VAALCO Energy Inc (EGY) 2026 Q2 法說會逐字稿

Good day and welcome to the VALCO Energy Second Quarter 2026 Earnings Conference Call.(Operator Instructions)

各位好，歡迎參加 VALCO Energy 2026 年第二季財報電話會議。（接線員指示）

I would now like to turn the conference over to Landis Blackburn, Director of Investor Relations and FP&A. Please go ahead.

現在我想把會議交給投資人關係與財務規劃與分析（FP&A）總監 Landis Blackburn。請開始。

Thank you, operator. Welcome to Valco Energy's second quarter 2026 conference call. After I cover the forward-looking statements, George Maxwell, our CEO, will review key highlights of the second quarter. Ron Bain, our CFO, will then provide a more in-depth financial review. George will then return for some closing comments before you take your questions.

謝謝，接線員。歡迎參加 Valco Energy 2026 年第二季電話會議。在我說明前瞻性陳述後，我們的執行長 George Maxwell 將回顧第二季重點。接著我們的財務長 Ron Bain 將提供更深入的財務回顧。之後 George 會回來做結語，然後再回答各位的提問。

During our question-and-answer session, we ask you to limit your questions to one and a follow-up. You can always re-enter the queue with additional questions.

在問答環節中，我們請各位將問題限制為一題，並可再追問一題。您也可以在有其他問題時重新加入提問隊列。

We would like to point out that we posted a supplemental investor deck on our website that has additional financial analysis, comparisons, and guidance that should be helpful. With that, let me proceed with our forward-looking statement comments.

我們想提醒各位，我們已在公司網站發布補充投資人簡報，包含額外的財務分析、比較與指引，應該會有所幫助。接下來我將進行前瞻性陳述的相關說明。

During the course of this conference call, the company will be making forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance, and those actual results. Or developments may differ materially from those projected in the forward-looking statements.

在本次電話會議過程中，公司將作出前瞻性陳述。投資人應注意，前瞻性陳述並非對未來表現的保證，且實際結果或發展可能與前瞻性陳述中所預期者有重大差異。

FALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

FALCO 不承擔亦不意圖更新或修訂任何前瞻性陳述之義務或責任，不論係因新資訊、未來事件或其他原因所致。

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.

因此，您不應過度依賴前瞻性陳述。這些及其他風險已在我們的財報新聞稿中說明，亦載於我們網站上發布的簡報，以及我們向美國證券交易委員會（SEC）提交的報告中，包括 Form 10-K。

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

請注意，本次電話會議將被錄音。我把電話交給 George。

Thank you, Landis. Good morning, everyone, and welcome to our second quarter 2026 earnings conference call.

謝謝你，Landis。各位早安，歡迎參加我們 2026 年第二季財報電話會議。

Over the past two years, we have streamlined and expanded our portfolio while delivering consistently solid operational results.

在過去兩年中，我們在精簡並擴大資產組合的同時，持續交出穩健一致的營運成果。

In the first half of 2026, we have made material changes to our growing and diversified portfolio.

在 2026 年上半年，我們對持續成長且多元化的資產組合做出了重大調整。

We divested all of our Canadian assets while increasing our Cote d'Hois position.

我們出售了所有加拿大資產，同時提高了我們在科特迪瓦的持份。

We were named operator with a 60% working interest in the Kisapo field on the CI-40 block that had two discoveries drilled in the field and is located only eight kilometres from Baobab.

我們被指定為 CI-40 區塊 Kisapo 油田的作業者，工作權益為 60%。該油田已鑽出兩項發現，且距離 Baobab 僅 8 公里。

We are actively evaluating and processing seismic with our partners in Nyosia Marine and Gaduma Marine blocks offshore Gabon, and on our exploration block CI-705 in Court d'Ivoire.

我們正與合作夥伴在加彭外海的 Nyosia Marine 與 Gaduma Marine 區塊，以及在科特迪瓦的探勘區塊 CI-705，積極評估並處理地震資料。

The Baobab FPSO successfully completed its refurbishment and the field resumed production in June as planned. At ETAMI, we continued to execute on a drilling campaign.

Baobab FPSO 已成功完成翻修，油田如期於 6 月恢復生產。在 ETAMI，我們持續執行鑽井計畫。

All of these events have led to improving financial results driven by increases in production and sales that we believe will continue into the second-half of 2026.

上述各項事件帶動財務表現改善，主要來自產量與銷售增加；我們相信此趨勢將延續至 2026 年下半年。

We delivered $42.4 million in net income and $54.8 million in adjusted EBITDA tax in the second quarter.

第二季我們實現淨利 4,240 萬美元，以及調整後 EBITDA（稅項）5,480 萬美元。

We continue to deliver our increased sales and production targets, all while maintaining our capital expenditures in line with guidance.

我們持續達成提高後的銷售與產量目標，同時將資本支出維持在指引範圍內。

We are confident in our ability to continue and consistently execute and deliver value to our shareholders.

我們對於持續且穩定地執行並為股東創造價值的能力充滿信心。

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.

接下來我想快速更新我們多元且高品質的資產組合，先從科特迪瓦開始。

We're excited to have production resume in Baobab in June 2026.

我們很高興 Baobab 於 2026 年 6 月恢復生產。

As in line with the project timeline, the FPSO at Bay Bab ceased hydrocarbon operations in January 2025, spent a year being refurbished in Dubai and returned to Cote d'Ivoire in April 2026.

依照專案時程，Bay Bab 的 FPSO 於 2025 年 1 月停止碳氫化合物作業，並在杜拜進行為期一年的翻修，於 2026 年 4 月返回科特迪瓦。

We're very pleased how well the FPSO refurbishment went and that it was completed within the initial timeline expected.

我們對 FPSO 翻修的執行情況非常滿意，且其在原先預期的時程內完成。

All producing wells are online and production is slightly above our pre-startup forecast. With the first lifting expected later this month.

所有生產井均已上線，產量略高於我們在啟動前的預測。預計本月稍晚將進行首次提油（lifting）。

The single Q3 lifting is expected to be about 950,000 gross barrels, but remember that we are a non-operator with a 27.4% ownership.

第三季單次提油量預計約為 95 萬桶（總量），但請記得我們為非作業者，持股比例為 27.4%。

The FPSO refurbishment was undertaken to extend the life of the vessel and to increase its capacity as we begin a significant development drilling programme in Bail Bath in Q3.

此次 FPSO 翻修旨在延長船舶壽命並提升處理能力，因為我們將於第三季在 Bail Bath 啟動一項重要的開發鑽井計畫。

This programme includes four producers, two or 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 licence to 2038.

該計畫包含 4 口生產井、2 或 3 口注水井，以及 2 口修井（workover），有望為主要 Baobab 油田帶來具意義的增產；該油田的許可證已延長 10 年至 2038 年。

The current drilling plan on Baobab is to begin drilling in the third quarter on a batch basis, the top hole sections of all wells first. The completions will then commence and we expect at least one well to be on production by year end.

目前 Baobab 的鑽井計畫是在第三季以批次方式開始鑽井，先完成所有井的上段井眼（top hole）段。之後將開始完井作業，我們預期至少有一口井可在年底前投產。

With that said, production and sales uplift from the drilling program at Baobab will not make a significant impact until 2027.

不過，Baobab 鑽井計畫帶來的產量與銷售提升，在 2027 年之前不會產生顯著影響。

In February 2026, in accordance with the CI-40 PSC, Valco and Petrissi elected to participate in the development of the Kusapo field.

2026 年 2 月，依據 CI-40 產品分成合約（PSC），Valco 與 Petrissi 選擇參與 Kusapo 油田的開發。

Valco was confirmed as operator with a 60% working interest in the Kusapo field on the CI-40 block just 8 kilometres from the Baobab field.

Valco 已確認為 CI-40 區塊 Kusapo 油田的作業者，工作權益為 60%，距離 Baobab 油田僅 8 公里。

We are now working on a field development plan using new ocean bottom node seismic data that is expected to help de-risk and enhance our evaluation and development plan.

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，預期可協助降低風險並強化我們的評估與開發方案。

Our current assessment has a field with an estimated gross two sea resources of approximately 102 million barrels of oil equivalent and 293 million barrels of oil equivalent in place.

依我們目前評估，該油田估計總 2C 資源量約為 1.02 億桶油當量，地層原油當量（in place）約為 2.93 億桶。

Also in Cote d'Ivoire, we continue to evaluate the subsurface potential of our new exploration block CI705, which we operate with a 70% working interest.

同樣在科特迪瓦，我們持續評估新探勘區塊 CI705 的地下潛力；該區塊由我們擔任作業者，工作權益為 70%。

We continue to see encouraging prospectivity on the block and plate types proven throughout the Ivorian basin, including both structural and stratigraphic traps in the upper Cretaceous and Albion sections.

我們持續在該區塊看到令人鼓舞的前景，且其具備在象牙海岸盆地中已被證實的多種圈閉型態，包括上白堊紀與 Albion 層段中的構造圈閉與地層圈閉。

We have met all current work commitments on the block and have been granted a six-month extension on the first exploration phase, which now extends this phase into Q4 2026.

我們已完成該區塊目前所有工作承諾，並獲准將第一探勘期延長六個月，使該階段延伸至 2026 年第四季。

Our subsurface work will continue to mature the encouraging prospectivity we see on block in preparation for a decision later this year to proceed to the second exploration phase, which carries a well commitment.

我們的地下研究將持續推進並成熟化我們在該區塊看到的良好前景，以便在今年稍晚決定是否進入第二探勘期；該階段包含鑽井承諾。

I would like to remind you that we had no assets in Cote d'Oir prior to April 2024.

我想提醒各位，在 2024 年 4 月之前，我們在科特迪瓦並沒有任何資產。

So in less than two years, we have established a sizable position in Cote d'Oir consisting of a producing asset with upside at bay about operatorship of a discovery at Kisapo with plans to develop and considerable upside potential on a prospective exploration block.

因此，在不到兩年的時間內，我們已在科特迪瓦建立了相當規模的布局：包含一項正在生產且具上行空間的資產、在 Kisapo 發現案中擔任作業者並規劃開發，以及在具前景的探勘區塊上擁有可觀的上行潛力。

We are excited about the prospects in Court d'Ivoire and their ability to help us achieve a production growth target over the next several years.

我們對科特迪瓦的前景感到振奮，並相信其有能力在未來數年協助我們達成產量成長目標。

Moving to Gabon, in the fourth quarter of 2025, we began our Phase 3 drilling programme.

接著談加彭：在 2025 年第四季，我們啟動了第三階段鑽井計畫。

I would like to note that working interest production in Gabon in Q4 2025 was 7,743 barrels of oil equivalent per day and declining.

我想指出，加彭在 2025 年第四季的工作權益產量為每日 7,743 桶油當量，且呈下降趨勢。

This programme was designed to reverse decline and increase production by accessing potential attic locations and less swept fault blocks across the Itami field, as well as access deeper potential in the Dentao and test and exploration prospect from the platform.

此計畫旨在扭轉下滑並提升產量，方法是開採 Itami 油田中可能的頂部剩餘油（attic）位置與較少掃掠的斷層區塊，同時開採 Dentao 的更深層潛力，並自平台進行測試與探勘目標。

The programme began with the drilling of two pilot wells in the Itami field. One of these was sidetracked and completed as Itami 15-8 development well in the 1V fault block.

該計畫始於在 Itami 油田鑽探兩口先導井。其中一口進行側鑽並在 1V 斷層區塊完井為 Itami 15-8 開發井。

This well came online in late February, so Q1 production results had only one month of production from this well, which coupled with decline and some downtime resulted in Q1 working interest production of 7,516 barrels of oil equivalent per day.

該井於 2 月下旬投產，因此第一季產量結果僅包含該井一個月的產量；再加上遞減及部分停機時間，導致第一季按工作權益計之產量為每日 7,516 桶油當量。

The rig remained on the Itanic platform to drill an exploration prospect in West Itan.

鑽機仍留在 Itanic 平台，以鑽探 West Itan 的一個勘探目標。

While the well encountered 10 metres of high-quality gamba sands, the target zone was water bearing and not commercial.

雖然該井遇到 10 公尺高品質的 Gamba 砂岩，但目標層為含水層，無商業價值。

The lower portion of the well was plugged and abandoned, but the wellbore was utilised and sidetracked in the upper portion of the well to drill the ET148's development well in the main fault block of Itami that was de-risked from the results of the earlier pilot wells.

該井下部已封井並廢棄，但利用既有井筒並在上部進行側鑽，以鑽探 Itami 主斷層區塊的 ET148 開發井；該目標已因先前先導井結果而降低風險。

In late April, the Itami 148 was brought online after encountering 325 metres of lateral net pay in high-quality gamba sands in an attic position within the main fault block of Itami.

4 月下旬，Itami 148 在 Itami 主斷層區塊內的頂部（attic）位置、於高品質 Gamba 砂岩中遇到 325 公尺水平段淨油層後投產。

Initial rates exceeded 4,800 gross barrels of oil per day and the well continues to produce about 3,000 gross barrels of oil per day.

初期產率超過每日 4,800 桶總產油量，該井目前仍持續生產約每日 3,000 桶總產油量。

After completing our programme at the Etami platform, we moved the rig to the Eburi platform where we drilled the Eburi 5H development well.

在完成 Etami 平台的計畫後，我們將鑽機移至 Eburi 平台，鑽探 Eburi 5H 開發井。

This well had 300 metres of lateral net pay in Gamba sands at the crest of the structure and came online in late June with initial rates of about 8,000 gross barrels of oil per day.

該井在構造高點的 Gamba 砂岩中具有 300 公尺水平段淨油層，並於 6 月下旬投產，初期產率約為每日 8,000 桶總產油量。

Minimal water cut.

含水率極低。

While the total fluid rate has remained fairly consistent, the well has increased water production, approaching the field-wide average of about 75 to 80% water cut.

雖然總液量產率大致維持穩定，但該井的產水量已增加，接近全油田約 75% 至 80% 的平均含水率。

While we expected the water cut to ultimately rise to the field average, the rate at which it has increased was faster than we initially expected, implying more reservoir connectivity than we had originally modelled.

雖然我們預期含水率最終會上升至油田平均水準，但其上升速度比我們最初預期更快，顯示油藏連通性可能高於我們原先的模型假設。

We are currently evaluating this well performance with a view to remodelling the blurry structure. Which should provide better predictability on 5-8 performance.

我們目前正評估該井的表現，以便重新建立 Blurry 構造的模型。這應可提升對 5-8 井表現的可預測性。

With that said, for Q2, we saw Gabon production increase to over 9,300 working interest barrels of oil equivalent per day with the additional well.

儘管如此，在第二季，隨著新增井的貢獻，我們看到加彭產量提升至每日超過 9,300 桶（按工作權益計）油當量。

We moved the rig to the CENT platform and build the ETBNM3 well, a high GOR gas supply well that was completed a few days ago.

我們將鑽機移至 CENT 平台並鑽成 ETBNM3 井，這是一口高氣油比（GOR）的供氣井，並於數日前完井。

Gas rates and volumes are in line with pre-drill estimates and will be used to improve field uptime, reduce costs associated with using higher priced diesel and potentially add production uplift to existing wells.

天然氣產率與產量符合鑽前估算，將用於提升油田運轉時間、降低使用較高價格柴油所產生的成本，並可能為既有井帶來產量提升。

The rig has now skidded over to another slot on the CENT platform and is drilling the ETSEM3 pilot hole.

鑽機現已在 CENT 平台滑移至另一個井位，正在鑽探 ETSEM3 先導孔。

Pilot is designed to aid in landing the lapro producer, test the original field oil water contact and also evaluate the potential of the underlying dentile formation.

先導孔旨在協助定位 Lapro 生產井的著陸點、測試原始油田油水界面，並評估下伏 Dentile 地層的潛力。

Once the pilot hole is completed, a horizontal development well is planned near the crest of the central fault block in southeast Vitam into Gamba Sands.

先導孔完成後，計畫在東南 Vitam 中央斷層區塊的構造高點附近，於 Gamba 砂岩部署一口水平開發井。

Upon completion of this horizontal well, we are planning to release the rig and not perform any further drilling or work overs in Gabon in the near term.

該水平井完工後，我們計畫釋出鑽機，短期內不再於加彭進行任何進一步鑽探或修井作業。

We have reduced the expected workover spend in the second-half of 2026 from a range of up to 10 million to no spend due to excellent ESP life.

由於電潛泵（ESP）壽命表現優異，我們已將 2026 年下半年預期修井支出由最高 1,000 萬的區間下調至零支出。

This is because the wells in Uburi continue to perform well with the chemical treatment and we do not want to take these wells offline to perform maintenance workovers until it is necessary.

這是因為 Uburi 的井在化學處理下持續表現良好，我們不希望在非必要時將這些井停產以進行維護性修井。

Furthermore.

此外。

When we do need to work over these wells, we can use our workover unit that we have in country to perform the workovers at an expected material cost savings compared to using the current drilling rig.

當我們確實需要對這些井進行修井時，可使用我們在當地配置的修井機組執行作業，預期相較於使用目前鑽機可節省可觀成本。

Regarding our exploration blocks in Gabon, the Nyosi Marine and the Gaduma Marine, we continue to work with our partners on plans for the two blocks moving forward.

關於我們在加彭的勘探區塊 Nyosi Marine 與 Gaduma Marine，我們持續與合作夥伴就兩個區塊的後續推進計畫合作。

We commenced the 3G seismic survey in November of 2025, which was completed in the first quarter of 2026.

我們於 2025 年 11 月啟動 3G 地震勘測，並於 2026 年第一季完成。

The survey completed part of the exploration work program commitment for these blocks.

該勘測完成了這些區塊部分勘探工作計畫承諾。

Processing of the seismic data has begun with early products expected to arrive later this month.

地震資料處理已開始，預期本月稍晚將取得初步成果。

Given the proximity of these blocks to the prolific producing fields of Itami and Disafu, we are excited about the future possibilities for these blocks and will continue to mature prospectivity using the new seismic data.

鑑於這些區塊鄰近 Itami 與 Disafu 等高產油田，我們對其未來可能性深感振奮，並將持續利用新的地震資料推進與成熟化勘探前景。

With the inclusion of the gas well providing fuel, we expect to see a marked reduction in operations costs. In addition, we are reviewing the current operating model of the entire field to look for ways to structurally enhance our business to make the field more cost-effective and efficient as we move forward.

隨著供氣井提供燃料納入系統，我們預期營運成本將顯著下降。此外，我們正檢視整個油田目前的營運模式，尋找可在結構上強化業務的方法，使油田在未來更具成本效益與效率。

We expect this process will lead to a reduction in both CapEx and OpEx moving forward.

我們預期此流程將在未來帶來資本支出（CapEx）與營運支出（OpEx）的雙雙下降。

Turning to Egypt.

接著談埃及。

Over the past two years, we have drilled in excess of 20 wells across a drilling campaign that helped to increase production year over year in 2025 and 2026.

過去兩年，我們在一項鑽井活動中於多個區域鑽探超過 20 口井，協助 2025 年與 2026 年產量逐年成長。

We are very pleased with the operational performance and efficiency of the drilling programme, which contributes to minimising costs.

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。

Given these strong results, we resumed the drilling programme in Egypt in May of this year.

基於這些強勁成果，我們於今年 5 月恢復在埃及的鑽井計畫。

We are pleased with the overall production results, which is continuing to drive an increase in production rates into Q3.

我們對整體產量結果感到滿意，並持續推動產率提升延續至第三季。

We are further expanding the scope of the Egyptian drilling programme to include a total of 10 to 15 wells during the year.

我們進一步擴大埃及鑽井計畫的範圍，全年合計將包含 10 至 15 口井。

The corresponding production uplift can be seen in our increased Egyptian guidance with no impact on our overall CapEx guidance for the year, which Ron will explain in more detail later in this call.

相應的產量提升反映在我們上調的埃及產量指引中，且不影響本年度整體資本支出指引；Ron 將在本次電話會議稍後更詳細說明。

We also plan to continue optimisations, workovers and recompletions in 2026 that are focused on production enhancement.

我們也計畫在 2026 年持續進行最佳化、修井與重新完井，重點聚焦於提升產量。

Egypt production remains strong as we continue to invest to drill development wells and delineate opportunities in Gazarlat that could open additional prospects in the future.

隨著我們持續投資鑽探開發井並在 Gazarlat 劃定可望於未來開啟更多前景的機會，埃及產量仍維持強勁。

We will provide further details of the drilling results in our Q3 earnings call.

我們將在第三季財報電話會議中提供更多鑽井結果細節。

Turning to Equatorial Guinea, in March 2024 we announced the finalisation of documents in Equatorial Guinea related to the Venus Block P plan of development.

接著談赤道幾內亞；我們於 2024 年 3 月宣布已完成赤道幾內亞與 Venus 區塊 P 開發計畫（POD）相關文件的定稿。

Last summer. We began a front-end engineering design or feed study.

去年夏天。我們啟動了前端工程設計（FEED）研究。

The initial feed study is now complete and confirms the technical viability of our plan of development, but also highlights some of the risks and challenges from the shelf location.

初步 FEED 研究現已完成，確認我們開發計畫在技術上的可行性，但也凸顯了因位於陸棚位置所帶來的一些風險與挑戰。

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.

我們已擴大此項檢視，探討以海底開發取代原先陸棚開發的更高效率方案；此舉亦可大幅簡化鑽井作業與井設計，目前評估正在進行中。

We are excited to proceed with our plans to develop, operate and begin producing from the discovery in Block P offshore.

我們很期待推進我們的計畫，以開發、營運並開始自離岸 P 區塊的發現投入生產。

We are targeting Venus FID in Q4 2026.

我們目標在 2026 年第四季就 Venus 做出最終投資決策（FID）。

In closing, we have an outstanding diversified portfolio of both producing assets and assets with significant upside opportunities.

最後，我們擁有卓越且多元化的投資組合，涵蓋生產中資產以及具重大上行機會的資產。

We are executing our programs and the second-half of 2026 should build on the positive second quarter results.

我們正執行各項計畫，2026 年下半年應可在第二季的正面成果基礎上再接再厲。

We remain focused on growing production, reserves and value for our shareholders. I'd like to thank the hardworking team who continue to operate and execute our plans.

我們仍專注於為股東提升產量、儲量與價值。我要感謝辛勤工作的團隊，持續營運並落實我們的計畫。

Over the past several years, we have significantly diversified our portfolio, enhanced our capacity to generate operational cash flow while returning capital to shareholders and increasing our credit facility capacity.

過去數年，我們已大幅分散投資組合、提升創造營運現金流的能力，同時回饋股東並提高我們的信貸融資額度。

We are well positioned to execute the project in our enhanced portfolio. And a proven track record of success these past few years has instilled confidence for the future.

我們已具備良好條件，能在我們強化後的資產組合中執行該專案。而過去幾年經證實的成功實績，也為未來注入信心。

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.

謝謝你，George，各位早安。

Following on from Q1, and as anticipated, we saw good growth both in revenue, profitability and operational cash flow.

延續第一季的表現，且如先前預期，我們在營收、獲利能力以及營運現金流方面都看到良好成長。

As George discussed, operationally, we were performing very well.

如 George 所提，從營運面來看，我們表現非常出色。

And in the second quarter, we saw the impact being a material increase in our financial results.

而在第二季，我們看到其影響反映為財務結果的顯著提升。

We had strong earnings in Q2 of $42.4 million or $0.39 per diluted share.

我們第二季的強勁獲利為 4,240 萬美元，或稀釋後每股 0.39 美元。

We also generated $54.8 million in adjusted EBITDAX.

我們也創造了 5,480 萬美元的調整後 EBITDAX。

I will highlight some of the factors that resulted in our improved Q2 financial results. Including the timing and number of sales liftings, reduction in exploration expense, and improvement in the unrealized derivative loss position for the year.

我將重點說明幾項促成我們第二季財務結果改善的因素。包括銷售提貨（liftings）的時點與次數、探勘費用下降，以及本年度未實現衍生性商品損失部位的改善。

A major factor impacting costs and indeed earnings in Q1 was exploration expense.

影響第一季成本、乃至獲利的一項主要因素是探勘費用。

In the first quarter, we had costs of an exploration well at West Etame that was determined to be unsuccessful and additional seismic costs at the Nyosi and Gaduma blocks in Gabon.

第一季，我們承擔了 West Etame 一口探勘井的成本，該井最終判定未成功，另在加彭的 Nyosi 與 Gaduma 區塊也有額外的地震資料成本。

In the second quarter, we had virtually no exploration expense, a nearly $23 million difference.

第二季我們幾乎沒有探勘費用，差異接近 2,300 萬美元。

Net revenue more than doubled in the quarter. And in Q2 we had two partner liftings in Gabon for around 900,000 barrels gross each.

本季淨營收較前一季增加逾一倍。第二季我們在加彭有兩次合作夥伴提貨，每次毛量約 90 萬桶。

While the production came back online in Cote de Voir in June, no liftings occurred in Q2, but our entitlement inventory on the vessel grew with an anticipated lift now likely in August.

雖然象牙海岸的產量於 6 月恢復上線，但第二季未發生提貨；不過我們在船上的應得庫存增加，預期提貨目前可能在 8 月進行。

Egyptian production and sales has been both strong and is rising due to a successful drilling campaign and sales volumes through the first half of the year were 7% higher than the same period in 2025.

埃及的產量與銷售一直表現強勁，且因鑽井計畫成功而持續上升；今年上半年銷售量較 2025 年同期高出 7%。

Overall, production in Q2 was 16,688 NRI BOPD or 21,796 working interest BOPD. An increase of about 10% compared to Q1 2026.

整體而言，第二季產量為 16,688 NRI BOPD，或 21,796 工作權益 BOPD。較 2026 年第一季增加約 10%。

Sales of 17,812 NRI BOPD for Q2 were 47% higher than Q1 and above the midpoint of guidance.

第二季銷售量為 17,812 NRI BOPD，較第一季高出 47%，且高於指引區間的中點。

Revenue in Q2 was up $72.6 million compared to Q1, driven by higher realized pricing and a higher sales volume.

第二季營收較第一季增加 7,260 萬美元，主要由較高的實現價格與較高的銷售量所帶動。

Turning to costs, with a significant increase in sales, our production costs for Q2 on an absolute basis were higher than Q1 and were slightly above the midpoint of guidance, driven by inflationary pressure on costs, primarily fuel, driven by higher commodity pricing, as well as freight costs impacting margin.

談到成本，隨著銷售大幅增加，我們第二季的生產成本在絕對金額上高於第一季，且略高於指引中點；主因為成本的通膨壓力，主要是燃料（受較高商品價格帶動）以及運費成本對毛利的影響。

Our focus remains on keeping our costs low to enable us to maximise margin and increase our cash flow.

我們仍專注於維持低成本，以便最大化毛利並提升現金流。

But with higher diesel and freight costs driven by the Iran conflict, we may see some expense increases in the near term.

但由於伊朗衝突推升柴油與運費成本，短期內我們可能會看到部分費用上升。

Looking at G&A, our cash G&A totalled $9.6 million. The increase in general administrative expenses was primarily a result of a 1.9 million of non-recurring professional service and legal fees.

在一般及行政費用（G&A）方面，我們的現金 G&A 合計為 960 萬美元。一般及行政費用增加主要是因為 190 萬美元的一次性專業服務與法律費用。

Turning to hedging.

接著談避險。

As I've discussed in the past, our reserves-based lending facility requires us to have a more programmatic hedging programme, which is more consistent over a rolling time horizon.

如我過去所提，我們的以儲量為基礎的融資（RBL）要求我們採取更具制度化的避險計畫，並在滾動的時間範圍內維持較一致的配置。

Our strategy prioritised downside protection to safeguard cash flow to help fund capital commitments for the Cote d'Ivoire Baobab FPSO refurbishment, the Gabon Phase 3 drilling campaign, our debt servicing and the Shuretiver dividend programme.

我們的策略優先著重下行保護，以保障現金流，協助資助象牙海岸 Baobab FPSO 翻修、加彭第三階段鑽井計畫的資本承諾、債務償付，以及 Shuretiver 股利計畫。

In March, oil prices spiked and we both realized and unrealized losses as we marked to market.

3 月油價飆升，我們在按市價評估（mark-to-market）時同時產生已實現與未實現損失。

This is re-evaluated at the end of each quarter and the pricing at June 30 declined materially from March 31, resulting in an unrealized gain of about $40 million in the quarter.

我們在每季季末會重新評估；6 月 30 日的價格較 3 月 31 日大幅下滑，使本季產生約 4,000 萬美元的未實現收益。

Overall, we generally maintain between 30% to 40% of our production hedged at any period going out as far as 12 months.

整體而言，我們通常在任何期間維持約 30% 至 40% 的產量已避險，最遠涵蓋未來 12 個月。

We have opportunistically entered into the market when we saw war premium spikes. You can see our overall hedge position with both the timing and the related Brent floor and collar strike for each period and our supplemental information deck.

當我們看到戰爭溢價飆升時，也會把握時機進場。您可在我們的補充資訊簡報中，看到各期間的整體避險部位，包括時點以及相對應的布蘭特底價與領口（collar）履約價。

Moving to taxes.

接著談稅務。

In the second quarter, we reported an income tax expense of $16.8 million, which was comprised of a 15.8 million current tax expense and a deferred tax expense of $1 million.

第二季我們認列所得稅費用 1,680 萬美元，其中包含 1,580 萬美元的當期所得稅費用，以及 100 萬美元的遞延所得稅費用。

Income tax expense included a $1 million favorable oil price adjustment as a result of the change in value of the Government of Gabon's allocation of profit all between the time it was produced. On its present mark-to-market liability.

所得稅費用包含 100 萬美元的有利油價調整，係因加彭政府利潤油分配在生產時點與目前按市價評估之負債價值變動所致。在其目前按市價評估之負債上。

In Q1, we had estate lifting in Gabon, which settled our tax position, and we do not see another estate lifting in 2026, with our cost pool maximised with the spend on the drilling programme, which is first to be recovered.

第一季我們在加彭有一次 estate lifting，已結清我們的稅務部位；我們預期 2026 年不會再有另一筆 estate lifting，且由於鑽井計畫支出使成本池達到最大化，該成本將優先回收。

Similarly, we do not see estate lifting in Cote d'Ivoire in 2026, and in Egypt, the tax borrows are settled monthly from the government's take.

同樣地，我們預期 2026 年象牙海岸也不會有 estate lifting；而在埃及，稅款借項（tax borrows）每月由政府分成中結算。

Turning now to the balance sheet and cash flow statement.

接下來談資產負債表與現金流量表。

In Q2, we invested $103.6 million on a cash basis and $98.9 million on an accrual basis in net capital expenditures. This was well below the low end of our guidance range.

第二季我們以現金基礎投資 1.036 億美元，並以權責發生基礎投資 9,890 萬美元於淨資本支出。這遠低於我們指引區間的下緣。

This primarily related to new wells drilled as part of the drilling campaign in offshore Gabon. As well as expenditures associated with the refurbishment and reconnection activities of the FPSO in Cote d'Ivoire.

這主要與加彭離岸鑽井計畫中新鑽井的支出有關。以及象牙海岸 FPSO 的翻修與重新連接作業相關支出。

Thus far in 2026, Cote d'Ivoire has seen some additional capital costs over what the operator originally guided to, but this has been offset primarily by our own drilling performance in Gabon, as well as deferring some non-essential CapEx.

截至目前，2026 年象牙海岸的資本成本較營運商原先指引略有增加，但主要已被我們在加彭的鑽井表現所抵銷，並且我們也遞延了部分非必要資本支出（CapEx）。

We have seen excellent performance from our drilling team in Gabon and we've seen each well to date come in below its pre-drill budgeted approval for expenditure.

我們在加彭的鑽井團隊表現極佳，迄今每一口井的實際成本都低於鑽前核准的預算支出。

This together with some ETAMI engineering projects moving into 2027 and continued good collections in our Egyptian business has allowed us to expand our capital budget in Egypt to allow us to drill more wells in 2026. At no overall increase in projected capital spend for the year and no overall impact to 2026 free cash flow.

再加上部分 ETAMI 工程專案延後至 2027 年，以及埃及業務持續良好的收款，使我們得以擴大埃及的資本預算，讓我們在 2026 年能鑽更多井。在不提高全年預估資本支出總額、且不影響 2026 年整體自由現金流的情況下。

This will allow Egypt to exit the year at far higher production rates than we originally envisaged back in our guidance call in March.

這將使埃及在年底的產量水準遠高於我們在 3 月指引電話會議時原先的預期。

Unrestricted cash at the end of the second quarter was $30.4 million.

第二季末不受限制現金為 3,040 萬美元。

In the second quarter, to help fund our capital programs, we did draw $25 million against the company's RBL.

第二季為協助資助我們的資本計畫，我們自公司 RBL 額度中提取了 2,500 萬美元。

In April, the aggregate borrowing base under the 2025 RBL facility increased to $300 million.

4 月，2025 年 RBL 融資安排下的總借款基礎提高至 3 億美元。

We now have $177 million drawn on the credit facility with net debt of $147 million.

目前我們在該信貸融資項下已動用 1.77 億美元，淨負債為 1.47 億美元。

Last call, I discussed how pleased we were in 2025 and Q1 2026 with the progress made with our Egyptian receivables. We continued in the second quarter as we saw an additional reduction to our trade receivables of about $11.5 million, with our trade receivables falling from just over $24 million at Q1 to just under $13 million at the end of Q2.

在上次電話會議中，我提到我們對 2025 年及 2026 年第一季埃及應收款項改善的進展感到非常滿意。第二季我們持續取得進展，貿易應收款再減少約 1,150 萬美元，從第一季末略高於 2,400 萬美元降至第二季末略低於 1,300 萬美元。

We continue to work with the Egyptian General Petroleum Corporation to maintain the strong relationship and keep our receivables current. I'd like to call out specifically our leadership team in Cairo who continue to do great work in this area.

我們持續與埃及國家石油公司（Egyptian General Petroleum Corporation）合作，以維持穩固的合作關係並確保我們的應收款項保持即期。我想特別表揚我們在開羅的領導團隊，他們在這方面持續做得非常出色。

In Q2 2026, Falco paid another quarterly cash dividend of six and a quarter per common share or $6.7 million.

在2026年第二季，Falco再度支付季度現金股利，每股普通股6又1/4美分，合計約670萬美元。

We also announced the third quarter dividend payment, which will be paid in September.

我們也宣布了第三季股利支付，將於9月發放。

Let me now turn to guidance where I'll give you some key highlights and updates.

接下來我將談到財測指引，並提供幾項重點摘要與更新。

As discussed in the past, guidance for the remainder of 2026 has no contribution from the Canadian assets that were sold in February.

如先前所述，2026年剩餘期間的指引不包含2月已出售之加拿大資產的任何貢獻。

With the strong performance of our drilling campaign, coupled with the restart of production at Baobab and some additional drilling in Egypt, we expect to see strong increases in production and sales continue into the second-half of 2026.

在我們鑽井計畫強勁表現的帶動下，加上Baobab恢復生產以及在埃及進行的額外鑽井，我們預期2026年下半年產量與銷售將持續顯著成長。

For Q3 sales, we are expecting the midpoint of guidance to be only slightly higher than the Q2 actuals.

就第三季銷售而言，我們預期指引中位數僅會略高於第二季實際值。

This is driven by cargo sizes and mix across our assets.

這主要是由於各資產的貨運批量大小與組合所致。

In Q3, we will have our first lifting in 2026 at Cote d'Ivoire with the baobab field resuming production in June.

在第三季，隨著Baobab油田於6月恢復生產，我們將在2026年於科特迪瓦迎來首次提運（lifting）。

This lifting is expected to be around 950,000 barrels gross.

預期此次提運總量約為95萬桶（總量）。

We have a 27.4% working interest ownership.

我們持有27.4%的作業權益（working interest）。

Additionally, we will have two partner liftings in Gabon as we did in Q2, but these liftings are expected to be smaller in size than the Q1 liftings.

此外，我們在加彭將如同第二季一樣有兩次合作夥伴提運，但預期其規模將小於第一季的提運。

With the continued uncertainty around war premium pricing and physical needs due to the conflict, buyers and traders on the spot market are looking for smaller cargoes and deferring entering into agreements more than a few days out from the liftings.

由於衝突導致的戰爭溢價定價與實體需求仍具不確定性，現貨市場的買家與交易商傾向尋找較小批量的貨物，並且更常延後在提運前數日以上就簽訂協議。

We expect a third quarter 2026 net revenue interest sales volumes to range between 17,200 and 18,900 barrels of oil per day.

我們預期2026年第三季淨收益權益（NRI）銷售量將介於每日17,200至18,900桶油當量。

For Q3, we're also projecting total production to be higher by about 23% compared to Q2, as we see additional wells brought online and production in Gabon in Egypt and the full quarters production in Court of War.

第三季我們也預估總產量將較第二季提高約23%，因為將有更多新井投產，以及加彭與埃及的產量提升，並且Court of War將貢獻完整季度的產量。

For the total company, we are forecasting Q3 2026 production to be between 24,400 and. 26,900 working interest barrels of oil per day and between 19,600 and 21,600 net revenue interest barrels of oil per day.

就全公司而言，我們預測2026年第三季產量將介於每日24,400至26,900桶作業權益（working interest）產量，以及每日19,600至21,600桶淨收益權益（NRI）產量。

For the full year production guidance, as George mentioned, we see some production increases in Egypt and Cote d'Ivoire that are offset by some slight decreases in Gabon.

就全年產量指引而言，如George所提，我們看到埃及與科特迪瓦的產量有所增加，但被加彭的些微下降所抵銷。

But overall, we are confident in the performance of our diversified assets and we are reaffirming the sales and production increase we conveyed last quarter.

但整體而言，我們對多元化資產的表現充滿信心，並重申上季所傳達的銷售與產量成長。

Our full guidance breakout is in the earnings release and in our supplemental slide deck on our website with production breakout of both working interest and net revenue interest by asset area.

我們完整的指引拆解已載於財報新聞稿，以及我們網站上的補充簡報投影片，其中按資產區域提供作業權益與淨收益權益的產量拆分。

We expect our absolute production cost for Q3 to be in the range of.

我們預期第三季的絕對生產成本將落在以下區間。

$25 to $29 per NRI barrel of oil.

每桶NRI原油25至29美元。

This is slightly lower than Q2 as we're expecting some sales increase with costs remaining flat or decreasing slightly on an absolute basis.

這較第二季略低，因為我們預期銷售增加，而成本在絕對金額上維持持平或小幅下降。

For our exploration expense, we are forecasting a range between $3 and $4 million for Q3.

就勘探費用而言，我們預估第三季將介於300萬至400萬美元。

This is primarily seismic processing work in both CI705, as well as similar processing work by our partner in Naose and Gaduma Blocks.

這主要是CI705的地震資料處理工作，以及我們合作夥伴在Naose與Gaduma區塊進行的類似處理工作。

As George discussed, we are dropping the offshore workover guidance to zero for Q3 and for the full year.

如George所述，我們將第三季及全年離岸修井（workover）指引下調至零。

We expect cash G&A to be in the range of $7 million to $9 million.

我們預期現金一般及行政費用（G&A）將介於700萬至900萬美元。

Finally, looking at CapEx. Our Q1 and Q2 spend has been below the guidance range, some of which is timing, some is savings.

最後，談到資本支出（CapEx）。我們第一季與第二季的支出低於指引區間，其中一部分是時點因素，一部分是節省。

As George mentioned, we are adding wells to our Egyptian programme, but maintaining our full year capital expenditure midpoint.

如George所提，我們將在埃及計畫中增加井數，但仍維持全年資本支出中位數不變。

For Q3 2026, our capital spend is projected to be between $75 million and $115 million. As we continue the drilling campaign in Gabon, prepare for the drilling campaign at Baobab and drill additional wells in Egypt.

就2026年第三季而言，我們的資本支出預估介於7,500萬至1.15億美元。我們將持續在加彭推進鑽井計畫、為Baobab的鑽井計畫做準備，並在埃及鑽更多井。

George outlined the multiple programmes across our assets and we believe that our efforts in 2025 and 2026 are building the foundation for another step change in production in the future.

George已概述我們在各資產上的多項計畫，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。

In closing. We saw material improvements in our Q2 financial results that we guided to in May and expect the second-half of 2026 will continue to see increasing production, sales volumes and margins depending on the stability of current Brent pricing, which should produce favourable financial results as we upscale our netbacks. From the greater West African mix of barrels in the second-half of the year, as well as a switch from expensive bunker diesel running costs in the tele in Gabon to fuel gas.

總結來說。我們在第二季財務結果上看到實質改善，符合我們5月所提供的指引；並預期2026年下半年將持續看到產量、銷售量與利潤率提升，視目前布蘭特油價的穩定性而定；隨著我們提升每桶淨回收（netbacks），應可帶來有利的財務表現。這也受惠於下半年西非桶數組合占比提高，以及在加彭將tele的高成本船用柴油運轉成本改以燃料氣取代。

We believe we would remain well positioned to continue executing our strategy of growing production and reserves while adding meaningful value.

我們相信，公司仍將處於有利位置，持續執行我們在提升產量與儲量的同時創造具意義價值的策略。

Early 2027 will continue to see growth in our production, sales and margins as our Cote d'Ivoire Phase 5 drilling comes online.

2027年初，隨著科特迪瓦第五期鑽井投產，我們的產量、銷售與利潤率將持續成長。

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

接下來我把電話交回給George。

Thanks Ron. We have started 2026 with some very positive results across our programmes in Cote d'Ivoire, Gabon and Egypt.

謝謝Ron。2026年開始，我們在科特迪瓦、加彭與埃及的各項計畫都取得非常正面的成果。

The restarting of the Baobab field in Cote d'Ivoire in June. The wells in our Gabon programme and the ongoing drilling in Egypt are driving these increases.

科特迪瓦Baobab油田於6月恢復生產。加彭計畫中的各口井，以及埃及持續進行的鑽井，正推動這些增長。

As we look at the second-half of 2026, we are projecting significant increases in productions and sales, which coupled with continued attractive pricing should generate solid operational cash flow and adjusted EBITDAX generation.

展望2026年下半年，我們預期產量與銷售將大幅增加；若再加上持續具吸引力的油價，應可帶來穩健的營運現金流與調整後EBITDAX的產生。

As Zon outlined, our production and sales guidance is up about 10% compared to our original estimates and our CapEx has not changed.

如Zon所述，相較於我們原先估計，我們的產量與銷售指引上調約10%，而資本支出（CapEx）維持不變。

We have successfully delivered strong operational and financial results for the past several years where we have met or exceeded guidance on a quarterly basis, and we believe that we can continue to meet or exceed our guidance numbers in Q3 and beyond.

過去數年我們成功交出強勁的營運與財務成果，並在季度層面達成或超越指引；我們相信在第三季及其後也能持續達成或超越指引目標。

Our ability to remain focused on successfully executing our strategy is key to growing the company profitably over the remainder of a decade.

我們能否持續專注並成功執行策略，是在本十年剩餘期間推動公司獲利成長的關鍵。

There are numerous macro events that we cannot control, but the things that we can control. Like operating efficiently, investing prudently and maximising our production will help us to deliver the forecasted growth and profitability for our shareholders and partners.

有許多我們無法控制的總體事件，但我們能控制的事情例如高效率營運、審慎投資與最大化產量，將有助於我們為股東與合作夥伴實現預期的成長與獲利能力。

We are actively working to continue to deliver strong results that will fund our successful capital programmes and drive growth, all while returning value to our shareholders through a top quartile dividend.

我們正積極努力持續交出強勁成果，以支應成功的資本計畫並推動成長，同時透過同業前四分位的股利回饋股東價值。

We have maintained credibility over the past several years, having delivered on our commitments to the market and to our shareholders, and will continue to deliver with the exciting slate of projects that we have over the next few years.

過去數年我們已維持市場信譽，履行對市場與股東的承諾；未來幾年我們也將憑藉一系列令人振奮的專案持續交付成果。

We are in an enviable position with a much stronger and diverse portfolio of producing assets with expected significant future upside potential.

我們處於令人稱羨的位置，擁有更強健且更多元的在產資產組合，並具備可望帶來顯著未來上行潛力的機會。

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

謝謝各位；接下來，接線員，我們準備開始回答問題。

Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touch tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. Please limit yourself to one question and one follow-up. At this time, we will pause momentarily to assemble our roster.

謝謝。我們現在開始問答環節。如要提問，請在您的按鍵式電話上按星號再按 1。如果您使用免持聽筒，請在按鍵前先拿起話筒。若在任何時候您的問題已獲解答且您想撤回提問，請按星號再按 2。請每位僅限一個問題及一個追問。此刻我們將稍作停頓，以整理提問名單。

The first question today comes from David Raum with Stifel. Please go ahead.

今天的第一個問題來自 Stifel 的 David Raum。請開始。

First one, just on the recent gas well, I mean, looks like a good result in its own right, but could you just expand on what you saw in the shallower intervals and whether there are any potential implications from those, please?

第一個問題，關於最近那口天然氣井，我的意思是，單就結果本身看起來不錯，但能否請你們再多談談在較淺層段看到的情況，以及那些情況是否有任何潛在含意？

Thanks, David. Well, in the shallower intervals, we did see some shows on hydrocarbons.

謝謝，David。嗯，在較淺層段，我們確實看到一些烴類顯示。

We did expect that, but unfortunately we can't at the moment produce that because of the well design. The well design was purely designed to go down to that specific zone for the gas development, but it has been tagged and sometime in the future that could be recompleted as a producer.

我們原本就預期會有，但很可惜目前因為井身設計的關係，無法把那一段投產。這口井的設計純粹是為了鑽到那個特定層位以進行天然氣開發，但該層位已被標記，未來某個時間點可能可以透過重新完井把它改作生產井。

Yeah, just to add to that, I mean we logged obviously on the way down and our subsurface people are looking at that, but yeah, as George mentioned, it's not completed with the ability to produce in those zones.

對，補充一下，我們在下鑽過程中當然有做測井，我們的地下團隊也在看那些資料；但如 George 所說，完井並沒有具備在那些層段生產的能力。

And a follow-on, I guess, on a similar topic, but in terms of the gas you have encountered, I'm interested how quickly we could see that feed through to OpEx. George, from what you were saying earlier, it sounds like there's some easy wins and then maybe a bigger piece of work going on here now. I don't know if that is as a result of encountering better pay than you expected or whether that maybe was always the case.

那我再追問一個，算是類似主題：就你們遇到的天然氣而言，我想了解我們多快能看到它反映到營運費用（OpEx）上。George，從你先前的說法聽起來，好像有一些容易達成的節省，然後現在也有一個更大的工作在進行。我不確定這是因為遇到的有效層（pay）比預期更好，還是本來就一直是這樣。

I suppose I'm just wondering if that bigger piece of work could result in even higher savings than maybe you've talked about before.

我想知道的是，那個更大的工作是否可能帶來比你們之前談到的更高節省。

I'll let Ron talk about the savings and then I'll jump in after that.

我先讓 Ron 談談節省，之後我再補充。

Hi, David.

嗨，David。

If you look at the first half of the year, I mean, this gas bill was brought online at the very end of July, so it's effectively seven months.

如果看上半年，這口氣井是在 7 月底才上線，所以實際上是七個月的影響。

The key one here is the Kelly, which is the FSO it's operating in Gabon. Over that time period, indeed, at the end of 2025, we were running that fully on diesel.

這裡的關鍵是 Kelly，也就是在加彭營運的 FSO。在那段期間，確實在 2025 年底，我們是完全用柴油來運轉。

We've now managed to switch that back fully on to gas. Now, there are some elements on the platforms themselves, but the big one really is the Kelly, and that's roughly about 300 to 350 cubes per month in volume.

我們現在已經成功把它完全切回用天然氣。平台本身也有一些項目，但真正的大宗其實是 Kelly，那大約是每月 300 到 350 立方（cubes）的用量。

So that's really the guidance I would say from August through to December, you'll see that reduction in volume in diesel usage.

所以我會說，從 8 月到 12 月，你會看到柴油使用量在體積上的下降，這就是我們的指引。

Of course, that's a gross number, we were 58% of that.

當然，那是總量，我們只占其中的 58%。

We have seen increasing pricing on that cube for diesel fuel throughout the first. Or seven months, I would use probably an average of between $1,500 and $1,600 per cube, but we definitely saw a 25% increase come in just in July, so it's opportune that we've got the switch to gas at this point in time.

在前半段（或七個月）期間，我們看到柴油每立方（cube）的價格持續上升。我大概會用每立方 1,500 到 1,600 美元的平均值，但我們確實在 7 月又看到約 25% 的漲幅，所以此時切換回天然氣非常剛好。

The other thing to add there is obviously the gas is not just there for fuel, it's also there for gas lift and it's there to improve the performance of the compressors.

另外要補充的是，天然氣不只是用作燃料，它也用於氣舉（gas lift），並且用來改善壓縮機的性能。

And with that, we're going to see enhanced production.

因此，我們將看到產量提升。

Reliability.

可靠性。

Reliability in production. I mean, our subsea wells have been performing poorly because of lack of gas lift.

生產的可靠性。我的意思是，我們的海底井因為缺乏氣舉而表現不佳。

Yeah.

對。

Some of our wells are on gas lift with a compressor and under diesel, we just couldn't operate at the high enough RPMs to maximize or optimize a gas lift. With gas, we can do that and we're already seeing that.

我們有些井是透過壓縮機做氣舉，但在使用柴油的情況下，我們無法把轉速（RPM）拉到足夠高，以最大化或最佳化氣舉效果。改用天然氣後，我們可以做到，而且我們已經開始看到成效。

In addition to that, gas is a lot more stable of a fuel for our turbines, which increases reliability. So it pushes our entire operation, I guess, to a far higher reliability factor than we are now.

此外，天然氣作為我們渦輪機的燃料穩定得多，能提高可靠性。所以我想，它會把我們整體營運推向比現在高得多的可靠性水準。

So we haven't quantified yet, but we will exceed, we will see enhanced oil recovery numbers coming from these wells.

所以我們還沒有量化，但我們將會超出預期；我們會看到這些井帶來更高的提高採收率（EOR）數據。

Great, that's really clear. Thanks David.

很好，這非常清楚。謝謝 David。

The next question comes from Stefan Fluco with Octus Advisors. Please go ahead.

下一個問題來自 Octus Advisors 的 Stefan Fluco。請開始。

Hi James, thanks for taking my questions.

嗨 James，謝謝讓我提問。

So I'd like to come back to production. So I think you covered very well that the increased number in Egypt was based on increased activity.

我想回到產量的問題。我認為你們已經很清楚說明，埃及的增長是基於活動增加。

I think that on the CI, from my understanding that might be around the fact that the early production since you restarted has been better than expected. Could you perhaps come back on why then Gabon is at the lower end of expectation, whether it's.

我理解在 CI（科特迪瓦）方面，可能是因為你們重啟後的早期產量表現優於預期。那能否請你們說明一下，為什麼加彭會落在預期區間的下緣，是不是因為。

Timing of activity given the change of the world program, whether it's well, whether it's this issue that you describe around the lower pollution efficiency, I think we have 93%, what's happening? That will be my first question.

因為工作計畫變更導致活動時點的問題，還是因為井的問題，或是你提到的較低生產效率（我想我們是 93%）這個問題？發生了什麼？這是我的第一個問題。

Okay, the main issue there comes down to the 5/8 well that I had mentioned earlier on the call today.

好的，主要問題在於我今天稍早在電話會議中提到的 5/8 井。

The level of decline in that well was far higher than we anticipated in model.

那口井的遞減幅度遠高於我們在模型中預期的。

So we started off at a very high production rate of over 8,000 bars of oil per day.

所以我們一開始的產量非常高，超過每日 8,000 桶油。

But the water cut raised far quicker than we anticipated, far quicker than we had modeled, as I mentioned in the call. And we're going to have to go back and look at that to increase our ability to accurately predict the 5/8 performance. So it's just we've predicted that 5/8 performance now as a plateau from where we are today as opposed to at this point in the original decline curve, we'd have had it at much higher production rates. And that's. Main reason for the decline?

但含水率上升得比我們預期快得多，也比我們建模的快得多，正如我在會議中提到的。我們必須回頭檢視，以提升我們更準確預測 5/8 井表現的能力。所以我們現在把 5/8 的表現預測為從今天所在水準起進入平台期，而不是像原本那條遞減曲線在此時點應該仍維持更高的產量。而這。就是下滑的主要原因？

And the second one is on COSIPO. I think you had previously said you were looking to submit the FDP I think later in '26. I think now we are talking about H1-27. So this is indeed a change of timing. What is behind that? What are the key steps that we need to watch.

第二個問題是關於 COSIPO。我記得你們之前說過，目標是在 26 年稍晚提交 FDP（油田開發計畫）。但現在我們談的是 27 年上半年。所以這確實是時程上的變動。背後原因是什麼？我們需要關注哪些關鍵步驟。

For that FDP to be submitted.

才能提交該 FDP。

So when we talked about the FDP in the previous call and as I mentioned in the Q1 call, we were still in discussions with the DGH at that time. We were committing to the DGH so we could pull out all the stocks possible to try and meet the original deadline that the original operator had committed to when we got the license extension. At the same time, with our. Partner, Pepitasi, we were lobbying the DGH to say, look, in order to get this as accurate and as good as possible, we really look for a six-month extension to the submission deadline, which we agreed to and that is why the main change is we have been given that extension by the DGH and we are going to take that time to prepare both the teams and the higher quality FTP document for submission.

當我們在上一通電話會議談到 FDP，以及我在 Q1 電話會議中提到時，我們當時仍在與 DGH 討論。我們向 DGH 承諾會盡可能調動所有資源，嘗試達成原先的期限，也就是在我們取得許可延展時，原營運商所承諾的期限。同時，與我們的。合作夥伴 Pepitasi 一起，我們也向 DGH 遊說表示：為了讓這份文件盡可能精準、品質更好，我們希望提交期限能延長六個月；我們已達成一致。這就是主要時程變動的原因：DGH 已核准該延長，我們將利用這段時間同時準備團隊，並提交品質更高的 FTP 文件。

The next question comes from Jeff Robertson with Water Tower Research.

下一個問題來自 Water Tower Research 的 Jeff Robertson。

George or Ron, can you talk a little bit about the cost structure at Baobab and how with production rising into 2027 that might impact Valco's overall cost structure?

George 或 Ron，你們能否談談 Baobab 的成本結構，以及隨著產量在 2027 年前持續上升，這可能如何影響 Valco 的整體成本結構？

Yeah, that's a good question, Jeff.

是的，Jeff，這是個好問題。

Obviously, we can back up a little bit earlier in CDI than we originally had looked at together with the operator. We can back up and running in June, so that's good news. Obviously, as the wells come back online and then we proceed to phase five drilling, again, the scale will help on the overall per barrel costs.

很明顯地，與我們原先和營運商一起評估的相比，我們在 CDI 的進度可以稍微提前一些。我們可以在 6 月恢復運轉，所以這是好消息。顯然，隨著油井重新上線，並且我們推進第五階段鑽井，規模效益將再次有助於降低整體每桶成本。

Directionally this year, we've probably got a couple of things in there that is causing the variable cost to be a little bit higher than what we anticipated for moving into the budget year.

就今年的方向性而言，我們可能有幾個因素使得變動成本略高於我們原先預期、也高於我們在編列預算年度時的預估。

There's two things, the operator is changing out the O&M. But it's been taken a little bit longer for them to do that than they first anticipated, so we should see a saving as we go through 2027 as that rolls out.

有兩件事：營運商正在更換 O&M（營運與維護）。但他們執行所花的時間比最初預期更久，因此隨著這項更換在 2027 年逐步落地，我們應該會看到節省。

The second thing, and you'll see it in Q4 where a production cost comes up a little bit, they're taking the opportunity and the advantage with the vessels in that area to do some ROV inspection work. So again, Q4, I think, spikes up a little bit versus Q2 and Q3 in CDI. But overall, directionally, this is by far the lowest.

第二件事，你會在第四季看到生產成本略有上升：他們利用該區域的船舶機會，進行一些 ROV 檢測工作。所以我認為第四季相較於第二季和第三季在 CDI 的成本會稍微跳升。但整體方向上，這仍然是迄今最低的。

Lifting costs that we have in our portfolio. And as we go through 2027, that's only good news for the overall cost structure of Valco.

我們投資組合中的舉升成本（lifting costs）。而且隨著我們走向 2027 年，這對 Valco 的整體成本結構只會是好消息。

Ron, as you move more barrels through that facility in 2027, would just the fixed costs over more barrels result in a lower unit lifting cost?

Ron，當你在 2027 年讓更多桶數通過那座設施時，把固定成本分攤到更多桶數上，是否會使單位舉升成本下降？

That's exactly it, Jeff. I think what you'll see is two things. I think the run rate.

正是如此，Jeff。我想你會看到兩件事。我認為運行率（run rate）。

Which is really only just half a year for 2026. I think if you take that run rate, you'll see it come down in '27 on an absolute basis and then you'll see the volumes go up. So I think what you'll see is a double advantage there on a per unit basis.

在 2026 年其實只有半年的運行。我認為如果你用那個運行率來看，你會看到 2027 年在絕對金額上下降，同時你也會看到產量上升。所以我認為你會在單位基礎上看到雙重優勢。

One last one on that, Ron. Can you talk a little bit about what you expect for pricing relative to Brent for CI barrels?

關於這點最後一個問題，Ron。你能談談你對 CI 桶油相對於布蘭特（Brent）的定價預期嗎？

It's a little bit too early, Jeff.

Jeff，現在談這個還有點太早。

What I would say is we're seeing a very volatile market as you're well aware. Depending on the news from Washington or Tehran, it's moving quite a bit. So what we've seen is that the refineries are basically delaying until they need to.

我想說的是，如你所知，我們看到市場非常波動。取決於華盛頓或德黑蘭的消息，價格波動相當大。因此我們看到煉油廠基本上是在延後，直到他們不得不採購為止。

Cargoes. So that's why if you look at our Q3 cargoes that we've got in Gabon, they're going to be probably 600,000 gross cargoes rather than the 900,000s that we had in Q2. And that's specifically people are waiting to the last minute because they're always thinking that Brent is going to fall in relation to any good news coming out from either Washington or Tehran.

貨船（cargoes）。所以如果你看我們在加彭的第三季貨船，可能會是 60 萬桶（總量，gross）的貨船，而不是我們第二季的 90 萬桶。這特別是因為大家都等到最後一刻，因為他們總是認為布蘭特會因為華盛頓或德黑蘭傳出任何好消息而下跌。

Very difficult to say, but over the piece, that crudes a good assay, and it should at least trade up, Brent.

很難說，但整體而言，那種原油的化驗品質（assay）不錯，至少應該能相對布蘭特有溢價交易。

(Operator Instructions)

（接線員指示）

The next question comes from Bill Dzellum with Tyson Capital. Please go ahead.

下一個問題來自 Tyson Capital 的 Bill Dzellum。請發問。

Thank you.

謝謝。

Ron, would you please circle back to the cost savings from shifting to natural gas from diesel and I apologize here on the fly, I don't have a conversion for cubes to gallons and ultimately.

Ron，請你再回到從柴油轉為天然氣所帶來的成本節省；我先道歉，我臨時沒有把立方（cubes）換算成加侖的換算方式，最後……

I recognize that prices are higher today than maybe they will be on a normalized basis going forward. So could you tell us kind of the annual savings that you would expect based off of what historically have been normalized diesel prices and just maybe bring it right down to how many millions?

我理解目前價格比未來在常態化基礎下可能更高。所以你能否告訴我們，基於歷史上常態化的柴油價格，你預期每年的節省大概是多少，並且直接說大概是幾百萬美元？

Yes, no problem.

可以，沒問題。

Bill, we can do that. So effectively, what you're looking at is a cubic, basically a cubic liter is 1,000 liters of diesel.

Bill，我們可以算。所以實際上，你看到的是，一個 cube——基本上是一個立方公升（cubic liter）——等於 1,000 公升柴油。

That's been priced, I would say, in the first half of the year, our average is probably about $1,500 to $1,550 per cube. What you will see is from a gross basis, that's a reduction per month of about $500,000 to $600,000 per month. And of course, we are about 58% of that. So I would work that in from August onwards.

我會說，上半年我們的平均價格大概是每 cube 1,500 到 1,550 美元。你會看到，以總額（gross）計算，每月大約可減少 50 萬到 60 萬美元。當然，我們約占其中的 58%。所以我會把這個從 8 月之後納入。

$500,000 to $600,000 per month gross and we're roughly 60% to that bill.

總額每月 50 萬到 60 萬美元，而我們大約占 60%，Bill。

Great, thank you for that clarification, apologies for missing that.

很好，謝謝你釐清；抱歉我剛剛漏掉了。

And then second, what do you anticipate to be the quarter where you have your peak level of debt given the current drilling program assuming no future acquisitions, but just the CapEx from the drilling and then the offsetting benefit from production?

第二個問題：在目前鑽井計畫下、假設沒有未來併購，只有鑽井資本支出（CapEx）以及產量帶來的抵銷效益，你預期負債水位在哪一季達到峰值？

Yeah, I think I would point you back to our investment deck that we went out to on our non-deal roadshow over the last two months and we put some forecasts in there that are still pretty good in relation to where we saw that deck going this year.

是的，我想我會請你回去看我們在過去兩個月非交易路演（non-deal roadshow）時使用的投資簡報（investment deck），我們在裡面放了一些預測，而就今年我們對那份簡報的看法而言，這些預測仍然相當不錯。

At this point in time, my modeling is actually showing peak debt in Q1 2027 because we got Phase 5 drilling going through and into completions in 2027. So I see that kind of peaking out in Q1 2027, but it all depends on the $64,000 question, Bill, as to what Brent pricing does over that time period.

就目前而言，我的模型其實顯示負債峰值在 2027 年第一季，因為第五階段鑽井會持續進行並在 2027 年進入完井（completions）。所以我看到它大概在 2027 年第一季見頂，但這一切都取決於那個「六萬四千美元的問題」，Bill，也就是布蘭特在那段期間的價格走勢。

Absolutely.

完全同意。

Thank you. And I'm going to squeak in one more if I may. The H2S problem that you've been working on in Gabon, is that now totally solved or partially solved? And if it's partially solved, how much future production could you get if you are able to fully solve it?

謝謝。如果可以的話，我再插問一個。你們在加彭處理的 H2S 問題，現在是完全解決了還是部分解決？如果是部分解決，若能完全解決，未來還能增加多少產量？

So the H2S in the existing wells that we have is being controlled with downhole injection and topside injection, and we seem to be able to handle all the H2S that we're seeing coming out of those wells. So there's no problem with dealing with the H2S with the injection program we have now.

我們現有油井的 H2S 透過井下注入與地面（topside）注入來控制，而且我們似乎能處理從這些井出來的所有 H2S。所以以我們目前的注入方案來看，處理 H2S 沒有問題。

Until we actually understand, I guess, the sort of ramifications of 5H, it's going to be hard for us to point to additional volumes there.

在我們真正了解我想是 5H 的各種影響之前，我們很難指出那裡還能增加多少額外產量。

Yes, I mean, I think I mentioned, Bill, in the call earlier, we're going to have to because 5H decline was accelerated.

是的，我想我在先前的電話會議中提到過，Bill，由於 5H 的遞減（decline）加速了。

Beyond our modeling position, we're going to have to rework the GEO models and probably over the next four or five months, we'll have a much better predictability, but the performance of the downhole injection, the surface injection scavenger has been extremely good and the breakthrough of what the scavenger is dealing with on H2S per ppm continues to be lower than our predicted models.

超出我們模型的假設，我們將必須重新調整地質（GEO）模型，並且可能在接下來四到五個月內，我們會有更好的可預測性；但井下注入的表現、以及地面注入的清除劑（scavenger）表現都非常好，而且清除劑在處理 H2S（以 ppm 計）時的穿透/突破（breakthrough）持續低於我們模型的預測。

Great.

很好。

Thank you. And I'm actually going to break the rules and ask one more, if I may. The Cote d'Ivoire production, what is the production rate coming as you've done the startup versus when you took the field down? Is there an initial pressure benefit that you're experiencing?

謝謝。如果可以的話，我其實要破例再問一個。象牙海岸（Cote d'Ivoire）的產量，在你們重新啟動後的產量率，相較於你們停產前的水準如何？你們是否正經歷初期壓力帶來的效益？

Yeah, there is flush production coming through and we expect that to continue. We're probably running around 16,400 or 500 barrels a day gross production, which is about...

是的，確實有一波復產量正在釋出，我們預期這種情況會持續。我們目前總產量大概在每日16,400到16,500桶左右，約莫是……

Yeah, it's about two, I'm going to say about 2000 a day more than the original number that we were using or we had prior to shutdown.

對，大概是兩千——我會說大概每天比我們原先使用的數字、或停產前的數字多約2,000桶。

The wells themselves came on extremely well and smoothly.

這些井本身投產表現非常好，而且非常順利。

There's obviously concern after wells being down for that length of time to bring it back on again, but we had absolutely no issues there.

井停了那麼久之後要重新開井，當然會有疑慮，但我們完全沒有遇到任何問題。

The operator did a great job in bringing them on. We're seeing no sand come through. We're seeing everything stable and there is still a bit of upside on the wells. We're just very cautious or the operator is very cautious about opening those wells completely up.

營運商在重新開井方面做得非常出色。我們沒有看到有砂子帶出來。我們看到一切都很穩定，而且這些井仍有一些上行空間。我們只是非常謹慎——或者說營運商非常謹慎——不會把這些井完全開到最大。

So yeah, it's good news.

所以，是的，這是好消息。

Congratulations, and thanks for taking all the questions.

恭喜，也謝謝你回答所有問題。

No problem.

不客氣。

We now have a follow-up from Stephon Fluco with Octus Advisors. Please go ahead.

我們現在有來自 Octus Advisors 的 Stephon Fluco 的追問。請開始。

Yes, I was wondering about the exploration program in Gabon and the seismic and whether on data review you will be providing some sense of the size of the price on those exploration licenses and if yes, when would that be?

是的，我想請教加彭的探勘計畫與地震資料，想知道在資料審閱後，你們是否會提供那些探勘許可證「獎項規模」的大致判斷？如果會，大概什麼時候？

Yes, we're still receiving some of the data sets. So it's probably on the size of the prize around Nyosi and Gaduma, I mean, that's really going to be into mid-'27 before we can really target with our partner, BW Energy and Panodal. We're probably going to be earlier than that when we look at CI-705 because obviously we've got a decision we'll make this year and we'll probably come out in Q4 with some bigger.

會的，我們仍在接收部分資料集。所以，關於 Nyosi 和 Gaduma 一帶的「獎項規模」，我的意思是，在我們與合作夥伴 BW Energy 以及 Panodal 真正能夠鎖定目標之前，可能要到2027年年中左右。不過在看 CI-705 時，我們可能會更早一些，因為顯然我們今年要做出決策，而且我們可能會在第四季提供一些更大的……

Indications of what we see as targets for the Cote d'Oir exploration assets that we operate. But for Naioce and Gduma, it's likely to be well into 2027.

對於我們作為營運方的象牙海岸探勘資產，我們所看到的目標會有一些指標性說明。但就 Naioce 和 Gduma 而言，時間點很可能要到2027年相當後段。

And secondly for Ron, I was looking at the expected working interest or the sales in Q3 versus production, as you mentioned, the sales will be a bit lower than production for the reason you explained. Now, does that suggest we would expect in Q4 a reversal of that? So should we expect a big Q4 looking at liftings?

第二個問題給 Ron：我在看第三季預期的權益產量或銷售量相對於產量，你提到因為你解釋的提運（lifting）原因，銷售量會比產量低一些。那這是否表示我們可以預期第四季會出現反向情況？也就是說，從提運角度看，第四季會很大嗎？

Can you repeat that question a little bit?

你可以把問題再重複一下嗎？

So I was looking at, so in Q3 working for production is higher than sales for the reason I think of the lifting that you have described. But on a full year basis, it's quite similar. So does that suggest that we might have a very strong quarter in terms of sales, in terms of listings in Q4, offsetting Q3?

我的意思是，我在看第三季：權益產量高於銷售量，原因我想就是你提到的提運安排。但以全年來看，兩者其實很接近。所以這是否表示第四季在銷售、也就是提運（liftings）方面可能會非常強，來抵消第三季？

Yes, I mean, if you look at Q4 at the moment, the way we're planning, we're seeing three listings in Gabon and a couple of listings in BOBAP. So yes, Q4 will be stronger than Q3.

是的，我的意思是，如果你看我們目前對第四季的規劃，我們預計在加彭有三船提運，在 BOBAP 也有兩船左右。所以是的，第四季會比第三季更強。

That would be strong.

那會很強。

The next question comes from Jamie Weiland with Weiland Management. Please go ahead.

下一個問題來自 Weiland Management 的 Jamie Weiland。請開始。

Hi, fellas. Wonderful results. But a question on taxes moving forward. Can you tell me what the cost oil is in Gabon as well as Cote d'Ivoire and how much of.

嗨，各位。成果很棒。但我想問一下未來的稅務問題。你能告訴我加彭以及象牙海岸的成本油（cost oil）是多少，以及有多少……

The next generation generated pre-tax profits are going to run for Vaalco.

下一代所產生的稅前利潤，Vaalco 大概會是怎樣的水準。

Hey, Jimmy, it's Ron. I'll do my best to answer that question in relation to, obviously, the taxes and US GAAP.

嗨，Jimmy，我是 Ron。我會盡力就稅務以及美國公認會計原則（US GAAP）來回答這個問題。

First and foremost, in relation to the cost pools, we've got a maximum cost pool in both Gabon and in CDI due to the spend on the drilling programs as well as obviously the monthly OpEx.

首先，就成本池（cost pools）而言，由於鑽井計畫的支出以及每月的營運費用（OpEx），我們在加彭與象牙海岸（CDI）都有達到成本池上限。

And I think we've communicated this in relation to the Nondio road shows that Gabon cost pool should seize through. Again, the big question here always is going to be where Brent lies. Now, if Brent's $100 per barrel, then it accelerates the recovery of that quicker. But if we look at long-term price maybe in the '70s, we see that Gabon cost pool being pretty robust. Right through 2027. So again, minimal state listings you would think in 2027 at those prices. CDI, we've probably got multiple years worth of shield in relation to the cost oil. So you're probably looking at about three years before the profile really creeps up in CDI.

我想我們在 Nondio 路演中也有提到：加彭的成本池應該會延續到……同樣地，這裡最大的問題永遠是布蘭特油價落在哪裡。如果布蘭特是每桶100美元，那成本回收會更快加速。但如果我們看長期價格可能在70美元區間，我們認為加彭的成本池會相當充足，一路延續到2027年。所以在那樣的價格下，你會認為到2027年國家分成的提運（state liftings）會是最低限度。象牙海岸方面，就成本油的遮蔽（shield）而言，我們大概還有好幾年的空間。所以你大概要等三年左右，象牙海岸的分成曲線才會真正開始往上爬。

Obviously, when you look at US GAAP purposes from a P&L point of view, you got the picture of the cost pools themselves providing a deferred benefit and obviously the part of US GAAP there is to smooth out these peaks and troughs. So your P&L and your actual cash cost on tax are completely two different things. What I would say to you is 26 and 27. Will be our lowest, I would say, entitlement barrels to the state during those time periods in Gabon.

當然，若以 US GAAP 的損益表（P&L）角度來看，你會看到成本池本身帶來遞延利益，而 US GAAP 的一部分目的就是把這些高峰與低谷平滑化。所以你的損益表數字與你實際現金稅負成本是完全不同的兩件事。我想跟你說的是，2026與2027年，在加彭這段期間，我們對國家應分配的權益桶數（entitlement barrels）會是最低的。

And indeed in CDI, we see that benefit probably going out two or three years from now.

而在象牙海岸，我們認為這項好處大概還會再延續兩到三年。

At this time, there are no more questions. I would like to turn the conference back over to George Maxwell, CEO, for any closing remarks.

目前沒有更多問題。我想把電話會議交回給執行長 George Maxwell，請他做結語。

Thank you, operator. Well, once again, I think we've delivered a very strong quarter. We've indicated a stronger performance and guidance for 2026.

謝謝，接線員。再次強調，我認為我們交出了一個非常強勁的季度。我們也指出2026年的表現與指引會更強。

Ron and I just completed an undeal roadshow, which I would direct investors towards on our website that shows the level of activity that the company have in our current portfolio going through to 2030 and you can see the growth opportunities that exist in the development of our assets that will take the company to a working interest position somewhere north of 60,000 barrels per day, which is quite meaningful from where we are today, but we should celebrate a great set of. Q2, great operational performance by our drilling team here in Gabon coming under budget with the activity and allowing us to increase activity in Egypt without increasing our CapEx guidance, which is a significant result, resulting in the higher guidance on production that Ron announced today.

Ron 和我剛完成一場非交易路演（non-deal roadshow）。我想請投資人到我們網站上查看，內容展示公司在現有投資組合中一路到2030年的活動水準，你也可以看到在資產開發上存在的成長機會，這將使公司工作權益產量提升到每日60,000桶以上的水準；相較於我們今天的位置，這是相當有意義的成長。不過我們也應該慶祝一組很棒的……第二季成果：我們在加彭的鑽井團隊展現了很好的營運表現，活動支出低於預算，並讓我們在不提高資本支出（CapEx）指引的情況下，能在埃及增加活動量，這是非常重要的成果，也帶來 Ron 今天宣布的更高產量指引。

So with that, I congratulate everyone in the company that's helped contribute towards these performances and I look forward to talking to you.

因此，我要恭喜公司內所有協助促成這些表現的同仁，也期待再與各位交流。

In the Q3 earnings call.

在第三季財報電話會議上。

Thank you.

謝謝。

The conference has now concluded.

本次電話會議到此結束。

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

感謝您參加今天的簡報。您現在可以掛線。