VAALCO Energy Inc (EGY) 2025 Q2 法說會逐字稿

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

早安，歡迎參加 VAALCO Energy 2025 年第二季財報電話會議。（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 Second Quarter 2025 Conference Call. After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the second 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 questions.

謝謝您，接線生。歡迎參加 VAALCO Energy 2025 年第二季電話會議。在我介紹完前瞻性陳述之後，我們的執行長喬治·麥克斯韋 (George Maxwell) 將回顧第二季度的主要亮點。我們的財務長 Ron Bain 將提供更深入的財務審查。在我們回答你們的問題之前，喬治將回來做一些總結發言。

During our question-and-answer session, we ask you to limit your question to one and a followup. You can reenter the queue with additional questions.

在我們的問答環節中，我們要求您將問題限制為一個，並進行後續提問。您可以重新進入隊列詢問其他問題。

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資料，其中包含額外的財務分析、比較和指導，應該會有所幫助。有了這些，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.

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 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.

Vaalco 不承擔因新資訊、未來事件或其他原因而更新或修改任何前瞻性陳述的意圖或義務。因此，您不應過度依賴前瞻性陳述。

These and other risks are described in our earnings release, the presentation posted on our website and in the reports we file with the SEC, including our Form 10-K. Please note that this conference call is being recorded.

這些風險和其他風險在我們的收益報告、我們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 second quarter 2025 earnings conference call. For the past two years, we have met or exceeded our quarterly production guidance consistently leading to strong operational and financial results, including net income, adjusted EBITDAX and cash flow generation.

謝謝你，克里斯。大家早安，歡迎參加我們的 2025 年第二季財報電話會議。在過去兩年中，我們一直達到或超過了季度生產預期，從而實現了強勁的營運和財務業績，包括淨收入、調整後的 EBITDAX 和現金流產生。

In Q2 2025, we delivered net income of $8.4 million or $0.08 per share and adjusted EBITDAX of $49.9 million. This was driven by NRI production of 16,956 BOE per day, which was above the high end of guidance. Working interest production of 21,654 BOE per day was at the high end of our guidance and NRI sales of 19,393 BOE per day, which was also above the high end of guidance.

2025 年第二季度，我們的淨收入為 840 萬美元，即每股 0.08 美元，調整後 EBITDAX 為 4,990 萬美元。這是由於印度國民生產總值 (NRI) 每天的產量為 16,956 桶油當量，高於指導值的上限。每日權益產量為 21,654 桶油當量，處於我們指導的高端，非居民印度人銷量為 19,393 桶油當量，也高於指導的高端。

Maintaining operational excellence and consistent production across our portfolio is essential to continued strong adjusted EBITDAX generation. which will enable us to fund organic growth initiatives and position us as a larger player in the industry.

在我們的產品組合中保持卓越的營運和穩定的生產對於持續強勁的調整後 EBITDAX 生成至關重要。這將使我們能夠資助有機成長計劃並使我們成為行業中更大的參與者。

We also entered into a new reserve-based revolving credit facility in the first quarter of 2025 and which complements our internally generated cash flow and cash on hand from time to time as needed to fund our organic growth initiatives. The facility has an initial commitment of $190 million with the ability to grow to $300 million as we look to fund projects across our diverse portfolio.

我們還在 2025 年第一季簽訂了一項新的基於儲備的循環信貸安排，該安排將根據需要不時補充我們的內部產生的現金流和現金，以資助我們的有機增長計劃。該設施的初始承諾金額為 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，該金額預計將增加至 3 億美元。

It is important to remember that 2025 is a transitional year, and everything remains on track with our forecast. Production came off-line in Q1 at Ivory Coast due to the FPSO project, and we do not expect to start the drilling program in Gabon until late Q3 as we await the drilling rigs completion of its current commitments.

重要的是要記住，2025 年是一個過渡年，一切都按照我們的預測進行。由於 FPSO 項目，科特迪瓦第一季的生產停止，我們預計加彭的鑽探計劃要到第三季末才會啟動，因為我們正在等待鑽井平台完成其當前的承諾。

This means that the meaningful production uplift we are projecting for these major projects won't begin until 2026 and into 2027. We I would like to point out that in addition to all of our organic growth and capital projects, we remain committed to returning cash to shareholders through a regular quarterly dividend and have returned over $100 million to our shareholders through dividends and share buybacks since 2022.

這意味著我們預計這些重大項目的產量顯著提升要到 2026 年和 2027 年才會開始。我想指出的是，除了我們所有的有機成長和資本項目之外，我們仍然致力於透過定期季度股息向股東返還現金，自 2022 年以來，我們已透過股息和股票回購向股東返還了超過 1 億美元。

I would now like to go through and provide a quick update on our diverse portfolio of high-quality assets beginning with quarter 1. In line with the project time line, the FPSO ceased hydrocarbon operations as scheduled on January 31, 2025, with the final lifting of crude oil from the vessel occurring in early February.

現在，我想簡要介紹一下從第一季開始的我們多元化優質資產組合的最新情況。根據專案時間表，FPSO 將於 2025 年 1 月 31 日按計劃停止碳氫化合物作業，並於 2 月初最後一次從船上提取原油。

The vessel departed from the field in late March and arrived in the shipyard in Dubai, ahead of schedule in mid-May 2025. The FPSO refurbishment is now underway in the shipyard.

該船於3月底離開油田，並提前於2025年5月中旬抵達杜拜造船廠。FPSO 的翻新工作目前正在船廠進行。

We are making a very sizable investment in this project. But given the license extension and the 125% cost oil recovery on the capital spend, this investment will provide a solid foundation for continuing economic growth into the future. Significant development drilling is expected to begin in 2026 after the FPSO returns to service with potential meaningful additions to production from a main Baobab field. The Council of Ministers recently approved a 10-year extension to the license on CI 40, extending it to 2038.

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% 成本石油回收率，這項投資將為未來持續的經濟成長奠定堅實的基礎。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 主要油田的產量產生重大影響。部長理事會最近批准將 CI 40 許可證延長 10 年，至 2038 年。

In March 2025, we announced a farm-in agreement for the CI 705 block offshore Ivory Coast, where we will operate with a 70% working interest and a 100% paying interest under commercial carrier arrangement through the seismic reprocessing and interpretation stages and potentially drilling up to 2 exploration wells. We invested $3 million to acquire our interest in new block.

2025 年 3 月，我們宣布了一項針對科特迪瓦近海 CI 705 區塊的農場協議，我們將在商業承運人的安排下，透過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，並可能鑽探多達 2 口井勘探。我們投資了 300 萬美元來收購新區塊的權益。

And in Q2, we received the seismic data for the block. We are conducting a detailed integrated geological analysis to assess and mature our understanding of the block's overall prospectivity as well as the basin's overall potential.

在第二季度，我們收到了該區塊的地震數據。我們正在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以及盆地整體潛力的理解。

We believe the block is favorably located in a proven hydrocarbon system 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 quarter 1. Moving to Gabon. Given that we haven't drilled a well in Gabon in over 2 years, we are very pleased with the positive overall production results, including strong production uptime and improved decline curves on the well.

我們認為該區塊位於已探明的碳氫化合物系統中，位置優越，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，我們對第一季的前景感到興奮。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非常滿意，包括強勁的生產正常運作時間和改善的油井下降曲線。

We secured a drilling rig in December 2024 for our 2025, 2026 drilling program, which is planned to begin in late Q3 2025 and but the timing of when we start the drilling program is dependent on when the rig becomes available from its current commitments. The contract that we signed for the rig is a firm commitment to 5 wells with an option for 5 additional wells.

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 年第三季末開始，但啟動鑽探計畫的時間取決於鑽井平台何時可以根據其當前承諾投入使用。我們為鑽井平台簽署的合約是對 5 口井的堅定承諾，並可選擇再鑽 5 口井。

As we discussed in the Capital Markets Day, we have some very strong drilling opportunities and the additional data gathered during the upcoming drilling program will help us high-grade and derisk additional well locations that we already have identified.

正如我們在資本市場日所討論的那樣，我們有一些非常好的鑽探機會，並且在即將進行的鑽探計劃中收集的額外數據將幫助我們提高已經確定的額外井位並降低其風險。

We plan to begin the drilling program on the time fuel platform, and we are currently planning on moving to the body wells later in the program because of the current robust production profile of these wells. In particular, we remain very pleased with the extended flow test on Iburi 48, which is continuing to surpass our initial expectations. We originally wanted to gather information on the H2S concentrations at this location to aid an equipment design and to evaluate our chemical crude sweetening process.

我們計劃在時間燃料平台上開始鑽探計劃，由於這些井目前的生產狀況良好，我們目前計劃在計劃後期轉移到體井。特別是，我們對 Iburi 48 的擴展流量測試感到非常滿意，它繼續超出了我們最初的預期。我們最初想收集該位置的 H2S 濃度信息，以輔助設備設計並評估我們的化學原油脫硫製程。

The 4H wells now flowed for all of 2025 at a gross average of about 1,000 barrels of oil per day with the H2S concentration within our modeling expectations, demonstrating our ability to chemically treat the oil. The well's production has helped to ban exceed its production guidance in 2025, while adding some additional production costs for chemicals.

4H 井目前在 2025 年全年的產量平均為每天約 1,000 桶石油，H2S 濃度符合我們的模型預期，證明了我們有能力對石油進行化學處理。該油井的產量有助於超過其 2025 年的產量指導，同時也增加了一些化學品的額外生產成本。

Regarding our exploration blocks in Gabon, the Nios Marine and the Gaduma Marine, we are working in conjunction with our partners and the operator BW Energy on plans for the 2 blocks moving forward. A to fulfill a work commitment to Yosi is being planned for acquisition in late 2025 or early 2026. Given the proximity of these blocks to prolific producing fields of Tami and Disafu, we are excited about the future possibility for these blocks.

關於我們在加彭的 Nios Marine 和 Gaduma Marine 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 Yosi 的工作承諾，計劃於 2025 年底或 2026 年初進行收購。鑑於這些區塊與塔米 (Tami) 和迪薩富 (Disafu) 產油田的距離很近，我們對這些區塊的未來發展前景感到興奮。

Turning to Egypt. In the fourth quarter of 2024, we contracted a ring and drilled 2 wells starting a drilling campaign that has carried into the first half of 2025. We have drilled and completed multiple wells in the first half of 2025 and are continuing to drill in Q3, including our South Gas lit commitment well.

轉向埃及。2024 年第四季度，我們簽訂了合約並鑽了 2 口井，開始了持續到 2025 年上半年的鑽探活動。我們在 2025 年上半年鑽探並完成了多口井，並將在第三季繼續鑽探，包括我們的 South Gas 承諾井。

We are very earth he operational performance and efficiency of the drilling program, which is helping to minimize cost through increased proficiency. We also continue to work over and recomplete wells in Egypt. Both the drilling program and the workover program in Egypt had solid production and our economic even in lower commodity price environments.

我們非常重視鑽井計畫的運作性能和效率，這有助於透過提高效率來最大限度地降低成本。我們也繼續在埃及建造和重新完井。即使在商品價格較低的環境下，埃及的鑽井計劃和修井計劃都取得了穩健的產量並帶來了經濟效益。

I'm also very proud of our continued performance from a safety standpoint in Egypt. We did not have a lost time incident in 2024. And thus far at 2025, we have not had a lost time incident, which means that we have gone over 5 million man-hours without an instant, which is a testament to our ongoing commitment to safety. In March 2024, we announced the finalization of documents in Equatorial Guinea related to the Venus Block P plan of development. This summer, we began a front-end engineering or FEED study. The feed is complete, and we are awaiting the publication of the final report.

我也對我們在埃及的安全表現感到非常自豪。2024年我們沒有發生任何損失時間事件。到 2025 年為止，我們還沒有發生過一次工時損失事故，這意味著我們已經累計超過 500 萬個工時，沒有發生過一次工時損失，這證明了我們對安全的持續承諾。2024年3月，我們宣佈在赤道幾內亞完成與金星P區塊開發計畫相關的文件。今年夏天，我們開始了前端工程或 FEED 研究。提要已完成，我們正在等待最終報告的發布。

We have further engineering studies to complete in 2025, leading 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.

我們還需要在 2025 年完成進一步的工程研究，從而做出經濟最終投資決策（FID），以推動金星計畫的開發。我們非常高興能夠在未來幾年內繼續推進開發、營運和生產赤道幾內亞近海 P 區塊油氣的計畫。

Turning to Canada. We successfully drilled and completed 4 wells in 2024. We also completed a wellness southern acreage in late 2024 that could help us better understand the acreage and upside in the area. While we remain optimistic about the drillable inventory in Canada, we decided to postpone our Canadian drilling program in 2025 due to the current commodity price environment. We'll continue to monitor the performance of our wells and plan for future drilling opportunities.

轉向加拿大。2024年成功鑽完4口井。我們也在 2024 年底完成了南部健康種植面積的調查，這可以幫助我們更好地了解該地區的種植面積和優勢。儘管我們對加拿大的可鑽探庫存仍然持樂觀態度，但由於當前的商品價格環境，我們決定推遲 2025 年的加拿大鑽探計畫。我們將繼續監測油井的性能並規劃未來的鑽井機會。

We continue to develop on or exceed 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'd like to thank our hardworking team who continue to operate and execute our plans. We are well positioned to execute the projects in our enhanced portfolio and given our track record of success this past few years, should instill confidence for our future.

我們的營運持續達到或超越我們的預期，我們穩健的財務表現持續超越分析師的預期。我們始終致力於為股東增加產量、儲備和價值。我要感謝我們勤奮的團隊繼續運作和執行我們的計劃。我們已做好準備，執行我們增強投資組合中的項目，並且鑑於我們過去幾年的成功記錄，我們應該對我們的未來充滿信心。

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

說完這些，我想把電話轉給羅恩來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 half of 2025 driven by our strong operational performance. We have met or exceeded production guidance for the past 2-plus years with production and sales up in the second quarter driven by strong production in Gabon and Egypt despite Cote d'Ivoire being offline since late January.

謝謝你，喬治。再次祝大家早安。我將深入分析我們財務表現的驅動因素，並專注於關鍵點。首先，我要重複喬治的評論，在我們強勁的營運表現的推動下，我們將在 2025 年上半年繼續取得成功。在過去兩年多的時間裡，我們一直達到或超過了生產預期，儘管科特迪瓦自 1 月底以來一直處於停產狀態，但受加彭和埃及強勁生產推動，第二季度產量和銷售額有所增長。

In the second quarter, we generated $8.4 million in net income or $0.08 per share and $49.9 million in adjusted EBITDAX. Our NRI sales for the quarter were above the high end of guidance and 19,393 barrels of oil equivalent per day, a small increase from the first quarter. This was driven by an extra lifting in late June in Gabon. While sales were up 3%, pricing was lower by about 15% quarter-over-quarter. We have seen higher volatility in the commodity price environment thus far in 2025. Our hedging program has always looked to help mitigate risk and protect our commitment to capital projects and shareholder returns.

第二季度，我們的淨收入為 840 萬美元，即每股 0.08 美元，調整後 EBITDAX 為 4,990 萬美元。本季我們的非居民印度石油銷售量高於預期上限，達到每天 19,393 桶油當量，較第一季略有增加。這是由於加彭 6 月底額外增產所致。雖然銷售額成長了 3%，但價格卻比上一季下降了約 15%。到 2025 年為止，我們已經看到大宗商品價格環境波動加劇。我們的對沖計劃始終致力於幫助降低風險並保護我們對資本項目和股東回報的承諾。

In the past, we have been opportunistic or tactical with our hedging approach. But with the reserve base lending now in place, we are moving towards a more programmatic hedging program that will be more consistent over a rolling time horizon. With this in mind, you can see that we added multiple hedges in 2025 and 2026, and our full hedge positions are disclosed in the earnings release.

過去，我們採取的是機會主義或戰術性的對沖方法。但隨著儲備基礎貸款的到位，我們正在轉向一個更具程序性的對沖計劃，該計劃將在滾動時間範圍內更加一致。考慮到這一點，您可以看到我們在 2025 年和 2026 年增加了多個對沖，並且我們的全部對沖頭寸在收益報告中披露。

Turning to costs. Our production costs for the second quarter of 2025 were at the low end of guidance on an absolute basis and below the low end of guidance on a per barrel basis. Absolute expense was $40.4 million, a 10% reduction quarter-over-quarter and on a per barrel basis was $22.87. G&A costs were in line with the guidance and fell by 9% quarter-over-quarter. Our focus remains on keeping our costs low to enable us to maximize margins and increase our cash flow.

談到成本。我們 2025 年第二季的生產成本在絕對值上處於指導值的低端，在每桶基礎上則低於指導值的低端。絕對支出為4040萬美元，月減10%，以每桶計算為22.87美元。一般及行政費用符合預期，季減9%。我們的重點仍然是保持低成本，以便最大限度地提高利潤並增加現金流。

Moving to taxes. And as I've previously stated in Gabon, our foreign income taxes are settled by the government through an in-kind oil liftings. In Q2, we saw a $3.1 million favorable oil price adjustment as a result of the change in the value of the government of Gabon's allocation of profit oil between the time it was produced and the time it was taken in kind. Turning now to the balance sheet and to the cash flow statement. Unrestricted cash at the end of the second quarter was $67.9 million. This did not include around $24 million of receipts that were collected in July.

轉向稅收。正如我之前在加彭所說的那樣，我們的外國所得稅是由政府透過實體石油提煉來結算的。在第二季度，我們看到了 310 萬美元的有利油價調整，這是由於加彭政府在生產和以實物形式獲取之間分配的利潤油價值發生了變化。現在轉向資產負債表和現金流量表。第二季末的非限制現金為 6,790 萬美元。這還不包括 7 月收取的約 2,400 萬美元的收入。

About $19 million of that was related to the lifting in Gabon that occurred at the end of June and $5 million was received from EGPC aligned with our commitment to ensure that they stayed current on their 2025 payables, whilst improving their overall age position.

其中約 1,900 萬美元與 6 月底加彭的解除債務有關，500 萬美元來自 EGPC，這符合我們的承諾，以確保他們按時支付 2025 年的應付款項，同時改善他們的整體年齡狀況。

We believe we will see more meaningful reduction in their overall aging profile as the year progresses. Throughout the first half of 2025, EGPC continued to demonstrate that their variable commitments have turned into physical actions.

我們相信，隨著時間的推移，我們的整體老化狀況將會出現更顯著的下降。2025 年上半年，埃及石油天然氣公司繼續證明其多方面承諾已轉化為實際行動。

As we discussed last quarter, we added a reserve-based credit facility with an initial commitment of $190 million and the ability to grow that to $300 million. With the capital spending in CDI and in Gabon in 2025, we had forecasted that we would have to use the facility and in Q2, we drew on that facility for the first time, but overall, we closed with cash on hand that was greater than the bank debt by $7.9 million at quarter end before receipt of the additional receivables in July.

正如我們上個季度所討論的，我們增加了一項基於儲備的信貸額度，初始承諾金額為 1.9 億美元，並有能力將其增加到 3 億美元。由於 2025 年在 CDI 和加彭的資本支出，我們預測我們將不得不使用該貸款，並且在第二季度，我們首次動用了該貸款，但總體而言，在 7 月份收到額外應收帳款之前，我們季度末的現金餘額比銀行債務高出 790 萬美元。

In Q2, we spent $45.9 million in cash CapEx and returned $6.5 million through dividends to our shareholders.

在第二季度，我們花了 4,590 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。

We believe that our current dividend yield of around 7% is very attractive, especially considering the meaningful upside potential in production and reserve growth that we outlined in the Capital Markets Day over the next few years.

我們認為，目前約 7% 的股息收益率非常有吸引力，尤其是考慮到我們在資本市場日概述的未來幾年產量和儲量增長的巨大上升潛力。

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 production breakout of both working interest and net revenue interest by asset area. Full year guidance remains unchanged.

現在讓我轉向指導，我將為您提供一些關鍵的亮點和更新。我們的完整指導細目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。全年指引保持不變。

And I'd like to remind you that last quarter, we did reduce CapEx forecast by 10% without impacting production or sales for the full year 2025. For Q3 2025, we are forecasting production to be between 18,900 and 20,800 working interest barrels of oil equivalent per day and between 14,400 and $15,600 net revenue interest barrels of oil equivalent per day.

我想提醒大家，上個季度，我們確實將資本支出預測降低了 10%，但這不會影響 2025 年全年的生產或銷售。對於 2025 年第三季度，我們預測產量將在每天 18,900 至 20,800 桶油當量的工作權益，以及每天 14,400 至 15,600 美元的淨收入權益。

This is down compared to the second quarter due to a planned maintenance turnaround that occurred in Gabon in July, a natural decline across all of our assets.

與第二季度相比，這一數字有所下降，原因是 7 月加彭進行了計劃內的維護週轉，這是我們所有資產的自然下降。

For the third quarter, we are forecasting our sales will be down compared to Q2 due to fewer offshore liftings in Gabon. We also expect our absolute operating cost to be lower compared to Q2, also because of fewer expected liftings.

由於加彭海上採油量減少，我們預計第三季的銷售額將比第二季下降。我們也預計，與第二季相比，我們的絕對營運成本將會降低，這也是因為預計的提升量較少。

Finally, looking at CapEx. Our Q3 CapEx spend is expected to be between $70 million and $90 million. Although this may come in a bit lower depending on the timing of the arrival of the drilling rig in Gabon. We anticipate continued spending in CDI and Egypt in Q3, more or less in line with Q2.

最後，來看看資本支出。我們第三季的資本支出預計在 7,000 萬美元至 9,000 萬美元之間。不過，根據鑽井平台抵達加彭的時間，這數字可能會略低一些。我們預計第三季 CDI 和埃及的支出將繼續與第二季大致持平。

In closing, we are continuing to achieve strong results. We are well positioned to execute and fund in our robust organic capital program that should help to increase production and reserves for 2026 and for years beyond.

最後，我們將繼續取得優異的成績。我們已做好準備，執行並資助我們強大的有機資本計劃，這將有助於提高 2026 年及以後的產量和儲量。

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

說完這些，我現在將電話轉回給喬治。

Thanks Ron. We will continue to execute our strategy focused on operating efficiency, investing prudently, maximizing our asset base, and looking for creative opportunities.

謝謝羅恩。我們將繼續執行注重營運效率、審慎投資、最大化資產基礎和尋找創造性機會的策略。

As you have heard this morning, we continue to meet or exceed both our quarterly guidance and analyst estimates in the first half of 2025, as we have done for the past several years.

正如大家今天早上所聽到的，正如過去幾年所做的那樣，我們在 2025 年上半年繼續達到或超過了季度指引和分析師預期。

By delivering on our commitments to the market, I believe we have earned the credibility with our shareholders, and we will continue to deliver on the exciting spate of projects that we have over the next few years.

透過履行對市場的承諾，我相信我們已經贏得了股東的信任，並且我們將在未來幾年繼續完成一系列令人興奮的項目。

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

我們整個組織都在積極努力實現永續成長和強勁業績。

We have multiple major projects underway that are anticipated to meaningfully grow production and reserves.

我們正在進行多個重大項目，預計將大幅提高產量和儲量。

Through the first half of 2025, we have generated $107 million in adjusted EIA, and this is with Cote d'Ivoire offline for the FPSO project and no new wells drilled in Gamon.

到 2025 年上半年，我們已產生 1.07 億美元的調整後 EIA，這是在科特迪瓦 FPSO 項目下線且 Gamon 沒有鑽新井的情況下。

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

除了為我們的資本計劃提供資金外，我們還一直致力於為股東帶來價值回報。

In the first half of 2025, we returned over $13 million to our shareholders through dividends.

2025年上半年，我們透過股利向股東返還了超過1,300萬美元。

We are on pace to deliver another $0.25 per share annual dividend for 2025, which at our current share price is a dividend yield of about 7%.

我們計劃在 2025 年再派發每股 0.25 美元的年度股息，以當前股價計算，股息收益率約為 7%。

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

我們對自己執行未來眾多專案的能力充滿信心，這主要是因為我們在過去幾年中在開發和增加資產方面取得了巨大成功。

Our disciplined approach to maximizing value for our shareholders by delivering growth and production, reserves, and cash flow has led to outstanding results and has positioned us to continue to profitably grow into the future.

我們透過實現成長和生產、儲備和現金流來為股東實現價值最大化的嚴謹方法，取得了出色的業績，並使我們在未來能夠繼續實現盈利增長。

Thank you, and with that operator, we're ready to take questions.

謝謝，現在我們可以回答問題了。

(Operator Instructions)

（操作員指示）

Stephane Foucaud with Auctus Advisors.

Auctus Advisors 的 Stephane Foucaud。

Hi James, thanks for taking my questions. My first one is on Cote d'Ivoire. So I think, George, you mentioned that the project was ahead of schedule in May. And I was wondering whether -- now we are mid of August, whether it's still the case or whether it's online. So where are we at the moment versus expectation on that?

你好，詹姆斯，謝謝你回答我的問題。我的第一個問題是有關科特迪瓦的。所以我認為，喬治，你提到這個計畫在五月就提前完成了。我想知道——現在已經是八月中旬了，情況是否仍然如此，或者是否在線。那麼，我們目前的狀況與預期相比如何呢？

And my follow-on is probably for Ron, and that's about cash -- operating cash flow in the second quarter -- third quarter. There are a lot of moving parts. I think there is this payment from this lifting $19 million that fall into the third quarter, but there will be as well less lifting. So I was wondering whether -- how directionally you see that operating cash flow versus Q2, higher or lower, similar, just calibrating my model?

我的後續問題可能是針對羅恩的，關於現金——第二季和第三季的經營現金流。有很多活動部件。我認為，此次提款將支付 1,900 萬美元，這些款項將進入第三季度，但提款金額也會減少。所以我想知道——您是否認為經營現金流與第二季度相比，是更高還是更低，還是相似，只是校準了我的模型？

Thank you.

謝謝。

Thank you, Stephane. Well, yes, I mentioned in May that the FPSO project was ahead of schedule. And as of today, it remains ahead of schedule. We are still projecting in accordance with the operator, the sale away time to be exactly where we are predicting it to be in January of 2026 and then working on the reconnection in late March of 2026. So at the moment, we are ahead.

謝謝你，史蒂芬。嗯，是的，我在五月提到 FPSO 專案提前完成了。截至今天，該項目仍提前完成。我們仍然根據營運商的預測，銷售時間恰好是我們預測的 2026 年 1 月，然後在 2026 年 3 月下旬進行重新連接。因此目前我們處於領先地位。

That may see some accelerant spending into 2025 from 2026 if the project keeps ahead of track, which is although it increases some of our spend, it's good news earlier we can get that vessel back in place.

如果專案保持領先，那麼從 2026 年到 2025 年可能會出現一些加速支出，儘管這會增加我們的一些支出，但好消息是我們可以提前將船隻放回原位。

In relation to working capital, obviously, in Q1, we had an outflow in relation to Gabon's lifting, the state lifting for taxes. We don't see another lifting for Gabon for the state this year. At this point in time, we're projecting it will fall into 2026.

關於營運資金，顯然，在第一季度，我們因加彭政府取消稅收而出現了資金流出。我們預計加彭今年不會再有任何好轉。目前，我們預計它將在 2026 年實現。

So we won't have that situation. In Q2, as you said, with 3 liftings, the last of which was on the 28, of June in Gabon, which resulted in effectively an AR balance at the end of the quarter. We generally collect our money on our listings within the period in Gabon, but in that particular case, it moved to July, and that was about $19 million in the end of June.

所以我們不會出現這種情況。正如您所說，第二季度進行了三次提款，最後一次是在 6 月 28 日加彭，這實際上導致季度末出現應收帳款餘額。我們通常會在加彭上市期間收回資金，但在那個特殊情況下，收回資金的時間推遲到了 7 月份，6 月底的收回金額約為 1900 萬美元。

So those are the 2 outflow movements in Q1 and Q2, even though there's other things within that. What I'd say for Q3 is that we're expecting accounts receivable to come down somewhat in Q3. So at this point in time, I would suggest that your working capital is going to be a positive inflow in Q3 and then it will revert to a normal status in Q4.

因此，儘管其中還有其他因素，但這些是 Q1 和 Q2 中的兩次流出運動。對於第三季度，我想說的是，我們預計應收帳款在第三季度會下降。因此，目前我建議您的營運資金在第三季將出現正流入，然後在第四季恢復正常狀態。

Thank you. So maybe offsetting the fact that there will be fewer -- lower level of sales in Q3 compared to Q2?

謝謝。那麼也許可以抵銷第三季與第二季相比銷售量減少的事實？

Yeah, I think you've got 2 things. One, you've collected that receivable in July that was really outstanding at the end of June in Gabon, and we will lift in Q3 and get paid in Q3. And at the same point in time, we are expecting to see some other improvements in receivables. I'll say specifically from Egypt at this point in time, we expect to see some reduction there through Q3 and Q4.

是的，我認為你有兩件事。首先，你們已經在 7 月收回了加彭 6 月底尚未清償的應收帳款，我們將在第三季收回這些帳款，並在第三季獲得付款。同時，我們預計應收帳款將出現其他一些改善。我想特別指出的是，就目前的情況來看，我們預計第三季和第四季埃及的出口將會減少。

Thank you.

謝謝。

Thank you.

謝謝。

Chris Wheaton with Stifel.

克里斯惠頓 (Chris Wheaton) 與 Stifel 合作。

Thank you. Good afternoon. Good morning, guys. Two questions from me, if I may. Firstly, just back on Cate d'Ivoire. We talked at the last set of results about the turret bearing being a particular critical path for the FPSO project to remain on time and on budget.

謝謝。午安.大家早安。如果可以的話，我想問兩個問題。首先，回到科特迪瓦的話題。我們在上一組結果中討論了轉塔軸承是 FPSO 專案按時按預算完成的關鍵路徑。

And I just wondered with all the chaos that tariffs have caused, whether that is still a big complex piece of steel is still on target to be manufactured and installed as planned.

我只是想知道，由於關稅造成的所有混亂，這是否仍然是一個大型複雜的鋼鐵件，是否仍能按計劃進行製造和安裝。

And my second question was coming back to pick up on the answer or your answer, Ron, just now on working capital. You had -- I was slightly surprised to see working capital negative again in 2Q, but you do have $23 million of receivables just after the quarter end.

我的第二個問題是回到剛才你關於營運資金的回答，羅恩。我有點驚訝地看到第二季營運資本再次為負，但季末剛過，您就有 2,300 萬美元的應收帳款。

That would suggest that to me then if Egypt must have paid about $9 million or thereabouts in working capital receivables in the quarter, is that about right? Because it's obviously good to see that Egypt is keeping up its payables as previously discussed. Those are my two questions.

對我來說，這意味著如果埃及本季必須支付約 900 萬美元左右的營運資金應收款，這樣對嗎？因為看到埃及如前所述繼續支付款項顯然是件好事。這是我的兩個問題。

Thank you.

謝謝。

Yeah, So to talk -- to bring you up to speed on the current bearing swivel assembly, the bearing is actually in Dubai in a climate-controlled warehouse waiting for install currently and the swivel should arrive there on August 12 based on our present data. It's on the water. The installation should commence shortly after that, I would think beginning of September. So yes, that's all in hand.

是的，所以說——為了讓您了解當前的軸承旋轉組件，軸承實際上正在迪拜的一個氣候控制倉庫中等待安裝，根據我們目前的數據，旋轉組件應該在 8 月 12 日到達那裡。它在水上。安裝工作應該在那之後不久開始，我認為是九月初。是的，一切都在掌控之中。

Chris, going back to your Egyptian receivable point. I mean, we started the year with about $113 million in receivables in Egypt and that's reduced probably about 95% of that balance through the end of June. Obviously, we got $5 million, as you can see in July against that. At the same time, we've had revenues of $67 million.

克里斯，回到你的埃及收款點。我的意思是，今年年初我們在埃及的應收帳款約為 1.13 億美元，到 6 月底，這一餘額可能已經減少了約 95%。顯然，我們獲得了 500 萬美元，正如您在 7 月看到的那樣。同時，我們的收入達到了 6,700 萬美元。

So we have had a reduction overall in the 6 months and have kept pace with our revenue performance in the first 6 months of this year. So they're doing exactly what they're verbally committed to and we've got some commitments for them for the second half of the year, and there's nothing to suggest that we will not keep to those commitments.

因此，我們在 6 個月內總體有所減少，並且與今年前 6 個月的收入表現保持同步。因此，他們正在履行口頭承諾，我們也為他們做出了下半年的一些承諾，沒有任何跡象表明我們不會履行這些承諾。

Great, thank you.

太好了，謝謝。

And your next question comes from Charles Sharp with Canochord. Please go ahead.

您的下一個問題來自 Canochord 的 Charles Sharp。請繼續。

Good morning, gentlemen. Thanks for taking my question and thanks for the presentation too. Just a quick question actually on Equatorial Guinea.

先生們，早安。感謝您回答我的問題，也感謝您的演講。實際上我只是想問一個關於赤道幾內亞的簡單問題。

I think you said in the announcement that you are targeting a final investment decision by the end of this year, correct me if I'm wrong. I just wondered if actually a sort of safe restart of production in Cote d'Ivoire and a little bit of evidence of positive results from Gabon drilling might feed into that decision.

我想您在公告中說過，您計劃在今年年底前做出最終投資決定，如果我錯了，請糾正我。我只是想知道，科特迪瓦安全重啟生產以及加彭鑽探取得積極成果的證據是否真的有助於做出這個決定。

Not, not.

不，不。

Really. We, when we set up the speed study, we were looking to see how we can optimize the position around the top sides, moving.

真的。當我們進行速度研究時，我們正在尋找如何優化頂部周圍的位置並移動的方法。

Some of the CapEx into opEC because of the potentially short field life that we have projected for the Venus development being around about 5 years. So what we're trying to do is match the expenditure with the tax efficiency window that Equatorial Guinea has for those types of investments.

由於我們預期 Venus 開發案的油田壽命可能較短，約 5 年，因此將部分資本支出轉入營運成本 (opEC)。因此，我們試圖將支出與赤道幾內亞針對此類投資的稅收效率窗口相匹配。

When we look at moving into an FID and starting to make those firmer commitments, we're looking at a number of options as to how we can drill and evaluate more efficient efficiently than we've currently got on the plan of development and de-risk some of that shelf drilling.

當我們考慮進入最終投資決定 (FID) 並開始做出更堅定的承諾時，我們正在考慮多種選擇，以便比目前的開發計劃更有效率地進行鑽探和評估，並降低部分架子鑽探的風險。

And but when we move to FID, the actual commitments that we'll make will be will be certainly well into the second half of 2026 before we're really focused on that. So by that time we'll already have code d'Ivoire re-established in production, and we'll actually have by that time at least probably one of the baobab phase 5 wells drilled, so. We're trying to, as we did in the capital, sorry, as we outlined in the capital markets day, make sure that we don't overstretch our balance sheet in the development of organic assets, and that's why CDI sits out towards the back end of 206 and early 207.

但是，當我們轉向 FID 時，我們所做的實際承諾肯定會持續到 2026 年下半年，然後我們才會真正關注這一點。所以到那時，我們已經重新建立了科特迪瓦代碼的生產，並且到那時我們實際上至少可能已經鑽探了猴麵包樹第五階段井中的一口。正如我們在資本市場日所概述的那樣，我們正在努力確保我們不會在有機資產開發中過度擴張我們的資產負債表，這就是為什麼 CDI 會在 206 年底和 207 年初退出。

That's perfect.

那很完美。

Thank you very much.

非常感謝。

Again, if you have a question, please press star, then one.

再次強調，如果您有疑問，請按星號，然後按一。

Your next question comes from Jeff Robertson with Water Tower Research. Please go ahead.

您的下一個問題來自 Water Tower Research 的 Jeff Robertson。請繼續。

Thank you. Good morning. George, can you talk a little bit about the The impact that the Gabbone drilling program will have on production, in other words, whether there be many disruptions from things moving around or from the rig moving around in the field and drilling and completion operations.

謝謝。早安.喬治，您能否稍微談談加博內鑽井計畫對生產的影響，換句話說，是否會因物體移動或鑽機在油田和鑽井完井作業中的移動而造成乾擾。

I'll pass that one to Thor, but yeah, I don't envisage any, but I'll let Thor give you the detail. Yeah.

我會把這個傳給 Thor，但是是的，我沒有設想任何，但我會讓 Thor 給你細節。是的。

What we do is there's obviously times when we do have to curtail production on the platforms when the rig is either moving in or moving off the platform, and we generally TRY and TRY and associate those times with planned downtime that's in the budget already, so we don't impact that.

我們所做的是，當鑽機移入或移出平台時，顯然有時我們確實必須減少平台上的生產，我們通常會嘗試將這些時間與預算中已經計劃好的停機時間聯繫起來，這樣我們就不會對此產生影響。

Those are, remember we're talking a day at the rig moves on, yeah.

請記住，我們正在談論鑽井平台上的一天，是的。

Okay, so no.

好的，所以不是。

No will material.

沒有遺囑資料。

No.

不。

Disruptions.

中斷。

No.

不。

Secondly, this may be way too early since you, I think you said you just got seismic in CI 705, but George, can you talk about how much of that block you ultimately would like to keep? And does that, do those decisions just depend on how you mature prospects on the block?

其次，這可能還為時過早，因為您，我想您說過您剛剛在 CI 705 中經歷了地震，但是喬治，您能談談您最終想保留多少塊嗎？那麼，這些決定是否只取決於你如何成熟潛在客戶？

It definitely does because what we what we've seen obviously we just received the seismic in late June, so the team are just basically starting to organize that data for review. But if you recall what we said in Captain Markets Day when we first went to look at this block and it was being marketed by by ICE, they were focused on a shallower gas structure that they saw which was closer towards the beach, and we see. What we think is potentially a very attractive oil bearing structure which is a little deeper, so it's down to the evaluation and exactly which one ranks up there as the most attractive to drill because we will have to drill that to come to a point of finding something that we can turn to commerciality. And so then it's about agreeing with the DG8, the segment of the block you're keeping for commercial production and what you want to relinquish. As you can see, the block itself is is extremely large, and we are going to take the time to to do the full study of the of the seismic over the whole block to ensure that we don't miss anything. And it's quite clear.

確實如此，因為我們顯然看到的是我們在六月底剛剛收到的地震數據，所以團隊基本上才剛開始整理這些數據以供審查。但是，如果您還記得我們在 Captain Markets Day 上說過的話，當我們第一次去看這個區塊並且它由 ICE 推銷時，他們關注的是他們看到的更靠近海灘的較淺的氣體結構，我們看到了。我們認為這是一個潛在的非常有吸引力的含油結構，它的位置稍微深一些，所以這取決於評估，以及哪一個最有吸引力，值得鑽探，因為我們必須鑽探它，才能找到可以轉化為商業用途的東西。所以，這需要與 DG8 達成一致，即保留用於商業生產的區塊部分以及您想要放棄的部分。正如您所看到的，區塊本身非常大，我們將花時間對整個區塊的地震進行全面研究，以確保我們不會遺漏任何東西。這很清楚。

Particularly in that that basin and CDI that many people have looked over that over the last 20-30 years, but it's only now with some of the enhanced seismic analysis you're starting to see.

特別是在那個盆地和 CDI，許多人在過去的 20-30 年裡已經研究過它，但直到現在，隨著一些增強的地震分析，我們才開始看到它。

Opportunities in that basin which other people haven't seen before. I think the ENI Ble discovery and production is a great example that many people have looked in that area and it's only now we're starting to see some significant opportunities. So we're not going to rush it. We've got enough time again with the next two years and our Catholics program, we're pushing the company. In the next 2 to 3 years up towards 50,000 barrels a day, so this will come at the other end of of that development cycle.

該盆地中蘊藏著其他人從未見過的機會。我認為 ENI Ble 的發現和生產是一個很好的例子，很多人都在關注這個領域，直到現在我們才開始看到一些重大機會。所以我們不會操之過急。在接下來的兩年裡，我們有足夠的時間和我們的天主教計畫來推動公司的發展。在未來 2 到 3 年內，產量將達到每天 50,000 桶，因此這將出現在該開發週期的另一端。

Thank you.

謝謝。

And your next question is a follow up from Stefan Voad with Ous Advisors. Please go ahead.

您的下一個問題是來自 Ous Advisors 的 Stefan Voad 的後續問題。請繼續。

Yes, thank you.

是的，謝謝。

I have a question on Egypt. So you talk about continuous drilling activity in the second part of the yard recall that when the initial budget was set, there was some uncertainty about the second part of 2025. So I was wondering now how many ways do you plan to drill into compared with 10 wells drilled in the first half of 2025 in Egypt.

我有一個關於埃及的問題。因此，您談到在船廠第二部分持續進行的鑽探活動時，回想一下，當制定最初的預算時，對 2025 年第二部分存在一些不確定性。所以我現在想知道，與埃及 2025 年上半年鑽的 10 口井相比，您計劃採取多少種方式進行鑽探。

Thank you.

謝謝。

We've got right now we've got plants to drill an additional 8 wells in the second half.

我們現在已經準備好在下半年再鑽 8 口井。

Okay, so that could have quite a nice impact on production.

好的，這可能會對生產產生相當大的影響。

I guess it was probably not expected before.

我想這可能是之前沒有預料到的。

Yeah, it should give us a fairly good bump on the exit rates of the year.

是的，這應該會為我們今年的退出率帶來相當大的提升。

Yeah, and bear in mind, Stefan, one of those wells is in the western desert, South Gaza, so it won't have production associated with it, but it is there to see what, opportunity we have in the development.

是的，請記住，史蒂芬，其中一口井位於西部沙漠，即南加沙，因此它不會產生相關的生產，但它在那裡是為了看看我們在開發中有什麼機會。

So and therefore with this enhanced CapEx program ord program, why is the CapEx guidance not change or is what have you moved around to maintain this CapEx guidance?

那麼，因此，對於這個增強的 CapEx 計劃或計劃，為什麼 CapEx 指導沒有改變，或者您採取了什麼措施來維持這個 CapEx 指導？

I think it's two things really, Stan. The first part was remember we basically took a Canadian CapEx that we planned for 2026 for 2025 out in the year, and that offset effectively the increased drilling in Egypt. And also Egypt's capital costs have been coming in lower than what we were guiding to. So those two things alone are leading to us basically maintaining the position that we had at the end of Q1, where we guided that we'd have a 10% reduction to our overall CapEx guidance for the year.

我認為這實際上是兩件事，斯坦。第一部分是記住我們基本上將計劃於 2026 年在加拿大進行的資本支出在 2025 年支出，這有效地抵消了埃及增加的鑽探量。而且埃及的資本成本一直低於我們的預期。因此，僅憑這兩件事就足以讓我們基本維持第一季末的水平，當時我們預計全年整體資本支出將減少 10%。

Things worth mentioning, and we have highlighted it before about the drilling efficiencies in Egypt, and I think we've talked about having some of the drilling complete down as low as 15 days, and some of the wells in Q2 we were down to 8 days.

值得一提的是，我們之前已經強調過埃及的鑽井效率，我想我們已經討論過一些鑽井工作完成時間縮短至 15 天，而第二季度的一些井的完成時間縮短至 8 天。

And so that adds to the low cost.

這也進一步降低了成本。

Yeah, I think to add on to that, when we first took over the drilling operations there, we were, the existing operator at the time was drilling sort of one well every 30 days, within the first sort of 18 months we had dropped that down to 16 to 20 days and right now we're drilling roughly at a rate of 2.5 wells per month.

是的，我想補充一點，當我們第一次接管那裡的鑽井作業時，當時的現有運營商每 30 天鑽一口井，在最初的 18 個月內，我們將鑽井頻率降低到 16 到 20 天，現在我們大約以每月 2.5 口井的速度鑽井。

Okay.

好的。

And of course you know that that has an impact that has an impact on your your rig costs and your service costs because you simply have less days that you're paying for it.

當然，您知道這會對您的鑽孔機成本和服務成本產生影響，因為您需要支付的費用天數更少了。

Thank you very much.

非常感謝。

And your next question is a follow up from Jeff Robertson with Water Tower Research. Please go ahead.

您的下一個問題是來自 Water Tower Research 的 Jeff Robertson 的後續問題。請繼續。

Do you, just to follow up on CI when the FPSO comes back to The field, how long will it take to restore production to where it was before and would some of the refurbishment work on the FPSO allow for any increased production from what it was capable of before from the existing wells?

當 FPSO 回到油田時，您是否只是跟進 CI，需要多長時間才能恢復到以前的產量，並且 FPSO 上的一些翻新工作是否允許在現有油井的產量基礎上有所提高？

Right now the FPSO is planned to be back at the end of May. We expect it'll take probably 2 to 3 weeks.

目前，FPSO 計劃於 5 月底返回。我們預計大概需要 2 到 3 週的時間。

Sorry, it should be starting first oil production at the end of May. After that, I would expect the field to ramp up slowly after for 2 or 3 weeks. So we would expect, I think, to see stable production towards the end of June, middle of June, that range.

抱歉，應該在五月底開始首次產油。此後，我預計該領域將在 2 至 3 週內緩慢發展。因此，我認為我們預計在六月底、六月中旬左右產量將保持穩定。

The scope of the FPSO refurbishment was not to change the overall capability of the FPSO.

FPSO 翻新的範圍不會改變 FPSO 的整體能力。

The vessel is capable of handling well over what the field is capable of producing, so no issues there and there was no changes in planned for that. It was simply refurbishing what was there.

該船的處理能力遠遠超過油田的產量，因此不存在任何問題，計劃也沒有任何變化。這只是對原有的東西進行翻新。

Thank you.

謝謝。

This concludes our question and answer session. I would like to turn the conference back over to CEO George Maxwell for any closing remarks.

我們的問答環節到此結束。我想將會議交還給首席執行官喬治·麥克斯韋爾 (George Maxwell) 並請他致閉幕詞。

Thank you very much and thank you to all the participants that listened to our call today.

非常感謝，也感謝今天聆聽我們電話會議的所有參與者。

Once again we've had a strong quarter.

我們又一次迎來了強勁的季度業績。

We are projecting a strong year given the investing activities that we had forecast for 2025. And that puts the company in a great place and a great platform for growth into 2026. So the ability that we have right now to demonstrate to the market and to our shareholders our continued success and investment in our organic portfolio, whilst keeping a lot of options open in in exploration opportunities, particularly around 705 and the two new exploration blocks in Gabon. So we will continue to look at opportunities that allow us to increase our footprint and further extend our production profiles well into the late 2030s to give us a sufficient sufficiently long running room to generate both the oil production and the subsequent cash flows that allow us to make the returns to the investors that we have done over the past 3 years.

根據我們對 2025 年投資活動的預測，我們預計今年將是強勁的一年。這使得公司處於有利地位，並為 2026 年的成長奠定了良好的平台。因此，我們現在有能力向市場和股東展示我們持續的成功和對有機投資組合的投資，同時在勘探機會方面保留許多選擇，特別是在 705 和加彭的兩個新勘探區塊附近。因此，我們將繼續尋找機會，擴大我們的足跡，並在 2030 年代後期進一步擴大我們的生產規模，以便我們有足夠長的運行空間來產生石油產量和隨後的現金流，使我們能夠像過去 3 年那樣向投資者帶來回報。

And with that, I look forward to talking to you all again in the core of 3 earnings call.

因此，我期待在第三次財報電話會議中再次與大家交談。

Thank you.

謝謝。

The conference is now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。