劃——船隻何時離開以及何時該在哪裡戰鬥。成本結構，這也將與加彭2025 年資本計畫相關。

So it's going to be probably.

所以很可能會這樣。

Towards the end of this year, we will be able to give more detail there.

到今年年底，我們將能夠提供更多細節。

But when we look at our ability to execute and fund that our confidence levels remain extremely high as Ron mentioned, we are debt-free but we do have deadlines available to and also cash in the balance sheet to more than covers through that period.

但是，當我們審視我們的執行和融資能力時，我們的信心水平仍然非常高，正如羅恩提到的那樣，我們沒有債務，但我們確實有最後期限，並且資產負債表中的現金也超過了該期間的覆蓋範圍。

And in Egypt, Ron talked about progress with aged payables with EGPC.

在埃及，Ron 談到了 EGPC 在帳齡應付帳款方面的進展。

Can you provide any color on discussions around being able to sell oil into the export market as opposed to domestic the market?

您能否就向出口市場而不是國內市場出售石油的討論提供任何資訊？

Yeah, a little bit.

是的，有一點。

I mean, as you can tell we're quite a small management team, in different parts of the planet right now that’s certain and the reason we do that to make sure we can always have a senior management team member meeting with various governments and for our CEO is currently meeting with the Minister in Egypt as we speak in Alexandra.

我的意思是，正如你所知，我們的管理團隊規模相當小，目前分佈在地球的不同地區，這是肯定的，我們這樣做的原因是為了確保我們始終能夠讓高級管理團隊成員與不同的人會面。

So I'm waiting for the outcome of that discussion.

所以我正在等待討論的結果。

We have initiated in detail, what our investment plans are for Egypt and I have mentioned that with the potential of a 50-mile drilling program.

我們已經詳細啟動了我們對埃及的投資計劃，我已經提到了 50 英里鑽探計劃的潛力。

And -- but we're looking to see how we optimize both the commitment that the minister has made to tackle the aged receivables on EGPC.

而且，我們正在研究如何優化部長為解決 EGPC 老化應收帳款問題所做的承諾。

He made that statement publicly.

他公開發表了這項聲明。

We've seen them looking to 20% of each balance which is encouraging, but as you are aware it's not sufficient to make sure we can charge ahead with an accelerated investment.

我們看到他們希望獲得每個餘額的 20%，這是令人鼓舞的，但如您所知，這不足以確保我們能夠加速投資。

And we're looking to see that position improve.

我們希望看到這一地位得到改善。

At the moment, we don’t -- and we have more forecast for export cargos.

目前，我們沒有——而且我們對出口貨物有更多預測。

And we don't see that possibility at the moment because of the position with the type of crews we have initially, they could not refine that tool, but that's now not the case.

我們目前看不到這種可能性，因為我們最初擁有的人員類型的位置，他們無法完善該工具，但現在情況並非如此。

They are refining the rust out of crude in country.

他們正在國內提煉原油中的鐵鏽。

So for the rest of this year, we're looking at domestic fields.

因此，在今年剩下的時間裡，我們將目光投向國內領域。

But in saying that, we're still encouraged with the profiles and opportunities that we see in Egypt.

但話雖如此，我們仍然對在埃及看到的概況和機會感到鼓舞。

We just need to see just a little bit of -- as I think I said at one point to move it from a great deal to a compelling one.

我們只需要看到一點點——正如我想我曾經說過的那樣，將其從大量的交易變成令人信服的交易。

Thank you, George.

謝謝你，喬治。

I was texting with Ron after you got disconnected early and he confirmed that the receivable was on the books for a VAALCO before and now.

在你提早斷開連接後，我正在給羅恩發短信，他確認之前和現在的應收賬款都在 VAALCO 的賬簿上。

So for Stephane’s question yes the receivable was already booked.

因此，對於史蒂芬的問題，是的，應收帳款已經被登記。

And I think Ron is trying to get back in.

我認為羅恩正試圖重返賽場。

I'm not sure if he actually can.

我不確定他是否真的可以。

Yeah.

是的。

Hi, Al, and I can get back on the customers and travel and communications, but back online.

嗨，艾爾，我可以恢復客戶、旅行和通訊，但恢復線上狀態。

Okay, great.

好的，太好了。

Charlie Sharp, Canaccord.

查理夏普，Canaccord。

Yes.

是的。

Good morning, good afternoon wherever you are, gentlemen.

早安，下午好，無論你們身在何處，先生們。

Thanks for the presentation.

感謝您的介紹。

Very helpful.

非常有幫助。

I just wanted to clarify if I may, the wells that you're planning to drill in Gabon next year, and when you might be able to provide some guidance to us on what sort of production you might expect from those additional wells.

如果可以的話，我只是想澄清一下你們明年計劃在加蓬鑽探的油井，以及你們何時能夠向我們提供一些指導，了解這些額外油井的產量。

Thank you.

謝謝。

No problem Charlie.

沒問題查理。

I kind of give a very brief overview of the wells where planning.

我對規劃的井進行了非常簡短的概述。

At the moment we've got seven wells firm.

目前我們已經有七口井。

We've also got further five wells contingent that we will look or may included in the program.

我們還有另外五口井，我們將考慮或可能將其納入該計劃。

And with regard to volumes and guidance, that’ probably going to comment in our November call, as we start to give more guidance into 2025.

至於數量和指導，當我們開始為 2025 年提供更多指導時，我們可能會在 11 月的電話會議中對此進行評論。

But effectively are a mixture of step out wells and one or two an exploration well than the redevelopment around a goodie, which is the key pickup.

但實際上是階梯井和一兩個勘探井的混合，而不是圍繞著一個好東西進行重建，這是關鍵的拾取。

On a volumetric basis, what we're targeting is probably somewhere well north of 6 million to 8 million barrels of additional reserves coming into the initial program excluding the position on the gas wells.

從體積來看，我們的目標可能是初始計畫中增加 600 萬至 800 萬桶額外儲量（不包括氣井）。

We've been -- that's a risk position and I am kind of hopeful that we'll see a little bit of improvement on that to really given, what we lost on reserves went to contingent resource.

我們一直以來——這是一個風險狀況，我希望我們能看到一點點改善，因為我們在儲備金上的損失都轉移到了應急資源上。

So there may be a little bit pick up from that, but we will continue to study that.

因此，這可能會有所改善，但我們將繼續研究這一點。

But that's more likely to be in November so we can land on the exact for well sequencing and exactly what the IP rate we are forecasting and the final reserve positions we’re targeting.

但這更有可能是在 11 月，這樣我們就可以準確地進行油井測序、我們預測的 IP 率以及我們目標的最終儲備位置。

It’s very helpful.

這非常有幫助。

Thanks.

謝謝。

And just finally on for Ron if he is still on.

如果羅恩還在的話，他終於上場了。

I think the operation costs full year ‘24 you've indicated are higher than you had previously slated.

我認為您指出的 24 年全年營運成本高於您先前的預計。

I just wanted to be sure that I understood if that was really related to the Svenska acquisition?

我只是想確定我是否理解這是否真的與 Svenska 收購有關？

Or was there something else that I was missing?

還是我還遺漏了其他東西？

Yeah, I think there, Charlie, I mentioned in Q2 you’ll see production costs have gone up and that’s really in relation to the Svenska acquisition because the inventory crude oil on the FPSO are the circuit at April when we when we purchased the company.

是的，我想，查理，我在第二季度提到過，你會看到生產成本上升，這確實與 Svenska 收購有關，因為 FPSO 上的庫存原油是 4 月份的循環，當我們購買了該公司。

So that effectively means that that crude oil is mark-to-market.

因此，這實際上意味著原油是按市價計價的。

It's basically valued at market price.

基本上是按照市場價格來估價的。

And then, of course we produced and then we sold in May.

當然，我們在五月生產並銷售。

And so, when we do that and from an accounting point of view, you roll through that mark-to-market cost at the market price.

因此，當我們這樣做時，從會計的角度來看，您可以按市場價格滾動計算以市價計算的成本。

So that actually bumped our costs up by about $15 million, one five in the quarter and it will obviously -- it's a number coming in, and it's non-cash.

因此，這實際上使我們的成本增加了約 1500 萬美元，即本季度的五分之一，顯然，這是一個數字，而且不是現金。

You will not see it there in each of the other clusters.

您不會在其他每個集群中看到它。

I also mentioned in my opening comments that you would typically see that that cost in Cote d'Ivoire will run about $3 million per month, $9 million net.

我還在開場白中提到，您通常會看到科特迪瓦的成本約為每月 300 萬美元，淨額為 900 萬美元。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Bill Dezellem, Tieton Capital.

比爾·德澤勒姆，泰頓資本。

Thank you.

謝謝。

George, would you please circle back to your comments about the H2S wells?

喬治，您能回到您對硫化氫井的評論嗎？

And what it is that you are going to be doing there and the timeline that you anticipate those may be able to return back into production?

您將在那裡做什麼以及您預計這些項目能夠恢復生產的時間表？

Yeah, no problem, Bill.

是的，沒問題，比爾。

I mean, as I mentioned, completed the study where we can now sweeten that through to chemical injection rather than a more cost and mechanical process.

我的意思是，正如我所提到的，我們已經完成了這項研究，現在我們可以透過化學注入來改善這一點，而不是採用成本更高的機械過程。

So that is very good news.

所以這是一個非常好的消息。

And that based on the existing model and structures we have obviously as we come into the campaign and we start to add more wells and brewery into production, we will be able to revise and update that model with more sub-surface data that’s coming into the production profile.

基於我們現有的模型和結構，顯然，當我們進入競選活動並開始將更多的油井和啤酒廠投入生產時，我們將能夠使用更多的地下數據來修改和更新該模型進入生產配置文件。

Right now, these wells, from a sequencing standpoint are -- we are planning at the back end of the campaign and that's primarily due to being able to get the quality of completion equipment we need for the sulfur treatment downhole.

目前，從排序的角度來看，這些井是——我們正在計劃的後期，這主要是因為能夠獲得井下硫處理所需的完井設備的品質。

So those lead times are quite extensive up to 12 months and beyond.

因此，這些交付週期相當長，長達 12 個月甚至更長。

So they will be at the back end of the program of course given that they are reasonably prolific wells as we can improve to look forward by the equipment arriving earlier then we would certainly do that and do that work on the ability platform as early as possible but to see it at the moment there we are at the back end of the program to allow for LLIs to be delivered on time.

因此，它們當然會處於該計劃的後端，因為它們是相當多產的井，因為我們可以通過更早到達的設備來改進，那麼我們肯定會這樣做，並儘早在能力平台上完成這項工作但目前來看，我們正處於該計劃的後端，以便LLI 能夠按時交付。

And would you please remind us what the total shut-in production is on those H2S wells?

您能否提醒我們這些硫化氫井的總停產產量是多少？

Well, when they were shut, they were shut in and doing -- the one in fact is still in production at the moment ability [2x] and that’s the one we have been using as the test piece for the sweetening program for downhole chemical.

好吧，當它們被關閉時，它們被關閉並正在做 - 事實上，目前仍在生產能力 [2x]，這就是我們一直用作甜化計劃測試件的那個。

But it was shut in I think -- and this was back to 2014, so that I’d have to check the numbers, but I think it was a about at 3,000 to 4,000 barrels a day with the shut in.

但我認為它被關閉了——這已經是 2014 年的事了，所以我必須檢查一下數字，但我認為關閉後每天的產量大約是 3,000 到 4,000 桶。

And it is just one well now is it shut in due to H2S?

現在只有一口井，是不是因為硫化氫而關閉了？

It’s only one well is in production right now.

目前只有一口井在生產。

The other wells are shut in and what we are planning to is we will do some work on the existing wells to make it more efficient when it comes to the downhole chemical injection and make sure the line is fully functioned.

其他井已關閉，我們計劃對現有井進行一些工作，以提高井下化學注入的效率，並確保生產線充分發揮作用。

And that would be an enhancement to that particular well’s production.

這將提高該井的產量。

We will then also do a sidetrack on the three -- what was the 3H well and move that to move location within the reservoir and then we’ve got to rerun the completion of full rates which to give it and that's one of the reasons that we need that specialized equipment.

然後，我們還將對三口井進行側線改造——什麼是 3H 井，並將其移動到水庫內的位置，然後我們必須重新運行完全速率的完成，這就是原因之一我們需要專門的設備。

So these are the three -- one redrill sites that we drill and two workovers are planned to get the ability production back up to optimal levels.

這就是三個——我們鑽探的一個重鑽場地和計劃進行的兩次修井，以使產能恢復到最佳水平。

And then you will be drilling additional wells to -- also to enhance the production there beyond bringing, as well as back online through the re-completion.

然後，您將鑽更多的井，以提高產量，並透過重新完井恢復生產。

So is that correct?

那麼這是正確的嗎？

Are we understanding that correctly?

我們的理解正確嗎？

There are potential additional ability wells in the contingent program, but we need to get the first three wells up and running first and that will determine where we go next.

應急計畫中還有潛在的額外能力井，但我們需要先啟動並運行前三口井，這將決定我們下一步的發展方向。

Understood.

明白了。

Thank you and appreciate the time and congratulations on a solid quarter.

感謝您並感謝您抽出寶貴的時間，並祝賀您度過了一個堅實的季度。

Thanks, Bill

謝謝，比爾

And George, I was looking to add a little bit color to Bill there as well, in relation to the shut-in.

喬治，我也想為比爾添加一些與關門有關的色彩。

As Bill been a long-term shareholder, those wells are shut in when VAALCO had a much smaller working interest in those reserves.

由於比爾是長期股東，當 VAALCO 對這些儲量的開採權益要小得多時，這些油井就被關閉了。

Now we are bringing them back on -- we're bringing them back on at nearly 60% working interest.

現在我們正在讓它們重新啟動——我們以近 60% 的工作興趣讓它們重新啟動。

So kind of security is not way too that we shut in without position and hopefully we will now be able to explore with a greater working interest coming into to VAALCO.

如此安全的保障並沒有讓我們陷入困境，希望我們現在能夠以更大的工作興趣進入 VAALCO 進行探索。

And actually, Ron, that's a great point, which I had had overlooked.

事實上，羅恩，這是一個很好的觀點，但我忽略了這一點。

So with that in mind, what is the -- if the wells we're to flow at the flow rate that they had at the time they were shut in.

因此，考慮到這一點，如果我們要讓油井以關閉時的流量流動，那會是什麼呢？

But taking into account your now greater working interest what is the total production that you would expect from those wells?

但考慮到您現在更大的工作興趣，您期望這些井的總產量是多少？

Yeah, I mean, what I was saying before Bill, the four to six thousand barrel which was what I was giving you in our position.

是的，我的意思是，我在比爾之前所說的，四到六千桶，這就是我在我們的立場上給你的。

So that that had an impact at the end.

所以這最終產生了影響。

So from a work interest perspective, but yeah, I mean the key here for me is getting this field back in production with multiple drill points and then having that history and match opportunities to study that against the existing model see where our model and accuracies, because our new model is perfect.

因此，從工作興趣的角度來看，但是，是的，我的意思是，對我來說，關鍵是透過多個鑽點使該領域重新投入生產，然後擁有歷史記錄和匹配機會，根據現有模型進行研究，看看我們的模型和準確性，因為我們的新模型是完美的。

And does that give us for additional opportunities for drilling thereafter.

這是否為我們提供了此後鑽探的更多機會？

And that's we are sequencing, we wouldn't have enough time wherever we place the wells, but they are where we can do their booty program for me that the best are because there may be some additional contingent opportunities there at the end of the program.

這就是我們正在測序的地方，無論我們在哪裡放置井，我們都沒有足夠的時間，但它們是我們可以為我進行戰利品計劃的地方，最好的是因為在計劃結束時可能會有一些額外的偶然機會。

Great.

偉大的。

Thank you both for that.

謝謝你們倆。

I appreciate it.

我很感激。

Stephane Foucaud, Auctus Advisors.

Stephane Foucaud，Auctus 顧問。

Yes, thank you again.

是的，再次感謝您。

Two quick follow-on clarification.

兩個快速的後續澄清。

The first one is about Egypt, you talked about the fact that to you're looking for drill -- for recur in second part of the year.

第一個是關於埃及的，您談到了您正在尋找演習的事實 - 以便在今年下半年再次發生。

Is that the only condition to go back to drilling because they already mine that someone that you would need to have an export to go which I'm just in is not required anymore, but maybe there are some more things like payment from Egypt or so far that be other condition to go back to drilling.

這是回去鑽探的唯一條件嗎，因為他們已經挖掘到了你需要出口的人，而我所在的地方不再需要了，但也許還有更多的事情，比如來自埃及的付款等等到目前為止，這是返回鑽探的其他條件。

So confirmation would be great.

所以確認會很棒。

And second for Ron, the 116 million off all the current ability is a big jump compared to, I think, last time.

第二個是羅恩，我認為與上次相比，目前能力的 1.16 億是一個很大的躍升。

It’s actually related to the Cote d'Ivoire acquisition or is that something beyond the increase?

這實際上與收購科特迪瓦有關，還是有超出成長範圍的因素？

Thank you.

謝謝。

For it we're looking for some kind of interoperability to make sure that they don't program because from you know extreme economic. And compound and if you can become compelling the executing each of this. The rest or we can deal with the Regular initial we can get the right.

為此，我們正在尋找某種互通性，以確保它們不會因為極端經濟而編程。如果你能在執行這一切時變得令人信服，那麼就複合起來。剩下的或者我們可以處理常規首字母我們就可以得到正確的。

The right require

正確的要求

Okay.

好的。

I’ll jump on to the Egypt one.

我將跳到埃及那一處。

You are correct and I think as I said previously we are looking for some kinds of pick up to make sure that the drilling program in Egypt goes from extremely economic and exciting to compelling.

你是對的，我認為正如我之前所說，我們正在尋找某種回升，以確保埃及的鑽探計劃從極其經濟和令人興奮變為引人注目。

Anything that becomes compelling and executing easily.

任何變得引人注目且易於執行的事情。

The risk of the condition of the drilling rigs we need to make sure we can get the right rigs require the works for the types of wells that improve the economics that we do in Egypt.

為了確保我們能夠獲得合適的鑽機，我們需要應對鑽機狀況的風險，這需要針對能夠改善我們在埃及所做的經濟效益的井類型進行工程。

We've got by identified.

我們已經確定了。

We're having discussions with that right now, so but the rig is not if not yet secured.

我們現在正在討論這個問題，但該鑽機如果還沒有安全的話，也不是安全的。

And so, yeah, there is a mix of we were looking for export cargos as I explained in the previous answer that the export cargos are probably not available given that the crude can now be refined in Egypt.

所以，是的，我們正在尋找出口貨物，正如我在先前的答案中解釋的那樣，考慮到原油現在可以在埃及進行精煉，出口貨物可能無法提供。

So we're looking to see how quickly these investment profiles are returned to the existing position to get and hopefully we'll get some positive feedback from Paul’s visit to the minister today.

因此，我們希望了解這些投資狀況以多快的速度恢復到現有狀態，並希望我們能從保羅今天拜訪部長中得到一些正面的回饋。

And see if we are -- how we cannot just execute this program, but enhance and accelerate our investment positions inside Egypt because the opportunities are there.

看看我們是否能夠——我們如何不僅能夠執行這個計劃，還能加強和加速我們在埃及的投資地位，因為機會就在那裡。

And we'll be very keen to take them up.

我們將非常熱衷於接受它們。

So to answer your question, yes, we no longer said, we must have an export cargo, because we understand the changes in the profile and complete.

所以回答你的問題，是的，我們不再說，我們必須有出口貨物，因為我們了解配置文件的變化並完成。

But we are looking to see how as we invest this money, how it’s going to be returned.

但我們正在研究如何投資這筆錢，以及如何將其收回。

And Al, do you want to answer the next one?

艾爾，你想回答下一個問題嗎？

Yeah, no problems, George.

是的，沒問題，喬治。

Hi, Stephane, the increase in accrued liabilities are up to 116 if I picked your question out correct, yes, predominantly that is in relation to obviously the same action coming in.

嗨，Stephane，如果我正確地選擇了您的問題，則應計負債的增加將高達 116，是的，主要是與明顯相同的操作有關。

What I would give some color to that, I mean obviously the breakdown will be in our 10-Q when it comes out tonight.

我想對此進行一些說明，我的意思是，很明顯，今晚發布的 10-Q 報告中將包含詳細資訊。

And when you look at that, there's probably about half of that is written every period.

當你仔細觀察時，你會發現大約有一半的內容是每個時期寫的。

So it's turning over on about half of it is probably more of a long-term item.

所以它的周轉率大約有一半可能更多是長期計畫。

It’s certainly not going into next year but it certainly would not look to move in Q2 -- sorry, Q3.

它肯定不會進入明年，但它肯定不會在第二季度發生變化——對不起，第三季。

Great.

偉大的。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And 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 to George Maxwell for any closing comments.

我想請喬治·麥克斯韋（George Maxwell）聽取會議結束意見。

Thank you very much and thank you, for everyone that attended today’s conference call and listened to our activities and operations for Q2, We’ve had another solid quarter and we're -- as you know we are half way through Q3.

非常感謝，也感謝參加今天電話會議並聽取我們第二季度活動和運營情況的所有人，我們又度過了一個穩定的季度，正如您所知，我們已經完成了一半Q3。

We've got a lot of activities ongoing for the rest of 2024.

2024 年剩餘時間裡，我們將進行大量活動。

I think with the acquisitions and the dealers profile we have now.

我認為透過收購和我們現在擁有的經銷商資料。

And when you look at the activities that we're planning on each of our producing assets and non-producing assets, there were a number of organic catalysts that will excite both the market and excite both our staff and our working staff and get these things executed for us.

當你看到我們正在計劃的每項生產資產和非生產資產的活動時，你會發現有許多有機催化劑可以刺激市場，也可以刺激我們的員工和工作人員，並得到這些東西為我們執行。

So we've got a lot of work to do.

所以我們還有很多工作要做。

We’ve a lot of things upcoming.

我們還有很多事情即將發生。

But we've achieved part of our objective and creating a profile in our portfolio that gives this company decades of longevity and that’s very exciting for.

但我們已經實現了部分目標，並在我們的投資組合中創建了一個形象，使這家公司能夠持續數十年，這非常令人興奮。

So I'd like to thank everyone for their attendance, and we'll look forward to talking to you again in November for Q3.

因此，我要感謝大家的出席，我們期待在 11 月第三季再次與您交談。

Thank you.

謝謝。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。