VAALCO Energy Inc (EGY) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the VAALCO Energy third-quarter 2024 conference call. (Operator Instructions) This conference is being recorded, and a replay will be made available on the company's website following the call.

女士們、先生們，感謝你們的支持並歡迎參加 VAALCO Energy 2024 年第三季電話會議。（操作員說明）本次會議正在錄製中，通話結束後將在公司網站上提供重播。

I would now like to turn the conference over to Chris Delange, Investor Relations Coordinator. Please go ahead.

我現在想將會議交給投資者關係協調員克里斯·德蘭格 (Chris Delange)。請繼續。

Thank you operator and welcome to Valco Energy's third-quarter 2024 conference call. After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the third quarter. Ron Bain, our CFO, will then provide a more in depth financial review. George will then return for some closing comments before we take your question. During our question-and-answer section, we ask you limit your question to one and a follow up.

感謝營運商，歡迎參加 Valco Energy 的 2024 年第三季電話會議。在我介紹前瞻性陳述後，我們的執行長喬治·麥克斯韋 (George Maxwell) 將回顧第三季的主要亮點。我們的財務長 Ron Bain 隨後將提供更深入的財務審查。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。在問答部分，我們要求您將問題限制為一個和後續問題。

You can always reenter the queue with additional questions. I would like to point out that we posted a supplemental investor deck on our website that has additional financial analysis, comparisons, and guidance which should be helpful. With that, let me proceed with our forward-looking statement comments.

您隨時可以帶著其他問題重新進入佇列。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，這應該會有所幫助。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. 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. 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. Accordingly, you should not place undue reliance on forward-looking statements. 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.

在本次電話會議期間，該公司將做出前瞻性聲明。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 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。因此，您不應過度依賴前瞻性陳述。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 turn the call over to George.

讓我把電話轉給喬治。

Thank you, Chris. Good morning, everyone, and welcome to our third-quarter 2024 earnings conference call. For the past two years, we have met or exceeded our quarterly production guidance, leading to consistently strong operational and financial results, including net income, adjusted EBITDAX, and cash flow generation. Maintaining operational excellence and consistent production across our portfolio is essential to expanding adjusted EBITDAX, which will enable us to fund organic growth initiatives and position us as a larger player in the industry. We are executing at a high level and continue to deliver results in line with or above our guidance.

謝謝你，克里斯。大家早安，歡迎參加我們的 2024 年第三季財報電話會議。在過去的兩年裡，我們達到或超過了季度生產指導，從而實現了持續強勁的營運和財務業績，包括淨利潤、調整後的息稅折舊攤銷前利潤和現金流生成。在我們的投資組合中保持卓越的營運和一致的生產對於擴大調整後的 EBITDAX 至關重要，這將使我們能夠為有機成長計劃提供資金，並使我們成為行業中更大的參與者。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。

In the third quarter, we experienced quarterly results that fully incorporated the Svenska acquisition, which occurred at the end of April. For Q3, we increased our adjusted EBITDAX to $92.8 million and through the first nine months of 2024 have delivered $227 million of adjusted EBITDAX. We sustained our commitment to returning cash to shareholders in Q3 2024 through our regular quarterly dividend and have also announced the dividend for Q4.

第三季度，我們的季度業績完全納入了 4 月底發生的 Svenska 收購。第三季度，我們將調整後 EBITDAX 提高至 9,280 萬美元，到 2024 年前 9 個月，我們已交付 2.27 億美元調整後 EBITDAX。我們維持了在 2024 年第三季透過定期季度股息向股東返還現金的承諾，並宣布了第四季度的股息。

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. We swiftly and efficiently completed the Svenska acquisition in April 2024, securing a valuable asset with reserves surpassing our initial expectations, all at a highly attractive price. Based on the results of our third-party reserves engineers, we have SEC net proved reserves as of year-end 2023 of 16.9 million barrels of oil equivalent with 93% being oil. Our previous 1P working interest CPR reserves were 13 million barrels of oil equivalent. This 30% increase in reserves further justifies the acquisition and improves the metrics associated with the purchase.

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。我們於 2024 年 4 月迅速有效地完成了對 Svenska 的收購，以極具吸引力的價格獲得了儲量超出我們最初預期的寶貴資產。根據我們第三方儲量工程師的結果，截至 2023 年底，我們的 SEC 淨探明儲量為 1,690 萬桶油當量，其中 93% 是石油。我們先前的 1P 工作權益 CPR 儲量為 1,300 萬桶油當量。儲備金增加 30% 進一步證明了此次收購的合理性，並改善了與購買相關的指標。

In Q3, we had three shared liftings in Cote d'Ivoire, driving our total VAALCO sales 20% higher overall versus Q2. The timing of the FPSO shutdown and sail away remains scheduled for Q1 with these plans now becoming more firm as we move closer to the shutdown targeted date. We are collaborating with our operator at Cote d'Ivoire, and we'll provide additional information on the Baobab FPSO project and future drilling plans when we issue our 2025 guidance in Q1.

第三季度，我們在科特迪瓦進行了三次共享提升，推動 VAALCO 總銷售額比第二季度成長了 20%。FPSO 關閉和啟航的時間仍安排在第一季度，隨著我們接近關閉目標日期，這些計劃現在變得更加確定。我們正在與科特迪瓦的營運商合作，當我們在第一季發布 2025 年指南時，我們將提供有關 Baobab FPSO 項目和未來鑽井計劃的更多資訊。

Turning to Canada. We successfully drilled four wells in the first quarter of 2024, completed these wells in March and April, and brought the wells online. As a reminder, we drilled longer laterals to improve the economics of the program, and all four wells are 2.75-mile laterals. We are very pleased with the production results from our drilling program, and as you can see that in the production mix in Canada. In Q1, our Canadian production was about 60% liquids, and in Q2 and Q3, our Canadian production was approximately 75% liquids from new wells coming online with a lower GOR. This strong oil production has rebalanced production in Canada more in favor of liquids, which contributes to the strong production performance and our overall profitability.

轉向加拿大。2024年第一季度，我們成功鑽探了4口井，並於3月和4月完井，並上線。提醒一下，我們鑽探了更長的支管以提高該計劃的經濟性，所有四口井都是 2.75 英里的支管。我們對鑽探計劃的生產結果非常滿意，正如您在加拿大的生產組合中看到的那樣。第一季度，我們加拿大的產量約為 60% 液體，第二季和第三季度，我們加拿大的產量約為 75% 液體來自於 GOR 較低的新井。強勁的石油產量重新平衡了加拿大的生產，更傾向於液體產品，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 in line with our type curve, and we are optimistic about the future drilling potential in Canada. As I mentioned in the last call, we are also currently drilling an exploration appraisal well in the southern acreage, for which we hope to have results prior to year-end. In our southern acreage, we have minimal horizontal subsurface information, and this exploration well, if successful, could prove up additional long lateral wells in the future with the potential to add proved undeveloped locations.

隨著油井持續生產，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。正如我在上次電話會議中提到的，我們目前還在南部地區鑽探一口勘探評估井，我們希望在年底前得到結果。在我們的南部地區，我們掌握的水平地下資訊很少，如果該勘探井成功，將來可能會發現更多的長側井，並有可能增加已證實的未開發地點。

In Egypt, as we disclosed last quarter, our focus in 2024 has been on high rate of return capital workover projects to help mitigate decline. As you have seen in the earnings release, we had three recompletions in the third quarter. In addition to the successful workovers, I am proud of a major milestone that we accomplished in Egypt. We have gone over 2.9 million man hours without a lost time incident this year. This is a testament to our commitment to safety, training, and dedication of all of our people in the operation.

正如我們在上季度所揭露的那樣，在埃及，我們 2024 年的重點是高回報率資本修井項目，以幫助緩解衰退。正如您在收益發布中看到的那樣，我們在第三季完成了三次重新完工。除了成功的修井工作之外，我還為我們在埃及實現的一個重要里程碑感到自豪。今年我們已累計工作超過 290 萬工時，沒有發生一起誤工事件。這證明了我們對所有營運人員的安全、培訓和奉獻精神的承諾。

As I mentioned in the last call, we have a 10- to 15-well program. And in the fourth quarter, we have contracted the rig and will commence at least two of these wells this year. We expect to drill and complete at least a single well prior to year-end and complete the drilling of the second well. However, the second well is not expected to provide production until January 2025. We continue to engage with the Ministry and EGPC on the backdated receivables issue.

正如我在上次電話會議中提到的，我們有一個 10 到 15 孔的計劃。在第四季度，我們已經簽訂了鑽機合同，並將在今年啟動至少兩口這樣的井。我們預計在年底前至少鑽完一口井，並完成第二口井的鑽探。然而，第二口井預計要到 2025 年 1 月才能投產。我們繼續與該部和 EGPC 就倒籤的應收帳款問題進行接觸。

We are balancing our working capital position between a limited but necessary drilling program with the indications from EGPC of a program to address the backdated position. We also plan to fracture one of our wells in South Ghazwa and the Western Desert late in the fourth quarter. Results will be available in Q1 2025, and if encouraging, will have a positive impact on our development opportunities in this area for the future. Moving to Gabon. Given that we haven't drilled a well in Gabon for over a year, we are pleased with the positive overall production results with strong production uptime and improved decline curves on the wells.

我們正在有限但必要的鑽探計劃與 EGPC 提出的解決回溯頭寸計劃的指示之間平衡我們的營運資金頭寸。我們還計劃在第四季末對南加茲瓦和西部沙漠的一口井進行壓裂。結果將於 2025 年第一季公佈，如果令人鼓舞，將對我們未來在該領域的發展機會產生積極影響。搬到加彭。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感到滿意，生產正常運行時間長，井的遞減曲線得到改善。

The FSO and field reconfiguration projects in 2022 have allowed us to minimize downtime, capture efficiency, and reduce overall OpEx. Currently, despite not initiating the planned drilling in 2024, our production guidance remains firm for the year, which is a testament to the quality of the Etame field and how the reservoir has positively responded to the reconfiguration. Looking ahead to 2025, as I stated last quarter, we initiated a bidding process for the 2025 drilling program. We're almost complete on the bid evaluation and contractor selection. It is intended that we will announce results of this evaluation in the very near future.

2022 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、提高效率並降低整體營運支出。目前，儘管沒有啟動 2024 年計劃的鑽探，但我們今年的產量指引仍然堅定，這證明了 Etame 油田的品質以及油藏對重組的積極響應。展望 2025 年，正如我上季度所說，我們啟動了 2025 年鑽探計畫的招標程序。我們幾乎完成了投標評估和承包商選擇。我們預計在不久的將來公佈此次評估的結果。

However, I can confirm that the timing of this project remains on schedule for mid-2025. Since our last communication, we have continued to review the well sequencing of the program and the testing of the Ebouri shut-in wells. When finalized, this will provide greater analysis for the equipment selection required for the Ebouri wells and the timing of the wells within the program sequence. The other planned wells, 2 infill wells within Etame, a gas well in SEENT, and an exploration well remain in the plan. This is in addition to the potential of a small workover program at Etame.

不過，我可以確認該專案的時間仍按計劃進行，即 2025 年中期。自上次溝通以來，我們繼續審查該計劃的井序以及 Ebouri 關井的測試。最終確定後，這將為 Ebouri 井所需的設備選擇以及項目序列中的井的時間安排提供更深入的分析。其他計劃中的井、Etame 內的 2 口加密井、SEENT 內的一口氣井以及一口勘探井仍在計劃中。這是 Etame 小型修井計畫潛力的補充。

We will provide more detail on CapEx and volumes when we present our 2025 budget and guidance. Our expected CapEx spend for 2024 on long lead items remains as previously noted, between $30 million and $40 million. Regarding blocks G&H recently, the government of Gabon signed these PSCs for exploration blocks, which they requested to be renamed Niosi Marin and Guduma Marin. This follows the technical provisional award announced in October 2021, granting VAALCO a 37.5% nonoperating working interest with BW Energy as operator, also holding a 37.5% working interest, and Panoro Energy as a nonoperating joint owner with a 25% working interest. Given the proximity of these blocks to the prolific producing fields of Etame and Dussafu, we are excited to begin working with our partners to begin examining the possibilities for these blocks.

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。我們預計 2024 年在長週期專案上的資本支出仍如前所述，介於 3,000 萬美元至 4,000 萬美元之間。關於G&H區塊，加彭政府最近簽署了這些勘探區塊的產品分成合同，要求將其更名為Niosi Marin和Guduma Marin。在此之前，2021 年10 月宣布了技術臨時合同，授予VAALCO 37.5% 的非經營性工作權益，BW Energy 作為運營商，也持有37.5% 的工作權益，Panoro Energy 作為非經營性聯合所有者，擁有25% 的工作權益。鑑於這些區塊靠近 Etame 和 Dussafu 的多產產油田，我們很高興開始與我們的合作夥伴合作，並開始研究這些區塊的可能性。

In Equatorial Guinea in March 2024, we announced the finalization of the documents related to the Venus Block P plan of development. This summer, we began our front-end engineering design or FEED study. We anticipate the completion of the FEED study will lead to an economic final investment decision or FID, which will enable the development of Venus. We are very excited to proceed with our plans to develop, operate, and begin producing from the discovery in Block P offshore Equatorial Guinea over the next few years. We look forward to discussing this new area of operations in more detail once the FEED study is complete.

2024年3月，我們在赤道幾內亞宣布完成Venus Block P開發計畫相關文件。今年夏天，我們開始了前端工程設計或FEED學習。我們預計 FEED 研究的完成將導致經濟最終投資決策或 FID，從而促進 Venus 的開發。我們非常高興能在未來幾年繼續推動赤道幾內亞近海 P 區塊的開發、營運和開始生產計畫。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。

Throughout 2024, we have delivered on or exceeded our guidance operationally, and our solid financial results continue to outpace analyst expectations. We remain focused on growing production, reserves, and value for our shareholders. I would like to thank our hard-working team who continue to operate and execute our plans. Over the past two years, we have significantly diversified our portfolio, enhancing our capacity to generate operational cash flow and adjusted EBITDAX, return capital to shareholders, grow our cash reserves while maintaining a bank debt-free position. We are well-positioned to execute the project in our enhanced portfolio, and our proven track record of success these past two years should instill confidence for our future.

在整個 2024 年，我們已經實現或超越了我們的營運指導，我們穩健的財務表現繼續超越分析師的預期。我們仍然專注於為股東增加產量、儲量和價值。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。在過去的兩年裡，我們的投資組合顯著多元化，增強了產生營運現金流和調整後的 EBITDAX 的能力，向股東返還資本，增加了現金儲備，同時保持了銀行無債務狀況。我們處於有利位置，可以在我們增強的產品組合中執行該項目，並且我們過去兩年的成功記錄應該為我們的未來注入信心。

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 once again, good morning. I will provide some insight into the drivers for our financial results with a focus on the key points. Let me begin by echoing George's comments about our continued success through the first three quarters of 2024, driven by our strong operational performance. In the third quarter, we saw the positive impact from the Svenska acquisition, including three shade liftings in Cote d'Ivoire.

謝謝你，喬治。再說一遍，早安。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。首先，我要重複 George 的評論，即在我們強勁的營運表現的推動下，我們在 2024 年前三個季度持續取得成功。在第三季度，我們看到了 Svenska 收購帶來的正面影響，包括科特迪瓦的三個遮陽提升。

We generated $11 million in net income or $0.10 per share and $92.8 million in adjusted EBITDAX. Through the third quarter of 2024, we have now generated $227 million in adjusted EBITDAX, which is over $40 million more than we generated in the first nine months of 2023.

我們產生了 1,100 萬美元的淨利潤（即每股 0.10 美元）和 9,280 萬美元的調整後 EBITDAX。截至 2024 年第三季度，我們的調整後 EBITDAX 營收現已達到 2.27 億美元，比 2023 年前 9 個月的營收增加了 4,000 萬美元以上。

Let's turn to production and sales which along with realized pricing drives our revenue. As George mentioned, we have met or exceeded production guidance for the past two years, with production and sales up in the third quarter, driven by a full quarter of results from Cote d'Ivoire. We completed three liftings in Cote d'Ivoire in Q3, driving our sales growth. Total NRI sales for the quarter increased to 23,198 barrels of oil equivalent per day at the high end of our guidance with NRI production of 21,416 barrels of oil equivalent per day, the midpoint of guidance.

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。正如喬治所提到的，我們已經達到或超過了過去兩年的生產指導，在科特迪瓦整個季度業績的推動下，第三季度的產量和銷售額有所增長。第三季度，我們在科特迪瓦完成了三起吊掛任務，推動了我們的銷售成長。本季 NRI 總銷售量增加至每天 23,198 桶油當量，達到我們指引值的上限，而 NRI 產量為每天 21,416 桶油當量，達到指導值的中位數。

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. This change in mix impacts our realized pricing and ultimately our revenue and earnings. 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. Pricing remained stable in Q3, and our hedging program has always looked to help mitigate risk and protect our commitment to shareholder return. Our current hedge positions were disclosed in the earnings release.

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都會有所改變。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。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。第三季的定價保持穩定，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。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 third quarter of 2024 were at the low end of guidance, both on an absolute basis, on a per barrel basis. Absolute expense was $42.3 million and on a per barrel basis was $19.80. I want to remind you that the 33% decrease compared to Q2 was driven by the fact that Q2 included a $15 million noncash purchase price adjustment in Cote d'Ivoire for the inventory that was purchased.

轉向成本。我們 2024 年第三季的生產成本處於指導價值的低端，無論是絕對成本還是每桶成本。絕對費用為 4,230 萬美元，每桶費用為 19.80 美元。我想提醒您，與第二季相比下降 33% 的原因是第二季對科特迪瓦的庫存採購進行了 1500 萬美元的非現金採購價格調整。

Our focus remains on capturing synergies and keeping our costs low to enable us to maximize margins and increase our cash flow. G&A costs were also in line with guidance, and they fell quarter over quarter. We completed our back-office process improvement project with the implementation of a single cloud-based ERP across the whole company and went live in Q3 2024. This should allow us to streamline processes and efficiently work across our multiple geographies located around the world. The project was completed on time and on budget and is a testament to the effort and dedication of the entire team.

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。一般管理費用也符合指導意見，逐季下降。我們完成了後台流程改善項目，在整個公司實施了單一基於雲端的 ERP，並於 2024 年第三季上線。這將使我們能夠簡化流程並在世界各地的多個地區高效工作。該專案按時、按預算完成，證明了整個團隊的努力和奉獻精神。

Non-cash DD&A costs increased quarter over quarter, primarily due to increased depletion costs associated with the addition of Cote d'Ivoire. Valuation of Cote d'Ivoire is comprised primarily on the proven, developed, and producing reserves, which assumed an estimated disconnection schedule occurring in Q1 2025 in the CPR, thereby depletion expense is accelerated due to the higher liftings than forecast in the reserve report.

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。科特迪瓦的估值主要包括探明儲量、已開發儲量和生產儲量，假設CPR 中估計的斷電計劃將於2025 年第一季發生，因此，由於儲量報告中的提升量高於預測，消耗費用會加速。

Moving to taxes. As I've previously stated, in Gabon, our foreign income taxes are settled by the government through in-kind oil liftings. In Q2, we accrued $30.2 million in foreign income taxes for Gabon through the government taking our oil barrels as payment in kind. We forecast that GOC will lift their entitled barrels early in Q1 2025, and there will be no further Gabon state list this calendar year. Third quarter tax was impacted by nondeductible items such as the Svenska transaction costs and the change in market value of tax barrels due to Gabon state mark-to-market at quarter end.

轉向稅收。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。第二季度，我們透過政府以我們的石油桶作為實物支付，為加彭累積了 3,020 萬美元的外國所得稅。我們預測 GOC 將在 2025 年第一季初解除其授權桶，並且今年將不會再有加彭國家名單。第三季稅收受到不可扣除項目的影響，例如瑞典交易成本以及由於加彭國家在季度末按市價計價而導致的稅桶市場價值變化。

Tax costs in the second quarter of about $32.6 million resulted in an effective tax rate of about 75% in the quarter, impacted by nonrecurring discrete items. This is higher than prior quarters, but offset by the 25% effective rate in Q2. As you can see, over the long-term, excluding discrete items, our guided effective tax range of 55% to 60% is a good forecast.

受非經常性離散項目的影響，第二季的稅收成本約為 3,260 萬美元，導致該季度的有效稅率約為 75%。這高於前幾個季度，但被第二季度 25% 的有效利率所抵消。正如您所看到的，從長期來看，不包括離散項目，我們指導的有效稅率範圍 55% 至 60% 是一個不錯的預測。

Turning now to the balance sheet and cash flow statement. Unrestricted cash at the end of the third quarter grew to $89.1 million, driven by strong sales. In Q3, we spent $12.4 million in cash CapEx and returned $6.5 million through dividends to our shareholders. I'd like to point out that there is some noise in the cash flow statement regarding the Svenska acquisition. We have a slide in the supplemental deck showing a waterfall to help to explain the movements.

現在轉向資產負債表和現金流量表。在強勁銷售的推動下，第三季末不受限制的現金增至 8,910 萬美元。第三季度，我們花了 1,240 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。我想指出的是，關於 Svenska 收購的現金流量表中存在一些噪音。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。

On the investing activities, you will see $40.6 million in cash received in business combination. This was cash that Svenska had on the books to be seller accrued liabilities that flowed through the operating activities section that VAALCO assumed with the purchase.

在投資活動中，您將看到透過企業合併收到的現金為 4,060 萬美元。這是 Svenska 帳面上作為賣方應計負債的現金，流經 VAALCO 在購買時承擔的經營活動部分。

Last call, we discussed likely working capital movements, primarily related to Egypt. In the third quarter of 2024, we sold all Egyptian production domestically, which drove our September accounts receivable higher. In early July, an USD8 million cash payment of Egyptian receivables was received. Further to that, we also received $5 million worth in equivalent Egyptian pounds in August and in September versus $10.6 million in the whole of the preceding several months.

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。2024 年第三季度，我們在國內銷售了所有埃及產品，這推動了我們 9 月的應收帳款更高。7月初，收到埃及應收帳款800萬美元現金付款。此外，我們在 8 月和 9 月也收到了價值 500 萬美元等值埃及鎊的資金，而之前幾個月的總金額為 1,060 萬美元。

We continue to utilize offsets and collectively, the payments plus the offsets amounted to approximately $29 million for the quarter. Additionally, EGPC has now provided written confirmation and recognized our invoice in the June payables related to the contractual backdated receivable from the merger of the PSCs of approximately $40 million. 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 age table situation, we are pleased to continue to work with the Egyptian government, which has made a concerted effort to reduce its backdated build payables in 2024.

我們繼續利用抵銷額，本季的付款加上抵銷額總計約為 2,900 萬美元。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 合併產生的約 4000 萬美元的合約回溯應收帳款相關的發票。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年齡表問題，我們很高興繼續與埃及政府合作，埃及政府為減少 2024 年的追溯建設應付款項。

As has been the case since the third quarter of 2018, we are carrying no bank debt and have credit facilities available to continue to build value. In Q3 2024, VAALCO paid a quarterly cash dividend of $0.0625 per common share or $6.5 million. In 2024, we've now returned over $25 million in shareholder return. We also announced the fourth dividend payment of the year, which will be paid in December.

與 2018 年第三季以來的情況一樣，我們沒有銀行債務，並且擁有可用於繼續創造價值的信貸額度。2024 年第三季度，VAALCO 支付了每股普通股 0.0625 美元的季度現金股息，即 650 萬美元。到 2024 年，我們已向股東回報超過 2,500 萬美元。我們也宣布了今年第四次股息支付，將於12月支付。

Let me now turn to guidance, where I will give you some key highlights and updates. Our full guidance breakout is in the earnings release and in our supplemental slide deck on our website with the production breakout of both working interest and net revenue interest by asset area.

現在讓我談談指導，我將為您提供一些關鍵的亮點和更新。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，其中按資產領域劃分了工作權益和淨收入利息的生產突破。

For the total company, we are forecasting Q4 2024 production to be between 23,800 and 26,700 working interest barrels of oil equivalent per day and between 19,400 and 22,000 NRI barrels of oil equivalent per day. This is down only slightly compared to the third quarter due to natural decline. For the full year 2024, we are tightening the range and now forecasting our total company production to be between 24,100 and 25,400 working interest barrels of oil equivalent per day and between 19,300 and 20,600 NRI barrels of oil equivalent per day. Looking at production by asset for the full year, we are expecting natural decline in Gabon and Egypt, although the capital workover program in Egypt has helped to mitigate some decline. In Canada, we are seeing year-over-year growth from our drilling campaign. And Cote d'Ivoire, we are reflecting operations from May through December in our full year numbers.

對於整個公司來說，我們預計 2024 年第四季的產量將在每天 23,800 至 26,700 桶油當量之間，NRI 每天產量將在 19,400 至 22,000 桶油當量之間。由於自然下降，與第三季相比僅略有下降。對於 2024 年全年，我們正在收緊範圍，目前預測公司總產量將在每天 24,100 至 25,400 桶石油當量之間，以及每天 19,300 至 20,600 桶石油當量之間。從全年資產產量來看，我們預計加彭和埃及的產量會自然下降，儘管埃及的基本修井計畫有助於緩解一些下降。在加拿大，我們看到鑽探活動逐年增加。至於科特迪瓦，我們在全年數據中反映了 5 月至 12 月的營運情況。

For the fourth quarter, we are forecasting our sales will be more or less in line with our production, but down compared to Q3 due to less offshore liftings. We expect our absolute operating costs to be only slightly higher compared to Q3. But because we're expecting fewer liftings, we are projecting our per barrel of oil equivalent range to increase slightly with a range between $17.50 and $22.50 per barrel of oil equivalent. We are also expecting flat to slightly lower absolute G&A. Finally, looking at CapEx, our 2024 capital spend is between $110 million and $130 million as we prepare for the 2025 FPSO change out in Cote d'Ivoire, the anticipated next drilling campaign in Gabon and some drilling in Egypt and Canada that could impact 2025 Q1 production.

對於第四季度，我們預測我們的銷售額將或多或少與我們的產量一致，但由於海上起重減少，與第三季度相比有所下降。我們預計我們的絕對營運成本僅比第三季略高。但由於我們預計產量會減少，因此我們預計每桶石油當量範圍將略有增加，範圍為每桶石油當量 17.50 美元至 22.50 美元。我們也預期絕對總管理費用持平或略有下降。最後，從資本支出來看，我們2024 年的資本支出在1.1 億至1.3 億美元之間，因為我們正在為2025 年科特迪瓦FPSO 更換、加彭預期的下一次鑽探活動以及可能影響2025 年的埃及和加拿大的一些鑽探做準備第一季生產。

For the fourth quarter, we are expecting a range of between $40 million and $60 million for our CapEx, which includes a fifth well drilled in the southern acreage of our Canadian asset and FPSO marine disconnection and long lead item contracts.

我們預計第四季度的資本支出將在 4000 萬至 6000 萬美元之間，其中包括在加拿大資產南部區域鑽探的第五口井以及 FPSO 海上斷流和長期項目合約。

In closing, we are executing our strategy and adding meaningful value. With the Svenska acquisition, we've delivered a meaningful increase in production and sales, which has also increased our ability to generate additional adjusted EBITDAX and operational cash flow. We are well positioned to execute and fund a robust organic capital program across our diversified assets over the next several years.

最後，我們正在執行我們的策略並增加有意義的價值。透過收購 Svenska，我們的產量和銷售額顯著增加，這也提高了我們產生額外調整後 EBITDAX 和營運現金流的能力。我們處於有利位置，可以在未來幾年內針對我們的多元化資產執行強大的有機資本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. We will continue to execute our strategy focused on operating efficiently, investing prudently, maximizing our asset base, and looking for accretive opportunities. As you have heard this morning, the first nine months of 2024 has been very profitable. We have generated $46.8 million or $0.45 per share in net income and almost $227 million in adjusted EBITDAX. With the closing of the Svenska acquisition at the end of April, we have seen a positive impact to production, sales, OpEx per BOE, operational cash flow, and adjusted EBITDAX.

謝謝，羅恩。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。正如您今天早上所聽到的，2024 年前 9 個月的利潤非常豐厚。我們產生了 4,680 萬美元或每股 0.45 美元的淨利潤，調整後的 EBITDAX 近 2.27 億美元。隨著 4 月底 Svenska 收購的完成，我們看到了對生產、銷售、每桶油當量營運支出、營運現金流量和調整後 EBITDAX 的正面影響。

Looking across our asset base, we are pleased with the Canadian drilling results. We are planning the drilling campaign at Etame, working with the operator in Cote d'Ivoire on the FPSO refurbishment and development drilling program in 2025 and 2026. We are progressing the FEED study in Equatorial Guinea and optimizing production while executing a capital and expense drilling project in Egypt. Our entire organization is actively working to deliver sustainable growth and strong results. 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 we have over the next few years.

縱觀我們的資產基礎，我們對加拿大的鑽探結果感到滿意。我們正在規劃 Etame 的鑽井活動，與科特迪瓦的營運商合作，於 2025 年和 2026 年進行 FPSO 翻新和開發鑽井計畫。我們正在赤道幾內亞推進 FEED 研究並優化生產，同時在埃及執行資本和費用鑽井專案。我們整個組織正在積極努力實現永續成長和強勁成果。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're in an enviable financial position with no bank debt and an even stronger portfolio of producing assets with future upside potential. In addition to funding our capital programs, we have remained focused on returning value to our shareholders. In Q3 2024, we returned over $6 million to our shareholders through dividends. We are on pace to deliver another $0.25 per share annual dividend for 2024, what we paid out in 2023 with our current share price is a yield of around 4%. We will continue to finalize our projects and timing for 2025 and report guidance and expectations in the first quarter of 2025.

我們的財務狀況令人羨慕，沒有銀行債務，而且擁有更強大的生產資產組合，具有未來的上升潛力。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。2024 年第三季度，我們透過股利向股東返還超過 600 萬美元。我們計劃在 2024 年再派發每股 0.25 美元的年度股息，以目前的股價計算，我們在 2023 年支付的股息收益率約為 4%。我們將繼續敲定 2025 年的專案和時間安排，並在 2025 年第一季報告指引和預期。

We're truly excited about the future and VAALCO now has multiple producing areas and future prospects that have diversified our risk profile and our sources of income. 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. Our disciplined approach to maximizing value for our shareholders by delivering growth in production, reserve, and cash flow has led to outstanding results thus far, and we believe that we will carry that momentum into 2025 and beyond. Thank you.

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，這使我們的風險狀況和收入來源多樣化。我們對執行未來許多專案的能力充滿信心，這主要是因為我們在過去兩年中開發和成長我們的資產取得了巨大成功。我們透過提高產量、儲備和現金流來實現股東價值最大化的嚴謹方法迄今已取得了出色的業績，我們相信我們將把這一勢頭延續到 2025 年及以後。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) Jeff Robertson, Water Tower Research.

（操作員說明）Jeff Robertson，水塔研究中心。

George, in Gabon, where do you see the natural production decline going in 2025 since it has been, I guess, a couple -- 1.5 years since your last well completion?

喬治，在加蓬，您認為 2025 年自然產量會下降到什麼程度，我猜，距離您上一次完井已經過去了 1.5 年？

I mean, I think as we pointed out in the call earlier today, we've actually seen some terrific improvements in reservoir performance and a big reduction in decline for a couple of reasons. One reason is obviously with the reconfiguration, we've considerably reduced the back pressure on the field, and we've seen improved reservoir performance from that position. And the second, again, as a result of the reconfiguration, we've seen hugely reduced downtime down to 3% for planned preventative maintenance.

我的意思是，我認為正如我們在今天早些時候的電話會議中指出的那樣，我們實際上已經看到了油藏性能的一些了不起的改善以及由於幾個原因而導致的下降的大幅減少。原因之一顯然是透過重新配置，我們大大降低了油田的背壓，並且我們從該位置看到了油藏性能的改善。其次，由於重新配置，我們發現計畫預防性維護的停機時間大幅減少至 3%。

So when we look into 2025, as I mentioned, we're due to start the campaign around about May or June '25, and that's mainly due to rig availability. That's the earliest that the rig would be available for us. I still see the decline probably hitting between 7% and 9%. We do have some planned maintenance in Q1, which we'll do ahead of the drilling campaign. But I still think what we're seeing from the performance of the reservoir is particularly encouraging.

因此，當我們展望 2025 年時，正如我所提到的，我們將在 25 年 5 月或 6 月左右開始活動，這主要是由於鑽機的可用性。這是我們最早可以使用該設備的時間。我仍然認為下降幅度可能在 7% 到 9% 之間。我們確實在第一季進行了一些計劃維護，我們將在鑽探活動之前進行。但我仍然認為我們從水庫的表現中看到的情況特別令人鼓舞。

Does -- will reducing the backpressure and the performance gained from that have an impact on how you book reserves there?

減少背壓和由此獲得的性能是否會對您預訂儲備的方式產生影響？

That's something we're looking at. Actually, I'm having a meeting on that next week. That's something we are considering to look at with the performance of the reservoir, particularly through 2023 and 2024, are we underestimating the size of the tank? Or are we underestimating the recovery factor? So that's a piece of work that we will have completed in time for the CPR report will be issued in January.

這就是我們正在關注的事情。事實上，我下週要開一個會議討論這個問題。我們正在考慮水庫的性能，特別是到 2023 年和 2024 年，我們是否低估了水庫的大小？或者我們低估了恢復係數？因此，我們將在 1 月發布 CPR 報告之前及時完成這項工作。

And then if I can squeeze one more in. Lastly, on the drilling campaign, if you start in the -- sometime late in the second quarter, I guess, based on how you sequence the wells, would you anticipate having some production contribution from that program in the back half of 2025, or would it more be weighted to 2026?

然後如果我能再擠一個進去的話。最後，關於鑽探活動，如果您在第二季末的某個時候開始，我想，根據您對油井的排序方式，您預計會在 2025 年下半年從該計劃中獲得一些產量貢獻，或者是否會更傾向2026 年？

No, no. We'll definitely start with production wells. The key debate we're having right now is whether we can start on the Ebouri side of the campaign or whether we're starting on the Etame side of the campaign. And that's really down to the continued testing and evaluation, particularly around Ebouri 4H for the H2S concentration and what types of materials we need in order for those completions and also the sidetrack -- sorry, the step infill wells in Etame. Now when it comes to the Etame infill wells, I think we're good to go on those all day long.

不，不。我們一定會從生產井開始。我們現在面臨的關鍵爭論是我們是否可以從競選活動的埃布里一側開始，或者我們是否從競選活動的埃塔姆一側開始。這實際上取決於持續的測試和評估，特別是圍繞 Ebouri 4H 的 H2S 濃度以及我們需要什麼類型的材料才能完成這些工作以及側線 - 抱歉，Etame 的階梯式填充井。現在，當談到 Etame 加密井時，我認為我們可以整天進行這些工作。

The kit will be ready on time. So it's really just a question between how many rig moves do we want to take into the program between the infill wells at Etame and the opportunity to rehabilitate, restart the Brewery. But it definitely will be production wells at the front of the sequence.

該套件將按時準備好。因此，這實際上只是一個問題，即我們希望在埃塔姆的加密井之間進行多少次鑽機移動，並有機會恢復、重新啟動啤酒廠。但排在前面的肯定是生產井。

Chris Wheaton, Stifel.

克里斯·惠頓，斯蒂菲爾。

Question, George, to you first on Cote d'Ivoire. When do you think we can expect a little bit more clarity on what the timing and likely spend is going to be around both the FPSO restart whenever that's happened, which I see from recent presentation on your website, it looks like it's going to be sometime 4Q next year. And then obviously, an ongoing drilling campaign, which is going to be spending money, hopefully generating good returns doing that. So I wonder when you could talk about when we're likely to get that timing because that seems to be the sort of probably the biggest swing factors in terms of your likely reported performance in calendar '25?

喬治，首先問你關於科特迪瓦的問題。您認為我們什麼時候可以更清楚地了解 FPSO 重啟的時間和可能的支出，無論何時發生這種情況，我從您網站上最近的演示中看到，看起來會在某個時候明年第四季度。顯然，正在進行的鑽探活動將投入資金，希望能產生良好的回報。所以我想知道你什麼時候可以談談我們什麼時候可能會得到這個時機，因為這似乎是你在 25 年日曆中可能報告的表現方面可能最大的搖擺因素？

Yes and no. I mean, I think we've confirmed already that we don't see any change in the sail away time for the FPSO. So we've confirmed in discussions with the operator that the Q1 disconnection and sail away is still what will happen with the FPSO. The contracting basis for that to go to dry dock and the disconnection and the contracts around that are all being placed as we speak. When we look at some of the capital spend you've seen come through this year, it relates not only to the MV10 reconfiguration, but it also relates to the '25, '26 or probably '26 is more fair date drilling campaign.

是和不是。我的意思是，我認為我們已經確認 FPSO 的啟航時間沒有任何變化。因此，我們在與營運商的討論中確認，FPSO 仍然會發生 Q1 斷開連接並駛離的情況。就在我們說話的時候，進入乾船塢的合約基礎、斷電以及相關合約都已確定。當我們查看您今年看到的一些資本支出時，它不僅與 MV10 重新配置有關，而且還與「25」、「26」或可能「26」更公平的鑽探活動有關。

So we're already spending CapEx on that right now. When we get to look at the total overall project and the project time lines, I would expect to be in a position late this year or early next year to be able to give a detailed project breakdown with time lines and costings. Obviously, we have internal costings right now. One thing I'll say with a great degree of confidence to everyone right now is we are more than adequately funded to carry out the campaigns that we've already indicated to the market, which includes Egypt and Gabon and Cote d'Ivoire. So there's no issue around being able to fund these campaigns.

所以我們現在已經在這方面投入了資本支出。當我們查看整個專案和專案時間表時，我希望在今年年底或明年初能夠提供詳細的專案細目以及時間表和成本核算。顯然，我們現在有內部成本計算。我現在要充滿信心地向大家說的一件事是，我們有足夠的資金來進行我們已經向市場表明的活動，其中包括埃及、加彭和科特迪瓦。因此，為這些活動提供資金是沒有問題的。

It's all about the timing. We haven't had confirmed timing and project schedules as yet from the operator. But as soon as we have those, and we do not expect those to deviate significantly from the estimates we're currently carrying, we will certainly make an announcement around that. But it certainly will be no later than early Q1 next year.

這都是關於時機的。我們尚未從營運商那裡得到確認的時間和專案時間表。但一旦我們有了這些，並且我們預計這些不會與我們目前的估計有很大偏差，我們肯定會就此發佈公告。但肯定不會晚於明年第一季初。

Two questions for Ron, if I may. Firstly, working capital. Interestingly, every quarter this year has been -- seen a working capital outflow, which is quite unusual, even if you back out the $15 million of Cote d'Ivoire receivables build, you still had working capital outflow this quarter. Is there sign that's reversing in 4Q? Because obviously, that's been quite a drag on your free cash flow generation so far this year.

如果可以的話，我想問羅恩兩個問題。首先，營運資金。有趣的是，今年每季都會出現營運資金外流，這是很不尋常的，即使你收回了科特迪瓦的 1500 萬美元應收帳款，本季仍然有營運資金外流。第四季有逆轉跡象嗎？因為顯然，今年到目前為止，這對您的自由現金流產生造成了相當大的拖累。

And then a question on depreciation. Forgive me, I didn't quite understand the answer or the commentary you gave on the higher DD&A because I would have thought Cote d'Ivoire is lower unit DD&A than your average. And therefore, if you've got more Cote d'Ivoire barrels, you should have lower unit DD&A, but unit DD&A was up sequentially. So I was trying to sort of -- that didn't seem logical to me. Could you perhaps explain why I'm going wrong there?

然後是關於折舊的問題。請原諒我，我不太明白您對較高 DD&A 的回答或評論，因為我認為科特迪瓦的單位 DD&A 低於您的平均水平。因此，如果您有更多的科特迪瓦桶，您的單位 DD&A 應該較低，但單位 DD&A 卻依次上升。所以我試著——這對我來說似乎不合邏輯。你能解釋為什麼我會出錯嗎？

No problem, Chris. Let me handle that. First of all, on the working capital, I think what you've got -- you're right in removing that CDI receivable, which was paid in early October. During the year, there's been a number of things. As you know, we've been out of the drilling campaign really Canada, we had the four-well campaign in the first quarter.

沒問題，克里斯。讓我來處理吧。首先，關於營運資金，我認為您刪除了 10 月初支付的 CDI 應收帳款是正確的。這一年裡，發生了很多事。如您所知，我們實際上已經停止了加拿大的鑽探活動，我們在第一季進行了四口井活動。

Since then, obviously, our AP and our CapEx accruals have reduced considerably, and they will ramp up again in 2025 when we go into the next campaigns. Outside of that, we've got our reduction receivables. That has trended up this year. I think year to date, we're up about $19 million since December. It's trending about $6 million/$7 million per quarter, the differentiation between what we're selling at present pricing and what we're collecting and/or using as offsets.

顯然，從那時起，我們的應計接入點和資本支出已大幅減少，並且在 2025 年我們進入下一個活動時，它們將再次增加。除此之外，我們也減少了應收帳款。今年這種趨勢有所上升。我認為今年迄今為止，自 12 月以來我們已經增加了約 1900 萬美元。趨勢約為每季 600 萬美元/700 萬美元，這是我們目前定價銷售的產品與我們收集和/或用作抵銷的產品之間的差異。

Obviously, with Ivory Coast coming in too, we've got a little bit more oil in the tank with two FPSOs as well. So our inventory is a little bit higher. And then in Q2, you had some one-off events that we talked about. We were DMO annual payment in Gabon, which is cost recoverable. We'll have our DMO discount against the pricing in CDI in Q4.

顯然，隨著科特迪瓦的加入，我們的油箱裡也有了更多的石油，還有兩艘 FPSO。所以我們的庫存有點高。然後在第二季度，我們討論了一些一次性事件。我們在加彭是DMO年費，是可以收回成本的。我們將在第四季度針對 CDI 定價提供 DMO 折扣。

So you do have these one-off events that do swing things too. So nothing more than that, Chris. It does look strange, but you will note as well in our cash flow, and we did talk about the working capital noise with the waterfall chart that we got cash with the Svenska business, and we had to settle a number of liabilities that were seller-led liabilities that we settled post year-end too. So all of those factors are driving the working capital outflows in each of those quarters. Moving on to DD&A.

所以，這些一次性事件確實也會產生影響。所以僅此而已，克里斯。這看起來確實很奇怪，但你也會在我們的現金流中註意到，我們確實用瀑布圖討論了營運資金噪音，我們從 Svenska 業務中獲得了現金，我們必須解決賣方的一些負債我們也在年底後解決了主導負債。因此，所有這些因素都在推動每季的營運資本外流。繼續進行 DD&A。

It's quite simple, Chris, on this one. Although the operating cost per barrel is lower in Ivory Coast in some areas. When we valued the acquisition, when we put together the purchase price around that $40 million that we paid for it, obviously, a large proportion -- the predominant proportion of that valuation goes into the proven developed producing reserves. And those proven developed producing reserves are actually only going through until it comes off station, other words, when the disconnect happens, which was obviously targeted for Q1 2025. So you've got that situation, where you've got a large portion of the valuation being effectively amortized and depreciated through until January 2025.

克里斯，這件事很簡單。儘管科特迪瓦某些地區每桶營運成本較低。當我們對此次收購進行估值時，當我們將購買價格加起來約為4000 萬美元時，顯然，很大一部分估值——該估值的主要部分進入了已探明的已開發生產儲量。而那些已探明的已開發生產儲量實際上只會持續到其脫離現場為止，換句話說，就是在斷電發生時，這顯然是針對 2025 年第一季的。所以你會遇到這樣的情況，即你的估值的很大一部分在 2025 年 1 月之前被有效攤銷和折舊。

Now I do think as we go through Q4, there will be a truth up on the PDP as we go into 2025 because essentially, we'll have most of our PDP amortized and gone before the end of the year. But that's why the DD&A component is so high and made exacerbated by the fact that we have three listings in Q3 versus 1 listed in Q2 for CDI.

現在我確實認為，當我們進入第四季度時，當我們進入 2025 年時，PDP 將會真相大白，因為從本質上講，我們將在年底之前攤銷大部分 PDP。但這就是為什麼 DD&A 成分如此之高，並且由於 CDI 在第三季度上市了 3 家，而在第二季度上市了 1 家，這一事實加劇了這一因素。

That last answer is very helpful, Ron, because I was using the 2P reserves, not PDP reserves as the denominator in that unit DD&A equation. So that explains why those numbers don't matter.

Ron，最後一個答案非常有幫助，因為我使用的是 2P 儲備，而不是 PDP 儲備作為該單位 DD&A 方程中的分母。這就解釋了為什麼這些數字並不重要。

Charlie Sharp, Canaccord.

查理夏普，Canaccord。

Just really wanted to return, if I may, to Gabon and the drilling program. And I think you indicated that that may start sort of mid-Q2. It has slid a little bit. I think you also indicated that that was rig related. I just wanted to chase up whether that is because the rigs just aren't available locally or is that pressure on rig rates?

如果可以的話，我真的很想回到加彭和鑽探計劃。我認為您表示這可能會在第二季度中期開始。它已經下滑了一點。我想你也指出這跟裝備有關。我只是想追問這是因為當地沒有鑽孔機還是鑽孔機價格面臨壓力？

And can you give us sort of ballpark figure of what each of the wells would cost to drill? And then the final bit of that is of the seven-well drilling program, I think you've indicated that some of those are workover wells. How many actual new wells will there be in that seven-well program?

您能否提供我們每口井的鑽探成本的大概數字？最後一點是七井鑽井計劃，我想你已經指出其中一些是修井井。該七井計劃中實際有多少口新井？

Okay. Let me take each section. So there's no pressure or no issue around rig rates. When we put the LOIs and tenders out there -- sorry, when we put the tenders out, we had somewhere around seven bidders. And obviously, we were looking at a mixture of the bareboat rate versus mobilization versus the geographic location of the unit that was being bid.

好的。讓我來看看每個部分。因此，鑽機費率不存在任何壓力或問題。當我們發出意向書和招標時——抱歉，當我們發出招標時，大約有七個投標者。顯然，我們正在考慮光船率與動員率與投標單位地理位置的混合。

Taking all that into account, we are currently in negotiations over a certain unit that is -- has the lowest mobilization opportunity. And with that, it's already executing a program in West Africa. It completes with one company in February, then it's to -- it has got two other wells to do in another part of West Africa, then it will come to us. So is purely one of economics as opposed to any kind of pressure on rates, et cetera, economics and expediency and it's a rig that is not stacked, it's hot working and one we've used in the past. So that is really the timing is down to the schedule that the rig already has committed to as opposed to any other external factor.

考慮到所有這些，我們目前正在就某個單位進行談判，該單位的動員機會最低。至此，它已經在西非執行了一個計畫。它在二月與一家公司完成，然後是——它在西非的另一個地區還有另外兩口井要做，然後它就會交給我們。因此，這純粹是一種經濟學，而不是任何形式的利率壓力，等等，經濟和權宜之計，它是一個沒有堆疊的鑽機，它是熱工作的，我們過去使用過。因此，時間安排實際上取決於鑽孔機已經承諾的時間表，而不是任何其他外部因素。

When we look at the program itself, it's -- I haven't went into a lot of detail on the program, and we will be doing that nearer to it. But when we're looking at the infill opportunities, we're looking at drilling pilots on either side of our targets. So the number of wells could be -- the pilots are both successful with two wells. So we could have up to five or six new wells coming into that, which will be slot dependent on Etame. We've got a redrill in Ebouri, a workover in Ebouri 2-H, a redrill of 4-H and a redirection on Ebouri, one of the other Ebouri locations.

當我們查看該計劃本身時，我還沒有詳細介紹該計劃，我們將在更接近該計劃的情況下進行詳細介紹。但是，當我們尋找填充機會時，我們正在尋找目標兩側的鑽探試點。因此，井的數量可能是——試點計畫都成功地開發了兩口井。因此，我們可能會有多達五到六口新井進入其中，這將取決於 Etame 的槽位。我們在 Ebouri 進行了重新鑽探，在 Ebouri 2-H 進行了修井，在 4-H 進行了重新鑽探，並在 Ebouri（Ebouri 的其他地點之一）進行了改道。

So out of the seven firm, and I'll exclude the exploration well and the gas well, we've got at least five of those wells are new wells. The gas well, obviously, is for fuel gas, and we've got an exploration prospect out there as well. The optional position would take over a number of workover opportunities if we choose to elect them if we feel are necessary given the performance of the ESPs on some of the wells. So that's really what we've kept in contingent.

因此，在這七家公司中，我將排除勘探井和氣井，我們至少有五口井是新井。顯然，氣井是用於開採燃氣的，我們在那裡也有勘探前景。如果考慮到某些井上 ESP 的性能，如果我們認為有必要的話，如果我們選擇選擇該職位，則該可選職位將接管許多修井機會。所以這確實是我們一直保留的。

And the wells, can you give us a sort of ballpark figure for the program or per well?

至於油井，您能給我們提供該計劃或每口油井的大概數字嗎？

The really -- I can. I'm probably going to be about $40 million for D&C on a new well. I'm probably going to be about $5 million less on that on a redrill. And for the exploration well, we're going to be down as low as about $17 million to $20 million.

真的——我可以。我可能會花費大約 4000 萬美元來購買 D&C 的一口新井。如果重新鑽探的話，我可能會少花 500 萬美元。對於勘探井，我們將減少約 1700 萬至 2000 萬美元。

And then very finally, an easy one, I'm sure. In Gabon, on the new licenses, you say you've completed the documentation. That doesn't quite sound like those licenses have been awarded to you.

最後，我確信這是一個簡單的過程。在加蓬，在新許可證上，您說您已經完成了文件。這聽起來並不像那些許可證已授予您。

These licenses have been awarded to us. All parties have signed, Unfortunately, we had an administrative issue that I was discussing with the Minister in Gabon -- sorry, not in Gabon, I was actually in Cape Town last week, discussing it with the minister. We still have to put pen to paper, but he formally announced the licenses that have been awarded to all of us in Cape Town last week. So it's just basically we have to put a signature on a piece of paper, but that's why we've worded it the way we worded it. There is no question over the license whatsoever, just an administrative issue.

這些許可證已授予我們。所有各方都已簽署，不幸的是，我們遇到了一個行政問題，我正在與加蓬部長討論 - 抱歉，不是在加蓬，實際上我上週在開普敦與部長討論了這個問題。我們仍然需要動筆，但他上周正式宣布了在開普敦授予我們所有人的許可證。所以基本上我們必須在一張紙上簽名，但這就是我們這樣措辭的原因。不存在任何許可證問題，只是行政問題。

Stephane Foucaud, Auctus Advisors.

Stephane Foucaud，Auctus 顧問。

The first one is around Canada. So there is this very interesting well to be drilled in Q4 on the exploration side. But I think you didn't talk much about what '25 might look like. Do you plan to do much in Canada in 2025? And would that be dependent on the results of the upcoming exploration well?

第一個是在加拿大各地。因此，在勘探方面，第四季將鑽探這口非常有趣的井。但我認為你並沒有過多談論 25 歲會是什麼樣子。2025 年您計劃在加拿大做很多事情嗎？這是否取決於即將進行的勘探井的結果？

That's my first question.

這是我的第一個問題。

Okay. The first question is quite easy. Yes, we probably plan -- we haven't given guidance for '25 yet. We tend to drill a number of wells in Canada to ensure that we keep the GOR ratio in a position that makes sense for us between liquids and gas. We will, I think currently right now, we will be drilling in Canada next year.

好的。第一個問題很簡單。是的，我們可能已經計劃好了——我們還沒有給出 25 年的指導。我們傾向於在加拿大鑽多口井，以確保我們將液體和天然氣之間的 GOR 比率保持在對我們有意義的位置。我認為目前我們明年將在加拿大鑽探。

The key issue here is whether we're enhancing the prospectivity of the south based on the results of this well that will come in or whether we continue to drill in the areas that we've got further north. Now we've got areas worked up. And I think I've said before, we've got an excellent five-year plan from the team in Canada. So we know exactly where we would like to drill to make sure that we keep the liquid ratio as high as possible. But in saying that, if the well that we're drilling to the south, the exploration well comes in successfully and as expected, that may cause a slight change in sequencing as to where we will target the wells for next year.

這裡的關鍵問題是，我們是否根據這口井的結果來提高南部的前景，或者我們是否繼續在我們已經到達北部的地區進行鑽探。現在我們已經解決了一些問題。我想我之前說過，我們加拿大團隊制定了出色的五年計畫。因此，我們確切地知道要在哪裡鑽孔，以確保保持盡可能高的液體比率。但話雖如此，如果我們在南部鑽探的井、勘探井如預期成功鑽探，這可能會導致我們明年的目標井順序發生輕微變化。

So we should expect maybe a capital program similar in Canada than for this year. Would that be something reasonable?

因此，我們應該預期加拿大的資本計畫可能與今年類似。這會是合理的事嗎？

Yes, there or thereabouts. Yes. I mean, obviously, we're not giving guidance yet, Stephane, because we haven't locked in those positions. But I mean, anyone can see that we can't allow the GOR position to go too high due to the gas position in Canada. So we have to keep investing to keep those liquid ratios up.

是的，在那裡或附近。是的。我的意思是，顯然，我們還沒有提供指導，史蒂芬，因為我們還沒有鎖定這些立場。但我的意思是，任何人都可以看到，由於加拿大的天然氣狀況，我們不能允許 GOR 位置過高。因此，我們必須繼續投資以保持流動比率的上升。

And my second one, probably for Ron. So the production of Q2 -- of Q3, sorry, was very good. And I was trying to reconcile to see where the production has been so good across the assets. But when I add up the individual production of each asset, I sort of got a slightly lower number, which I think is the production you've got in slide 4, 26,350. What's the difference between the [three 26,350 on page 4] and the 26,710 headline for the production BOE per day?

我的第二個，可能是給羅恩的。所以第二季的製作——抱歉，第三季的製作非常好。我試著調和看看各個資產的製作在哪裡如此出色。但是，當我將每個資產的單獨產量加起來時，我得到的數字略低，我認為這就是幻燈片 4 中的產量 26,350。[第4頁的三個26,350]和每天生產BOE的26,710標題有什麼不同？

You're cutting in and out a little bit, Stephane, I'm finding it a little bit difficult to hear you. But if you could point me to which pages, sorry, you were highlighting?

你插話了一點，史蒂芬，我發現聽你說話有點困難。但是，抱歉，您能否指出您要突出顯示的頁面？

Yes. Sorry. Can you hear me now?

是的。對不起。現在你能聽到我說話嗎？

Yes, I can.

是的，我可以。

Okay. So it's slide 3, the headline number for the production is 26,709 a day. And when I was looking at each asset individually, I got a slightly different figure, which is 26,348 on slide 4. And I was wondering what was the difference? I think it's in Canada, which would suggest it has been a very good production. If you could confirm, that would be great.

好的。這是投影片 3，每天的標題產量是 26,709。當我單獨查看每個資產時，我得到的數字略有不同，即幻燈片 4 上的 26,348。我想知道有什麼區別？我認為它是在加拿大製作的，這表明它是一部非常好的製作。如果你能確認的話那就太好了。

Yeah. It most probably is as the individual slide averages coming back through there. I would have to look at my team who presented that for me. But yeah, I think if anything, it could be one or two in those areas just on the averages themselves because these are individual average numbers versus obviously, our total production from a working interest point of view and then divided by effectively 90 -- I guess it was 92 days in Q3.

是的。它很可能是隨著個人幻燈片平均值的返回而出現的。我必須看看為我呈現這一點的我的團隊。但是，是的，我認為如果有的話，這些領域可能只是平均數本身的一兩個，因為這些是個人平均數，顯然，我們從工作利益的角度來看總產量，然後除以有效的90 - 我猜第三季是 92 天。

Bill Dezellem, Tieton Capital.

比爾·德澤勒姆，泰頓資本。

I'd like to start with Cote d'Ivoire. The production was up on a daily basis by 35%. And I was hoping that you could help us understand that because I assume that calculation adjusts for a greater number of days in Q3 than Q2 since it's on a daily basis.

我想從科特迪瓦開始。產量每天增加 35%。我希望您能幫助我們理解這一點，因為我假設第三季的計算調整天數比第二季要多，因為它是按天計算的。

Yes. I mean the production has -- well, certainly against our forecast, the field has been performing very well. Recently, we've seen one of the wells take -- come down in Cote d'Ivoire and Baobab, the P-16 well. So we will see a position closer to forecast I think, in Q4. And I think our guidance reflects that position.

是的。我的意思是，生產——嗯，當然與我們的預測相反，該領域的表現非常好。最近，我們看到科特迪瓦和猴麵包樹的 P-16 井中的一口井發生了塌陷。因此，我認為我們將在第四季度看到更接近預測的位置。我認為我們的指導反映了這一立場。

But basically, we've seen a very strong performance. So we've got the increase because we've had at a higher run rate, 2/3 of Q2 versus the full Q3. But we've also seen the well performing higher than our original forecast that we got from the operator. That's primarily what's been happening. And there's not -- it was only until recently towards the end of Q3, we started to see some issues around the P-16 well.

但基本上，我們看到了非常強勁的表現。所以我們得到了成長，因為我們的運行率更高，第二季的運行率是第三季的 2/3。但我們也看到營運商的表現高於我們最初的預測。這主要就是正在發生的事情。事實並非如此——直到最近第三季末，我們才開始發現 P-16 井周圍存在一些問題。

Yes. I mean, I'll just jump in there, Bill. I mean the forecast for Q4 is 4,000 to 4,400. And through October, we were right on the midpoint.

是的。我的意思是，我就跳進去，比爾。我的意思是第四季的預測是 4,000 到 4,400。整個十月，我們都處於中間位置。

But I don't feel like that totally addresses the significant increase in the daily production in Q3 versus Q2.

但我認為這並不能完全解決第三季與第二季日產量顯著增加的問題。

I can probably shed some light on that. Yes, Q2 only has two months in it because of the closing date versus Q3 has three months.

我或許可以解釋一下這一點。是的，由於截止日期，第二季只有兩個月，而第三季有三個月。

What I was looking at, though, was the daily production as opposed to the total production. Does the daily production take that change into account?

不過，我關注的是每日產量，而不是總產量。每日產量是否考慮到這種變化？

Let me think about that.

讓我考慮一下。

It's total production divided by the number of days.

它是總產量除以天數。

Yes. It's your total number divided by the number of days in the quarter. So it would be 30%.

是的。這是您的總數除以該季度的天數。所以是 30%。

I mean, at the end of the day, what would have happened in Q2, Bill, is you got more days than we had combined for CDI because it came in on the 1st of May, even though we count from the 1st of April. And then obviously, in Q3, you've got 92 days, so you've got 92 days worth of production at the same time.

我的意思是，歸根結底，比爾，第二季度會發生的情況是，您的天數比我們為CDI 加起來的天數還要多，因為它是在5 月1 日到來的，儘管我們是從4 月1 日開始計算的。顯然，在第三季度，你有 92​​ 天，所以你同時有 92 天的生產量。

I'll take that one offline, but it certainly looks like nice activity there. Let me shift to the BW Energy fields. What is the time line for that relationship for those two blocks before you begin drilling and have production?

我會將其離線，但這看起來確實是一項不錯的活動。讓我轉向 BW Energy 領域。在開始鑽探和生產之前，這兩個區塊建立這種關係的時間表是什麼？

These are two exploration blocks. Now the reason we went into a partnership with Panoro and BWE is because we are -- between the three of us, we are the main partners in that whole area for Etame and Dussafu. And the fairway play on blocks G&H run basically flow down from where we produce in Etame down into where they've been drilling and in production in Dussafu. So once we -- once the -- well, in Q4, we will sign and pay the signature bonus. In 2025, we haven't seen the program yet, but we anticipate the program will be seismic acquisition, particularly around Block G, which is the one nearest to us.

這是兩個探索區塊。現在我們與 Panoro 和 BWE 建立合作夥伴關係的原因是，我們三人之間，我們是 Etame 和 Dussafu 在整個領域的主要合作夥伴。G&H 運行的球道上的球道基本上從我們在 Etame 生產的地方流向他們在 Dussafu 鑽探和生產的地方。因此，一旦我們 - 一旦 - 好吧，在第四季度，我們將簽署並支付簽名獎金。到 2025 年，我們還沒有看到該計劃，但我們預計該計劃將是地震採集，特別是在離我們最近的 G 區塊周圍。

And then we anticipate sometime in 2026, would be a well being committed into that block. Now production from any successful well is dependent on two things. It's dependent on its proximity to infrastructure. So how close is it to Etame versus how close is it to Dussafu and obviously then tying it back. So we're drilling in 2026 per se, assuming rig availability, we wouldn't be seeing any production from that until late '27 by the time you put equipment in place and tie it back to the infrastructure.

然後我們預計在 2026 年的某個時候，該區塊將投入使用。現在，任何成功油井的產量都取決於兩件事。它取決於其與基礎設施的接近程度。那麼它與 Etame 有多接近，與 Dussafu 有多接近，顯然然後將其捆綁在一起。因此，我們本身將在 2026 年進行鑽探，假設鑽機可用，直到 27 年末將設備安裝到位並將其連接回基礎設施時，我們才會看到任何生產。

And I'm going to try to squeak one more in if you'll allow it. The payments, which I think are roughly $40 million that you are still owed from Egypt, when do you expect that to happen? And does that come as one transfer into your account of $40 million or does it happen piecemeal over time? What's your expectation, how that unfolds going forward?

如果你允許的話，我會嘗試再塞一個進去。我認為你們還欠埃及大約 4000 萬美元的付款，你們預計什麼時候會發生？這是一筆 4000 萬美元轉入您帳戶的交易，還是隨著時間的推移逐步轉入？您的期望是什麼？

Well, we've been pushing this for some time. We finally got it to a point where it's recognized and acknowledged by the government. We're keeping it separate from our trade receivables when it comes to the discussions because -- so we're highlighting it as we're not looking for offsets for this. We're not looking for a settlement or keep it settled as we promised to do on a monthly basis with our trade AR. So we're looking for a separate deal on this.

嗯，我們已經推動這一點有一段時間了。我們終於得到了政府的認可和認可。在討論時，我們將其與我們的貿易應收帳款分開，因為——所以我們強調它，因為我們不為此尋求抵消。我們並不像我們承諾的每月與我們的貿易 AR 一樣尋求解決方案或保持解決方案。因此，我們正在尋求就此達成單獨的協議。

And now whether -- how we get to that, and we've been having discussions, our new country manager has been in there having discussions to try and treat this as an extraordinary item. Our anticipation is certainly that we will be looking for a single payment in US dollars to settle this back to position. On the basis that we've made significant progress through the agreements with the government and including full recognition of our investment and the VAALCO trade name into Egypt, we stood the rig up again last month, and we commenced the drilling activity, both in Ras Gara and South Ghazwa. We're looking in Q1 at the latest to see some movement on that, but the discussions are ongoing.

現在，我們如何做到這一點，我們一直在討論，我們的新國家經理一直在那裡進行討論，試圖將其視為一個非凡的項目。我們的預期當然是，我們將尋求以美元一次性付款來解決這個問題。基於我們與政府達成的協議取得了重大進展，包括我們在埃及的投資和 VAALCO 商標名稱的充分認可，我們上個月再次啟動了鑽井平台，並開始了在拉斯的鑽探活動加拉和南加茲瓦。我們最晚會在第一季看到這方面的一些進展，但討論仍在繼續。

My preference always would be a single payment to your account, but that's certainly where we'll be starting the discussions we have been having the discussions around. And we'll keep pursuing that at the same time, making sure that our trade AR doesn't suffer or be compromised in any way because of this backdated settlement.

我的偏好始終是向您的帳戶一次性付款，但這肯定是我們一直在討論的開始討論的地方。同時，我們將繼續追求這一目標，確保我們的貿易 AR 不會因為這一回溯和解而受到任何影響或損害。

We have time for one more question here, and we will take a follow-up from Jeff Robertson with Water Tower Research.

我們還有時間再問一個問題，我們將聽取 Water Tower Research 的 Jeff Robertson 的跟進。

George, in Cote d'Ivoire, with development drilling campaign planned for next year and into 2026, are you all actively seeking a rig for that yet or are you still in the early stages of putting it together?

科特迪瓦的喬治，計劃從明年到 2026 年進行開發鑽探活動，你們都在積極尋找鑽機嗎？

That's with the operator. I believe they are actively seeking a rig, and I believe they are ready to talk to us about that in early Q1.

那是與營運商有關的。我相信他們正在積極尋找鑽機，我相信他們準備在第一季初與我們討論此事。

And this concludes our question-and-answer session. I'd like to turn the conference back over to George Maxwell for any closing remarks.

我們的問答環節到此結束。我想將會議轉回喬治·麥克斯韋發表閉幕詞。

Thank you very much, operator. I think we're now something like 17 quarters meeting guidance for production, et cetera. I think the diversification of the portfolio continues to add strength to our performance and derisk the commitments that we make to market. We're entering a phase now of the company where it's got such a stable production base and such a key investable opportunity across a number of platforms as we push the company forward, both with drilling and production opportunities. When we look at the plans we have in Gabon, the plans for Cote d'Ivoire and for Egypt and then also we talked briefly about the plans for Equatorial Guinea, we see the opportunity for the company to move up and more than double its production base over the next three years, and that is a very exciting prospect for us.

非常感謝您，接線生。我認為我們現在大約有 17 個季度滿足生產指導等。我認為投資組合的多元化繼續增強我們的表現並降低我們對市場的承諾的風險。我們現在正進入公司的一個階段，在我們透過鑽探和生產機會推動公司向前發展的過程中，它擁有如此穩定的生產基地和跨多個平台的重要投資機會。當我們查看加彭的計劃、科特迪瓦和埃及的計劃，然後我們還簡要討論了赤道幾內亞的計劃時，我們看到了該公司升級並將其產量增加一倍以上的機會未來三年的基地，這對我們來說是一個非常令人興奮的前景。

So you can see the time and effort that the team worked very diligently and very hard to make sure we've got a stable business, not only to maintain our production base and be able to maintain those cash flows, but also to create the opportunities to increase them in the future. And I think that makes it very exciting times for VAALCO for the next few years.

所以你可以看到團隊非常勤奮和努力工作的時間和精力，以確保我們擁有穩定的業務，不僅是為了維持我們的生產基地並能夠維持這些現金流，而且還創造機會以便將來增加它們。我認為這對 VAALCO 未來幾年來說將是非常令人興奮的時刻。

I'd like to thank everyone for their time and listening into us today, and I look forward to talking to you again early in Q1.

我要感謝大家今天抽出時間來傾聽我們的講話，我期待在第一季初再次與您交談。