VAALCO Energy Inc (EGY) 2025 Q1 法說會逐字稿

Good morning and welcome to VAALCO Energy's first quarter 2025 conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 VAALCO Energy 2025 年第一季電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係協調員 Chris Delange。請繼續。

Thank you, operator. Welcome to VAALCO Energy's first quarter 2025 conference call. After I cover the forward-looking statements, George Maxwell, our CEO, will review operational and financial highlights, discuss our updated operational plans for 2025 and add some closing comments before we take your questions. During our question-and-answer session, we ask you to limit your questions to one and a follow up. You can always re-enter the queue with additional questions.

謝謝您，接線生。歡迎參加 VAALCO Energy 2025 年第一季電話會議。在我介紹完前瞻性陳述之後，我們的執行長 George Maxwell 將回顧營運和財務亮點，討論我們 2025 年的最新營運計劃，並在回答您的問題之前發表一些結束語。在我們的問答環節中，我們要求您將問題限制為一個，並進行後續跟進。您可以隨時重新進入佇列並提出其他問題。

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

我想指出的是，我們在網站上發布了一份補充投資者演示文稿，其中包含額外的財務分析、比較和指導，應該會有所幫助。有了這些，請允許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.

在本次電話會議期間，本公司將發表前瞻性聲明。投資人需注意，前瞻性陳述並不能保證未來的業績，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 不承擔更新或修改任何前瞻性陳述的意圖或義務，無論其是否由於新資訊、未來事件或其他原因。

Accordingly, you should not place undue reliance on forward-looking statements. 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. Please note that this conference call is being recorded.

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報告、網站上發布的簡報以及我們向美國證券交易委員會提交的報告（包括我們的 10-K 表格）中進行了描述。請注意，本次電話會議正在錄音。

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 first quarter 2025 earnings conference call. In Q1 2025, we delivered net income of $7.7 million or $0.07 per share and adjusted EBITDAX of $57 million. This was driven by NRI production of 17,764 barrels of oil equivalent per day, which was above the high end of guidance. Working interest production of 22,402 barrels of oil equivalent was at the high end of guidance and NRI sales of 19,074 barrels of oil equivalent per day, which was also at the high end of guidance.

謝謝你，克里斯。大家早安，歡迎參加我們的 2025 年第一季財報電話會議。2025 年第一季度，我們的淨收入為 770 萬美元，即每股 0.07 美元，調整後 EBITDAX 為 5,700 萬美元。這是由於印度國民生產總值 (NRI) 每天生產 17,764 桶石油當量，高於指導上限。權益產量為 22,402 桶油當量，處於指導價值的高位，非居民印度人日銷售量為 19,074 桶油當量，也處於指導值的高位。

Prices in Q1 2025 was nearly flat with Q4 2024, but we have seen a decline in pricing thus far in Q2. We also entered into a new reserves-based revolving credit facility in the first quarter to complement our internally generated cash flow and cash on hand from time to time as needed to fund our growth initiatives.

2025 年第一季的價格與 2024 年第四季幾乎持平，但到目前為止，我們已經看到第二季的價格有所下降。我們也在第一季簽訂了新的儲備為基礎的循環信貸安排，以補充我們的內部產生的現金流和庫存現金，為我們的成長計畫提供資金。

As Ron discussed on the last call, we have an initial commitment of $190 million with the ability to grow to $300 million as we look to fund projects across our diverse portfolio. Over the past two years, we have delivered record-breaking operational and financial results while meeting or exceeding our quarterly guidance targets.

正如羅恩在上次電話會議上所討論的那樣，我們最初的承諾金額為 1.9 億美元，隨著我們尋求為我們多元化投資組合中的項目提供資金，這一金額有望增長到 3 億美元。在過去兩年中，我們取得了破紀錄的營運和財務業績，同時達到或超越了我們的季度指導目標。

Maintaining operational excellence and consistent production across our portfolio is essential to expanding adjusted EBITDAX, which has allowed us to grow inorganically and also to fund organic growth initiatives, better positioning VAALCO for the future.

在我們的產品組合中保持卓越的營運和穩定的生產對於擴大調整後的 EBITDAX 至關重要，這使我們能夠實現無機增長並為有機增長計劃提供資金，從而更好地為 VAALCO 的未來做好準備。

We had a strong start to 2025, but I want to remind everyone that this will be a transitional year as we had production come offline in Q1 at Côte D'Ivoire as planned for the FPSO project, and we are not expecting kicking off the drilling campaign in Gabon until Q3, which means meaningful production uplift should begin at the end of 2025 and into 2026.

我們在 2025 年有一個良好的開端，但我想提醒大家，這將是一個過渡年，因為我們已按計劃在第一季度在科特迪瓦為 FPSO 項目停止生產，而且我們預計要到第三季度才會在加彭啟動鑽探活動，這意味著有意義的產量提升應該在 2025 年底和 2026 年開始。

Before I go into more detail regarding our assets, I would like to discuss the current macroeconomic environment and discuss how VAALCO is reacting to the uncertainty in the commodity pricing. Given the softening of commodity pricing, in particular, oil, we are looking at ways to reduce our discretionary capital spending and delay some smaller projects.

在我詳細介紹我們的資產之前，我想討論當前的宏觀經濟環境，並討論 VAALCO 如何應對商品定價的不確定性。鑑於大宗商品價格（尤其是石油）的疲軟，我們正在尋找減少可自由支配的資本支出並推遲一些較小項目的方法。

We have decided to cut about 10% from our capital budget in 2025, which includes the drilling program in Canada due to pricing and some smaller projects that can be delayed until we see better commodity pricing stability. Given the strong production performance in Gabon and Egypt thus far in 2025, we believe that the 10% CapEx reduction will not impact our production or sales for the year.

我們已決定在 2025 年削減約 10% 的資本預算，其中包括因價格原因而推遲的加拿大鑽探計劃以及一些較小的項目，這些項目可以推遲到我們看到更好的商品價格穩定性。鑑於 2025 年迄今加彭和埃及的強勁生產表現，我們認為 10% 的資本支出削減不會影響我們今年的生產或銷售。

Our guidance for the full year 2025 has remained unchanged with the exception of the 10% reduction in capital. Our long-term projects like the FPSO project in Côte D'Ivoire and our drilling campaign in Gabon are continuing as planned, given that these are long-term projects extending economic field life by adding production and reserves. These projects take multiple years of planning and their economics are evaluated on a longer-term basis.

除資本減少 10% 外，我們對 2025 年全年的指導保持不變。我們的長期項目，如科特迪瓦的 FPSO 項目和加彭的鑽探活動，正在按計劃繼續進行，因為這些都是透過增加產量和儲量來延長油田經濟壽命的長期項目。這些項目需要多年的規劃，其經濟效益需要以較長的時間進行評估。

I would also like to point out that there are fiscal benefits in our African PSCs related to lower commodity prices that offer some protection from lower pricing and allow for additional cost pool recovery to encourage continued investment at lower pricing. Let me now get into the details of some of our assets, starting with Côte D'Ivoire.

我還想指出，我們非洲的農產品分成合約國家由於商品價格較低而享有財政利益，這在一定程度上可以避免價格下跌，並允許額外的成本池回收，以鼓勵在較低價格下繼續投資。現在讓我詳細介紹一下我們的一些資產，首先是科特迪瓦。

I would like to remind you that a year ago, we had no production or interest in Côte D'Ivoire. And then in April 2024, we swiftly and efficiently completed the Svenska acquisition, securing a valuable asset. In line with the project time line, the FPSO ceased hydrocarbons production as scheduled on January 31, 2025, with the final lifting of crude oil from the vessel occurring in early February.

我想提醒大家，一年前，我們在科特迪瓦沒有任何生產或利益。然後在 2024 年 4 月，我們迅速有效率地完成了對 Svenska 的收購，並獲得了一筆寶貴的資產。按照專案時間表，FPSO 將於 2025 年 1 月 31 日按計劃停止碳氫化合物生產，並於 2 月初最後一次從船上提取原油。

The vessel is currently on tow to the shipyard in Dubai for refurbishment. Significant development drilling is expected to begin in 2026 after the FPSO returns to service with potential meaningful additions to production from the main Baobab field.

該船目前正在拖往杜拜造船廠進行翻修。在預計 FPSO 恢復服務後，將於 2026 年開始進行大規模開發鑽探，這可能會對 Baobab 主油田的產量產生重大影響。

The Council of Ministers recently approved a 10-year extension of the license on CI-40, extending it to 2038. We are making a very sizable investment in this project. But given the license extension and 125% cost oil return on the capital spent, this investment will provide solid economic future growth.

部長理事會最近批准將 CI-40 許可證延長 10 年，至 2038 年。我們對這個項目進行了大規模的投資。但考慮到許可證的延期和資本支出的 125% 成本油回報率，這項投資將為未來經濟帶來穩健的成長。

In March 2025, we announced a farm-in agreement for the CI-705 block offshore Côte D'Ivoire, where we will operate with a 70% working interest and a 100% paying interest under a commercial carrier arrangement through the seismic reprocessing and interpretation stages and potentially drilling up to two exploration wells.

2025 年 3 月，我們宣布了一項科特迪瓦近海 CI-705 區塊的農場協議，我們將根據商業承運人的安排，在地震再處理和解釋階段以 70% 的工作權益和 100% 的支付權益進行運營，並可能鑽探最多兩口勘探井。

We invested $3 million to acquire our interest in the new block, and we are partnering with Ivory Coast Exploration Oil and Gas, SAS and PETROCI. We plan to conduct a detailed integrated geological analysis to assess and mature our understanding of the block's overall prospectivity.

我們投資了 300 萬美元來收購新區塊的權益，我們正在與科特迪瓦勘探石油天然氣公司、SAS 和 PETROCI 合作。我們計劃進行詳細的綜合地質分析，以評估和完善我們對該區塊整體勘探前景的了解。

We believe the block is favorably located in a proven hydrocarbon system, the prolific Tano Basin and is approximately 70 kilometers to the west of our CI-40 block. We have demonstrated our ability to acquire, develop and enhance value through accretive acquisitions, and we are excited about the prospects in Côte D'Ivoire.

我們認為，該區塊位於已證實的碳氫化合物系統——儲量豐富的塔諾盆地的有利位置，距離我們的 CI-40 區塊以西約 70 公里。我們已經證明了透過增值收購來獲取、開發和提升價值的能力，我們對科特迪瓦的前景感到興奮。

In Egypt, in the fourth quarter of 2024, we contracted a rig and drilled two wells, starting a drilling campaign that has carried into the first half of 2025. In the first quarter of 2025, we drilled a further five wells and completed four of them with an average 30-day initial production rates of about 120 barrels of oil per day.

在埃及，我們於2024年第四季承包了一座鑽井平台並鑽了兩口井，開始了持續到2025年上半年的鑽探活動。2025 年第一季度，我們又鑽了 5 口井，其中 4 口已完工，平均 30 天初始產量約為每天 120 桶石油。

We are continuing to drill and expect a further three to four wells to be drilled in the second quarter of 2025 with strong results from the first well in quarter two. Both the drilling program and the workover program in Egypt add solid production and are economic even in lower-priced environments.

我們將繼續鑽探，預計 2025 年第二季將再鑽探三到四口井，第二季的第一口井將取得良好的表現。埃及的鑽井計劃和修井計劃都增加了穩定的產量，即使在低價環境下也具有經濟效益。

I'm also very proud of our continued performance from a safety standpoint in Egypt. We have not had a lost time incident in 2024. And thus far, in 2025, we have not had a lost time incident, which means that we have now gone over 4.3 million man-hours without an incident, which is a testament to our ongoing commitment to safety.

我也對我們在埃及的安全表現感到非常自豪。2024年我們還沒有發生過時間損失事件。到 2025 年為止，我們還沒有發生過一次工時損失事故，這意味著我們現在已經累計超過 430 萬個工時沒有發生過事故，這證明了我們對安全的持續承諾。

Moving to Gabon. Given that we haven't drilled a well in Gabon for over two years, we are pleased with the positive overall production results with strong production uptime and improved decline curves on the wells. We secured a drilling rig in December 2024 for our 2025, 2026 drilling program, which is planned to begin in Q3 2025.

搬到加彭。鑑於我們已經兩年多沒有在加彭鑽井了，我們對整體生產結果感到滿意，生產正常運作時間很長，油井的下降曲線也有所改善。我們於 2024 年 12 月為 2025 年、2026 年鑽探計畫獲得了一個鑽井平台，該計畫於 2025 年第三季開始。

But the timing of when we start the drilling program is dependent on when the rig will become available from its current commitments. The contract we signed for the rig is for a firm commitment of five wells with an option for five additional wells.

但我們啟動鑽探計畫的時間取決於鑽井平台目前的承諾何時可用。我們簽署的鑽井合約是確定鑽探五口井，並可選擇再鑽探五口井。

We are targeting two wells to be drilled and one completed in 2025 with the remainder of the program to occur in 2026. We have options to drill additional wells if information gathered during the program results in high grading and derisking of already identified well locations.

我們的目標是在 2025 年鑽探兩口井並完成一口井，其餘部分將在 2026 年完成。如果在計劃期間收集的資訊導致已確定的井位等級較高且風險較低，我們可以選擇鑽探更多井。

Since the last call, we have continued to review the well sequencing of the program and the testing of the Ebouri shut-in wells. We are pleased that the extended flow test on the Ebouri 4-H well has continued into the second quarter with the well producing at a rate of around about 1,000 barrels of oil per day. We originally wanted to gather information on the H2S concentrations at this location to aid in equipment design and to evaluate our chemical crude sweetening process.

自上次通話以來，我們一直在審查該計劃的井排序以及 Ebouri 封閉井的測試。我們很高興看到 Ebouri 4-H 油井的延長流量測試已持續到第二季度，目前油井的日產量約為 1,000 桶石油。我們最初想收集該位置的 H2S 濃度信息，以協助設備設計並評估我們的化學原油脫硫製程。

The well has now flowed for over four months with the H2S concentration within our modeling expectations, demonstrating our assessment to chemically treat the oil. The well's production has also helped us to exceed guidance in Q1 2025, while adding some additional production costs for chemicals.

該油井現已流動四個多月，其中 H2S 濃度符合我們的模型預期，證明了我們對化學處理石油的評估。該油井的產量也幫助我們在 2025 年第一季超出預期，同時增加了一些化學品的額外生產成本。

This well will be worked over during the program and should provide a further boost to oil production. Regarding our exploration blocks in Gabon, the Niosi Marin and the Guduma Marin, we are working with our partners and the operator, BW Energy, on plans for the two blocks moving forward. A seismic survey to fulfil a work commitment on Niosi is being planned for acquisition in late of 2025 or early 2026.

該油井將在計劃期間進行修建，並將進一步提高石油產量。關於我們在加彭的 Niosi Marin 和 Guduma Marin 勘探區塊，我們正在與合作夥伴和營運商 BW Energy 合作制定這兩個區塊的推進計劃。為履行對 Niosi 的工作承諾，計劃於 2025 年底或 2026 年初進行地震勘測。

Given the proximity of these blocks to the prolific producing fields of Etame and Dussafu, we are excited about the future possibility for these blocks. Turning to Canada. We successfully drilled four wells with lateral lengths of 2.75 miles in early 2024. These wells helped to improve the liquid mix of our production in Canada, adding to the financial performance. As I mentioned in the last call, we also drilled a well in the Southern acreage in Q4 2024.

鑑於這些區塊與 Etame 和 Dussafu 產油田的距離很近，我們對這些區塊的未來發展潛力感到興奮。轉向加拿大。我們在 2024 年初成功鑽探了四口水平長度為 2.75 英里的井。這些油井有助於改善我們在加拿大生產的液體結構，從而提高財務表現。正如我在上次電話會議中提到的，我們也在 2024 年第四季在南部地區鑽了一口井。

Because we have minimal horizontal subsurface information across our Southern acreage, this well was drilled to help us better understand the acreage and potentially add reserves. The well floated around 200 barrels of oil per day in its initial testing phase, and we have shut the well while we evaluate options to tie in the well into production.

由於我們對南部土地的水平地下資訊知之甚少，因此鑽了這口井，以幫助我們更好地了解土地面積並可能增加儲量。該油井在初始測試階段每天可產出約 200 桶石油，我們已關閉該油井，同時評估將該油井投入生產的方案。

This positive result could lead to future reserves and resources for our Southern acreage. While we remain optimistic about the drillable inventory in Canada, we did decide not to drill wells this year due to the current commodity price uncertainty. We will continue to monitor the performance of our wells and plan for future drilling opportunities.

這一積極成果可能會為我們南部的土地帶來未來的儲備和資源。雖然我們對加拿大的可鑽探庫存保持樂觀，但由於當前商品價格的不確定性，我們決定今年不鑽井。我們將持續監測油井的表現並規劃未來的鑽井機會。

Find Equatorial Guinea, we are currently conducting our front-end engineering design or FEED study. We continue to anticipate the completion of the FEED study will lead to an economic final investment decision, or FID, in 2025, which will enable the development of the FEED or Venus discovery.

找到赤道幾內亞，我們目前正在進行前端工程設計或FEED研究。我們繼續預計，FEED 研究的完成將在 2025 年促成經濟最終投資決策（FID），這將推動 FEED 或金星發現的發展。

We remain 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.

我們仍然很高興在未來幾年繼續推進我們的計劃，開發、營運並開始生產赤道幾內亞近海 P 區塊的發現。

I would now like to discuss some of our financial results. In the first quarter, we spent $58 million in capital expenditures on a cash basis, which was below our guidance range. Our unrestricted cash balance at March 31, 2025, was $40.9 million, which is down about $40 million from year-end 2024. This was driven by the elevated capital spending and the state lifting in Gabon to settle our in-kind taxes of about $30 million. We believe that this will likely be our only state lifting in 2025 in Gabon.

現在我想討論我們的一些財務結果。第一季度，我們以現金支出了 5,800 萬美元的資本支出，低於我們的指導範圍。截至 2025 年 3 月 31 日，我們的非限制現金餘額為 4,090 萬美元，比 2024 年底減少約 4,000 萬美元。這是由於資本支出增加以及加彭政府解除約 3,000 萬美元的實物稅所致。我們相信，這很可能是 2025 年加彭唯一一次國家解除禁令。

As we have previously stated, our foreign income taxes are settled by the government through oil liftings in Gabon and Côte D'Ivoire and the government taking their share in Egypt. The state lifting in Gabon in Q1 also drove our outflow in our working capital.

正如我們之前所說，我們的外國所得稅是由政府透過在加彭和科特迪瓦開採石油以及在埃及收取其份額來結算的。加彭第一季的政府解禁也導致了我們的營運資金流出。

While we had an outflow in working capital, the good news is that we did reduce our Egyptian receivables balance, which marginally offset the state lifting impact. We completed the first quarter bank debt-free with an undrawn $190 million credit facility available to fund our capital projects.

雖然我們的營運資金有所流出，但好消息是我們確實減少了埃及應收帳款餘額，這略微抵消了國家解除制裁的影響。我們在第一季實現了無銀行債務，並擁有 1.9 億美元未提取的信貸額度，可用於資助我們的資本項目。

Let me now turn to guidance. I would like to point out that our full guidance breakout is in the earnings release and in our supplemental slide deck on our website with production breakout of both working interest and net revenue interest by asset area.

現在讓我來談談指引。我想指出的是，我們的完整指導細目均在收益報告和我們網站上的補充幻燈片中，其中按資產區域列出了工作權益和淨收入權益的生產細目。

As I stated earlier, we are reducing our full year capital budget from $270 million to $330 million down to $250 million to $300 million, and our full year production and sales guidance will remain unchanged.

正如我之前所說，我們將全年資本預算從 2.7 億美元至 3.3 億美元削減至 2.5 億美元至 3 億美元，而全年生產和銷售指引將保持不變。

For the second quarter, we're expecting to spend between $65 million and $85 million in capital expenditures. NRI production is expected to be between 15,400 and 16,800 barrels of oil equivalent per day, and sales are expected to be from 17,800 to 19,300 barrels of oil equivalent per day.

對於第二季度，我們預計資本支出將在 6,500 萬至 8,500 萬美元之間。NRI 的產量預計為每天 15,400 至 16,800 桶油當量，而銷售量預計為每天 17,800 至 19,300 桶油當量。

In Q2, we expect three liftings to occur in Gabon, which is why our sales guidance is higher than our production guidance. As a reminder, the FPSO project in Côte D'Ivoire began in Q1 and the production and sales for the Baobab field are not expected until the FPSO return in 2026. Production expenses for Q2 are expected to be in line with Q1 2025 when normalized for one-time expenses.

在第二季度，我們預計加彭將進行三次提貨，這就是我們的銷售預期高於生產預期的原因。需要提醒的是，科特迪瓦的 FPSO 計畫於第一季啟動，預計 Baobab 油田的產量和銷售量要等到 2026 年 FPSO 回歸後才能實現。當一次性費用標準化後，預計第二季的生產費用將與 2025 年第一季持平。

Given the current commodity price uncertainty, we are continuing to watch every dollar we spend. And just like with our capital spending, we are looking to defer discretionary spending in operating and G&A expenses as well.

鑑於當前大宗商品價格的不確定性，我們將繼續關注所花費的每一美元。就像我們的資本支出一樣，我們也希望推遲營運和一般及行政費用方面的可自由支配的支出。

Turning to hedging. We have added some additional hedges, and we now have 70,000 barrels of oil per month hedged in Q2 with a floor of $65. In July, we have 160,000 barrels of oil per month hedged with a floor of about $65. And in August and September, we have 60,000 barrels of oil per month with a floor of $65.

轉向對沖。我們增加了一些額外的對沖，現在我們第二季每月對沖 70,000 桶石油，底價為 65 美元。7月份，我們每月對沖16萬桶石油，最低價格約為65美元。8月和9月，我們每個月的石油產量為6萬桶，最低價為65美元。

In addition, we have gas hedges amounting to 75% of our anticipated gas production in place from May through October of this year. Our hedging program has always looked to help mitigate risk and protect our commitment to shareholder returns.

此外，我們已實施相當於今年 5 月至 10 月預計天然氣產量 75% 的天然氣對沖措施。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。

As you have heard this morning, we have a track record over the past several years of not only delivering strong operational and financial results at or above expectations every quarter, but also making highly accretive acquisitions that have materially grown VAALCO.

正如大家今天早上所聽到的，過去幾年來，我們不僅每個季度都實現了達到或超過預期的強勁運營和財務業績，而且還進行了高度增值的收購，使 VAALCO 實現了實質性增長。

We have an exciting array of organic projects that we are executing over the next few years and that we expect will double our size and scale and enhance our ability to generate even more cash flow in the future for growth.

我們有一系列令人興奮的有機項目將在未來幾年內實施，我們預計這些項目將使我們的規模翻一番，並增強我們在未來產生更多現金流以實現增長的能力。

Next week, we have our Capital Markets Day, where we will go into additional details about the upside capabilities across our diversified asset portfolio. And I want everyone to come away from our Capital Markets Day is that VAALCO is on the right trajectory with multiple high-quality upside opportunities across our portfolio.

下週，我們將舉辦資本市場日，屆時我們將更詳細地介紹我們多元化資產組合的上行能力。我希望大家在參加資本市場日活動後能夠認識到，VAALCO 正走在正確的軌道上，我們的投資組合中擁有多個高品質的上漲機會。

Additionally, we have an outstanding team whose operational, technical and financial acumen will be on full display during the presentation. This, coupled with our track record of meeting or exceeding expectation, should instil the investment community with confidence that we can deliver on our commitments that will drive our valuation to a level more in line with the cash flows and NPV potential VAALCO can deliver in the future.

此外，我們擁有一支優秀的團隊，他們的營運、技術和財務敏銳度將在演示過程中充分展現。再加上我們達到或超出預期的業績記錄，投資界應該會充滿信心，相信我們能夠兌現承諾，並將我們的估值推高至更符合 VAALCO 未來能夠提供的現金流和 NPV 潛力的水平。

Our strategy remains unchanged to operate efficiently, invest prudently and maximize our asset base and look for accretive opportunities. We are in an enviable financial position with a much stronger and diverse portfolio of producing assets with significant future upside potential.

我們的策略保持不變，即高效營運、審慎投資、最大化我們的資產基礎並尋找增值機會。我們的財務狀況令人羨慕，擁有更強大和多樣化的生產資產組合，具有巨大的未來上升潛力。

Our entire organization is actively working to deliver sustainable growth and strong results to continue funding our capital programs whilst also returning value to our shareholders through a top quartile dividend yield.

我們整個組織都在積極努力實現永續成長和強勁業績，以繼續為我們的資本計畫提供資金，同時透過最高四分位股息殖利率為我們的股東帶來價值。

In Q1 2025, we paid a quarterly cash dividend of $0.0625 per common share or around $6.5 million. We also announced the second dividend payment of 2025, which will be paid later in June, and we remain on pace to deliver another $0.25 per share annual dividend for 2025, which at our current share price is a dividend yield of over 7.5%.

2025 年第一季度，我們支付了每股普通股 0.0625 美元的季度現金股息，約 650 萬美元。我們還宣布了 2025 年的第二次股息支付，將於 6 月下旬支付，我們仍計劃在 2025 年再派發每股 0.25 美元的年度股息，按當前股價計算，股息收益率超過 7.5%。

After paying the second quarter 2025 dividend, VAALCO will have returned over $100 million to our shareholders through dividends and share buybacks since 2022 when the first dividend payment was made. We are 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 for many years to come.

在支付 2025 年第二季股利後，VAALCO 自 2022 年首次支付股利以來將透過股利和股票回購向我們的股東返還超過 1 億美元。我們對未來充滿期待，VAALCO 目前擁有多個生產區域和未來前景，這將使我們未來多年的風險狀況和收入來源多樣化。

Our disciplined approach to maximizing value for our shareholders by delivering growth in production, reserves and cash flow has not been reflected in our stock price, but we believe that we will see the market begin to properly value VAALCO as we execute on our organic opportunities.

我們透過提高產量、儲備量和現金流來實現股東價值最大化的嚴謹方法尚未反映在我們的股價上，但我們相信，隨著我們抓住有機機會，我們將看到市場開始正確評估 VAALCO。

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

謝謝。接線員，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Jeff Robertson, Water Tower Research.

傑夫·羅伯遜，水塔研究公司。

Thank you. Good morning. George, can you comment on the production profile at Gabon over the back half of 2025 and how it fits into your guidance? And I'm wondering if you have any downtime in the numbers that would be caused by the drilling campaign that you'll start in the third quarter?

謝謝。早安.喬治，您能否評論一下 2025 年下半年加彭的生產狀況以及它與您的指導如何契合？我想知道，由於您在第三季開始的鑽探活動，您的資料是否會出現任何停機？

Yeah, we can. I mean the first answer to that is no, we don't have any significant planned downtime related to the drilling program for 2025. However, we do have planned preventative maintenance downtime in July. We have -- in relation to the drilling program, we do see a slight uptick in production towards the end of Q4, which is the delivery of the first well that should be back -- should be drilled and on production in Q4. But there's not -- within our guidance, there's not a significant amount of production included from the drilling campaign.

是的，我們可以。我的意思是，第一個答案是否定的，我們沒有為 2025 年的鑽探計劃安排任何重大的停機時間。不過，我們確實計劃在七月進行預防性維護停機。就鑽井計劃而言，我們確實看到第四季度末產量略有上升，這是第一口井的交付，應該會在第四季度重新鑽探並投入生產。但在我們的指導範圍內，鑽探活動並不會帶來大量的產量。

So would the third quarter then, would you expect that to be the lowest quarter of the year for production given the maintenance schedule?

那麼，考慮到維護計劃，您是否預計第三季將成為全年產量最低的季度？

Yeah, we would because we're going to be, I think, between 7 and 10 days.

是的，我們會的，因為我認為我們需要 7 到 10 天的時間。

And in CI, can you talk at all yet about how the drilling -- how the development drilling campaign starts to look in 2026? And are you looking for -- are you and the partner looking for a rig there? Or when might you expect to start that? I know you'll probably talk about that in much more detail next week.

在 CI 中，您能否談談鑽探情況—2026 年鑽探開發活動的進展如何？您是否正在尋找—您和您的合作夥伴是否正在尋找那裡的鑽孔機？或者您預計什麼時候開始？我知道您下周可能會更詳細地談論這個問題。

Yeah. We have some more detail on that next week. Obviously, the Phase 5 drilling is scheduled to start mid-year 2026. The operator is actively working on securing the rig, and we'll wait for the operator to make that announcement as and when that's concluded. But right now, everything is on schedule for midyear 2026 for that campaign.

是的。下週我們將公佈更多詳細資訊。顯然，第五階段鑽探計畫於 2026 年中期開始。營運商正在積極努力確保鑽機安全，我們將等待營運商在完成後發佈公告。但目前，該活動的一切進展都按計劃進行，並將於 2026 年中期舉行。

Thank you.

謝謝。

Stephane Foucaud, Auctus Advisor.

Stephane Foucaud，Auctus 顧問。

Good afternoon guys, or good morning. guess in the context of oil price being lower and a lot of activity coming in 2026, 2027 especially Gabon (inaudible) Côte D'Ivoire, EG, if oil price were to remain low, I was wondering how you rank the project or how would you prioritize those projects?

大家下午好，或是早安。猜測在油價較低且 2026 年、2027 年會出現大量活動的情況下，特別是加彭（聽不清楚）科特迪瓦，例如，如果油價保持低位，我想知道您如何對項目進行排名或如何優先考慮這些項目？

Okay. Well, it depends, obviously, what you classify as a low oil price. Obviously, we've always been sensitizing between around $65 when it comes to our dividend, when it comes to our capital project. And as you're aware, Stephane, particularly in Africa, the PSCs are extremely forgiving on low oil prices and in many cases, remain very economic at low oil prices as your cost oil entitlement increases.

好的。嗯，這顯然取決於你如何定義低油價。顯然，當談到我們的股息和資本項目時，我們的敏感度一直保持在 65 美元左右。如你所知，史蒂芬，特別是在非洲，石油分成合約對於低油價的容忍度極高，而且在許多情況下，隨著石油成本權益的增加，在低油價下仍能保持非常經濟的局面。

So when we look at the priority of projects, obviously, anything that can be an enhancement of production through existing facilities in Gabon or in CDI is much more economic than a Blue water development. So that being said, the biggest blue water development we have would be in Equatorial Guinea.

因此，當我們考慮專案的優先順序時，顯然，任何可以透過加彭或 CDI 現有設施提高產量的專案都比藍水開發更經濟。話雖如此，我們最大的藍水開發項目將在赤道幾內亞。

And as we've already communicated to market, that particular project, given its short tenure of up to 60 months of production and the terms of that PSC do make it very attractive. So the bolt-on opportunities would obviously what we would look at if oil prices fell below the $60 levels on a longer-term basis.

正如我們已經向市場傳達的那樣，由於該項目的生產期限較短（最多 60 個月），且產品分成合約的條款非常具有吸引力。因此，如果油價長期跌破 60 美元的水平，我們顯然會關注附加機會。

But when we did do the analysis of the only Bluewater development we have on EG, we did sensitize that down to $50 when we did it at that time. Now -- the other thing we haven't seen quite yet in a lower oil price environment is the service and the equipment market moving towards lower prices to enable those developments to be far more economic.

但是，當我們對 EG 上唯一的 Bluewater 開發項目進行分析時，我們確實將其敏感度降低至 50 美元。現在，在低油價環境下我們還沒有看到的另一件事是服務和設備市場正走向更低的價格，以使這些發展更加經濟。

So if there were a sustained low oil price environment, we would expect to see on the service side, a corresponding reduction in the cost that would support further economic development even at lower prices.

因此，如果油價持續處於低位，我們預計服務業的成本將相應降低，即使在油價較低的情況下，這也將支持經濟的進一步發展。

Just to add on to that, we are starting to see some softening of supplier costs as well in the industry.

除此之外，我們也開始看到產業內供應商成本下降。

Okay. Thank you. And my follow-on, so Ebouri seems to be going very well, 1,000 barrels per day continued in Q2. How does that compare with your expectation? Is it better? I assume is it in line? And what does that mean for the development in terms of economics?

好的。謝謝。接下來，埃布里的產量似乎進展順利，第二季繼續保持每天 1,000 桶的產量。這與您的預期相比如何？好些了嗎？我認為它符合嗎？這對於經濟發展意味著什麼？

Okay. It doesn't mean anything. I mean Ebouri 4-H was -- we took it online in order to get further information on the reservoir performance, further information on the H2S concentrations. And one of the things we've always cautioned about 4-H, this well was shut in for about eight years, nine years and is still running on the older versions of the ESPs. So we've taken advantage of the resilience of that well to continue to produce beyond our testing expectations.

好的。這沒有任何意義。我的意思是 Ebouri 4-H 是——我們將其放到網上是為了獲得有關儲層性能的更多信息，有關 H2S 濃度的更多信息。我們一直提醒 4-H 的一件事是，這口油井已經關閉了大約八、九年，並且仍在使用舊版的 ESP。因此，我們利用此油井的彈性優勢，繼續實現超出我們測試預期的產量。

When we look at what impact does it have on the redevelopment of Ebouri, it just gives us further information and a greater degree of confidence that the solution that we've established on downhole chemical scavenging is going to be more than sufficient to continue that development in Ebouri. So it's a great boost to Q1. It was unplanned. And for our guidance, 4-H continues to produce, but it's also something we've taken out of our guidance because it really is just a test well.

當我們研究它對埃布里再開發有何影響時，它為我們提供了更多資訊和更大程度的信心，即我們在井下化學清除方面建立的解決方案足以繼續在埃布里進行開發。因此這對第一季來說是一個巨大的推動。這是沒有計劃的。就我們的指導而言，4-H 將繼續生產，但我們也已將其從指導中刪除，因為它實際上只是一口測試井。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Chris Wheaton, Stifel.

克里斯·惠頓，Stifel。

Thank you, gentlemen. Good morning. A couple of questions from me really around working capital if I may. Firstly, on Gabon, are you able to give an indication of how big the working capital swing later in the year will be as the government lifting is absorbed.

謝謝各位。早安.如果可以的話，我有幾個關於營運資金的問題。首先，關於加蓬，您能否透露一下，隨著政府減稅措施的實施，今年稍後營運資本的波動幅度將有多大。

Looking at the difference between your sales and your production numbers looks to be about $20 million or so at 1Q oil prices. Secondly, another -- a broader question on working capital. We've seen reasonably meaningful outflow over the last two years now.

從第一季油價來看，銷售額和產量之間的差額約為 2,000 萬美元。其次，還有一個關於營運資金的更廣泛的問題。過去兩年來，我們已經看到了相當明顯的資金流出。

I think cumulatively since beginning of '23 is a total of $49 million of working capital. So I'm interested in, again, going back -- coming back to my first question, how much of that is the Gabon lifting, but also if there's a chance that some of this working capital is structural that it won't actually come back into the business in the next -- over the next sort of 9 to 12 months or so. Those are kind of my key questions for now. Thank you.

我認為自 23 年初以來累計的營運資金總額為 4,900 萬美元。因此，我感興趣的是，再次回到我的第一個問題，其中有多少是加彭提取的，但如果這些營運資金中的一部分是結構性的，那麼在接下來的 9 到 12 個月左右的時間裡，它實際上不會回到業務中。這些就是我現在的關鍵問題。謝謝。

Hi, it's Ron. Thanks for that. Let me take Gabon. As you can see in Q1, we had the state lift in February. And you can see on the earnings release that the cash equivalent value for that oil lift for us was just over $30 million.

你好，我是羅恩。謝謝。讓我以加蓬為例。正如您在第一季看到的，我們在二月獲得了國家解除封鎖的權利。您可以在收益報告中看到，這筆石油開採為我們帶來的現金等價價值略高於 3000 萬美元。

There was also co-lifts, both partner lifts and state lifts for obviously CDI in Q1, too. And I think that's about another $1 million. So we actually paid cash taxes through those oil lifts of about $31 million in the quarter. And that really is the outflow or driving the outflow in working capital in Q1. We had some receivables collections, which obviously helps minimize that overall impact.

顯然，第一季的 CDI 也出現了聯合提升、合作夥伴提升和國家提升的情況。我認為這大約是另外 100 萬美元。因此，我們本季實際上透過石油開採支付了約 3,100 萬美元的現金稅。這確實是第一季營運資本流出的起因或推動因素。我們收回了一些應收帳款，這顯然有助於最大限度地減少整體影響。

Now what that will do is effectively, that really represents our taxes for the year, we believe, in Gabon, and there'll be nothing in CDI because we're out production in 2025. So what you will see is your foreign tax payable and the balance sheet start to grow over the next -- the coming months, six to nine months.

我們認為，這實際上代表了我們今年在加彭繳納的稅款，而 CDI 中不會有任何收入，因為我們在 2025 年就停止生產了。因此，您將看到您的應付外國稅款和資產負債表在接下來的幾個月（即六到九個月）內開始成長。

So if anything, it's going to be a working capital improvement, Chris, because we won't have a state lift until into 2026 in Gabon, and we certainly won't have a state lift until 2026 in CDI. Hopefully, that helps answer that question.

因此，如果有的話，這將是一項營運資金的改善，克里斯，因為直到 2026 年，加彭才會有國家加息，直到 2026 年，CDI 肯定也不會有國家加息。希望這有助於回答這個問題。

No, that's great. And can I just have a follow-up on Egypt, please? You've got your $32 million back in the quarter from Egypt, which I have to say very well done. Does that represent all of those of the aged receivable that was outstanding that you've managed to get reclassified? I think it was in the third quarter of last year, reclassified as a payable.

不，那太好了。我可以繼續了解埃及的情況嗎？本季你們從埃及收回了 3200 萬美元，我不得不說你們做得非常好。這是否代表了您設法重新分類的所有未償還的應收帳款？我認為它是在去年第三季被重新歸類為應付款項。

So it looks like you've got most of that receivable issue in Egypt resolved now. I guess the question is, if that's been resolved, does that mean the Egyptian government is expecting you to put some of that back into more CapEx in Egypt because obviously, that would be the quid pro quo, but it feels like at current oil prices, that isn't probably what you ought to be doing.

因此看起來你們現在已經解決了埃及的大部分應收帳款問題。我想問題是，如果這個問題已經解決，這是否意味著埃及政府希望你將其中一部分資金重新投入到埃及的資本支出中，因為顯然，這將是交換條件，但感覺在目前的油價下，這可能不是你應該做的。

Again, great question, Chris. The situation in relation to Egypt, first and foremost, let me just make sure and clarify. The movement of $32 million, I think you believe you see in the cash flow is in relation to the contractual backdated entitlement, which at one point in time was over $60 million. We've managed to collect the bulk of, in fact, all of that over the last year and a bit.

再一次，克里斯，這個問題問得好。首先，請容許我確認並澄清一下有關埃及的局勢。我認為，您認為現金流中 3,200 萬美元的變動與合約追溯權利有關，該權利一度超過 6,000 萬美元。事實上，在過去一年多的時間裡，我們已經成功收集了大部分資金，甚至是全部。

Now what I would say is we haven't seen a $30 million reduction in Egyptian receivables in the quarter. The overall position on receivables improved about $8 million or $9 million because although there is payments and offsets going against that contractual backdated because it's the oldest, your current receivables are actually -- there's a detrimental issue there.

現在我想說的是，我們本季並沒有看到埃及應收帳款減少 3,000 萬美元。應收帳款的整體狀況改善了約 800 萬美元或 900 萬美元，因為儘管有付款和抵消違反了合約追溯（因為它是最舊的），但您當前的應收帳款實際上是 - 這裡存在一個有害的問題。

So net-net, Chris, I just want to make sure that people understand the receivables did not come in by $30 million. They came in by closer to $10 million. Now what that also means is, as you know, we started drilling in the end of 2024. I think we completed two wells in Q4 2024, and we've been drilling in Q1.

所以，克里斯，我只是想確保人們明白應收帳款並沒有減少 3000 萬美元。他們的收入接近 1,000 萬美元。這也意味著，如你所知，我們將於 2024 年底開始鑽探。我認為我們在 2024 年第四季完成了兩口井，並且我們在第一季開始鑽探。

And I think we've completed about five wells in Q1. That current campaign, I think, is somewhere between 12 and 15 wells should be completed by the end of Q2. So we will be in a situation where we've met our contractual requirements and indeed our work program that we agreed with EGPC.

我認為我們在第一季已經完成了大約五口井。我認為，目前的活動大約有 12 到 15 口井應該在第二季末完成。因此，我們將處於滿足合約要求以及與 EGPC 商定的工作計劃的情況。

And I'd just, again, like to thank our local team who've done a great job with EGPC and making sure that everyone at the end of the day are aligned to the verbal agreements that we have with one another.

我還要再次感謝我們當地的團隊，他們與 EGPC 合作做得非常出色，確保每個人最終都遵守我們彼此之間的口頭協議。

That's great. That's brilliant. That's really helpful answer, Ron. Thank you very much indeed.

那太棒了。太棒了。這真是一個很有幫助的答案，羅恩。真的非常感謝。

No problem.

沒問題。

Seeing no further questions, this concludes our question-and-answer session. I would like to turn the conference back over to George Maxwell for any closing remarks.

沒有其他問題了，我們的問答環節到此結束。我想將會議交還給喬治·麥克斯韋爾 (George Maxwell) 做最後發言。

Thank you very much. I think we've had -- as I mentioned in the call earlier, we've had a very strong Q1. It rolled right off of a strong Q4 in 2024. The company has obviously got its Capital Markets Day on Wednesday next week, and the details of that are available on our website, where we'll be giving an outline more out towards 2028 and 2029.

非常感謝。我認為我們已經——正如我之前在電話會議中提到的那樣，我們的第一季表現非常強勁。它從 2024 年第四季的強勁表現中脫穎而出。該公司顯然已於下週三迎來資本市場日，其詳細資訊可在我們的網站上查閱，我們將在該網站上提供更多關於 2028 年和 2029 年的概述。

One of the key messages, obviously, with the growth in our organic portfolio, we've created a number of opportunities and developments for the company to grow over the coming years. In that position, we're also very confident with the resources that are available within the company, both human and financial, that we currently have at our disposal, sufficient resources to execute the plans that you're going to see on Wednesday.

顯然，其中一個關鍵訊息是，隨著我們有機投資組合的成長，我們為公司未來幾年的成長創造了許多機會和發展。在這種情況下，我們對公司內部可用的資源（包括人力和財力）也非常有信心，我們目前擁有足夠的資源來執行您將在周三看到的計劃。

And that's a key message that we're not looking to secure any further resources in order to deliver the plans that you're going to see on Wednesday. And with that said, I'd like to thank everyone for attending the conference and clearly thank all my colleagues in VAALCO for the efforts that have clearly put in for Q1 and look forward to talking to you again in the Q2 results. Thank you.

這是一個關鍵訊息，我們不會尋求獲得任何進一步的資源來實施您將在周三看到的計劃。話雖如此，我要感謝大家參加會議，並感謝 VAALCO 的所有同事為第一季所做的努力，並期待在第二季的結果中再次與您交談。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。