VAALCO Energy Inc (EGY) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to the VAALCO Energy's Third Quarter 2025 Conference Call. (Operator Instructions) Please also note today's event is being recorded.

各位早安，歡迎參加 VAALCO Energy 2025 年第三季電話會議。（操作說明）也請注意，今天的活動正在錄影。

At this time, I'd like to turn the floor over to Al Petrie, Investor Relations Coordinator. Sir, please go ahead.

現在，我想把發言權交給投資人關係協調員阿爾‧佩特里。先生，請繼續。

Thank you, operator. Welcome to VAALCO Energy's Third Quarter 2025 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 questions. (Event Instructions) I'd like to point out that we posted a supplemental investor deck on our website that has additional financial analysis, comparison and guidance that should be helpful.

謝謝接線生。歡迎參加 VAALCO Energy 2025 年第三季電話會議。在我介紹完前瞻性聲明之後，我們的執行長喬治·麥克斯韋爾將回顧第三季度的主要亮點。我們的財務長 Ron Bain 將隨後提供更深入的財務審查。接下來，喬治會做一些總結發言，之後我們會回答大家的問題。（活動說明）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。

With that, let me proceed with our forward-looking statement comments. 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. Please note that this call is being recorded.

接下來，我將對前瞻性聲明進行評論。在本次電話會議期間，本公司將發表前瞻性聲明。投資人請注意，前瞻性陳述並非對未來績效的保證，實際結果或發展可能與前瞻性陳述中預測的結果或發展有重大差異。VAALCO 聲明，無論是由於新資訊、未來事件或其他原因，均無意願或義務更新或修改任何前瞻性聲明。因此，您不應過度依賴前瞻性陳述。這些風險以及其他風險已在我們的獲利報告、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，本次通話正在錄音。

Let me turn the call over to George.

讓我把電話轉給喬治。

Thank you, Al. Good morning, everyone, and welcome to our third quarter 2025 earnings conference call. For over two years, every quarterly earnings call, we have met or exceeded our production guidance, consistently leading to strong operational and financial results. The third quarter was no different with NRI production of 15,405 BOE per day, which was at the high end of guidance; working interest production of 19,887 BOE was above the midpoint of guidance, and NRI sales of 12,831 BOE per day, which was also at the high end of guidance. Our production and sales performance through the first nine months of 2025 has been so strong that we have raised the midpoint of our full year production and sales guidance by about 5%, while also further reducing our capital guidance by almost 20% and maintaining our operating expenses virtually flat.

謝謝你，阿爾。各位早安，歡迎參加我們2025年第三季財報電話會議。兩年多來，我們每季的獲利電話會議都達到或超過了我們的生產預期，持續取得了強勁的營運和財務業績。第三季情況也與此類似，非居民權益產量為每天 15,405 桶油當量，處於指導的高端；工作權益產量為每天 19,887 桶油當量，高於指導的中點；非居民權益銷售額為每天 12,831 桶油當量，也處於指導的高端。2025 年前九個月，我們的生產和銷售業績非常強勁，因此我們將全年生產和銷售指導的中點提高了約 5%，同時將資本指導進一步降低了近 20%，並將營運費用基本保持不變。

Ron will go into more detail about our guidance later in this call, but we believe that maintaining operational excellence and consistent production across our portfolio is essential to continued strong adjusted EBITDAX generation, which will assist us in funding organic growth initiatives while positioning us as a larger player in the industry. In the first nine months of 2025, we have delivered net income of $17.2 million or [$0.0016] per share and adjusted EBITDAX of $130.5 million. It is important to remember that 2025 is a transitional year, and everything remains on track with our forecast. Production came offline in Q1 at Cote d'Ivoire due to the FPSO project, and we do not expect to start the drilling campaign in Gabon until late Q4 as we await the drilling rig's completion of its current commitments. This means that the meaningful production uplift we are projecting for these major projects won't begin until 2026 and into 2027.

Ron 將在本次電話會議稍後更詳細地介紹我們的指導意見，但我們相信，保持卓越的營運水平和我們產品組合的穩定生產對於持續強勁的調整後 EBITDAX 增長至關重要，這將有助於我們為內生增長計劃提供資金，同時使我們成為行業中更大的參與者。2025 年前九個月，我們實現了淨收入 1,720 萬美元，即每股 [0.0016] 美元，調整後 EBITDAX 為 1.305 億美元。需要注意的是，2025 年是一個過渡年，一切都將按照我們的預測進行。由於 FPSO 項目，科特迪瓦的生產在第一季停止，我們預計在加彭的鑽井作業要到第四季末才能開始，因為我們要等待鑽井平台完成其當前的任務。這意味著我們預計這些重大項目帶來的實質產量提升要到 2026 年甚至 2027 年才會開始。

I would now like to go through and provide a quick update on our diverse portfolio of high-quality assets, beginning with Cote d'Ivoire. In line with the project timeline, the FPSO ceased hydrocarbon operations are scheduled on January 31, 2025, with the final lifting of crude oil from the vessel occurring in early February. The vessel departed from the field in late March and arrived at the shipyard in Dubai ahead of schedule in mid-May 2025. The FPSO refurbishment is well underway in the shipyard. 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.

現在我想簡要介紹我們多元化的高品質資產組合，首先從科特迪瓦開始。根據專案時間表，FPSO 的油氣作業計劃於 2025 年 1 月 31 日停止，原油的最後一次提貨將於 2 月初進行。該船於 2025 年 3 月下旬離開油田，並於 2025 年 5 月中旬提前抵達杜拜造船廠。FPSO的翻新工程正在船廠順利進行。預計在 FPSO 恢復營運後，將於 2026 年開始進行大規模開發鑽探，屆時主 Baobab 油田的產量可能會大幅增加。

We now have a 10-year extension of the license on CI-40, extending it to 2038. In March 2025, we announced a farm-in agreement for the CI-705 block offshore Cote d'Ivoire where we will operate with a 70% working interest and a 100% paying interest. In Q2, we received seismic data for the block, and 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. 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 Cote d'Ivoire.

我們現在獲得了 CI-40 許可證的 10 年延期，將其延長至 2038 年。2025 年 3 月，我們宣布了一項關於科特迪瓦近海 CI-705 區塊的入股協議，我們將擁有該區塊 70% 的工作權益和 100% 的收益權益。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，以評估和改善我們對該區塊整體前景以及盆地整體潛力的理解。我們認為該區塊位於一個已探明的油氣系統中，地理位置優越，位於我們 CI-40 區塊以西約 70 公里處。我們已經證明了我們有能力透過增值收購來獲取、發展和提升價值，我們對科特迪瓦的前景感到興奮。

Moving to Gabon; given that we haven't drilled a well in Gabon in over two years, we are very pleased with the positive overall production results, including strong production uptime and improved decline curves on the wells in 2025. In July, we successfully completed a planned full field maintenance shutdown of the Gabon platforms to perform safety inspections and necessary maintenance. This is the first time we have had to perform a full field shutdown in Gabon since the FSO was brought online in 2022. This has helped to contribute to the strong uptime numbers in Gabon that we have had over the past several years, which can be seen in our supplemental presentation. While we secured a drilling rig in December 2024 for our 2025-2026 drilling campaign, the timing of when we start the drilling program has always been dependent on the rig's completion of its existing commitments.

轉向加彭；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行時間和2025年油井產量下降曲線的改善。7 月，我們成功完成了對加彭平台的計畫內全面現場維護停工，以進行安全檢查和必要的維護。這是自 2022 年 FSO 投入營運以來，我們首次在加彭進行全面油田停產檢修。這有助於我們在過去幾年中在加彭取得強勁的正常運行時間，這可以從我們的補充簡報中看出。雖然我們在 2024 年 12 月為 2025-2026 年的鑽井活動購買了鑽機，但我們何時開始鑽井計劃一直取決於鑽機完成其現有承諾的時間。

The rig is now being released and moving to Gabon. 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 have already been identified. We plan to begin the drilling program on the Etame field platform, and we are currently planning on moving to the Ebouri 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 Ebouri 4H well, which is continuing to surpass our initial expectations. 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.

該鑽井平台現已釋放並運往加彭。正如我們在資本市場日上討論的那樣，我們有一些非常好的鑽井機會，即將進行的鑽井計劃中收集的額外數據將有助於我們提高已確定的其他井位的等級並降低風險。我們計劃在埃塔梅油田平台開始鑽井計劃，目前我們計劃在計劃後期轉移到埃布里油井，因為這些油井目前產量穩定。尤其令我們非常滿意的是，Ebouri 4H 井的延長流量測試結果持續超出我們最初的預期。我們最初想收集該地點 H2S 濃度的信息，以幫助進行設備設計並評估我們的化學原油脫硫製程。

The 4H well has now flowed for all of 2025 at a gross average of around 1,000 barrels of oil per day with the H2S concentration within our modeling expectations, demonstrating our ability to chemically treat the oil. The wells production has helped Gabon exceed its production guidance in 2025 while adding some additional production costs for chemicals. Regarding our exploration blocks in Gabon, the Niosi Marin and the Guduma Marin, we are working in conjunction with our partners and the operator, BW Energy, on plans for the two blocks moving forward. A seismic survey to fulfill a work commitment on Niosi is being planned for acquisition in late 2025 or early 2026. Given the proximity of these blocks to the prolific producing fields of Etame and Dussafu, we are excited about the future possibilities for these blocks.

4H 井在 2025 年全年持續產油，平均每天總產量約為 1,000 桶原油，H2S 濃度符合我們的模型預期，這表明我們有能力對原油進行化學處理。油井的生產幫助加彭在 2025 年超額完成了產量目標，但也增加了一些化學品生產成本。關於我們在加彭的勘探區塊，即尼奧西海域和古杜馬海域，我們正在與我們的合作夥伴和營運商 BW Energy 共同製定這兩個區塊的未來發展計劃。為履行對尼奧西島的工作承諾，計劃於 2025 年底或 2026 年初進行地震勘測。鑑於這些區塊靠近產量豐富的埃塔梅和杜薩富油田，我們對這些區塊的未來前景感到興奮。

Turning to 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 nine months of 2025. We have drilled and completed multiple wells in the first nine months of 2025 and are continuing activity into the fourth quarter. We are very pleased with the operational performance and efficiency of the drilling program, which contributes to minimizing costs. We've been able to drill more wells faster and cheaper than what we had in the budget and for the same amount of capital, which has also positively impacted the production. We also continue to workover and recomplete wells in Egypt.

再來看看埃及；2024 年第四季度，我們租用了一台鑽機，鑽了兩口井，開始了鑽井作業，該作業一直持續到 2025 年前九個月。2025 年前九個月，我們鑽探並完成了多口井，並將持續進行鑽井活動至第四季。我們對鑽井專案的營運表現和效率非常滿意，這有助於最大限度地降低成本。我們能夠以比預算中更多的速度和更低的成本鑽探更多的油井，而且投入的資金與預算相同，這對產量也產生了積極的影響。我們也將繼續在埃及進行油井修井和重新完井作業。

Both the drilling program and the workover program in Egypt add solid production and are economic even in lower commodity price environments. We are continuing to evaluate the exploration results in South Ghazalat, where the wells are encountering both oil and gas net pay zones with different levels of reservoir pressure. We are incorporating well results and updating our understanding of the area with new mapping that will determine potential additional prospectivity for the area. 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 our Front End Engineering Design or FEED study.

埃及的鑽井計畫和修井計畫都能帶來穩定的產量，即使在商品價格較低的環境下也具有經濟效益。我們正在繼續評估南加札拉特地區的勘探結果，該地區的油井發現了石油和天然氣淨含油層，但儲層壓力水平各不相同。我們正在整合現有勘探成果，並透過新的測繪來更新我們對該地區的了解，這將有助於確定該地區潛在的額外勘探前景。2024 年 3 月，我們宣布與金星區塊 P 開發計畫相關的赤道幾內亞文件最終定稿。今年夏天，我們開始了前端工程設計（FEED）研究。

The FEED is complete and confirms the technical viability of our plan of development, but also highlights some of the risk and challenges from the shelf location. We have expanded this review to explore more efficient development opportunities through a subsea development, which would also significantly simplify the drilling operations and well design, and this is currently underway. We are very excited to proceed with our plans to develop, operate and begin producing from the discovery on Block P offshore Equatorial Guinea in the next few years. Turning to Canada; we successfully drilled and completed four wells in 2024. We also drilled a well in the Southern Acreage in late 2024 that could help us better understand the acreage and upside in that area.

FEED 已完成，證實了我們開發計畫的技術可行性，但也突顯了擱淺位置帶來的一些風險和挑戰。我們擴大了此次審查的範圍，以探索透過海底開發實現更高效的開發機會，這將大大簡化鑽井作業和油井設計，目前這項工作正在進行中。我們非常高興能夠推進我們的計劃，在未來幾年內開發、營運並開始生產位於赤道幾內亞近海 P 區塊的油氣田。再來看看加拿大；我們在 2024 年成功鑽探並完成了四口井。2024 年末，我們也在南部地區鑽了一口井，這有助於我們更了解該地區的面積和發展潛力。

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 will continue to monitor the performance of our wells and plan for future drilling opportunities. Before I turn the call over to Ron, I would like to thank our hard-working team who continue to operate and execute our strategic vision and help us deliver these outstanding results. We are well-positioned to execute the projects in our enhanced portfolio and our proven track record of success in these past few years should instill confidence for our future.

儘管我們對加拿大的可鑽探儲量仍然保持樂觀，但由於目前的商品價格環境，我們決定將加拿大鑽探計畫推遲到 2025 年。我們將繼續監測油井的生產情況，並為未來的鑽井機會做好規劃。在將電話交給 Ron 之前，我想感謝我們辛勤工作的團隊，他們不斷運作和執行我們的策略願景，幫助我們取得了這些傑出的成果。我們已做好充分準備，執行我們增強後的項目組合中的項目，過去幾年我們取得的成功記錄應該會增強我們對未來的信心。

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

接下來，我想把電話交給羅恩，讓他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 nine months of 2025, driven by our strong operational performance. We have met or exceeded production guidance for the past two-plus years, driven by strong production in Gabon and Egypt despite Cote d'Ivoire being offline since January -- since late January.

謝謝你，喬治。再次祝您早安。我將深入分析影響我們財務表現的因素，並專注於以下幾個關鍵點。首先，我想重申喬治的觀點，在強勁的營運表現的推動下，我們在 2025 年前九個月將繼續取得成功。在過去兩年多的時間裡，儘管科特迪瓦自 1 月下旬以來一直處於停產狀態，但由於加彭和埃及的強勁生產，我們仍然達到了或超過了生產預期。

This performance has allowed us to positively adjust the midpoint of our full year production and sales guidance. In the supplemental deck on our website, you can see that NRI production is up 900 BOE per day and sales are up 750 BOE per day. You will also see that our full year capital midpoint guidance is down almost $60 million to around $240 million in total. Finally, we have worked hard to keep our absolute production expense in line with our original guidance. But with the increase to sales and production, our production expense on a per BOE basis is down about $1 per BOE.

這一業績使我們能夠積極調整全年生產和銷售預期中位數。在我們的網站上的補充資料中，您可以看到 NRI 的日產量增加了 900 桶油當量，每日銷量增加了 750 桶油當量。您還會看到，我們全年資本支出中位數預期下調了近 6,000 萬美元，總計約 2.4 億美元。最後，我們努力將絕對生產成本控制在了最初的預期範圍內。但隨著銷售和生產的增加，我們每桶油當量 (BOE) 的生產成本下降了約 1 美元。

Our overall results and ability to manage multiple assets and high-profile capital projects across multiple countries are reflected in our updated 2025 guidance. For Q4 2025, we are forecasting production to be between 20,300 and 22,200 working interest BOE per day and between 15,600 and 70,300 NRI BOE per day. This is up compared to the third quarter due to the planned maintenance turnaround that occurred in Gabon in July and continued strong production in Egypt. For the fourth quarter, we are forecasting our sales will also be higher compared to Q3 due to more offshore listings in Gabon. We also expect our absolute operating costs to be higher compared to Q3 due to the additional sales, but virtually flat on a per barrel of oil equivalent basis.

我們在更新後的 2025 年業績指引中體現了整體業績以及管理多個國家/地區的多項資產和備受矚目的資本項目的能力。我們預測 2025 年第四季的日產量將在 20,300 至 22,200 工作權益油當量之間，日產量將在 15,600 至 70,300 非權益權益油當量之間。由於加彭7月份進行了計畫內的維護檢修，以及埃及持續強勁的生產，本季產量較第三季有所成長。由於加彭的海外上市數量增加，我們預期第四季的銷售額也將高於第三季。由於銷售量增加，我們預計絕對營運成本將比第三季更高，但以每桶油當量計算，營運成本基本上持平。

Finally, looking at CapEx, our Q4 spend is expected to be higher than the third quarter as we begin the drilling campaign in Gabon. We are forecasting between $90 million and $110 million, and we anticipate continued spending in CDI and Egypt in Q4 more or less in line with Q3. In the third quarter, we generated $1.1 million in net income or $0.01 per share and $23.7 million in adjusted EBITDAX. Our NRI sales for the quarter were at the high end of guidance at 12,831 BOE per day. Both sales and pricing moved against us in the third quarter, with sales down 33% due to the fewer listings in Gabon, driven by the planned turnaround and pricing was lower by about 7% quarter-on-quarter.

最後，就資本支出而言，由於我們在加彭開始了鑽探活動，預計第四季度的支出將高於第三季。我們預測金額將在 9,000 萬美元至 1.1 億美元之間，並預計第四季在 CDI 和埃及的支出將繼續與第三季大致持平。第三季度，我們實現了淨收入 110 萬美元，即每股 0.01 美元，調整後 EBITDAX 為 2,370 萬美元。本季我們的非居民印度人（NRI）銷售額達到預期上限，為每天 12,831 桶油當量。第三季度，銷售和價格都對我們不利，由於加彭的房源減少（受計劃中的轉型影響），銷售額下降了 33%，價格環比下降了約 7%。

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 cash commitments. But with the RBL 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, we took advantage of periods of higher oil prices during the third quarter to add more hedges for the 2026 hedging program. The company now has about 500,000 barrels of remaining 2025 oil production hedged with an average floor of approximately $61 per barrel and about 800,000 barrels of oil production hedged for the first half of 2026 with an average floor of approximately $62 per barrel.

自2025年至今，我們已經看到大宗商品價格環境波動性加劇。我們的對沖計劃一直旨在幫助降低風險並保護我們的現金承諾。但隨著 RBL 的實施，我們正在朝著更程序化的對沖計劃邁進，該計劃將在滾動時間範圍內更加一致。考慮到這一點，我們利用第三季油價較高的時期，為 2026 年的對沖計畫增加了更多的對沖部位。該公司目前已對 2025 年剩餘的約 50 萬桶石油產量進行了套期保值，平均最低價格約為每桶 61 美元；並對 2026 年上半年的約 80 萬桶石油產量進行了套期保值，平均最低價格約為每桶 62 美元。

We are targeting around 40% of Half 1 2026 oil production to be hedged by year-end. Our full hedge positions are disclosed in the earnings release. Turning to costs; our production costs for the third quarter of 2025 were at the low end of guidance on an absolute basis and on a per barrel basis. Absolute expense was $29.87 million, a 26% reduction quarter-over-quarter and on a per barrel basis was $25.24. G&A costs were in line with guidance and remained relatively flat quarter-over-quarter.

我們的目標是在年底前對 2026 年上半年約 40% 的石油產量進行避險。我們的全部對沖頭寸均已在盈利報告中披露。再來看成本；我們 2025 年第三季的生產成本，無論從絕對值或每桶價格來看，都處於預期範圍的低端。絕對支出為 2,987 萬美元，環比下降 26%，以每桶計算為 25.24 美元。一般及行政費用符合預期，較上季基本持平。

Our focus remains on keeping our costs low to enable us to maximize margins and increase our cash flow. Moving to taxes; we reported an income tax benefit of $3.6 million for Q3 2025, which was comprised of an $8.6 million current tax expense, offset by a deferred tax benefit of $12.2 million.

我們將繼續專注於降低成本，以實現利潤最大化和現金流成長。再來看稅務方面；我們報告稱，2025 年第三季所得稅收益為 360 萬美元，其中包括 860 萬美元的當期稅項支出，以及 1,220 萬美元的遞延所得稅收益。

As I've previously stated, in Gabon, our foreign income taxes are settled by the government through in-kind oil listings. In Q3, we saw a $3.9 million favorable oil price adjustment as a result of the change in 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 cash flow statement. Unrestricted cash at the end of the third quarter was $24 million. Collections from the Egyptian General Petroleum Corporation, EGPC, since January 1, 2025, totaled over $103.6 million, and the company expects to receive further material payments against its arrears before year-end.

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清單來繳納的。第三季度，由於加彭政府分配利潤石油的價值在生產時間和實物接收時間之間發生變化，我們看到了 390 萬美元的有利油價調整。現在來看資產負債表和現金流量表。第三季末，公司非限制性現金為 2,400 萬美元。自 2025 年 1 月 1 日以來，埃及石油總公司 (EGPC) 已向該公司收取超過 1.036 億美元的款項，該公司預計在年底前還將收到更多用於償還欠款的款項。

We anticipate that our annual receivables balance will be half of what it was in 2024 by year-end. Monthly invoices are now paid in full and regular repayments are being made against the receivables balance. As we discussed last quarter, we added a reserves-based credit facility with an initial commitment of $190 million and the ability to grow to $300 million. Shortly after the third quarter, we successfully completed our semiannual redetermination with lenders and reaffirmed the initial commitments. As of September 30, 2025, VAALCO had $60 million outstanding borrowings, which is the same amount outstanding as we had at the end of the second quarter.

我們預計到年底，我們的年度應收帳款餘額將只有 2024 年的一半。每月的發票現在都已全額支付，並且正在定期對應收帳款餘額進行還款。正如我們上個季度討論的那樣，我們增加了一項以儲備為基礎的信貸安排，初始承諾額為 1.9 億美元，並可增至 3 億美元。第三季結束後不久，我們成功完成了與貸款機構的半年一次的重新評估，並重申了最初的承諾。截至 2025 年 9 月 30 日，VAALCO 的未償借款為 6,000 萬美元，與第二季末的未償借款金額相同。

In Q3, we spent $48.3 million in cash CapEx, well below our third quarter guidance of $70 million to $90 million. Additionally, we returned $6.7 million through dividends to our shareholders. 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. In closing, we're continuing to see strong results. We are well-positioned to execute and fund a robust organic capital program that should help to increase production and reserves for 2026 and beyond.

第三季度，我們的現金資本支出為4,830萬美元，遠低於先前7,000萬至9,000萬美元的預期。此外，我們也透過股息向股東返還了670萬美元。我們認為，目前約 7% 的股息收益率非常有吸引力，尤其考慮到我們在資本市場日上概述的未來幾年產量和儲量增長的巨大潛力。總之，我們持續看到強勁的業績。我們已做好充分準備，執行並資助一項強有力的有機資本計劃，該計劃應有助於提高 2026 年及以後的產量和儲量。

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

接下來，我將把電話轉回給喬治。

Thanks, Ron. We will continue to execute a strategy focused on operating efficiency, investing prudently, maximizing our asset base and looking for accretive opportunities. As you have heard this morning, we continue to meet or exceed both our quarterly guidance and analyst estimates in the first nine months of 2025 as we have done for the past several years. This has allowed us to increase our full year production guidance by about 5% while lowering our full year capital guidance by about 20%. 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 slate of projects that we have over the next few years.

謝謝你，羅恩。我們將繼續執行以提高營運效率、謹慎投資、最大化資產基礎和尋找增值機會為重點的策略。正如您今天早上所聽到的，我們將繼續達到或超過 2025 年前九個月的季度業績預期和分析師預期，就像過去幾年一樣。這使我們能夠將全年產量預期提高約 5%，同時將全年資本預期降低約 20%。我相信，透過履行我們對市場的承諾，我們已經贏得了股東的信任，並且我們將繼續在未來幾年內推動一系列令人振奮的項目。

Our entire organization is actively working to deliver sustainable growth and strong results. We have multiple major projects underway that are anticipated to meaningfully grow production and reserves. Through the first nine months of 2025, we have generated $130.5 million in adjusted EBITDAX, and this is with Cote d'Ivoire offline for the FPS again. Through the first nine months of 2025, we have generated $130.5 million in adjusted EBITDAX, and this is with the Cote d'Ivoire offline for the FPSO project and no new wells drilled in Gabon. In addition to funding our capital program, we have remained focused on returning value to our shareholders.

我們整個組織都在積極努力實現永續成長和取得優異成績。我們有多個重大項目正在進行中，預計將顯著提高產量和儲量。2025 年前九個月，我們已創造了 1.305 億美元的調整後 EBITDAX，而科特迪瓦的 FPS 再次處於離線狀態。2025 年前九個月，我們已創造了 1.305 億美元的調整後 EBITDAX，而科特迪瓦的 FPSO 項目處於停工狀態，加彭也沒有鑽探新井。除了為我們的資本項目提供資金外，我們始終專注於為股東創造價值。

In the first nine months of 2025, we returned around $20 million to our shareholders through dividends. With the Q4 dividend announcement, we will deliver another [$0.0025] per share annual dividend for 2025, which at our current share price is a dividend yield of about 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. Our disciplined approach to maximizing value for our shareholders by delivering growth in production, reserves and cash flow has led to outstanding results and has positioned us to continue to profitably grow in the future. Thank you.

2025 年前九個月，我們透過分紅向股東返還了約 2,000 萬美元。隨著第四季股息的公佈，我們將派發 2025 年每股 0.0025 美元的年度股息，以我們目前的股價計算，股息收益率約為 7%。我們對執行未來眾多專案的能力充滿信心，這主要是因為在過去幾年裡，我們在開發和壯大自身資產方面取得了巨大成功。我們透過提高產量、儲量和現金流，以嚴謹的態度最大限度地為股東創造價值，取得了卓越的成果，並為我們未來繼續獲利成長奠定了基礎。謝謝。

And with that, operator, we're ready to take questions.

好了，接線員，我們準備開始回答問題了。

(Operator Instructions) Stephane Foucaud, Auctus Advisors.

（操作說明）Stephane Foucaud，Auctus Advisors。

So two questions. The first one is around CapEx. So reduction of CapEx in 2025. I was wondering what would be broadly the CapEx mix across the asset in 2025? And what it means the CapEx reduction in 2025 for 2026?

所以，我有兩個問題。第一個問題與資本支出有關。因此，2025 年資本支出將減少。我想知道到 2025 年，該資產的資本支出組成大致會是什麼樣的？那麼，2025 年資本支出減少對 2026 年又意味著什麼？

In other words, how would 2026 CapEx compare broadly to 2025? So that's my first question. The second question is about South Ghazalat. In your view, in a success case, how big could be South Ghazalat or what this result means in terms of -- compared to the existing reserve in Egypt?

換句話說，2026 年的資本支出與 2025 年相比整體情況如何？這是我的第一個問題。第二個問題是關於南加札拉特的。您認為，如果南加札拉特油田成功，其儲量可能有多大？或者說，與埃及現有的油田儲量相比，這結果又意味著什麼？

Hi Stephane, I think -- it's Ron here. I'll take the first one on CapEx and CapEx guidance. So if you look at it between the midpoint of guidance, I think we moved about $60 million. $20 million of that is gone. That was discretionary CapEx that we took out in 2025.

嗨，史蒂芬，我想——我是羅恩。我先回答第一個關於資本支出和資本支出指引的問題。所以，如果你看一下業績指引的中點，我認為我們轉移了大約 6000 萬美元。其中 2000 萬美元已經沒了。那是我們在 2025 年提取的可自由支配資本支出。

We've had about a $10 million increase in CDI CapEx, really just keeping that MV-10 on schedule. And that's very good news as far as we're concerned that everything is going well in relation to that project. And the rest is really a shift in Gabon from the drilling campaign due to the delay in getting the rig moving out from 2025 into 2026. What I would say, though, is on Egypt, effectively, the Egyptian CapEx is the same number as we originally guided to, but we'll have completed eight additional wells in that time period for the same CapEx. So again, that's a very positive efficiency that the guys have brought to the table in 2025.

CDI 資本支出增加了約 1000 萬美元，主要是為了確保 MV-10 項目按計劃進行。就我們而言，這無疑是個好消息，因為該專案一切進展順利。其餘部分實際上是加蓬鑽井活動的轉變，因為鑽井平台從 2025 年推遲到 2026 年才運出。不過，我想說的是，就埃及而言，實際上，埃及的資本支出與我們最初預期的數字相同，但在同一時期內，我們將以相同的資本支出完成另外八口井。所以，這再次證明了他們在 2025 年所帶來的非常積極的效率。

And on South Ghazalat, one of the additional wells, as you know, Stephane, was out there, and I tried to touch on it in my comments earlier. So what we've seen there in the well that we drilled, we entered the gas prone zone with lower pressures, which indicates that there's potentially some gas depletion there. And we also entered an oil proven zone that had no pressure. So what we're trying to establish now is the total extent of the oil zone, what that aerial extent could be and how large that could be for potential development and then understanding the reduced pressures around the gas zone and where that depletion may be. So having got the results of the well, we're going back to do our after-action review and establish where else within the existing structure that we understand, we'd want to drill additional wells there.

而如你所知，史蒂芬，在南加札拉特，還有一口額外的油井，我之前在評論中也提到過。所以，我們在鑽井中發現，我們進入了含氣層，但壓力較低，這表明那裡可能存在一些天然氣枯竭現象。而且我們也進入了一個已探明石油但壓力為零的區域。所以，我們現在試圖確定的是油藏的總範圍，其空中範圍可能有多大，以及潛在開發面積有多大，然後了解天然氣藏周圍的壓力降低情況以及壓力下降可能發生在哪裡。因此，在獲得鑽井結果後，我們將進行事後評估，並確定在現有結構中，我們認為還需要在哪些地方鑽探額外的井。

There are a couple of things outstanding in South Ghazalat. Whilst we had some commitment wells that we've already completed to keep the acreage. But in addition to that, we've also got some commercial issues around the PSC that we have to discuss before we get anywhere close to some kind of preliminary field development plan. So there's more technical work to do, but there's also some more commercial work to do. We've always been hopeful that because it's such a prolific area out there in the Western Desert that this block will yield some interesting opportunities for us, but that's still to be developed and it's still to be evaluated at this time.

南加札拉特有幾處特別突出的地方。雖然我們已經完成了一些承諾井的鑽探工作，以保住這片土地。但除此之外，我們還有一些與PSC相關的商業問題需要討論，才能接近任何初步的油田開發計畫。所以，除了技術方面的工作要做，還有一些商業方面的工作要做。我們一直希望，由於西部沙漠地區物產豐富，這塊地能為我們帶來一些有趣的機遇，但這仍有待開發和評估。

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

Ron, just to clarify on the CapEx, did I hear you right that about $20 million of the reduced guidance is permanent reduction, in other words, getting -- either doing things at lower cost than budgeted or getting more done with the same amount of dollars?

羅恩，關於資本支出，我再確認一下，我理解你的意思是，減少的指導金額中約有 2000 萬美元是永久性減少，也就是說，要么以低於預算的成本完成工作，要么用同樣的錢完成更多的事情？

That's exactly right, Jeff. As you know, we took Canadian drilling CapEx out very early, I think, in Q2 guidance, we pulled that out. That was about half of that. The other half is just discretionary CapEx that we pulled out over the last three or four months.

沒錯，傑夫。如您所知，我們很早就剔除了加拿大鑽井資本支出，我認為，在第二季業績指引中，我們就剔除了這部分支出。那大約是其中的一半。另一半只是我們在過去三、四個月提取出來的可自由支配的資本支出。

Are the efficiency gains that have helped in Egypt, are those sticky? In other words, does that -- you would retain those types of efficiencies if you looked at a CapEx program in Egypt in 2026?

埃及所取得的效率提升是否具有持久性？換句話說，如果你檢視2026年埃及的資本支出項目，你是否還能維持這些效率？

Yeah. I mean what we've got, Jeff, as you know, we've reduced that spud to basically take an online cycle time quite considerably over the last three years. We continue to drill and complete and bring online those wells at a much lower level of days versus what our initial expectations were. So those efficiencies are real. They're there. And if they continue into 2026, we'll continue to see less [AFE] costs for drilling in Egypt.

是的。我的意思是，傑夫，正如你所知，在過去的三年裡，我們已經大幅縮短了線上週期時間。我們繼續鑽探、完工並投產這些油井，所需天數比我們最初的預期要少得多。所以這些效率提升是真實存在的。它們就在那裡。如果這種情況持續到 2026 年，我們將繼續看到埃及鑽井的 [AFE] 成本降低。

Okay. And on the RBL Ron, I believe the electric commitments is going to go up to $240 million in January. Is that a reflection of asset performance?

好的。至於 RBL Ron，我相信 1 月的電力承諾將增加到 2.4 億美元。這是否反映了資產表現？

I think it's more a reflection of the current market, Jeff. I mean liquidity is going to be key for all upstream companies as we move into 2026, with softening commodity prices. And from our point of view, we have the availability there. I'd rather lock it in when we've been a position of strength than when in a position of need.

傑夫，我認為這更多地反映了當前的市場狀況。我的意思是，隨著大宗商品價格走軟，進入 2026 年，流動性對所有上游公司來說都將至關重要。從我們的角度來看，我們在那裡有資源。我寧願在我們處於優勢地位時鎖定它，而不是在處於劣勢時鎖定它。

Christopher Wheaton, Stifel.

克里斯多福‧惠頓，史蒂費爾。

Two, maybe three questions, if I may. Firstly, on Gabon production. You've not -- as you said, George, you've not drilled any wells for two years now on Gabon. And as you said, the Gabon drilling program shifted later in this year, you still delivered a pretty good production performance, and that's on uptime, if anything, slightly lower than it was last year. I'm interested, is there the geology better?

如果可以的話，我想問兩三個問題。首先，關於加彭的生產情況。正如你所說，喬治，你已經兩年沒有在加蓬鑽井了。正如你所說，加彭的鑽井計劃在今年晚些時候進行了調整，但你們仍然取得了相當不錯的生產業績，而且就正常運行時間而言，如果說有什麼變化的話，那就是比去年略低一些。我挺感興趣的，那裡的地質條件更好嗎？

Are there particular wells performing better than you expected? I'm interested in what's been driving that production uptime. And then second question on really about 2026 CapEx and your ability to flex that as you've got more of the Gabon drilling campaign falling into '26. You've got Cote d'Ivoire CapEx, obviously, as a given for '26 as well. I'm interested just what your key priorities for setting that 2026 capital budget are going to be given you've got a lot of things that you're kind of on the must do or have to do list.

是否有某些油井的產量超出預期？我很想知道是什麼因素推動了生產正常運作時間的延長。第二個問題是關於 2026 年的資本支出以及你們靈活調整的能力，因為加彭的鑽探活動將在 2026 年繼續進行。顯然，科特迪瓦的資本支出在 2026 年也是既定的。我很想知道，鑑於您有很多事情必須做或不得不做，您在製定 2026 年資本預算時的主要優先事項是什麼。

And therefore, realistically, are we going to see -- is there much CapEx flex below, say, 2025 levels that we might see for 2026 CapEx guidance? I'll stop there.

因此，現實地說，我們是否會看到——比如說，低於 2025 年水平的資本支出靈活性，就像我們可能在 2026 年資本支出指導中看到的那樣？我就說到這裡吧。

Okay. Let me start on Gabon. I mean, obviously, in the last -- ever since we've completed the reconfiguration, what's resulted from that is, I think as we've maybe discussed before, is a significant reduction in back pressure into the reservoir, which has enhanced not just well performance, but a lot of the field performance as well. We've also been working on the brewery side to continue the production in 2H and then we've also brought on 4H. We did that deliberately to test the levels of H2S that could be managed through the [scavenger] program.

好的。讓我先從加彭說起。我的意思是，很顯然，自從我們完成重新配置以來，其結果是，正如我們之前可能討論過的，油藏的背壓顯著降低，這不僅提高了油井的性能，也提高了整個油田的性能。我們一直在釀酒廠方面努力，以繼續在 2H 進行生產，然後我們也開始了 4H 的生產。我們特意這樣做是為了測試透過[清除劑]程序可以控制的 H2S 水平。

And we've continued to see 4H produced throughout 2025 with H2S levels well within our manageable range. That's been very encouraging, and it's also will lead when we get to the drilling program leads us to not just the 2H workover potential, but then 5H to go back and redrill 5H both -- goes across a fault block to enhance the production in the buoy. So these results are -- and these test wells that we bring back on stream are really important for our understanding of how we're going to deal with the potential H2S as it comes towards us in the future. The -- you are correct in that when we look at the production profiles for the Etame field, we can see that we're producing well above the 1P decline curve and in some cases, into the 2P position. We look at that and the questions are naturally come is the size of the tank larger -- our recovery factors are going up to the 50 percentile and higher.

我們看到，2025 年 4H 的生產一直持續進行，H2S 含量也完全在我們可控的範圍內。這非常令人鼓舞，而且當我們進入鑽井計劃時，它不僅會讓我們看到 2H 井的修井潛力，還會讓我們看到 5H 井的重新鑽探潛力——這兩個井都穿過斷塊，以提高浮標的產量。所以這些結果——以及我們重新投入使用的這些測試井——對於我們了解如何應對未來可能出現的硫化氫問題至關重要。——您說得對，當我們查看埃塔梅油田的生產曲線時，我們可以看到我們的產量遠高於 1P 遞減曲線，在某些情況下，甚至達到了 2P 的位置。我們觀察了這一點，自然而然地產生了這樣的問題：儲罐的尺寸越大，我們的回收率就越高，達到 50% 甚至更高。

So there's clearly some geological remapping work that's currently underway that's required to understand this field better. I keep going back to some of the decisions way back in the early 2000s when this field had a life expectancy of five years. And here we are 20-plus years later having produced close to 150 million barrels from the field, and it continues to give. So hopefully, the studies we've got in place over the next six months will start to clearly give a better definition around the geology and whether there is connectivity into the Gamba from the Dentale that's supplementing those production levels. With regard to the CapEx position of 2026.

因此，顯然目前正在進行一些地質重新測繪工作，這對於更好地了解該領域至關重要。我總是會想起 2000 年代初期的一些決定，當時這個領域的壽命只有五年。二十多年過去了，我們已經從該油田生產了近 1.5 億桶原油，而且它還在繼續產油。所以，希望我們接下來六個月進行的研究能更好地明確地質狀況，以及丹塔萊盆地是否與甘巴盆地相連，從而補充了那裡的產量。關於 2026 年的資本支出狀況。

Now obviously, as Ron mentioned, the delay in the rig coming to us for 2025 has delayed our program for Gabon. We continue with the position in Gabon with a 5 firm and 5 options. So there is some flexibility in the drilling program in Gabon. But as I've mentioned before, we've been studying these drill locations now for a few years, and we've got some pretty strong targets that we want to go after. So that will give some meaningful production uplifts in Gabon.

顯然，正如 Ron 所提到的，由於鑽井平台要到 2025 年才能交付給我們，我們的加彭專案也因此延期了。我們繼續持有加彭的股份，持有 5 份實物股和 5 份選擇權。因此，加蓬的鑽探計畫有一定的彈性。但正如我之前提到的，我們已經研究這些鑽探地點好幾年了，我們有一些非常有希望實現的鑽探目標。這將為加蓬帶來一些實質的產量提升。

So whilst there may be not as much flexibility as we may want in the Gabon drilling campaign, that comes with the added benefit of significant additional production. With regard to Cote d'Ivoire, as Ron mentioned, we have spent a little bit more CapEx in '25 to ensure that the sail away date of the end of March for the FPSO can be met, and we've discussed that in detail with the operator. There is a drilling program, as you're aware, to start the second half of 2026 in Cote d'Ivoire. The exact timing of that drilling program is still a little bit subject to, obviously, rig availability, equipment, et cetera. So there may be some flexibility there.

因此，雖然加彭的鑽探活動可能沒有我們希望的那麼大的靈活性，但這也帶來了額外的顯著增產的好處。關於科特迪瓦，正如 Ron 所提到的，我們在 2025 年增加了一些資本支出，以確保 FPSO 能夠按期在 3 月底啟航，我們已經與營運商詳細討論過此事。如您所知，科特迪瓦有一個鑽探計劃，將於 2026 年下半年啟動。此鑽井計畫的具體時間安排顯然還取決於鑽機可用性、設備等因素。所以這方面可能有一定的迴旋餘地。

However, again, these investments come with significant adds to production. So -- and as we know in Cote d'Ivoire, every dollar we spend is recoverable with $1.25 back in the cost oil. So whilst the CapEx may look slightly less flexible in '26 than it was in '25, it comes with considerable benefits.

然而，這些投資同樣會顯著增加產量。所以——正如我們在科特迪瓦所知，我們花的每一美元都可以從石油成本中收回 1.25 美元。因此，雖然 2026 年的資本支出看起來可能不如 2025 年靈活，但它也帶來了相當大的好處。

Charlie Sharp, Canaccord.

查理夏普，Canaccord。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Sorry about that. I was on a separate phone and here we are. So the question really is regarding timetabling of events next year. And I think you've just provided some useful information there on the planned sale away of the Baobab FPSO. I'm guessing from that, that you still expect to be back on stream there before the middle of the year in order to facilitate drilling sometime in the second half.

抱歉。我當時用的是另一支手機，所以現在情況就是這樣。所以真正的問題在於明年活動的行程。我認為你剛才提供了一些關於計劃出售 Baobab FPSO 的有用資訊。由此我推測，你們仍然希望在年中之前恢復生產，以便在下半年某個時候鑽探。

That's one small question. And then secondly, on Gabon, should we assume that you're drilling wells about one per quarter, in which case you'll probably be drilling into 2027? And will you be completing successful wells as you go or will you batch drill and batch complete?

那隻是個小問題。其次，關於加蓬，我們是否應該假設你們每季鑽一口井，如果是這樣的話，你們可能要鑽到 2027 年才能完工？你們會邊鑽邊完井，還是會分批鑽井、分批完井？

Okay. So I'll start with -- you're correct in your assumption. We're still -- the sail away date is still for the end of January after the second dry dock period. The hookup is scheduled to be late March, early April and back on production by end of April, early May. So well ahead of the drilling program.

好的。首先，你的假設是正確的。我們目前仍定於第二次乾船塢維修期結束後，於一月底啟航。預計在三月下旬至四月初進行連接，四月底至五月初恢復生產。所以，鑽探計畫進展順利。

And when we come into 2026, you'll see that coming into our guidance position, and we'll be able to give you much more detail at that time. But that's the current schedule and everything on that project is currently on schedule. For Gabon, obviously, what we're trying to do here in Gabon, like I said, we spent a lot of time looking at these drill locations. Some of the -- as you may be aware, the imaging on the seismic here is not as clear as we would like it to be due to the interference of salt. But that being said, we're planning to drill pilot holes in some of these locations to establish exact levels of hydrocarbons to then allow us to pull back and redrill or complete in a different zone.

到了 2026 年，您將會看到這一點體現在我們的指導方針中，屆時我們將能夠為您提供更多細節。但這就是目前的進度安排，該專案的所有工作目前都在按計劃進行。很顯然，對於加彭來說，正如我所說，我們在這裡（加彭）所做的，我們花了很多時間考察這些鑽井地點。正如您可能已經注意到的，由於鹽層的干擾，這裡的地震成像並不像我們希望的那樣清晰。但即便如此，我們計劃在其中一些地點鑽探導引孔，以確定碳氫化合物的確切含量，然後讓我們撤回並重新鑽探或在不同的區域完成鑽探。

So when we look at the schedule right now where we're starting on the Etame field with two pilots, we would -- if both of those come in and remind the POSGs are 80% plus, we would drill and complete as we go. So we will not do that drilling. So we potentially have three wells on Etame if we choose to elect one of the options, one well on Seent and then a workover and well on Ebouri.

所以，當我們查看目前的進度安排時，我們首先在埃塔梅田地派出兩名飛行員，如果這兩名飛行員都順利到達並確認 POSG 達到 80% 以上，我們將邊鑽邊完成。所以我們將不會進行鑽探。因此，如果我們選擇其中一個方案，那麼我們在 Etame 可能有三口井，Seent 有一口井，然後在 Ebouri 進行一次修井作業。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management。

Relative to the Cote d'Ivoire drilling program, you'd mentioned that that will begin in the second half of next year. Given that the FPSO will be back in the field and reconnected in May, what's the swing factor or swing factors that would drive the drilling earlier in the second half versus later in the second half?

關於科特迪瓦的鑽探計劃，您曾提到該計劃將於明年下半年開始。鑑於 FPSO 將於 5 月重返油田並重新連接，哪些因素會導致鑽井作業在下半年早期進行，而不是在下半年晚期進行？

Okay. So the biggest swing factor is exactly what we face in Gabon is the drilling unit arriving on time. When we look at where we are today, though, all the long lead items, the trees and the equipment, et cetera, are all ready to go. So it's all around the drilling unit and the timing of that. So when it comes off its existing contract, as you know, we may have a scheduled date, but if it's halfway through drilling a well for a previous client, then it has to complete that well before it comes to us. So it's really just the rig move would be the swing factor.

好的。因此，最大的轉折點正是我們在加彭面臨的情況，那就是鑽井裝置能否準時到達。但看看我們今天的情況，所有需要較長準備時間的物品，樹木和設備等等，都已經準備就緒。所以一切都與鑽井裝置及其作業時間有關。所以，正如您所知，當它現有合約到期時，我們可能已經安排好了日期，但如果它正在為之前的客戶鑽井，那麼它必須先完成那口井才能來找我們。所以真正起決定性作用的因素就是鑽井平台的移動。

That's helpful. And then relative to Equatorial Guinea, you'd mentioned that you're looking at a subsea completion application. Was that part of the FEED study or are you now needing to do essentially a sidebar FEED study?

那很有幫助。關於赤道幾內亞，您提到您正在考慮海底完井申請。這是 FEED 研究的一部分，還是您現在需要單獨進行一項 FEED 研究？

It's not quite a sidebar. What came out of the FEED study was what we were trying to achieve in the FEED study was how do we reduce the CapEx position that's in the POD. And what we were looking at was can we go to drill off the shelf with what we call a [MOPU], a self-elevating platform for production and basically put that to a leased unit rather than a capital unit. What came from that is that there are -- given the complexities of the shelf drilling, getting the exact locations for the wells are possible but complicated when you're looking for the two producers and you're looking at getting a water injector in there with a long lateral to give you an efficient flow of production from the structure. So that sweep efficiency is very key to the recovery factors and the production profiles that we've estimated from Venus.

它並不完全算是側邊欄。FEED 研究的最終結果是，我們在 FEED 研究中試圖實現的目標是如何減少 POD 的資本支出。我們當時考慮的是，能否使用我們稱為 [MOPU] 的現成鑽井設備（一種自升式生產平台），並將其租賃給一個單位，而不是投資給一個單位。由此可見，考慮到陸架鑽井的複雜性，雖然可以確定井的確切位置，但當需要尋找兩個生產井，並且還要在其中安裝一個帶長水平井的水注入井，以便從該構造中獲得高效的產量時，確定井的確切位置就變得很複雜。因此，掃氣效率對於我們從金星估算出的回收率和產量曲線至關重要。

We've since and during the FEED completed a new static and dynamic model, which confirms the volumes that we announced back in the Capital Markets Day. But again, that dependency on the sweep efficiency from the water injector is critical to achieving these production levels. So when we looked at that risk factor, we said, okay, it's possible, but it contains risk. And we then looked at a vertical solution and said, do we eliminate that risk factor significantly by coming from a drillship position vertically versus coming from the shelf. And the answer to that is very clearly yes.

自 FEED 以來，我們已完成了一個新的靜態和動態模型，該模型證實了我們在資本市場日宣布的交易量。但同樣，對注水器沖洗效率的依賴對於實現這些生產水準至關重要。所以當我們審視這個風險因素時，我們說，好吧，這有可能發生，但其中也存在風險。然後我們研究了垂直解決方案，並提出，從鑽井船位置垂直作業是否比從大陸架作業能顯著消除這種風險因素。答案顯然是肯定的。

What does that do to the cost structure? Well, it reduces the drilling times significantly, we're evaluating that, but it comes at a higher drilling day cost. But overall, the economics are far better for the -- on the drill side. The production side, we're now looking at -- and we've spent some time now looking with what we've done in Gabon and what we're doing in Cote d'Ivoire, do we get an FPSO at a reasonable price that can evacuate this oil and at an efficient level. And that's really where the study is right now.

這會對成本結構產生什麼影響？嗯，它確實能大幅縮短鑽井時間，我們正在評估這一點，但同時也會增加每日鑽井成本。但總體而言，鑽井方面的經濟效益要好得多。在生產方面，我們現在正在研究——我們已經花了一些時間，結合我們在加彭和科特迪瓦的經驗，研究我們是否能以合理的價格獲得一艘能夠高效地輸送這些石油的FPSO。這就是目前研究的進展方向。

There's a lot of units available in the market right now. And because of the decline in other areas, they're at a reasonable cost. So that's really what we're looking at, have we derisked the drilling position, can we then match it up with an efficient production position. And that's really -- it's like a side bar to use your terms, but it's also looking how we minimize the risk position on the drilling side.

目前市面上有許多這樣的設備可供選擇。而且由於其他領域的下滑，它們的價格也比較合理。所以，我們真正要看的是，我們是否降低了鑽井作業的風險，然後能否將其與高效的生產作業相匹配。這實際上——用你們的話來說，就像一個側邊欄，但它也關乎我們如何最大限度地降低鑽井方面的風險。

Jeff Robertson, Water Tower Research.

Jeff Robertson，水塔研究公司。

George, just a quick question in Cote d'Ivoire. When the FPSO gets back to Baobab, how long would it take do you anticipate for production in the field to go back to whatever the full rate will be?

喬治，我在科特迪瓦有個問題想問你。當 FPSO 返回 Baobab 油田後，您預計該油田的生產需要多長時間才能恢復到滿載生產？

Well, I mean, obviously, we've got the vessel gets back to the field. We've got the contract for the hookup and taking the flow lines back in place, and then we've got commissioning. I mean, I'm -- at the moment in the schedule, we're easily looking at six to eight weeks for that. What we don't -- what we haven't yet looked at, Jeff, is the start-up sequence. So we've got the commissioning to do, and then we need to look at the start-up sequence for the wells and see exactly which sequence of wells are coming on between the injectors, obviously, and then the producers. So that's something we'll certainly guide to when we come to the next call in early '26. We'll have much more detail on the start-up sequence at that time.

嗯，我的意思是，很顯然，我們已經讓船隻返回現場了。我們已經簽訂了連接和恢復輸油管線的合同，接下來就是調試工作了。我的意思是，就目前的進度來看，我們至少需要六到八週的時間。傑夫，我們還沒有──或者說我們還沒研究過的，是啟動順序。所以我們接下來要做的是調試工作，然後我們需要查看油井的啟動順序，看看在註水井和生產井之間，究竟是哪一口井會依次啟動。所以，這是我們在 2026 年初的下次電話會議上一定會重點討論的問題。屆時我們將提供更多關於啟動流程的詳細資訊。

Just one more in Gabon. With the maintenance work that you did in July, what will that do to prepare the facilities, if anything, for the upcoming drilling campaign?

加蓬還有一例。您在 7 月進行的維護工作，對於即將到來的鑽探活動，會對設施的準備工作起到什麼作用？

I mean, effectively, I think there, Jeff, we did quite some upgrades to Etame on both power and water handling. So everything is now done and ready for that drilling campaign coming in. But yeah, that's essentially what was done along with the planned -- the normal planned inspection.

我的意思是，傑夫，實際上，我認為我們在動力和水處理方面對 Etame 進行了一些升級。現在一切都已準備就緒，即將開始鑽探作業。是的，這基本上就是除了計劃內的檢查之外所做的事情——正常的計劃檢查。

(Operator Instructions) Jamie Wilen, Wilen Management.

（操作說明）Jamie Wilen，Wilen Management。

Hi fellows. I wonder if you could refresh me on the H2S wells that were shut in a few years ago. How many there were? And what were their -- what was the volume per day? And what is your expectation moving forward?

大家好。我想請您幫我回顧一下幾年前關閉的硫化氫井的情況。一共有多少人？他們的日產量是多少？那麼，您對未來有何期望呢？

Yeah, Jamie, we had, I think, three wells out of Ebouri that were [shut down] in back in 2014. The production level around Ebouri was between 6,000 and 8,000 a day, and this is from memory, if I've got those numbers wrong, I'll correct them. And as I said, we've got -- we've had 2H flowing now consistently for a number of years. 4H we took on earlier this year and has continued to perform well. And it's got to be said that we -- our expectation of this well was that it was going to last for three months, mainly not because of reservoir issues, but because of the ESP issues.

是的，傑米，我想我們在埃布里有三口油井在 2014 年關閉了。埃布里附近的產量約為每天 6,000 至 8,000 件，這是我的記憶，如果我記錯了，我會更正。正如我所說，我們已經——我們已經有 2H 持續供應好幾年了。我們今年早些時候接手的4H項目一直表現良好。必須指出的是，我們——我們對這口井的預期是它會持續三個月，主要不是因為油藏問題，而是因為電潛泵問題。

It's an old ESP that has been in that well for probably close to 13 years. And the 5H position, we shut that down when we shut down the whole Ebouri platform. So the 5H redrill that's coming up in the program this time, that's, for me, one of the most exciting wells that are in the program because it's a redrill back into what should be a crestal position in the field, and we're anticipating some really good results from that well. So with the work on Ebouri and the test work that we've done, it just further enhances our confidence levels to be able to deal with the H2S as and when it comes towards us.

這是一個老式的ESP，可能已經在井裡放了將近13年了。至於 5H 部位，我們在關閉整個 Ebouri 平台時也關閉了它。所以，這次計劃中的 5H 重鑽井，對我來說，是該計劃中最令人興奮的井之一，因為它是重新鑽探到油田的頂部位置，我們預計這口井會取得非常好的結果。因此，透過對 Ebouri 的研究和我們所做的測試工作，我們更有信心應對 H2S 的到來。

What was the volume of that well when it was producing?

那口井生產時的產量是多少？

I'd have to check, Jamie, but I think it was probably around about somewhere between 1,500 and 2,000 barrels a day. But my position, this is going to be -- it's -- that's the old well. The new wells are a sidetrack redrill, and it's going to a much higher position in the reservoir structure. So I'm a little bit confident we may see numbers higher than that for that well.

傑米，我得查一下，但我認為大概每天產量在 1500 到 2000 桶之間。但我的立場是，這將是——這是——那是老生常談了。新井是側鑽井，而且鑽探位置要高得多，位於油藏結構中的位置。所以我比較有信心，這口井的產量可能會高於這個數字。

And I think what I'd add to that is George is talking gross, Jamie, all the time. Those are gross numbers.

我覺得我還要補充一點，喬治總是說些很噁心的話，傑米。這些數字太驚人了。

And ladies and gentlemen, at this time, we've reached the end of today's question-and-answer session. I'd like to turn the conference call back over to George Maxwell for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我想把電話會議交還給喬治·麥克斯韋爾，請他作總結發言。

Thank you very much, operator. I'd just like to close, we've had a strong third quarter and some good results in the third quarter despite the reduced volumes in net sales because of the government liftings that took place this quarter. The position that we're in coming into 2026 with the execution of our projects leaves us in a strong position. There are no concerns around where we are in the main capital project around the FPSO for Cote d'Ivoire. That project remains on track, and we monitor it very closely with our partners.

非常感謝接線生。最後我想說，儘管由於本季度政府的提振措施導致淨銷售額下降，但我們第三季業績強勁，取得了一些不錯的成績。進入 2026 年，我們專案的執行情況使我們處於有利地位。對於我們在科特迪瓦FPSO主要資本項目方面的進展，沒有任何擔憂。該專案目前仍在按計劃進行，我們將與合作夥伴密切監控該專案的進度。

I'm very encouraged that we're finally getting going on the drilling campaign, albeit there's a four-month delay in the rig arriving. But that's very encouraging, and it shows our commitment both to Gabon and our commitment to CDI for our investment. We've seen strong EBITDAX performance over and above guidance this quarter, which maybe was a bit masked by the revenue. But again, with the lower revenue and higher EBITDAX indicates the company's focus on its cost control during this period of softening commodity prices. So I'm encouraged that when we come to talk again early Q1 that we will complete 2025 on a successful basis.

雖然鑽井平台的到達時間延遲了四個月，但我非常欣慰我們終於要開始鑽探作業了。但這非常令人鼓舞，也顯示了我們對加彭的承諾以及我們對 CDI 投資的承諾。本季 EBITDAX 表現強勁，超出預期，可能被營收的成長所掩蓋。但同樣，較低的收入和較高的 EBITDAX 表明，在當前大宗商品價格走軟的時期，該公司專注於成本控制。因此，我感到鼓舞的是，當我們在第一季初再次討論時，我們將能夠成功地完成 2025 年的目標。

As you've seen, we've narrowed the guidance to give further confidence to the market as we see our position narrowing to improve the profile through Q4. And with that, I look forward to talking to you again in Q1 2026. Thank you.

正如您所看到的，我們縮小了業績指引範圍，以進一步增強市場信心，因為我們認為我們的市場份額正在縮小，這將在第四季度改善我們的業績狀況。那麼，我期待在 2026 年第一季再次與您交流。謝謝。

And ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演示就到此結束。非常感謝您的參與。現在您可以斷開線路了。