VAALCO Energy Inc (EGY) 2025 Q4 法說會逐字稿

Good morning, and welcome to the VAALCO Energy Fourth Quarter and Full Year 2025 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 VAALCO Energy 2025 年第四季暨全年財報電話會議。(Operator Instructions) 請注意，本活動將被錄音。

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

現在我想將會議交給投資人關係協調人 Al Petrie。請開始。

Thank you, operator, and welcome to VAALCO Energy's Fourth Quarter and Full Year 2025 Conference Call. After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the fourth 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，接線員，並歡迎各位參加 VAALCO Energy 2025 年第四季暨全年電話會議。在我說明前瞻性陳述後，我們的執行長 George Maxwell 將回顧第四季的重點摘要。接著，我們的財務長 Ron Bain 將提供更深入的財務回顧。之後 George 會回來做一些結語，然後我們將回答各位的提問。(Event Instructions) 我想提醒各位，我們已在公司網站上發布補充的投資人簡報，內含額外的財務分析、比較與指引，應能提供協助。

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 within the meaning of federal securities laws. As a reminder, these statements are based upon our current beliefs, as well as certain assumptions and information currently available to us as we discuss in more detail in our fourth quarter and year-end 2025 earnings release and our Form 10-K for the year ended 2025 we expect to file on and before March 16, 2026. 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 the reports we file with the SEC, including our Form 10-K.

接下來，我將進行前瞻性陳述的說明。在本次電話會議過程中，公司將依據聯邦證券法之定義發表前瞻性陳述。提醒各位，這些陳述係基於我們目前的信念，以及若干假設與目前可得資訊；我們已在 2025 年第四季與年終財報新聞稿，以及截至 2025 年度的 Form 10-K（預計於 2026 年 3 月 16 日或之前提交）中更詳細說明。投資人應注意，前瞻性陳述並非未來績效之保證，實際結果或發展可能與前瞻性陳述中的預測有重大差異。VAALCO 不承擔因新資訊、未來事件或其他原因而更新或修訂任何前瞻性陳述之意圖或義務。因此，您不應對前瞻性陳述過度依賴。這些及其他風險已載於我們的財報新聞稿、網站上發布的簡報，以及我們向 SEC 提交的報告（包括 Form 10-K）中。

We will also refer to certain non-GAAP financial measures, including adjusted EBITDAX, whose reconciliation you will find in the fourth quarter and year-end 2025 earnings release and in our slide deck.

我們也將提及若干非 GAAP 財務衡量指標，包括調整後 EBITDAX；其調節表可在 2025 年第四季與年終財報新聞稿以及我們的投影片簡報中找到。

Please note that this conference call is being recorded, and let me turn the call over to George.

請注意，本次電話會議將被錄音。接下來我把電話交給 George。

Thank you, Al. Good morning, everyone, and welcome to our fourth quarter and full year 2025 earnings conference call. Over the past three years, we have delivered outstanding operational and financial results, including generating over $750 million in adjusted EBITDAX while meeting or exceeding our quarterly guidance targets. Maintaining operational excellence and consistent production across our portfolio is essential to increasing our adjusted EBITDAX, which has allowed us to expand our portfolio and also to fund organic growth initiatives, better positioning VAALCO for the future.

謝謝你，Al。各位早安，歡迎參加我們 2025 年第四季暨全年財報電話會議。在過去三年中，我們交出了卓越的營運與財務成果，包括創造超過 7.5 億美元的調整後 EBITDAX，同時達成或超越我們每季的指引目標。維持卓越營運與整體資產組合的穩定產量，對提升我們的調整後 EBITDAX 至關重要；這也使我們得以擴大資產組合並資助內生成長計畫，讓 VAALCO 在未來具備更佳定位。

We recently divested all of our Canadian assets, and we added to our Cote d'Ivoire position by being named operator with a 60% working interest in the Kossipo field on Block CI-40. Last year, we added an exploration block, CI-705, in Cote d'Ivoire and are working with our partners on the seismic acquisition and processing at Niosi Marin and Guduma Marin blocks offshore Gabon.

我們近期已處分所有加拿大資產，並透過在 CI-40 區塊的 Kossipo 油田以 60% 工作權益被指定為作業者，進一步擴大我們在象牙海岸（Cote d'Ivoire）的布局。去年，我們在象牙海岸新增一個探勘區塊 CI-705，並正與合作夥伴在加彭外海的 Niosi Marin 與 Guduma Marin 區塊進行地震資料採集與處理工作。

In addition, we drilled our first exploration well in Gabon since 2013 during Q1 2026. And although unsuccessful, combined with the new exploration portfolio in Gabon and CDI, we have created a more balanced portfolio between production, development, and high-quality prospective assets.

此外，我們於 2026 年第一季鑽探了自 2013 年以來在加彭的第一口探勘井。雖然未獲成功，但結合我們在加彭與象牙海岸（CDI）的新探勘資產組合，我們已打造出在生產、開發與高品質前景資產之間更為均衡的投資組合。

We have accomplished many things in these past five years, growing VAALCO from a single asset delivering around 5,000 barrels a day to a diversified multi-country operator, well on our way to achieving our goal of 50,000 barrels of oil equivalent per day. We have, over the past several years, in addition to growing production, reserves and adjusted EBITDAX, has been a sustained commitment to returning cash to shareholders. In 2025, we returned another $26.5 million in dividends. And since Q4 2021, we have returned over $115 million to our shareholders through dividends and share buybacks.

在過去五年中，我們完成了許多里程碑，將 VAALCO 從單一資產、日產約 5,000 桶，成長為多國多元化的作業者，並正穩步邁向達成每日 50,000 桶油當量的目標。過去幾年，除了提升產量、儲量與調整後 EBITDAX 之外，我們也持續致力於回饋股東現金。在 2025 年，我們以股利形式再回饋 2,650 萬美元。自 2021 年第四季以來，我們已透過股利與庫藏股回購向股東回饋超過 1.15 億美元。

As we discuss our operational and financial results today, it is important to remember that 2025 was a transitional year for VAALCO as production came offline in Q1 at Cote d'Ivoire due to the FPSO project, and we did not start the drilling campaign in Gabon until late Q4. This means that the meaningful production uplift we are projecting from these major projects won't begin until later this year and into 2027.

當我們今天討論營運與財務成果時，重要的是要記得：2025 年對 VAALCO 而言是過渡的一年，因 FPSO 專案使象牙海岸的產量在第一季下線，而我們直到第四季末才在加彭啟動鑽井活動。這表示，我們從這些重大專案所預期的顯著增產，要到今年稍晚以及 2027 年才會開始顯現。

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. I'd like to remind you that we had no production or interest in Cote d'Ivoire prior to April 2024, when we made the Svenska acquisition, securing a valuable asset with Baobab on the CI-40 block.

接下來我將快速更新我們多元且高品質的資產組合，先從象牙海岸開始。提醒各位，在 2024 年 4 月完成 Svenska 收購之前，我們在象牙海岸並無任何產量或權益；該收購使我們取得 CI-40 區塊 Baobab 的一項具價值資產。

In line with the project timeline, the FPSO at Baobab ceased hydrocarbon operations as scheduled on January 31, 2025, with the final lifting of crude from the vessel occurring in early February. 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 went very well, and the FPSO departed Dubai in early February 2026 on route back to Cote d'Ivoire. The vessel is currently off the coast of South Africa and continues to be on track to return to Baobab, with the field restarting in Q2 2026.

依照專案時程，Baobab 的 FPSO 已按計畫於 2025 年 1 月 31 日停止碳氫化合物作業，並於 2 月初完成該船最後一次原油提運。該船於 3 月下旬離開油田，並於 2025 年 5 月中旬提前抵達杜拜船塢。FPSO 翻修進展非常順利，並於 2026 年 2 月初自杜拜啟航返回象牙海岸。該船目前位於南非外海，仍按計畫返回 Baobab，油田預計於 2026 年第二季重啟。

Significant development drilling is expected to begin later this year after the FPSO returns to service with a drilling program which includes three producers, two to three injectors and two workovers providing potential meaningful additions to production from the main Baobab field, where we have a 10-year extension to the license to 2038. The current drilling plan on Baobab is to begin drilling on a batch basis, the top hole sections of all five wells. The completions will then be commenced, and we expect at least one well to be on full production by year-end.

在 FPSO 恢復服務後，預期今年稍晚將開始大規模開發鑽井；鑽井計畫包括三口生產井、兩到三口注水井以及兩口修井，可能為主要 Baobab 油田帶來可觀的增產貢獻；我們已將該區塊許可延長 10 年至 2038 年。目前 Baobab 的鑽井計畫是採批次方式，先鑽完五口井的所有上段井眼（top hole）區段。之後將開始完井作業，我們預期在年底前至少有一口井可達到全面生產。

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 through the seismic reprocessing and interpretation stages and potentially drilling up to two exploration wells. The block is favorably located in a proven hydrocarbon system and is approximately 70 kilometers to the west of our CI-40 block, which contains 1.2 billion barrels of oil equivalent of [stope]. 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.

2025 年 3 月，我們宣布就象牙海岸外海 CI -705 區塊達成 farm-in 協議；我們將以 70% 工作權益擔任作業者，並在地震資料再處理與解釋階段承擔 100% 出資權益，且可能鑽探最多兩口探勘井。該區塊位於已證實的碳氫系統中，地理位置優越，且約在我們 CI-40 區塊以西 70 公里；CI-40 區塊包含 12 億桶油當量的[stope]。我們已取得該區塊的地震資料，並正進行詳細的整合地質分析，以評估並深化我們對該區塊整體前景性的理解，以及該盆地的整體潛力。

In accordance with the CI-40 PSC, VAALCO and PetroCI elected a sole risk development of the Kossipo field. In February 2026, VAALCO was confirmed as operator with a 60% working interest in the Kossipo field on the CI-40 block, just 8 kilometers from Baobab field. We are now working on a field development plan using new ocean bottom node seismic data that is expected to help derisk and enhance our evaluation and development plan.

依據 CI-40 PSC，VAALCO 與 PetroCI 選擇以單獨風險（sole risk）方式開發 Kossipo 油田。2026 年 2 月，VAALCO 獲確認為 CI-40 區塊 Kossipo 油田的作業者，持有 60% 工作權益；該油田距 Baobab 油田僅 8 公里。我們目前正利用新的海底節點（ocean bottom node）地震資料制定油田開發計畫；預期該資料將有助於降低風險並強化我們的評估與開發規劃。

The Kossipo field was discovered in 2002 with the Kossipo-1X well and later appraised in 2019 with the Kossipo-2A well, which tested at over 7,000 barrels of oil per day. Our current assessment has a field with an estimated gross 2C resources of approximately 102 million barrels of oil equivalent and 293 million of barrel of oil equivalent in place. So in less than two years, we have established a sizable position in Cote d'Ivoire with considerable upside potential to help us achieve our production growth targets in a significant and high-demand hydrocarbon basin. 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.

Kossipo 油田於 2002 年透過 Kossipo-1X 井發現，並於 2019 年以 Kossipo-2A 井進行後續評估，該井測試日產量超過 7,000 桶原油。我們目前的評估顯示，該油田估計總 2C 資源量約為 1.02 億桶油當量，且原始地層含量（in place）為 2.93 億桶油當量。因此，在不到兩年的時間內，我們已在科特迪瓦建立了相當可觀的布局，具備顯著的上行潛力，可協助我們在一個重要且需求旺盛的碳氫化合物盆地中達成產量成長目標。我們已展現透過具增益性的併購來收購、開發並提升價值的能力，並對科特迪瓦的前景感到振奮。

Moving to Gabon. Given that we haven't drilled a well in Gabon in over three years, we are pleased with the overall positive production results we saw in 2025. In July 2025, 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 that we have had to perform a full field shutdown at Gabon since the FSO was brought online in 2022.

接著談加彭。鑑於我們在加彭已超過三年未鑽新井，我們對 2025 年所見整體正向的產量成果感到滿意。2025 年 7 月，我們成功完成加彭平台按計畫進行的全油田維護停產，以執行安全檢查及必要維修。這是自 2022 年 FSO 投入運作以來，我們首次在加彭進行全油田停產。

In the fourth quarter of 2025, we began our Phase 3 drilling program in Gabon with the drilling of two pilot wells in the Etame field. Based on the pilot well results, we proceeded with the drilling of the Etame 15H-ST development well on the 1V block of Etame in December 2025. The rig remained on the Etame platform to drill an exploration prospect in West Etame. While the well encountered 10 meters of high-quality Gamba sands, the target zone was water-bearing and noncommercial. The lower portion of the well will be plugged and abandoned, but the wellbore will be utilized and sidetracked in the upper portion of the well to drill the ET-14H development well in the main fault block of Etame that was derisked from the results of the earlier pilot wells.

在 2025 年第四季，我們以在 Etame 油田鑽探兩口先導井，啟動了加彭第三階段鑽井計畫。根據先導井結果，我們於 2025 年 12 月在 Etame 的 1V 區塊鑽探 Etame 15H-ST 開發井。鑽機留在 Etame 平台，以鑽探 West Etame 的一個探勘目標。雖然該井遇到 10 公尺高品質的 Gamba 砂岩，但目標層為含水層，且不具商業性。該井下部將封井並廢棄，但井筒將在上部加以利用並進行側鑽，以在 Etame 主斷層區塊鑽探 ET-14H 開發井；該區塊已因先前先導井結果而降低風險。

When we committed to drilling the Etame West exploration well, we knew there was geological risk of not encountering commercial sands, but the size of the potential resource made it a risk worth taking. Furthermore, we purposely designed the well so we could still utilize the wellbore to drill a development well into a nonproductive area if the sands were noncommercial. We are now working to drill the sidetrack well, which should be completed in April. After completing our program at the Etame platform, we expect to move the drill rig to the SEENT and Ebouri platforms, where we have several wells and workovers planned to enhance production, lower costs, and potentially add reserves.

當我們承諾鑽探 Etame West 探勘井時，我們知道存在未能遇到具商業性砂岩的地質風險，但潛在資源規模使得這項風險值得承擔。此外，我們刻意將該井設計為：若砂岩不具商業性，仍可利用井筒在非產區鑽探一口開發井。我們目前正進行側鑽井作業，預計於 4 月完成。完成 Etame 平台的計畫後，我們預期將鑽機移至 SEENT 與 Ebouri 平台；我們在那裡規劃了數口井與修井作業，以提升產量、降低成本，並可能增加儲量。

Regarding our exploration blocks in Gabon, the Niosi Marin and Guduma Marin, we are working with our partners and the operator on plans for the two blocks moving forward. We commenced a seismic survey in November of 2025, which was completed in the first quarter of 2026. This survey completed part of the exploration work program commitment for these blocks. Further evaluation and interpretation of the results are expected to continue into the second and third quarters of 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.

關於我們在加彭的探勘區塊 Niosi Marin 與 Guduma Marin，我們正與合作夥伴及作業者共同研擬這兩個區塊後續推進的計畫。我們於 2025 年 11 月啟動地震勘測，並於 2026 年第一季完成。此勘測完成了這些區塊探勘工作計畫承諾的一部分。預期對成果的進一步評估與解釋將延續至 2026 年第二季與第三季。鑑於這些區塊鄰近 Etame 與 Dussafu 等高產油田，我們對其未來可能性充滿期待。

Turning to Egypt. For the past year, we had contracted a rig and drilled 20 wells across a drilling campaign that helped to increase production year-over-year in 2025. We are very pleased with the operational performance and efficiency of the drilling program, which contributes to minimizing costs. We have been able to drill eight extra wells faster and cheaper than what we had budgeted for the same amount of capital, which has also positively impacted production. In conjunction with our drilling program, we also continue to perform production optimizations, workovers and recompletions that have significantly improved our production performance.

接著談埃及。過去一年，我們簽約一座鑽機並在一項鑽井活動中鑽了 20 口井，協助 2025 年產量較前一年增加。我們對鑽井計畫的營運表現與效率非常滿意，這有助於將成本降至最低。在相同資本支出下，我們能以更快速度、較低成本額外鑽 8 口井，亦對產量帶來正面影響。配合鑽井計畫，我們也持續進行產量最佳化、修井與重新完井，顯著改善了我們的產量表現。

While we wrapped up the drilling program in the fourth quarter of 2025, the very good results drilled at the end of the year have resulted in Q1 2026 producing consistently above 11,000 barrels of oil per day and well above our budget of 10,700 barrels of oil per day. We plan to continue optimizations, workovers, and recompletions in 2026, focused on production enhancement, while we finalize our development and exploration opportunities for the upcoming drilling campaign.

雖然我們在 2025 年第四季完成鑽井計畫，但年底鑽探所取得的非常良好成果，使 2026 年第一季產量穩定高於每日 11,000 桶，且明顯高於我們預算的每日 10,700 桶。我們計畫在 2026 年持續進行最佳化、修井與重新完井，聚焦於提升產量，同時完成下一輪鑽井活動的開發與探勘機會定案。

In the Western Desert, work is ongoing to evaluate and integrate the results of our last exploration well in South Ghazalat. This well has confirmed the presence of both oil and gas. The long-term test and pressure monitoring that we have carried out has confirmed the connection of the oil-bearing zone to a larger volume. Based on this, we are updating our subsurface mapping, prospective evaluation, and volume estimation in order to put together the appropriate economic field development plan for our acreage. We are particularly pleased with the progress our team made in our Egyptian receivables in 2025. Ron will discuss this in more detail, but we are now essentially on a current billing basis with EGPC.

在西部沙漠地區，我們正持續評估並整合位於 South Ghazalat 的上一口探勘井成果。該井已確認同時存在原油與天然氣。我們所進行的長期測試與壓力監測已確認含油層與更大體積相連通。基於此，我們正更新地下地質製圖、前景評估與體積估算，以便為我們的礦區制定適切且具經濟性的油田開發計畫。我們對團隊在 2025 年於埃及應收款項方面取得的進展尤其滿意。Ron 會更詳細說明，但我們目前基本上已與 EGPC 回到按期開立帳單並收款的狀態。

On February 5, 2026, we announced an agreement for the sale of all of our Canadian assets to a third party for approximately $25.5 million, which equates to 2.7 times our trailing 12 months operational cash flow. The Canadian properties were producing approximately 1,850 barrels of oil per day at the time of sale, and the sale closed in February 2026 as expected.

2026 年 2 月 5 日，我們宣布已達成協議，將我們所有加拿大資產以約 2,550 萬美元出售予第三方，相當於過去 12 個月營運現金流的 2.7 倍。加拿大資產在出售時的產量約為每日 1,850 桶原油，且該交易如預期於 2026 年 2 月完成交割。

As Ron reviews our production guidance for 2026, keep in mind that our first quarter and full year 2026 results will only include January and a prorated February through the 19th Canadian production and financial results. We believe we have extracted significant value from the Canadian assets, including almost $65 million in operating cash flow since their acquisition. While we believe the Canadian assets are solid, we decided to focus on our core assets and their significant upside potential. With all of the large-scale drilling campaigns underway or planned in those areas, we determined that now was the right time to sell.

當 Ron 檢視我們 2026 年的產量指引時，請記住：我們 2026 年第一季與全年結果僅會納入 1 月以及按比例計入 2 月至 19 日的加拿大產量與財務結果。我們相信已從加拿大資產中提取了可觀價值，包括自收購以來累計近 6,500 萬美元的營運現金流。雖然我們認為加拿大資產穩健，但我們決定聚焦於核心資產及其顯著的上行潛力。隨著這些地區的大規模鑽井活動已在進行或規劃中，我們判斷現在是出售的適當時機。

Turning to Equatorial Guinea. In March 2024, we announced the finalization documents of the Equatorial Guinea related to the Venus Block P plan of development. Last summer, we began our front-end engineering design or FEED study. The FEED is complete and confirms the technical viability of our plan of development, but also highlights some of the risks and challenges on the shelf location. We have expanded this review to explore more efficient development opportunities through a subsea development versus the original shelf development, which would also significantly simplify the drilling operations and well design, and this evaluation is currently underway. We're excited to proceed with our plans to develop, operate and begin producing from the discovery in Block P offshore Equatorial Guinea in the next few years.

接著談赤道幾內亞。2024 年 3 月，我們宣布已完成與赤道幾內亞相關、針對 Venus 區塊 P 的開發計畫（POD）之最終文件。去年夏天，我們啟動前端工程設計（FEED）研究。FEED 已完成並確認我們開發計畫在技術上的可行性，但也凸顯了該陸棚位置的一些風險與挑戰。我們已擴大此項審查，以探索相較原先陸棚開發、採用海底開發（subsea development）更有效率的開發機會；此舉也將大幅簡化鑽井作業與井設計，而該評估目前正在進行中。我們很期待在未來幾年推進計畫，在赤道幾內亞外海的 P 區塊開發、營運並自該發現開始生產。

Before I turn the call over to Ron, I would like to highlight some positives with our 2025 year-end reserve results. Our SEC reserves were prepared by NSAI, an independent third-party engineering firm that has provided annual independent estimates of VAALCO's year-end SEC reserves for over 16 years. While SEC proved reserves at year-end decreased modestly year-over-year by 5% to 43 million barrels of oil equivalent, we did see 4 million barrels of oil equivalent of positive revisions, additions, and extensions, which replaced 2/3 of our 2025 production of 6 million barrels of oil equivalent.

在我把電話會議交給 Ron 之前，我想強調我們 2025 年底儲量結果的一些正面因素。我們的 SEC 儲量由 NSAI 編製；NSAI 是一家獨立第三方工程公司，16 年以上持續提供 VAALCO 年底 SEC 儲量的年度獨立估算。雖然年底的 SEC 已證儲量較去年小幅下降 5% 至 4,300 萬桶油當量，但我們也看到 400 萬桶油當量的正向修正、增加與延伸，補回了我們 2025 年 600 萬桶油當量產量的三分之二。

Also, with the Phase 3 drilling program in Gabon starting near the end of 2025 and the FPSO returning and drilling at Baobab starting in 2026, we expect to see more additions and extensions related to our organic drilling program in 2026 and 2027. Additionally, despite lower average SEC pricing of around $70 per barrel, our SEC proved reserve PV-10 increased 8% from $379 million to $410 million due to positive revisions, offset by widening differentials in Gabon and a decrease in year-over-year SEC prices. Year-end 2025 SEC reserves included a 17.5 million barrel of oil equivalent in proved developed reserves and 25.5 million barrels of oil equivalent in proved undeveloped reserves.

此外，隨著加彭第三階段鑽井計畫預計於2025年底前後啟動，以及FPSO返回並於2026年開始在Baobab進行鑽井，我們預期在2026年與2027年，與我們自有（有機）鑽井計畫相關的新增與延伸將會更多。另外，儘管SEC平均定價較低、約為每桶70美元，我們的SEC已證明儲量PV-10仍因正向修正而由3.79億美元增加8%至4.10億美元，但部分增幅被加彭價差擴大以及SEC價格年對年下降所抵銷。截至2025年年底的SEC儲量包括1,750萬桶油當量的已證明已開發儲量，以及2,550萬桶油當量的已證明未開發儲量。

Turning to our 2P CPR estimate, which includes proven and probable reserves. Using VAALCO's management's assumptions for future pricing and costs reported on a working interest basis prior to deduction of government royalties, we also saw a small year-over-year decrease of 6% to 73.7 million barrels of oil equivalent. Despite this, the 2P CPR and PV-10 saw a 26% increase to $859 million at year-end 2025. We have a strong runway of opportunities that will continue to add value. And as you can see from our SEC proved reserves, 2P CPR reserves and corresponding PV-10 values compared to our current market cap, our stock price remains undervalued.

接著談我們的2P CPR估算，其包含已證明與概算（probable）儲量。以VAALCO管理層對未來價格與成本的假設為基礎，並以扣除政府權利金前、按工作權益（working interest）口徑呈報，我們也看到年對年小幅下降6%至7,370萬桶油當量。儘管如此，2P CPR與PV-10在2025年年底仍增加26%至8.59億美元。我們擁有強勁且可延續的機會跑道，將持續創造價值。而且如您從我們的SEC已證明儲量、2P CPR儲量及其對應PV-10價值相較於目前市值所見，我們的股價仍被低估。

In closing, we have an outstanding diversified portfolio of assets that have significant upside opportunities. We remain focused on growing production, reserves, and value for our shareholders. I'd like to thank our hard-working team who continue to operate and execute our plans. Over the past several years, we have significantly diversified our portfolio, enhancing our capacity to generate operational cash flow and adjusted EBITDAX while returning capital to shareholders and increasing our credit facility capacity. We are well positioned to execute the projects in our enhanced portfolio, and our proven track record of success these past few years should instill confidence for our future.

最後，我們擁有卓越且多元化的資產組合，具備顯著的上行機會。我們仍專注於為股東提升產量、儲量與價值。我要感謝我們辛勤工作的團隊，持續營運並落實我們的計畫。過去幾年，我們大幅分散化投資組合，提升了我們創造營運現金流與調整後EBITDAX的能力，同時回饋股東資本並提高我們的信貸額度容量。我們已做好充分準備，得以執行強化後投資組合中的各項專案；而我們過去幾年的成功實績，應能為我們的未來帶來信心。

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

接下來，我想把電話會議交給Ron，請他分享我們的財務結果。

Thank you, George, and good morning, everyone. I will provide some insight into the drivers for our financial results with a focus on the key points and give additional insight into our 2026 Q1 and full year guidance.

謝謝你，George，各位早安。我將就我們財務結果的驅動因素提供一些說明，聚焦於關鍵重點，並就我們2026年第一季及全年指引提供進一步的洞見。

Let me first echo George's comments about our continued success and our ongoing ability to meet or exceed our quarterly and annual sales, production, and cost guidance, leading to consistent operational and financial results. I want to remind you that in 2025, at midyear, we increased the midpoint of our full year production and sales guidance. Even with these higher targets, we were able to deliver 17,452 net revenue interest barrels of oil equivalent per day of sales in 2025, above the high end of our increased guidance. We also delivered production of 16,556 net revenue interest barrel of oil equivalent per day or 21,160 working interest barrels of oil equivalent per day, both above the midpoint of VAALCO's increased guidance. These strong sales numbers helped us generate adjusted EBITDAX of $173.4 million and net cash from operating activities of $212.7 million for the full year of 2025.

我先呼應George對我們持續成功的評論，以及我們持續達成或超越季度與年度銷售、產量與成本指引的能力，從而帶來一致的營運與財務表現。我想提醒各位，2025年在年中時，我們上調了全年產量與銷售指引的中位數。即使在這些更高的目標下，我們在2025年仍交付每日17,452桶油當量（BOE）的淨收益權益（net revenue interest）銷售量，高於上調後指引的上緣。我們也交付每日16,556桶油當量的淨收益權益產量，或每日21,160桶油當量的工作權益（working interest）產量，兩者皆高於VAALCO上調後指引的中位數。這些強勁的銷售數字協助我們在2025年全年創造調整後EBITDAX 1.734億美元，以及營運活動淨現金流入2.127億美元。

In the fourth quarter, we reported a net loss of $58.6 million or $0.56 per diluted share, which was driven primarily by a noncash impairment charge of $67.2 million due to the sale of our Canadian assets. This impacted our full year net income, as well as pushing it into a net loss. After generating $17.2 million of net income in the first nine months of 2025, we ended the year with a net loss of $41.4 million, driven by the fourth quarter and the noncash impairment charge.

在第四季，我們報告淨損5,860萬美元，或每股稀釋後虧損0.56美元，主要係因出售加拿大資產而認列6,720萬美元的非現金減損費用所致。這影響了我們全年淨利，並使其轉為淨損。在2025年前九個月創造1,720萬美元淨利之後，我們在第四季及該非現金減損費用的影響下，全年以淨損4,140萬美元作收。

Turning to costs. Our production costs for 2025 were in line with guidance, both on an absolute basis and on a per barrel basis. With the lower sales in 2025, we were down on an absolute basis, but slightly higher on a per barrel basis year-over-year. For the full year 2025, absolute expense was $158 million and on a per barrel basis was $24.89. For the full year 2024, while the absolute costs were up by about $10 million, our per barrel costs were slightly lower at $22.48.

接著談成本。我們2025年的生產成本無論以絕對金額或每桶口徑，皆符合指引。由於2025年銷售量較低，絕對金額較去年下降，但每桶成本年對年略為上升。2025年全年絕對費用為1.58億美元，每桶為24.89美元。2024年全年雖然絕對成本增加約1,000萬美元，但每桶成本略低，為22.48美元。

Cash G&A costs were below the low end of guidance for the fourth quarter and for the full year 2025. Our focus remains on keeping our costs low to enable us to maximize margins and increase our cash flow. Exploration expense for the fourth quarter was $6 million, and was primarily attributable to the purchase of 3D seismic costs associated with Niosi and Guduma blocks in Gabon, as well as costs associated with an Egyptian exploration well in South Ghazalat determined to be currently not commercially viable. The well confirmed the presence of hydrocarbons, and the team are updating their mapping, prospect evaluation, and volume estimation in order to put together the appropriate economic field development plan to present to both our partner and the state.

第四季及2025年全年之現金一般及行政（Cash G&A）成本均低於指引下緣。我們仍專注於維持低成本，以使我們能最大化利潤率並提升現金流。第四季探勘費用為600萬美元，主要歸因於購買與加彭Niosi與Guduma區塊相關的3D地震資料成本，以及與埃及South Ghazalat一口探勘井相關、目前判定不具商業可行性的成本。該井確認存在碳氫化合物，團隊正更新其構造圖、前景評估與儲量估算，以便擬定適當的經濟性油田開發計畫，提交給我們的合作夥伴及政府。

Moving to taxes. In the fourth quarter, we reported an income tax benefit of $4.6 million, which was comprised of a $5.2 million current tax expense, offset by a deferred tax benefit of $9.8 million. Income tax benefit includes a $7.3 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. For the full year 2025, income tax expense was $14.8 million, which included a deferred tax benefit of $29.4 million. As I've previously stated, in Gabon, Egypt and Cote d'Ivoire, our foreign income taxes are settled by the government through oil liftings in Gabon and Cote d'Ivoire and the government taking their share in Egypt.

再談稅務。第四季我們認列所得稅利益460萬美元，其中包含520萬美元的當期所得稅費用，並由980萬美元的遞延所得稅利益所抵銷。所得稅利益包含730萬美元的有利油價調整，係因加彭政府在利潤油（profit oil）分配的價值，於生產時點與以實物提取（taken in kind）時點之間發生變動所致。2025年全年所得稅費用為1,480萬美元，其中包含2,940萬美元的遞延所得稅利益。如我先前所述，在加彭、埃及與象牙海岸，我們的海外所得稅由政府透過加彭與象牙海岸的原油提運（oil liftings）以及埃及政府取得其份額的方式結算。

Turning now to the balance sheet and our cash flow statement. Unrestricted cash at the end of the fourth quarter increased by nearly $35 million to $58.9 million at December 31, 2025, while continuing to fund VAALCO's capital program with no draws against the company's RBL in the fourth quarter. We are particularly pleased with the progress our team have made in our Egyptian receivables in 2025. Collections from the Egyptian General Petroleum Corporation accelerated in 2025, and all of our aged receivables are now current. At the start of 2025, our outstanding accounts receivable for EGPC amounted to $113 million.

接著看資產負債表與現金流量表。第四季末不受限制現金增加近3,500萬美元，至2025年12月31日為5,890萬美元；同時我們持續為VAALCO的資本計畫提供資金，且第四季未動用公司RBL（以儲量為基礎之循環信貸）額度。我們對團隊在2025年埃及應收款項方面取得的進展尤其感到滿意。埃及國家石油公司（EGPC）的回款在2025年加速，目前我們所有逾期應收款均已轉為正常。在2025年初，我們對EGPC的應收帳款餘額為1.13億美元。

And at year-end 2025, this balance had fallen to $31 million, even after invoicing over $129 million in revenue for the year. We collected over $210 million in 2025, boosted by an industry payment of $40 million received in the last week of the year. Additionally, we continue to see collections exceeding revenue through quarter 1 of 2026.

而在2025年年底，即使全年已開立超過1.29億美元的收入發票，該餘額仍降至3,100萬美元。我們在2025年收款超過2.10億美元，其中包括在年底最後一週收到的4,000萬美元產業款項，使收款金額進一步提升。此外，我們在2026年第一季仍持續看到收款金額高於收入。

In 2025, we entered into a new reserves-based lending facility with an initial commitment of $190 million and the ability to grow to $300 million. The facility has a current commitment level of $255 million and only $60 million drawn at year-end 2025. This facility is helping to supplement our internally generated cash flow and cash balance to fund our active capital programs in Gabon and Cote d'Ivoire. As expected, during the first quarter of 2026, we expect to make additional draws against our RBL for our 2026 capital program. We anticipate a substantial part of the interest we incur this year will be capitalized and have been taken into our capital guidance.

在2025年，我們簽訂了一項新的以儲量為基礎的借貸融資（RBL）安排，初始承諾額為1.90億美元，並可擴大至3.00億美元。該融資目前的承諾額為2.55億美元，而截至2025年年底僅動用6,000萬美元。此融資有助於補充我們內部產生的現金流與現金餘額，以資助我們在加彭與科特迪瓦的積極資本計畫。如預期，在2026年第一季期間，我們預計將為2026年資本計畫進一步自RBL提取資金。我們預期今年發生的利息中有相當大一部分將予以資本化，且已納入我們的資本指引之中。

In Q4 2025, VAALCO paid a quarterly cash dividend of $0.0625 per common share or $6.5 million. And in 2025, we returned $26.5 million to shareholders through dividends. We also announced the first dividend payment of 2026, which will be paid later this month.

在2025年第四季，VAALCO支付每股普通股0.0625美元的季度現金股利，合計650萬美元。而在2025年，我們透過股利向股東回饋2,650萬美元。我們也宣布了2026年的首次股利發放，將於本月稍晚支付。

Turning to hedging. Earlier this year, prior to the Iran conflict, we saw opportunities to get better pricing for our hedging portfolio and took advantage of the market at that time. We were able to secure collars that have a floor of about $65 per barrel for the balance of 2026 for about 50% of our production with ceilings as high as the market allowed when the hedges were put in place. The market is very volatile right now, but we will continue to monitor the situation and hedge on any geopolitical shock or spike where we can. Our full quarterly hedge positions are disclosed in the earnings release.

接著談避險。今年稍早，在伊朗衝突之前，我們看到可為避險投資組合取得更佳定價的機會，並在當時把握市場時機。我們得以為2026年剩餘期間約50%的產量鎖定領口策略（collars），其每桶底價約為65美元，上限則在建立避險時依市場可提供的最高水準設定。目前市場波動非常大，但我們將持續監控情勢，並在出現地緣政治衝擊或價格飆升且具備條件時進行避險。我們完整的季度避險部位已於財報新聞稿中揭露。

Let me now turn to guidance, where I'll give you some key highlights and updates. I want to remind you that guidance for 2026 has the Canadian assets for only a portion of the first quarter, with the sale closing in the middle of February, and we are forecasting the Baobab field in Cote d'Ivoire coming back online in Q2. So there are some ups and downs in production and sales for the first half of 2026, but we expect both to increase materially in the second half of 2026 when the FPSO is back online and the full impact of the Gabon drilling campaign is realized.

接下來我談指引，並提供幾項重點摘要與更新。提醒各位，2026年的指引中，加拿大資產僅涵蓋第一季的一部分，因為該出售案於2月中旬完成交割；同時我們預測科特迪瓦的Baobab油田將於第二季恢復上線。因此，2026年上半年在產量與銷售上會有一些起伏，但我們預期在2026年下半年，當FPSO重新上線且加彭鑽井活動的完整效益顯現時，兩者都將顯著增加。

Our full guidance breakout is in the earnings release and in our supplemental slide deck on our website with our production breakout of both working interest and net revenue interest by asset area. For the total company, we are forecasting Q1 2026 production to be between 18,700 and 20,600 working interest barrels of oil equivalent per day and between 14,200 and 16,000 net revenue interest barrels of oil equivalent per day. This takes into account the Canadian asset sale, the continued FPSO project and natural decline. We expect our first quarter 2026 net revenue interest sales volumes to range between 11,200 and 12,900 barrels of oil equivalent per day.

我們完整的指引拆分已載於財報新聞稿，以及我們網站上的補充簡報（supplemental slide deck），其中按資產區域提供工作權益（working interest）與淨收益權益（net revenue interest）的產量拆分。就公司整體而言，我們預測2026年第一季產量介於每日18,700至20,600桶油當量（按工作權益計），以及每日14,200至16,000桶油當量（按淨收益權益計）。此已考量加拿大資產出售、持續進行的FPSO專案以及自然遞減。我們預期2026年第一季按淨收益權益計的銷售量將介於每日11,200至12,900桶油當量。

For the full year 2026, we are forecasting a production range for the total company to be between 20,100 and 22,400 working interest barrels of oil equivalent per day and between 16,100 and 17,950 net revenue interest barrels of oil equivalent per day. Our expected full year 2026 net revenue interest sales volumes are 14,900 to 18,050 barrels of oil equivalent per day. For the first quarter, we are forecasting our sales to be lower than our production, driven by a single state lifting in Gabon. With a substantial capital and operational program in 2026 for Gabon, we forecast this state lift should be the only state lifting in 2026. We are projecting five optimized liftings in the year, with the timing of one every other month beginning with April.

就2026年全年而言，我們預測公司整體產量區間為每日20,100至22,400桶油當量（按工作權益計），以及每日16,100至17,950桶油當量（按淨收益權益計）。我們預期2026年全年按淨收益權益計的銷售量為每日14,900至18,050桶油當量。第一季方面，我們預測銷售將低於產量，主因為加彭僅有一次國家提油（state lifting）。鑑於2026年加彭將有大規模資本與營運計畫，我們預測該次國家提油將是2026年唯一一次國家提油。我們預計全年將有五次最佳化提運（liftings），時間安排自4月起每隔一個月一次。

We expect our absolute operating cost to be in line with 2025. And with our sales also in line with 2025, we are projecting our 2026 per barrel of oil expense to be in the range of $23.50 and $31 per net revenue interest barrels of oil equivalent. We are also expecting slightly higher absolute cash G&A in 2026. For our exploration expense, taking into account the seismic work in Gabon and Cote d'Ivoire, along with the West Etame exploration well, we are forecasting exploration expense to be between $30 million and $35 million for 2026, with a midpoint of approximately $29 million for the first quarter, when we expect most of the expense to occur.

我們預期絕對營運成本將與2025年大致一致。且由於銷售亦與2025年相當，我們預估2026年每桶油費用將落在每桶油當量23.50至31美元（按淨收益權益計）。我們也預期2026年的絕對現金一般及行政費用（cash G&A）將略為提高。就探勘費用而言，考量加彭與科特迪瓦的地震資料作業，以及West Etame探勘井，我們預測2026年探勘費用介於3,000萬至3,500萬美元；其中第一季中位數約為2,900萬美元，因我們預期大部分費用將在第一季發生。

Finally, looking at CapEx. Our 2026 capital spend is projected to be between $290 million and $360 million as we continue the drilling campaign in Gabon, complete the FPSO refurbishment and begin drilling at the Baobab field in Cote d'Ivoire, continue recompletions in Egypt and begin spending in Kossipo. George outlined the multiple programs across our assets, as we believe that our efforts in 2025 and 2026 are building the foundation for another step change in production in the future. For the first quarter, we are expecting a range of between $90 million and $110 million for our CapEx. Our first quarter guidance includes about $3 million in capitalized interest, while the full year 2026 includes about $22 million to $24 million in capitalized interest, all of which relates to our large capital investment program this year.

最後，來看資本支出（CapEx）。我們預估2026年資本支出介於2.90億至3.60億美元，因我們將持續加彭鑽井活動、完成FPSO整修，並開始在科特迪瓦Baobab油田鑽井、在埃及持續進行重完井（recompletions），以及開始在Kossipo投入支出。George已概述我們各項資產的多個計畫；我們相信2025年與2026年的努力正在為未來產量再上台階奠定基礎。第一季方面，我們預期CapEx介於9,000萬至1.10億美元。我們第一季指引包含約300萬美元的資本化利息；而2026年全年包含約2,200萬至2,400萬美元的資本化利息，皆與我們今年的大型資本投資計畫相關。

In closing, we are well positioned to continue executing our strategy of growing production and reserves while adding meaningful value. We have a long track record of successfully delivering results that meet or exceed expectations. We've achieved many things these past few years, and 2026 looks like it will be another strong operational and financial year. Despite all of this, we continue to trade at a low multiple of EBITDAX. And with a robust organic capital program of high-return growth opportunities, we are forecasting substantial increases in sales and adjusted EBITDAX in the future. We've delivered and very well positioned to continue to execute at a high level across our diversified assets over the next several years.

總結而言，我們已做好充分準備，將持續執行我們在提升產量與儲量的同時創造具體價值的策略。我們長期以來成功交付符合或超越預期的成果。過去幾年我們達成了許多成就，而2026年看起來也將是營運與財務表現強勁的一年。儘管如此，我們目前的EBITDAX交易倍數仍偏低。憑藉具高報酬成長機會的強勁有機資本計畫，我們預測未來銷售與調整後EBITDAX將大幅提升。我們已交出成果，且在未來數年於多元化資產組合上持續以高水準執行方面具備非常有利的定位。

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

接下來，我把電話會議交回給George。

Thanks, Ron. As you have heard this morning, we have successfully delivered strong operational and financial results for the past several years by successfully executing on our diversification and growth strategy. In these past five years, we have achieved so many milestones that reflect the efforts and hard work of our employees in making the company that you see today. We have successfully grown VAALCO from a single asset delivering around 5,000 barrels of oil per day to a diversified multi-country operator, well on our way to achieving our goal of 50,000 barrels of oil equivalent per day.

謝謝，Ron。如各位今早所聽到的，過去幾年我們透過成功執行多元化與成長策略，持續交出強勁的營運與財務成果。在過去五年中，我們達成了許多里程碑，反映出員工的努力與辛勤付出，成就了各位今天所見的公司。我們已成功將VAALCO從單一資產、每日約5,000桶油的產量，成長為跨多國的多元化營運商，並正穩步邁向達成每日50,000桶油當量的目標。

Our strategy remains unchanged. Operate efficiently, invest prudently, maximize our asset base, and look for accretive opportunities. This continues to deliver for our shareholders, partners, and all stakeholders in VAALCO Energy. We have rationalized our portfolio, adding high upside opportunities at good prices, and we are poised to deliver meaningful organic growth in the future.

我們的策略維持不變。高效率營運、審慎投資、最大化我們的資產基礎，並尋找具增值性的機會。這將持續為我們的股東、合作夥伴以及VAALCO Energy的所有利害關係人帶來成果。我們已優化並精簡投資組合，以合理價格納入高上行潛力的機會，並已蓄勢待發，未來可交付具意義的有機成長。

Looking across our asset base, we have a multitude of projects to execute. In Gabon, we have an extensive drilling campaign underway at Etame that should add reserves and production. The FPSO at Baobab is nearly back in Cote d'Ivoire, and the field is expected to be back online in the next couple of months as we work with the operator on the five-well development drilling program that is scheduled to begin later this year.

放眼我們的資產基礎，我們有多項專案需要執行。在加彭，我們正在Etame推進大規模鑽井活動，預期將增加儲量與產量。科特迪瓦Baobab的FPSO幾乎已返回，且在我們與營運商合作推進預計於今年稍晚開始的五口井開發鑽井計畫之際，該油田預期將在未來幾個月內恢復上線。

At Kossipo, we are very excited to be named operator with a 60% working interest, and we are working on a field development plan that is being driven by new seismic, and we're looking to utilize existing infrastructure already in place. Also in Cote d'Ivoire, we're acquiring additional regional well data, licensing seismic data, and conducting further geological evaluations to our new exploration block, CI-705, where we are the operator with a 70% working interest.

在 Kossipo，我們非常振奮能以 60% 作業權益被指定為營運商；我們正著手制定油田開發計畫，該計畫由新的地震資料所驅動，並且我們希望利用現有、已就位的基礎設施。同樣在象牙海岸，我們正在取得更多區域井資料、授權地震資料，並對我們新的探勘區塊 CI-705 進行進一步地質評估；在該區塊我們以 70% 作業權益擔任營運商。

In Egypt, we have an ongoing production optimization workover and recompletion program, and we're examining drilling additional wells. In Equatorial Guinea, we have completed the initial front-end engineering and design study that confirmed the viability of the development concept and are currently evaluating alternative technical solutions which may deliver enhanced economic value.

在埃及，我們正在進行持續的產量最佳化修井與重新完井計畫，並評估鑽探額外井位。在赤道幾內亞，我們已完成初步前端工程與設計（FEED）研究，確認開發概念具可行性，目前正評估可望帶來更高經濟價值的替代技術方案。

Our entire organization is actively working to deliver sustainable growth and strong results to continue funding our capital programs while also returning value to our shareholders through our top quartile dividend. I believe we have gained credibility over the past three years, having delivered on our commitments to the market and to our shareholders, and we will continue to deliver with the exciting slate of projects we have over the next few years.

我們整個組織正積極投入，以實現可持續成長與強勁成果，持續為我們的資本計畫提供資金，同時透過我們名列同業前四分位的股利回饋股東價值。我相信過去三年我們已建立起可信度，因為我們已兌現對市場與股東的承諾；未來幾年，憑藉我們令人振奮的一系列專案，我們也將持續交付成果。

We are in an enviable financial position with a much stronger and diverse portfolio of producing assets with significant future upside potential. Our disciplined approach to maximizing value for our shareholders by delivering growth in production, reserves and cash flow has not been fully reflected in our stock price, but we believe we will see the market begin to properly value VAALCO as we execute on our organic opportunities over the next few years.

我們的財務狀況令人稱羨，擁有更強健且更多元的生產資產組合，並具備顯著的未來上行潛力。我們以紀律化方式，透過提升產量、儲量與現金流來為股東創造最大價值；這些成果尚未在股價中充分反映，但我們相信，隨著未來幾年我們執行內生成長機會，市場將開始更恰當地評價 VAALCO。

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

謝謝。接下來，接線員，我們準備開始提問。

(Operator Instructions) Stephane Foucaud, Auctus Advisors.

(接線員指示) Stephane Foucaud，Auctus Advisors。

So I've got a question around CapEx in Cote d'Ivoire. And perhaps if you could provide a bit more granularity on how it is split? In other words, what's FPSO, what's drilling, what's maybe Kossipo? And more importantly, how much CapEx you would expect or residual CapEx you would expect in '27 for this drilling program that you would start in '26 in Cote d'Ivoire? And then I would have a follow-up on Kossipo.

我有一個關於象牙海岸資本支出（CapEx） 的問題。也許你們可以提供更細的拆分說明？換句話說，FPSO 是多少、鑽井是多少、可能 Kossipo 是多少？更重要的是，針對你們在象牙海岸於 2026 年啟動的這個鑽井計畫，你們預期在 2027 年會有多少資本支出，或剩餘資本支出？然後我還會有一個關於 Kossipo 的追問。

Thank you, Stephane. Well, obviously, the guidance we've been giving for Q1 in relating to the CapEx, the majority of that is split between the drilling program in Gabon and the hookup for the FPSO in Cote d'Ivoire. So at that point, we expect around about 50% of the CapEx will be for Q1 is linked to the Gabon drilling program, with the balance primarily being in the FPSO finalization and towards the hookup.

謝謝你，Stephane。嗯，很明顯地，我們先前就第一季（Q1）資本支出所提供的指引，其中大部分分配在加彭的鑽井計畫，以及象牙海岸 FPSO 的接管連接（hookup）。因此在那個時點，我們預期第一季約 50% 的資本支出會與加彭鑽井計畫相關，其餘主要用於 FPSO 的收尾定案以及接管連接作業。

On Kossipo, for the full year, we're really -- the CapEx is kind of limited to just looking at preparation and development of the field development plan for submission. So that's really a limited amount of around $10 million. There's no -- until we get the field development plan in and approved, the future CapEx positions for Kossipo will then be established based on the approved field development plan.

至於 Kossipo，就全年而言，我們的資本支出其實相當有限，主要是用於準備與編製要提交的油田開發計畫。因此金額相對有限，大約 1,000 萬美元。在油田開發計畫提交並獲核准之前，Kossipo 未來的資本支出安排將會依據核准後的油田開發計畫再行確立。

And for the residual CapEx for drilling in Cote d'Ivoire in '27?

那 2027 年象牙海岸鑽井的剩餘資本支出呢？

Yes. That is really down. And as I mentioned in my statement, we commenced the drilling in September with the batch setting of the top hole section. And then we're going to drill one well that we hope to have drilled and completed by late November in Q4. So the CapEx position for those batch drillings is going to be somewhere in the region of between $30 million and $45 million.

是的。那主要取決於進度。如我在發言中提到的，我們在 9 月已開始鑽井，先以批次方式完成上部井段（top hole section）的套管設定。接著我們會鑽一口井，希望在第四季（Q4）11 月底前完成鑽探與完井。因此，這些批次鑽井的資本支出大約會落在 3,000 萬至 4,500 萬美元之間。

Remaining?

剩餘的呢？

No, no. In Q4. In Q4. That would be our CapEx position for Q4 for that drilling program, the working interest for us.

不，不。是在第四季。在第四季。那會是我們就該鑽井計畫在第四季的資本支出水準，以我們的作業權益份額計算。

I see. But then on those six wells and a few workovers you plan, there will be -- I'm just trying to equate what production could be looking like with remaining CapEx in '27 for that program. So I assume there will be still some completion work to be due in '27. Won't there be -- will there not be?

了解。但你們規劃的那六口井以及一些修井作業，到了 2027 年仍會有——我只是想把該計畫在 2027 年剩餘資本支出與可能的產量表現對照起來。所以我假設 2027 年仍會有一些完井工作要做。不會嗎——難道不會有嗎？

Absolutely. We've got a five-well program. We'll only have one well down and in production in '26. The other four wells, bottom hole sections will be drilled in 2027.

當然會。我們有一個五口井的計畫。在 2026 年我們只會有一口井完工並投產。其餘四口井的下部井段（bottom hole sections）將在 2027 年鑽探。

And injectors.

還有注水井。

Yes. Sorry, Thor's reminded me, we've also got three injectors to do as well.

是的。抱歉，Thor 提醒我，我們也還有三口注入井要做。

I see. So assuming, say, $40 million per well gross, something like that?

了解。所以假設每口井總成本大約 4,000 萬美元，類似這樣？

No, we're probably closer to (inaudible) per well gross. And obviously, we're 1/3 of that.

不，我們每口井的總成本可能更接近（聽不清）美元。而且很明顯地，我們是其中的 1/3。

Yes. Okay. Okay. And my follow-up is a quick one is on Kossipo. So when would you see the big CapEx starting on Kossipo? Is that a '27 event, '28, later? I know first oil is in 2030.

是。好的。好的。我的追問很快，是關於 Kossipo。那你們預期 Kossipo 的大額資本支出會在何時開始？是 2027 年、2028 年，還是更晚？我知道首油是在 2030 年。

It's going to be 2028. If you think of how we -- I mean, this is obviously a reasonable deepwater development and somewhere around 400, 500 meters of water depth. So when we get the field development plan, we're planning to have that submitted before the end of the year. One of the big issues here, if we can successfully get it submitted before the end of the year, that 2C contingent resource automatically drops into a 2P position for us on reserves.

會是在 2028 年。如果你想想我們將如何推進——我的意思是，這顯然是一個相當合理的深水開發案，水深大約 400 到 500 公尺。因此在取得油田開發計畫後，我們計畫在年底前提交。這裡的一個重大議題是：如果我們能在年底前成功提交，那麼 2C 或有資源量將會自動轉入我們儲量中的 2P 類別。

By the time we submit that plan and get it approved, we then can start the engineering phase. And the engineering phase will take probably at least between 6 to 12 months before we start any major CapEx commitments on equipment delivery. And obviously, at the same time, we then look to source a rig for the drilling activity. We also have to look at the position of how we're going to develop this field.

當我們提交該計畫並獲得核准後，就可以開始工程階段。工程階段可能至少需要 6 到 12 個月，之後我們才會對設備交付做出任何重大資本支出承諾。同時，我們也會著手尋找用於鑽井作業的鑽機。我們也必須評估將如何開發這個油田。

At the moment, there's the opportunity to tie back into Baobab. So if we tie back into Baobab, we then got to take considerations for a suitable [haulage] in Baobab, the MV-10 production facilities. So it really is kind of -- we're looking at all the optionality right now as to how this fits in with the existing production profile of Baobab or if there's an accelerant opportunity on a stand-alone position on Kossipo. But that will all come out in the field development plan this year.

目前有機會回接（tie back）到 Baobab。因此如果我們回接到 Baobab，就必須考量 Baobab 端適當的[運輸]安排，以及 MV-10 生產設施。所以目前我們正在評估各種選項，看看這如何與 Baobab 既有的產量曲線相契合，或是在 Kossipo 採取獨立開發是否存在加速機會。但這些都會在今年的油田開發計畫中呈現。

Jeff Robertson, Water Tower Research.

Jeff Robertson，Water Tower Research。

Ron, a question on the guidance. Can you talk about the base Brent price forecast that's embedded in the NRI volume assumptions? And then just given the extreme volatility in crude prices, can you provide a bit of a refresher on how that flows through the PSCs with respect to NRI volumes and cost recovery?

Ron，我有一個關於指引的問題。你能談談在 NRI 產量假設中所內含的布蘭特（Brent）基準油價預測嗎？另外，鑑於原油價格的極端波動，你能否再幫大家回顧一下：在 PSC（產品分成合約）架構下，這會如何影響 NRI 產量以及成本回收？

Yes, I can do that. Underlying Brent assumptions that we assumed for 2026 was a baseline of $65, per Brent. And obviously, we got our differentials off of that. With regards to upside on that, obviously, the PSCs, the West Africa PSCs are very much a profit oil split. So we benefit from the rise in prices to the extent we have the hedges in place.

是的，我可以做到。我們對2026年的布蘭特基準假設為每桶65美元（Brent）。而且很明顯，我們的價差（differentials）是以此為基礎推導出來的。至於上行空間，很明顯，PSC（產量分成合約），西非的PSC在很大程度上屬於利潤油（profit oil）分成。因此，在我們已建立避險（hedges）的範圍內，價格上漲會讓我們受益。

Outside of that, Egypt, obviously, that PSC is somewhat very protective on lower oil prices. But on upper oil prices, the split between the excess cost oil that goes to the government versus the contractor is 85% to the state, 15% to the contractor. So the upside is somewhat limited in relation to the Egyptian barrels, although there is upside, but very, very weighted towards the contractor on the West Africa side.

除此之外，埃及方面，很明顯，那份PSC在油價較低時具有相當強的保護性。但在油價較高時，超額成本油（excess cost oil）在政府與承包商之間的分配比例為：國家85%，承包商15%。因此，相較於埃及的產量，上行空間在某種程度上較為有限；雖然仍有上行，但在西非那邊，上行對承包商的權重非常、非常高。

And a question on Kossipo, George. And I guess on CI -705 as well. As you advance those projects, would you expect to maintain VAALCO's current working interest? Or at some point, would you get to a point where you'd consider trying to bring in another party to take a share of that risk?

另外一個關於Kossipo的問題，George。我想也包括CI-705。隨著你們推進這些專案，你們是否預期維持VAALCO目前的作業權益（working interest）？或者在某個時間點，你們會考慮引入另一方來分擔部分風險？

Okay. On Kossipo, right now, we're more than comfortable at our 60% working interest and operatorship, and we've got an excellent relationship with our partner, PetroCI. So at this point, that's not currently in our plans, a farm-down position. I mean we have to bear in mind, we're looking at this opportunity, as we mentioned that in our releases that the appraisal well delivered over 7,000 barrels a day. So the size of the prize is very large for us.

好的。就Kossipo而言，目前我們對60%的作業權益以及擔任作業者（operatorship）非常有信心，而且我們與合作夥伴PetroCI的關係非常好。因此，就目前而言，出售部分權益（farm-down）的安排不在我們的計畫之中。我的意思是，我們必須記住，我們在看待這個機會時，如同我們在公告中提到的，評估井（appraisal well）日產超過7,000桶。所以，對我們而言，這個獎賞的規模非常大。

So obviously, it's going to be based upon the ranking of our investment opportunities and what comes out of the field development plan. On that basis, if it does look like it's going to be a rather heavily punitive CapEx position or it's going to have an elongated timeline, we do take account of how long we have to invest the dollar before it comes back out of the ground, and that may drive a different decision-making process than we have currently planned.

因此，很明顯，這將取決於我們投資機會的排序，以及油田開發計畫（field development plan）所產出的結果。基於此，如果看起來資本支出（CapEx）會相當嚴苛，或是時程會拉得很長，我們也會考量我們需要投入資金多久，才能把錢從地下「回收」回來；這可能會驅動與我們目前規劃不同的決策流程。

On CI-705, we have started the analysis on the prospectivity. We've -- we're working that up this year. We are very encouraged by what we see. What we have to bear in mind with CI-705 is that we have a block that's just under 2,500 square kilometers. It goes from the beach right through into water depths of in excess of 1,000 to 1,500 meters.

至於CI-705，我們已開始對其勘探潛力（prospectivity）進行分析。我們——今年正在把這項工作做起來。我們對目前看到的情況感到非常鼓舞。我們必須記住，CI-705是一個面積略低於2,500平方公里的區塊。它從海灘一路延伸到超過1,000到1,500公尺的水深。

So depending on where we see the most attractive targets -- and we see targets right now at the 200-meter level, and we see targets at the 1,300, 1,400-meter level. And it will really depend on which targets we want to exploit because obviously, the deeper we go, the more expensive it becomes.

因此，取決於我們認為最具吸引力的目標在哪裡——我們目前在200公尺水深看到目標，也在1,300、1,400公尺水深看到目標。而這真的會取決於我們想開發哪些目標，因為很明顯，越深成本就越高。

But if we're looking at the shallower targets as our first exploitation, I'm fairly confident we would keep that in-house. If it's a deeper target, then we'd certainly talk about farming out some of that position so we share the risk. The key here for us is we've built a position, as I mentioned earlier in today's call, in Cote d'Ivoire, a very hot area of activity, particularly by some of the IOCs, and we've got ourselves exceptionally well placed in those areas.

但如果我們把較淺層目標作為第一階段開發，我相當有信心我們會自行承作。如果是較深層目標，那我們肯定會討論把部分權益farm out，以分攤風險。對我們而言，關鍵在於：如同我今天電話會議稍早提到的，我們已在科特迪瓦建立了一個布局；那是一個非常火熱的活動區域，特別是一些國際石油公司（IOCs）在那裡非常活躍，而我們在那些區域的布局位置非常、非常好。

Chris Wheaton, Stifel.

Chris Wheaton，Stifel。

Two questions, if I may. Firstly, the roughly $150 million plus CapEx in Cote d'Ivoire this year, could you help break that down between what's left on the FPSO refurb project and the recommissioning, but then also the planned drilling later in the year? The second question was on free cash flow and your uses of free cash flow. If prices stay elevated and you do get -- I won't use the word windfall for obvious reasons -- you do get an extra $30 million to $40 million of, say, of free cash flow generated in the year, where do you apply that? How much could you actually reinvest quickly?

如果可以的話，我有兩個問題。第一，科特迪瓦今年約1.5億美元以上的資本支出（CapEx），能否協助拆分一下：其中多少是FPSO翻修（refurb）專案剩餘部分與重新投產（recommissioning），以及今年稍晚規劃的鑽井？第二個問題是關於自由現金流（free cash flow）以及你們對自由現金流的用途。如果油價維持在高檔，而你們確實——我不會用「意外之財」這個詞，原因很明顯——如果你們一年多產生例如3,000萬到4,000萬美元的額外自由現金流，你們會把它用在哪裡？你們實際上能多快把多少資金再投資回去？

How much would you want to keep on balance sheet given the volatility in prices and the fact -- and you've got a big CapEx program coming up? And how much might possibly be returned to shareholders? I'm interested in that sort of balance sheet sensitivity if you do get that higher free cash flows than originally planned for 2026. Those are my questions.

考量到油價波動，以及你們即將有一個大型資本支出計畫，你們會希望在資產負債表上保留多少？又有多少可能會回饋給股東？如果2026年的自由現金流高於原先規劃，我想了解你們在資產負債表敏感度（balance sheet sensitivity）上的這種權衡。以上是我的問題。

Okay. I'll take the CapEx flip one on the project. So as you know, the vessel is currently just rounding the Cape in South Africa. We've -- we're very pleased with the progress of that project. As you're all aware, the vessel sailed out of a rather hot area right now right before those activities kicked off, and we're very pleased that the vessel was well clear of those areas in a timely manner.

好的。我先回答專案資本支出拆分那題。如各位所知，船舶目前正繞行南非好望角。我們——對該專案的進展非常滿意。各位也都知道，該船在相關活動開始前，及時從目前相當熱的區域航離，我們很高興船舶能在適當時間內遠離那些區域。

With that, as we come around the Cape, we've got to put it back up on towards the Ivory Coast. And at that point, we've got basically the hookup and recommissioning to do on the vessel. So our position on that from where we are with the project right now is probably around about $50 million of that would be our share between the hookup and the recommissioning and getting the anchor changed and everything down on the vessel, with the balance being on the topside holes and the completion of the first well.

在繞過好望角之後，我們必須把它再往象牙海岸方向拖帶回去。到了那個階段，我們基本上要進行船舶的接駁（hookup）與重新投產（recommissioning）。因此，以我們目前專案進度來看，其中大約5,000萬美元會是我們在接駁、重新投產、更換錨系等船上相關工作的份額；其餘則用於上部模組（topside）的孔洞作業以及第一口井的完井（completion）。

It's Ron, Chris. On the free cash flow question, obviously, when we talk about pay down debt, I mean, if we've got more free cash flow than we're projecting this year if oil prices remain high. But my aspect on that would be that we would not draw down as much, more than anything else. It's effectively, we would use that cash to not draw on the facility.

Chris，我是Ron。關於自由現金流的問題，很明顯，當我們談到償還債務時，如果油價維持高檔，我們今年的自由現金流可能會高於我們的預測。但我對此的看法是：與其說我們會多還債，不如說我們會少動用（draw down）額度。實際上，我們會用這些現金來避免動用授信（facility）。

So I don't think necessarily that we're looking to enhance the returns this year with our shareholders. We do have a high capital commitment. We're very much on track in these projects. And it's very much a story of growth into 2027. With the batch drilling, you're not going to see all of that production that CDI is going to give us until probably the end of Q1 into Q2 of next year. So very much, the free cash flow incremental will be used effectively not to draw as much debt.

因此，我不認為我們今年一定會尋求提高對股東的回饋。我們確實有很高的資本承諾。這些專案的進度非常符合計畫。而這更像是一個成長到2027年的故事。以批次鑽井（batch drilling）來看，CDI將帶給我們的產量，你們大概要到明年第一季末到第二季才會看到全部反映。所以，額外增加的自由現金流，基本上會用來減少舉債動用。

Okay. That's great. Can I just have one follow-up, please, which is on Equatorial Guinea. If you do achieve FID this year, say, 4Q, which is what I think you've said, does that -- do you still leave you on track for first production by the end of 2028? Or does that slip into 2029, do you think?

好的。很棒。我可以再追問一個關於赤道幾內亞的問題嗎？如果你們今年（例如第四季）達成FID（最終投資決策），我想這是你們說過的，那是否仍能讓你們按計畫在2028年底前實現首次產油（first production）？還是你認為會延後到2029年？

I think currently on -- and I've got to be careful here because we haven't got to the full technical evaluation. But now that we're trying to understand the benefits of a vertical solution rather than one off the shelf, when we look at what's available in the marketplace to execute that solution, I'm still pretty comfortable that we will still be on track as we outlined in our Capital Markets Day for Equatorial Guinea development and production.

我認為目前就——而且我必須在這裡小心，因為我們尚未完成完整的技術評估。但既然我們正嘗試理解垂直整體解決方案相較於現成方案的效益，當我們檢視市場上可用來執行該方案的選項時，我仍相當有信心，我們將能如同在資本市場日所概述的那樣，持續按計畫推進赤道幾內亞的開發與生產。

Charlie Sharp, Canaccord.

Charlie Sharp，Canaccord。

I hate to do this, but I'd like to go back to the CapEx, if I may, and ask the question in a slightly different way. There are so many moving parts that it's difficult, at least for me, to kind of grasp exactly where you are on that. And I guess the question, therefore, I have is, in the (inaudible) CMD, you indicated exactly what you expected the cost of the FPSO refurbishment, the Baobab Phase 5 drilling and the Gabon drilling programs to be net to yourselves. Nearly a year on from there. Can you quantify where those sit today and where the deltas are compared to what you said last year?

我不太想這麼做，但如果可以的話，我想回到資本支出（CapEx）這一題，並用稍微不同的方式提問。變動因素太多了，至少對我而言，很難真正掌握你們目前到底處於什麼狀態。因此我的問題是：在（聽不清）資本市場日（CMD）上，你們明確指出你們預期FPSO翻修、Baobab第5期鑽井，以及加彭鑽井計畫，對你們而言的淨成本各是多少。距今將近一年。你們能否量化說明這些項目目前的狀況，以及相較於去年所說的差異（delta）在哪裡？

And just also a little follow-up on -- I think Stephane asked about the spillover, if you like, into '27, and you went through that in terms of Cote d'Ivoire drilling. Is there going to be any spillover of the program in Gabon into next year, do you think?

另外再追問一下——我想Stephane問過是否會「延伸」到2027年，你也就象牙海岸鑽井的部分做了說明。那麼你認為加彭的計畫是否也會有任何部分延續到明年？

Okay, Charlie, it's Ron here. So I think to give a bit more color on the CapEx side of things, the Baobab Ivorian FPSO rebuild, we kept it on schedule, as you know. Costs have increased in relation to the amount of steel work predominantly on that vessel. And I would say the gross costs that we've got predicted really for that with the operator is roughly about $80 million to $100 million higher than it was originally planned.

好的，Charlie，我是Ron。我想在資本支出方面補充一些細節：Baobab（象牙海岸）的FPSO重建，如你所知，我們一直按進度推進。成本上升主要與該船舶的鋼構工程量有關。我會說，我們與作業者目前預估的總成本，相較原先規劃大約高出8,000萬到1億美元。

Of course, our share of that is 1/3.

當然，我們分攤其中的三分之一。

Outside of that, the drilling is very much -- certainly from a CDI perspective, it's very much on what we said for the Capital Markets Day. In Gabon, obviously, we're a lot later in starting the program than we had expected when we did the Capital Markets Day back in May. That -- and we said it in the last call -- probably moved about $40 million to $50 million from 2025 into 2026. So there is a bit of a timing element there. The CapEx is the CapEx. Obviously, we've got an exploration expense in relation to the West Etame well, which was an exploration. Effectively, it was water wet. So we'll have that expense in Q1 of 2026.

除此之外，鑽井方面——至少就象牙海岸（CDI）的角度而言——基本上符合我們在資本市場日所說的內容。在加彭方面，顯然我們啟動計畫的時間比我們在5月資本市場日當時預期的要晚得多。這——而且我們在上一次電話會議也提過——大概把4,000萬到5,000萬美元從2025年移到2026年。因此確實存在一些時點上的因素。資本支出就是資本支出。另外，與West Etame井相關的探勘費用，因為那是一口探勘井。實際上，它是含水層（water wet）。所以我們會在2026年第一季認列那筆費用。

On your second part of the question, Charlie, is -- no. Do we expect to see a rollover of the Gabon drilling program into 2027? That's an absolute no. We will have completed this program most likely in the early third quarter of 2026.

至於你問題的第二部分，Charlie——不會。我們是否預期加彭鑽井計畫會延續到2027年？答案是絕對不會。我們很可能會在2026年第三季初完成這個計畫。

And although Ron was mentioning on the exploration well, we -- I mean, that certainly has had a cash impact, but not on the CapEx side. But I mean, when we looked at the opportunity for that exploration well, it was definitely the right decision. And as I said earlier today, we optimized that well design to be able to reuse the top hole section to go back and drill the development well that we derisked on the pilots in December.

另外，雖然Ron提到那口探勘井——我的意思是，它確實對現金流有影響，但不屬於資本支出（CapEx）範疇。但我認為，當我們評估那口探勘井的機會時，那絕對是正確的決策。而且如我今天稍早所說，我們優化了井的設計，使我們能夠重複利用上部井段（top hole section），回去鑽我們在12月先導井（pilots）中已降低風險的開發井。

That's great. And one very short follow-up, if I may. Given the expectation for a second half weighted production uplift, could you give us some idea of where you see year-end '26 exit production at?

很好。如果可以的話，再非常簡短追問一個問題。鑑於你們預期下半年產量提升較為明顯，你們能否提供一些概念，說明你們預期2026年年底的退出產量（exit production）大約會是多少？

I think Ron's got the guidance, he's just looking at it now.

我想Ron手上有指引，他現在正在看。

Charlie, again, we've only got the one well coming in from CDI in 2026 because obviously, they're batch drilling. But our working interest numbers will be somewhere between 25,000 and 26,000 barrels of oil equivalent on that exit rate.

Charlie，再次說明，2026年我們在象牙海岸（CDI）只有一口井會投產，因為他們採取批次鑽井（batch drilling）。但以我們的權益產量（working interest）來看，退出產量大約會落在每日2.5萬到2.6萬桶油當量（boe/d）的區間。

Bill Dezellem, Tieton Capital Management.

Bill Dezellem，Tieton Capital Management。

Let me start just from a big picture perspective with the Iran conflict. Is there any additional advantage in any way to having your production in West Africa, specifically Gabon, at this point?

我先從宏觀角度談伊朗衝突。在目前這個時間點，你們的產量位於西非、特別是加彭，是否在任何方面帶來額外優勢？

That's an easy one. Obviously, our routes to monetize the crude in the export markets remain uninhibited by that particular activity and that conflict. So the advantage we would actually see is that what you're seeing reflective in the spot pricing for crude. Now as you're aware, our crude is based on Brent spot pricing. We have -- as Ron mentioned earlier today, we made sure we started to take advantage.

這題很簡單。顯然，我們在出口市場將原油變現的運輸路線，並未因那項活動與該衝突而受阻。因此我們實際看到的優勢，是你在現貨原油價格中所反映出的情況。如你所知，我們的原油定價是以布蘭特（Brent）現貨價格為基礎。我們——如Ron今天稍早提到——確保我們開始把握這個機會。

And you've seen us do this many, many times in the previous years where we do have heavy CapEx programs. We do go out and protect our cash flow positions as best we can on a costless collar basis with the hedges. So ahead of this conflict in the Middle East, we -- Ron had secured significant positions to protect our cash flow on the costless collars through 2026 and into part of 2027. You can see that on our supplemental deck and on the earnings release.

而且你也看過我們在過去很多年、在資本支出計畫較重的時候，多次採取同樣作法。我們會以零成本領口（costless collar）的避險方式，盡可能保護我們的現金流部位。因此在中東衝突發生之前，我們——Ron已透過零成本領口，建立了相當可觀的部位，以保護我們直到2026年、並延伸到2027年部分期間的現金流。你可以在我們的補充簡報以及財報新聞稿中看到。

Anything out with that, obviously, we get and enjoy the upside of that. And that -- if the prices remain as high as they are at the moment, we will see additional cash coming in, in relation to particularly the Gabon and the Ivory Coast production levels -- sorry, cash levels for the production.

除此之外的部分，顯然我們就能獲得並享受上行空間。而且——如果價格維持在目前這麼高的水準，我們將會看到額外現金流入，特別是與加彭及象牙海岸的產量水準相關——抱歉，是與該產量所帶來的現金水準相關。

And so there is no additional price advantage to your location, it's just simply availability that you have, availability to get the crude to Europe or whatever market?

所以你們的地理位置並沒有帶來額外的價格優勢，只是單純因為你們具備供應能力、能把原油運到歐洲或其他市場的可得性？

Yes. I mean -- it's Ron again, Bill. We could see the premium going on to the Brent price for the type of crude that we've got. I mean, the Gabon Etame crude, it's had a discount to Brent in 2025. But in previous years, we have seen some premiums. So it would not be out of the question for that premium to come back in.

是的。我是Ron，Bill。我們可能會看到針對我們這種原油品質，相對於布蘭特價格出現溢價。我的意思是，加彭Etame原油在2025年相對布蘭特是貼水（discount）。但在過去幾年，我們也曾看到一些溢價。因此溢價回來並非不可能。

The big question here is what's going to happen with freight prices with a prolonged situation in the Gulf. So that's a $64,000 question. I think we're all playing with is what freight is going to do for those vessels.

這裡最大的問題是：如果波斯灣的情勢長期化，運費（freight）價格會怎麼走。所以這是一個價值6.4萬美元的問題。我想我們大家都在關注的是，這些船舶的運費會怎麼變化。

All right. And so you have not seen that premium return yet?

好的。所以你們還沒有看到那個溢價回來，對嗎？

No. We saw the differential at one point, I think it was last week, we saw WTI and Brent virtually get parity. So the differentials are going to move. We just haven't seen the effect -- the long-term effect yet, Bill. So it's something we're keeping a watch on.

沒有。我們曾在某個時間點看到價差——我想是上週——WTI和布蘭特幾乎達到平價。所以價差會變動。我們只是還沒看到——還沒看到長期影響，Bill。所以這是我們正在持續關注的事情。

Okay. And let me move to Egypt. Would you please discuss the exploration well in the H-Field in the Eastern Desert and that success and what the implications are for that new knowledge?

好的。那我轉到埃及。請你們談談東部沙漠H油田的探勘井、那次成功，以及這項新認知所帶來的意涵。

Yes, it's Thor here. Yes, we drilled into that zone, and we were a bit surprised, I guess, at the volumes that came in with that well. And I guess what's even more surprising is that the rates have sustained themselves quite high. So currently, what we're doing there is we're looking back at the seismic and doing the technical work on it to see if there's additional opportunities to drill further wells in the next well on that.

是的，我是 Thor。是的，我們鑽進了那個層段，而我想我們對那口井進來的產量規模有點意外。而我想更令人驚訝的是，產率一直維持在相當高的水準。所以目前我們在那裡做的是回頭檢視地震資料並進行技術工作，看看在下一口井上是否還有額外機會再鑽更多井。

Stephane Foucaud, Auctus Advisors.

Stephane Foucaud，Auctus Advisors。

So following up on a question from Charlie about Gabon. Where would you see production settling at once the program is finished early [2003] in terms of production plateau at that point? And then I have a question about interest.

所以延續 Charlie 關於加彭的問題。一旦該計畫在 2003 年初完成後，您認為產量會穩定在什麼水準，也就是當時的產量平台期大概是多少？然後我還有一個關於利息的問題。

Okay. I mean, on a -- I mean, as you know, we're drilling, so I'm kind of being a bit speculative. On a successful case basis, we're currently somewhere in the region between 14,000 and 16,000 barrels a day gross. I would expect to be somewhere between 20,000 to 23,000 barrels a day on completion of the program.

好的。我的意思是，就——如你所知，我們正在鑽井，所以我有點是在推測。在成功情境下，我們目前大約在每日 14,000 到 16,000 桶（總量）的區間。我預期在計畫完成時會落在每日 20,000 到 23,000 桶（總量）之間。

It really is dependent on two things. One is within that program, we are currently considering to drill a gas well, and that gas well will enhance the gas availability for gas lift and gas injection and field fuel in the Etame field. And currently, the more gas we can deliver into the existing production wells, the higher we can cycle the compressors, and therefore, we will have enhanced oil recovery from existing production, which is completely separate from the new wells we're going to drill.

這確實取決於兩件事。第一，在該計畫內，我們目前正在考慮鑽一口天然氣井，而那口氣井將提升 Etame 油田用於氣舉、氣體回注以及油田燃料的可用氣量。而目前，我們能輸送到既有生產井的氣量越多，就越能提高壓縮機的循環運轉，因此可提升既有生產的採收率，這與我們將要鑽的新井是完全分開的。

The second part of that is when we go to drill the 5H well in Ebouri, we are going back into that structure that we really haven't looked at for over 10 years. We've got some estimates as what we consider this well may be able to perform, but the upsides of those estimates, the range is fairly large. So depending on what we encounter in that far reach well on 5H, it could have a meaningful change in the production. But rule of thumb, I would expect to be between 20,000 and 23,000 a day gross out of Gabon at the end of the program.

第二部分是，當我們去鑽 Ebouri 的 5H 井時，我們會回到那個我們已經超過 10 年幾乎沒有再研究的構造。我們對這口井可能的表現有一些估算，但這些估算的上行空間、其區間相當大。因此，取決於我們在 5H 這口延伸距離較遠的井中遇到什麼情況，它可能會對產量帶來有意義的變化。但以經驗法則來看，我預期在計畫結束時，加彭的總產量會在每日 20,000 到 23,000 桶之間。

I guess one thing that we're pretty happy with is that on the Ebouri field specifically, the continued performance of the 2H well, as well as the 4H well, which I think you're probably aware of, we brought on a year ago under a test program. That well is still flowing at a pretty good rate. So we're pretty happy with what we're seeing out of Ebouri right now and expect that next well to be good as well.

我想有一件事讓我們相當滿意的是，就 Ebouri 油田而言，2H 井以及 4H 井的持續表現；我想你應該也知道，我們在一年前在測試計畫下讓那口井投產。那口井目前仍以相當不錯的產率在流動生產。所以我們對 Ebouri 目前看到的表現很滿意，也預期下一口井同樣會有良好表現。

And a quick one for Ron. The -- in the -- so the CapEx includes capitalized interest, $20 million or so. So I assume this is not cash. This is something that -- it's an accounting CapEx, for lack of a better word, correct?

再快速問 Ron 一個。——在——所以資本支出（CapEx）包含資本化利息，大約 2,000 萬美元左右。所以我假設這不是現金支出。這是某種——姑且稱之為會計上的 CapEx，對嗎？

It is. And you'll see on slide 11, how we split out the CapEx by country, and we've kept the sort of wedge in relation to capitalized interest. I may have to correct you. I mean, it is cash. It's whether you pay the bank or whether you're paying for the CapEx, the cash does leave the bank, unfortunately.

是的。而你會在第 11 張投影片看到我們如何按國家拆分 CapEx，並且我們保留了與資本化利息相關的那一塊。我可能得更正你。我的意思是，它是現金。不管你是付給銀行，還是用於 CapEx，現金都會從銀行帳戶流出，不幸的是。

Aaron Schafer, Kornitzer Capital.

Aaron Schafer，Kornitzer Capital。

What prices did you realize during the quarter for your oil? And then as my follow-up, what prices are you realizing thus far this year?

本季你們的原油實現價格是多少？接著追問一下，今年到目前為止你們的實現價格是多少？

Okay. We're just getting that schedule. I mean, the -- again, if you look into the earnings release, Aaron, on page 5, we give a breakdown of the three months through December 31. And you can see the realized prices that we got for our crude right across our asset basis there. So Gabon, it was about $58; Egypt, $54; and Canada, $53. So again, it was quite -- it was obviously a suppressed market as we went through the end of 2025. You should see obviously that coming up in Q1 2026.

好的。我們正在取得那份明細表。我的意思是——同樣地，Aaron，如果你看財報新聞稿第 5 頁，我們提供了截至 12 月 31 日的三個月明細拆分。你可以看到我們原油在各資產的實現價格。所以加彭大約是 58 美元；埃及 54 美元；加拿大 53 美元。所以同樣地，顯然在 2025 年底時市場相當——顯然是偏低迷的。你應該會看到在 2026 年第一季明顯回升。

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

問答環節到此結束。我想把電話會議交回給 George Maxwell，請他做任何結語。

Thank you very much, operator. I'd like to thank everyone for joining us today in our 10-K -- 2025 earnings call. I think when we entered 2025, there was a lot of speculation about the size of projects that we were undertaking and the size of CapEx spend we had in 2025. And I guess a lot of risk factors added on to our ability to execute and deliver through 2025 on these major projects while still maintaining the returns to our shareholders through dividends and keeping a very prudent position around the balance sheet.

非常感謝，主持人。我要感謝各位今天參加我們的 10-K——2025 年度財報電話會議。我想當我們進入 2025 年時，市場對我們正在推進的專案規模，以及我們在 2025 年的資本支出規模，有很多揣測。而我想也有許多風險因素被加諸在我們能否在 2025 年執行並交付這些重大專案的能力上，同時仍透過股利維持對股東的回報，並在資產負債表方面保持非常審慎的立場。

And I think when we look at the results for 2025, it's very clear we've achieved exactly what we said we were going to do when we had this call -- the similar call 12 months ago. Now we're now in a position where when we look at the project in Cote d'Ivoire, that's significantly derisked with the vessel on its way back and production lined up to begin again in Q2.

而我認為當我們回顧 2025 年的結果時，很清楚我們達成了我們所說要做的事情——就像 12 個月前那場類似的電話會議中所承諾的。現在，當我們看象牙海岸（Cote d'Ivoire）的專案時，隨著船舶正在返航且生產已排定於第二季重新開始，該專案的風險已大幅降低。

So when we look at the CapEx year for 2026, we don't have a significant development CapEx, i.e., a major project of construction. What we do have are major CapEx investments in drilling activity to add liquid production to our production facilities and therefore, cash -- significant cash generative opportunities.

因此，當我們看 2026 年的 CapEx 年度時，我們沒有重大的開發型 CapEx，也就是大型建造工程專案。我們有的是在鑽井活動上的重大 CapEx 投資，以增加我們生產設施的液體產量，進而帶來現金——顯著的現金創造機會。

Given where we are on these projects, although we have a significant CapEx spend planned for 2026, that is money going into the ground to come back out in cash in the near term. And that's a significant difference to the type of projects we were executing in 2025, which were development capital projects for construction of production facilities. So I think we've demonstrated the success of our ability to manage and work with our partners to achieve the successes that you see in 2025.

以我們目前在這些專案上的進度來看，雖然我們規劃在 2026 年有相當可觀的 CapEx 支出，但那是把錢投入地下，並在短期內以現金形式回收。這與我們在 2025 年執行的專案類型有顯著差異；2025 年的是用於建造生產設施的開發資本專案。所以我認為我們已經證明了我們管理並與合作夥伴協作的能力，從而取得你們在 2025 年所看到的成果。

And I think we should hope -- the market should have confidence in our ability when we go through the drilling activities, both in Gabon and with our partners in Egypt and in Cote d'Ivoire, that we will be successfully executing those in 2026.

而我認為我們應該希望——市場也應該對我們在 2026 年推進鑽井活動的能力有信心，無論是在加彭，或是與我們在埃及及象牙海岸的合作夥伴一起，我們都將成功執行這些工作。

So with that, I'd like to thank everyone. I think we've had a very successful 2025. The diversification and derisking of the company's cash flows and production opportunities is starting to pay dividends for us, and we'll continue to see that grow through '26 and into '27. Thank you very much.

因此，說到這裡，我想感謝各位。我認為我們度過了非常成功的 2025 年。公司現金流與生產機會的多元化與降風險正開始為我們帶來成果，我們也將在 2026 年並延伸到 2027 年持續看到成長。非常感謝。

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

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。