GeoPark Ltd (GPRK) 2022 Q4 法說會逐字稿

Good morning, and welcome to the GeoPark Limited conference call following the results announcement for the fourth quarter ended December 31st, 2022. (Operator Instructions).

早上好，歡迎參加截至 2022 年 12 月 31 日的第四季度業績公佈後的 GeoPark Limited 電話會議。（運營商說明）。

Before we continue, please note that certain statements contained in the results, press release and on this conference call are forward-looking statements rather than historical facts and are subject to risks and uncertainties that could cause actual results to differ materially from those described. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases.

在我們繼續之前，請注意結果、新聞稿和本次電話會議中包含的某些陳述是前瞻性陳述，而不是歷史事實，並且存在可能導致實際結果與所述結果大不相同的風險和不確定性。關於此類前瞻性陳述，公司尋求 1995 年《私人證券訴訟改革法案》提供的保護。這些風險包括多種因素，包括公司 SEC 報告和公眾不時列出的競爭發展和風險因素發布。

Those lists are intended to identify certain principal factors that could cause actual results to differ materially from those described in the forward-looking statements but are not intended to represent a complete list of the company's business. All financial figures included herein were prepared in accordance with the IFRS and are stated in U.S. dollars unless otherwise noted. Reserve figures correspond to PRMS standards. On the call today from GeoPark is Andres Ocampo, Chief Executive Officer; Veronica Davila, Chief Financial Officer; Augusto Zubillaga, Chief Technical Officer; Martin Terrado, Chief Operating Officer; and Stacy Steimel, Shareholder Value Director.

這些列表旨在確定可能導致實際結果與前瞻性陳述中描述的結果存在重大差異的某些主要因素，但並不代表公司業務的完整列表。除非另有說明，否則此處包含的所有財務數據均根據 IFRS 編制並以美元表示。儲備數字符合 PRMS 標準。今天來自 GeoPark 的電話會議是首席執行官安德烈斯·奧坎波 (Andres Ocampo)； Veronica Davila，首席財務官；首席技術官 Augusto Zubillaga； Martin Terrado，首席運營官；和股東價值總監 Stacy Steimel。

And now I'll turn the call over to Mr. Andres Ocampo, Mr. Ocampo, you may begin.

現在我將把電話轉給安德烈斯奧坎波先生，奧坎波先生，你可以開始了。

Good morning, and thank you for joining our call. We are connecting with our team from Houston, Texas, to report on our fourth quarter and full year 2022 financial results.

早上好，感謝您加入我們的電話會議。我們正在與德克薩斯州休斯頓的團隊聯繫，報告我們第四季度和 2022 年全年的財務業績。

During 2022, GeoPark completed its work program with 50 wells drilled for a total CapEx of nearly $170 million, mainly targeted to grow production in its most profitable assets. 2% production growth in Llanos 34 and 50% growth in CPO-5. Tigana, Jacana and now Indico ranked within the top 10 largest oil-producing fields in Colombia today.

2022 年期間，GeoPark 完成了其工作計劃，鑽探了 50 口井，資本支出總額接近 1.7 億美元，主要目標是提高其最賺錢資產的產量。 Llanos 34 產量增長 2%，CPO-5 產量增長 50%。 Tigana、Jacana 和現在的 Indico 位列當今哥倫比亞前 10 大產油田之列。

With this investment award program as well as our team's ability to maintain costs in line despite global inflationary pressures, GeoPark closed a record year with revenues over $1 billion, adjusted EBITDA over $540 million and bottom line net profit of over $224 million, equivalent to $3.80 per share. Every dollar invested in our assets generated more than 3x adjusted EBITDA within the same year, another proof of the high quality of our asset base, combined with our capital allocation methodology and cost discipline.

憑藉這項投資獎勵計劃以及我們團隊在全球通脹壓力下保持成本不變的能力，GeoPark 以創紀錄的一年收官，收入超過 10 億美元，調整後 EBITDA 超過 5.4 億美元，底線淨利潤超過 2.24 億美元，相當於 3.80 美元每股。投資於我們資產的每一美元在同一年內產生了超過 3 倍的調整後 EBITDA，這是我們資產基礎高質量以及我們的資本分配方法和成本紀律的另一個證明。

Full year cash flow from operations was $467 million, which not only funded our CapEx program but also allowed us to pay down $170 million of debt canceling our 2024 notes. We ended the year with $129 million in cash and net debt of $369 million, a net leverage ratio of 0.7x, well below our comfort zone and with no principal debt maturities until 2027. Such free cash flow generation also allowed us to continue expanding our shareholder value return initiatives. In 2022, GeoPark paid shareholders more than $60 million, representing over $1 per share through a bigger base dividend and a more accelerated share buyback, and we expect to continue doing more in 2023.

全年運營現金流為 4.67 億美元，這不僅為我們的資本支出計劃提供了資金，還使我們能夠償還 1.7 億美元的債務以取消我們的 2024 年票據。我們以 1.29 億美元的現金和 3.69 億美元的淨債務結束了這一年，淨槓桿率為 0.7 倍，遠低於我們的舒適區，並且在 2027 年之前沒有本金債務到期。這種自由現金流的產生也使我們能夠繼續擴大我們的業務股東價值回報舉措。到 2022 年，GeoPark 向股東支付了超過 6000 萬美元，即通過更高的基本股息和更加速的股票回購，每股收益超過 1 美元，我們預計 2023 年將繼續做更多。

2022 was also an important year in GeoPark's mission to provide the cleanest and most cost-efficient hydrocarbons possible. As we continue to invest and develop ideas to neutralize and reduce our carbon emissions and environmental impact. Last year, we connected the Llanos 34 block to the National Power Grid and installed a solar energy park, reducing our carbon footprint by approximately 30% to 35% over a year earlier with more improvements on the way this year.

2022 年也是 GeoPark 提供最清潔和最具成本效益的碳氫化合物使命的重要一年。隨著我們繼續投資和開發想法來中和和減少我們的碳排放和環境影響。去年，我們將 Llanos 34 區塊連接到國家電網並安裝了一個太陽能公園，與一年前相比，我們的碳足跡減少了大約 30% 至 35%，今年的方式有更多改進。

With 2023 underway, we are embarked on another ambitious work program planning to invest $200 million to $220 million to drill 50 to 55 wells, 10 to 15 of which are low-risk, high-potential abrasion and exploration wells. At $80 Brent, we expect to generate more than $0.5 billion adjusted EBITDA again, and over $120 million of free cash flow of which we expect to return 40% to 50% to shareholders. With 10 rigs currently operating and multiple activities taking place in multiple basins, we look forward to reporting the results of this exciting multiyear drilling program in the upcoming quarters. Thank you, and we would now be happy to answer any questions you may have.

隨著 2023 年的到來，我們開始實施另一項雄心勃勃的工作計劃，計劃投資 2 億至 2.2 億美元鑽探 50 至 55 口井，其中 10 至 15 口是低風險、高潛力的磨損井和勘探井。以布倫特原油 80 美元計算，我們預計將再次產生超過 5 億美元的調整後 EBITDA，以及超過 1.2 億美元的自由現金流，我們預計其中 40% 至 50% 的回報率將返還給股東。目前有 10 個鑽井平台在運行，多個活動在多個盆地進行，我們期待在接下來的幾個季度報告這個令人興奮的多年鑽探計劃的結果。謝謝，我們現在很樂意回答您的任何問題。

(Operator Instructions) Our first question comes from Alejandro Demichelis of Nau Securities.

（操作員說明）我們的第一個問題來自 Nau Securities 的 Alejandro Demichelis。

Guys. There are some questions, if I may. First one is, could you please indicate your level of confidence in bringing back the 2 wells that have been shut in that kind of time frame that you were mentioning an annual risk that, that may not happen early next quarter. Then the second question is, is this a change in the way that the NHS that the ANH is approaching some of these test production. And can we see this repeating with new discoveries, if you were to have that in CPO-5? And then the third question is maybe you can update us on how you see the exploration program progress in them.

伙計們。如果可以的話，有一些問題。第一個是，您能否表明您對在您提到的年度風險的那種時間範圍內恢復已關閉的 2 口井的信心水平，這可能不會在下個季度初發生。那麼第二個問題是，這是否改變了 NHS 的方式，即 ANH 正在接近其中一些測試生產。如果你在 CPO-5 中有新發現，我們能看到這種情況重複出現嗎？然後第三個問題是，也許你可以告訴我們你如何看待他們的勘探計劃進展。

Hi, Alejandro, good morning. Thank you for your questions. Andres here. First, with respect to the level of confidence on whether these 2 wells will be put back on production. I think this is beyond our control, unfortunately. So it is hard to give a guidance on that. The reality is that the only thing that is needed is the construction of the affinity facilities in Deco field, and that is currently underway, and we are working with the operator on getting those facilities on time. So we expect there shouldn't be any delays, but delays can always happen. So that is really the comment on that. There shouldn't be any and we're working with the operator jointly on getting the facilities on time so there -- we don't expect any delays, but they could always happen.

嗨，亞歷杭德羅，早上好。謝謝你的問題。安德烈斯在這裡。第一，關於這2口井能否復產的置信度。不幸的是，我認為這超出了我們的控制範圍。因此很難就此提供指導。現實情況是，唯一需要的是在 Deco 油田建設親和設施，目前正在進行中，我們正在與運營商合作，以按時獲得這些設施。所以我們預計不應該有任何延遲，但延遲總是會發生。這就是對此的評論。不應該有任何延誤，我們正在與運營商共同合作，按時提供設施——我們預計不會有任何延誤，但它們總是會發生。

On the second point of your question, I don't think this can be construed as a change in ANH approach. I just want to make that very clear. There's no change actually in ANH approach. This is really in our understanding, a delay on the construction of the affinity facilities that should have been completed before and haven't been completed on time. So it is simply the ANH has -- maybe requested for them to be completed before allowing these 2 wells to come on stream. But there's no really a change. It's because this construction should have been completed before and haven't been completed before. So to your point, we don't expect any related -- I mean, any changes in the rest of the program related to that because in our view, there's not really a change in their approach at all. And on the exploration program, Zubi, if you want to complement.

關於你問題的第二點，我認為這不能解釋為 ANH 方法的改變。我只想非常清楚地說明這一點。 ANH 方法實際上沒有變化。這確實在我們的理解中，延誤了本應完成而沒有按時完成的親和設施建設。所以這只是 ANH 已經 - 可能要求在允許這 2 口井投產之前完成它們。但實際上並沒有什麼變化。因為這個施工應該是之前完成的，之前沒有完成。所以對於你的觀點，我們不期望任何相關的 - 我的意思是，與此相關的計劃其餘部分的任何變化，因為在我們看來，他們的方法根本沒有真正的變化。而在探索計劃上，祖比，如果你想補充。

Yes. Hello, Alejandro, good morning. So Zubi here. So we have in our exploration plan to real between (inaudible) finishing drilling 6 wells that are on in general 4,487 and 1 well in CPO-5 maybe give more details on those wells in terms of we drill the (inaudible) with good results. Due to that, we are planning to drill 2 appraisal wells in this structure this year. In general, 87, we are drilling 1 well, which is Ecuador and we are reaching total debt soon. And also, we are testing 2 exploration wells at Torrados and (inaudible) -- and the fourth well, which is pick away that well is under evaluation. In other block, which is the CPO-5, we agreed in Darice well. And in 2 weeks, we will reach the formation target. So for the rest of the year, we have 8 more wells that we are going to build 2 wells in Llanos 124, 2 wells in Llanos 123, 2 in CPO-5 and one of those is trading on the continuation of Narajan Geologic (inaudible) and one in Llanos 34 and maybe one more in Ecuador. So we are optimistic about our plans and I'm sure we will give news to the market in the next operational (inaudible).

是的。你好，亞歷杭德羅，早上好。所以祖筆在這裡。因此，我們的勘探計劃是在（聽不清）完成鑽探 6 口井（一般為 4,487）和 CPO-5 中的 1 口井之間進行實際鑽探，就我們鑽探（聽不清）取得良好結果而言，可能會提供有關這些井的更多詳細信息。因此，我們計劃今年在該結構中鑽探 2 口評價井。總的來說，87，我們正在鑽 1 口井，這是厄瓜多爾，我們很快就會達到總債務。而且，我們正在 Torrados 和（聽不清）測試 2 口勘探井——第四口井正在評估中。在另一個區塊，即 CPO-5，我們在 Darice 中達成一致。兩週後，我們將達到編隊目標。所以在今年剩下的時間裡，我們還有 8 口井，我們將在 Llanos 124 建造 2 口井，在 Llanos 123 建造 2 口井，在 CPO-5 建造 2 口井，其中一口正在繼續進行 Narajan Geologic（聽不清) 和一個在 Llanos 34，也許還有一個在厄瓜多爾。因此，我們對我們的計劃持樂觀態度，我相信我們會在下一次運營中向市場發布消息（聽不清）。

And our next question comes from Stephane Foucaud from Auctus. Stephane, your line is now on.

我們的下一個問題來自 Auctus 的 Stephane Foucaud。斯蒂芬，你的電話已經接通了。

The line seems to be a bit breaking up, so I hope that you are hearing me okay. I have 2 questions. The first one is around the Vasconia discount. It seems to have increased a bit in Q4. And I was wondering how you see 2023 with this Vasconia discount, how you see those -- that increasing or dropping or being as it is today? And second, there were a lot of wells that you were drilling in Q4. I think in Q1, we are waiting so from real they have in mind, Perico, Picabue, Zorai, Tocorai, any particular update on those specific wells? Thank you.

線路似乎有點斷線，所以我希望你能聽到我的聲音。我有兩個問題。第一個是圍繞 Vasconia 折扣。它似乎在第四季度有所增加。我想知道你如何看待 2023 年的 Vasconia 折扣，你如何看待這些 - 增加或減少或與今天一樣？其次，你們在第四季度鑽了很多井。我認為在第一季度，我們正在等待他們考慮的真實情況，Perico、Picabue、Zorai、Tocorai，這些特定井的任何特定更新？謝謝。

Goodmorning, Stephane. Thank you for your question. It's Veronika here. To your point on the Vasconia differential. So it's been widening -- as you well mentioned, it's $6.85 below Brent today, averaging about $8 below Brent year-to-date versus levels of about 5.5% during 2022. So there's a few factors that have contributed to the widening of the differential since the fourth quarter. We have some increased production out of Venezuela, still discounted barrels from Russia and some increase in Canadian exports all competing in the market for -- with Vasconia crude. If we look forward into 2023 with the Chinese reopening and higher demand coming out of China particularly, we expect demand for Latin American crudes to improve, including Vasconia. And that should remove some of this pressure for the differential. So we expect Vasconia to improve from current levels over the course of the year.

早上好，斯蒂芬。謝謝你的問題。我是維羅妮卡。關於 Vasconia 差異的觀點。所以它一直在擴大——正如你提到的那樣，今天它比布倫特原油低 6.85 美元，年初至今平均比布倫特原油低 8 美元，而 2022 年的水平約為 5.5%。所以有幾個因素導致了差異的擴大自第四季度以來。委內瑞拉的產量有所增加，俄羅斯的桶裝原油仍處於折扣狀態，加拿大的出口量有所增加，所有這些都在市場上與 Vasconia 原油競爭。如果我們展望 2023 年中國重新開放以及來自中國的更高需求，我們預計對拉丁美洲原油的需求將會改善，包括 Vasconia。這應該會消除差速器的部分壓力。因此，我們預計 Vasconia 在今年的水平上會有所改善。

And Andres here, Stephane, I will go to your point about the exploration was I think we're in different places with Zubi because some of us here are at 0 week in Houston. So his line was breaking up a little, but that was the point he made in his response before. Most of those wells of the exploration wells, we are either drilling or testing or completing right now. So we expect a lot more information in our operational I update in in early April. The one we have results was (inaudible) in Janos 34. Then in Janos 37,we finished drilling 2 wells, Toreroi and Solca, and we are currently drilling Co. Picabue we finish drilling and is under evaluation, whether it will be completed or not. We will know over the course of the next couple of weeks. We're working with the operator on that. And then in CPO-5, we are drilling Jerico well, which is expects to reach target depth within the next couple of weeks. And then we expect to drill a couple more exploration prospects in CPO-5 as well. So that is the there is really a lot going on right now, and we expect, hopefully, to give some more details in the operational update in April.

安德烈斯，斯蒂芬，我想談談你關於探索的觀點，我認為我們和祖比在不同的地方，因為我們中的一些人在休斯頓的 0 週。所以他的台詞有點斷斷續續，但這是他之前在回應中提出的觀點。大多數勘探井，我們現在正在鑽探或測試或完成。因此，我們希望在 4 月初的運營更新中獲得更多信息。我們得到的結果是在 Janos 34（聽不清）。然後在 Janos 37，我們完成了 2 口井的鑽探，Toreroi 和 Solca，我們目前正在鑽探 Co. Picabue，我們完成鑽探並正在評估，是否會完成或不是。我們將在接下來的幾週內知道。我們正在與運營商合作。然後在 CPO-5，我們正在鑽 Jerico 井，預計將在未來幾週內達到目標深度。然後我們希望在 CPO-5 中鑽探更多的勘探前景。所以這就是現在確實有很多事情要做，我們希望在 4 月份的運營更新中提供更多細節。

Our next question comes from Roman Rossi from Canaccord. Your line is open, Roman, please go ahead.

我們的下一個問題來自 Canaccord 的 Roman Rossi。羅曼，您的電話已開通，請繼續。

Congratulations on the (inaudible). So the first question is regarding CapEx for 2022, right? So this was way below your guidance. So just wanted to understand the main reasons behind that. And if we could expect some of this CapEx rolled into 2023.

祝賀（聽不清）。所以第一個問題是關於 2022 年的資本支出，對嗎？所以這遠低於您的指導。所以只是想了解其背後的主要原因。如果我們可以預期其中一些資本支出會進入 2023 年。

Thank you, Roman. Good morning. So as you well mentioned, we ended up 2022 with $169 million total in terms of CapEx. On that, as you may recall, over the fourth quarter, we had some localized blockades in Janos. That caused delays both in Janos 34 and some of the surrounding exploratory blocks of about $15 million in terms of our CapEx. We also had some savings and some other drilling and smaller projects that were canceled. But we expect to complete the 2023 work program within the $200 million to $220 million guidance and that is including a carryover from the 2022 program.

謝謝你，羅曼。早上好。因此，正如您提到的那樣，我們到 2022 年的資本支出總額為 1.69 億美元。在這一點上，你可能還記得，在第四季度，我們在 Janos 進行了一些局部封鎖。就我們的資本支出而言，這導致 Janos 34 和周圍一些勘探區塊的延遲約為 1500 萬美元。我們也有一些儲蓄和一些其他的鑽井和被取消的小項目。但我們希望在 2 億至 2.2 億美元的指導範圍內完成 2023 年的工作計劃，其中包括 2022 年計劃的結轉。

And the second question is as your CapEx includes any costs related to the CPO-5 surface facilities.

第二個問題是您的資本支出包括與 CPO-5 地面設施相關的任何成本。

Thank you, Roman. Indeed, so the facilities -- the permanent facilities for Indico are included within our guidance, but you shouldn't expect changes or deviations from that for that project. Those are included.

謝謝你，羅曼。事實上，設施 - Indico 的永久設施包含在我們的指南中，但您不應期望該項目會發生變化或偏離。這些都包括在內。

And our next question comes from [*Oriana Cobalt*] from Balance. Oriana, your line is now open.

我們的下一個問題來自 Balance 的 [*Oriana Cobalt*]。 Oriana，您的線路現已開通。

My first question was regarding the income surcharge. I noticed that you put out some table in your financial statements. So I was just wondering if -- are you expecting -- or should this be published by the ANH, -- do you have any more detailed colors on how is it going to be working? And if this estimates that you put out with full 2022 numbers already may carry any changes in your tax payments guidance that you provided with the 2033 budget? That was my first question.

我的第一個問題是關於收入附加費。我注意到您在財務報表中列出了一些表格。所以我只是想知道是否 - 你是否期待 - 或者應該由 ANH 發布， - 你是否有關於它如何運作的更詳細的顏色？如果這個估計你已經提出了完整的 2022 年數字，那麼你在 2033 年預算中提供的納稅指南可能會發生任何變化？這是我的第一個問題。

Thank you, Oriana. So as we've mentioned before, right, the tax reform included a surcharge that is linked to triggers that relate to the last 10 years of Brent prices. So the triggers that we have published are -- so there's no surcharge below $65 Brent, and then it's 5%, above 65%, goes to 10%, above 74% and goes to 15% above $79. These calculations are our calculations based on the numbers that we have and the interpretation that will be provided by external advisers as well as audited by our analogist (inaudible). The interpretation of the norm can give some variation, but the final figures would be determined later. The -- it will be -- and it will be the same for all the industry. What I would highlight, though, is the calculation is a rolling 10-year average. So from year-to-year, you will see slight changes in this bracket as the 10-year before rolls off and the prior year to the fiscal year rolls into the calculation.

謝謝你，奧麗安娜。因此，正如我們之前提到的，正確的是，稅收改革包括一項附加費，該附加費與過去 10 年布倫特原油價格相關的觸發因素相關聯。所以我們發布的觸發因素是 - 所以布倫特原油低於 65 美元不徵收附加費，然後是 5%，高於 65%，達到 10%，高於 74%，高於 79 美元達到 15%。這些計算是我們根據我們擁有的數字和外部顧問將提供的解釋以及我們的類比師（聽不清）審計的結果進行的計算。對標準的解釋可能會有所不同，但最終數字將在以後確定。這將是——而且對所有行業來說都是一樣的。不過，我要強調的是，計算結果是 10 年的滾動平均值。因此，從年復一年開始，您會看到這個括號中的細微變化，因為前 10 年滾出，而財政年度的前一年滾入計算。

Got it. That's very clear. And my second and last one is related with what suggests an increase in conflictivity across Colombia, like blockades that we said during the fourth quarter and activity during the first quarter. So just wondering how are you observing the situation? What can you comment on this apparent increase conflictivity. And more importantly, how is the government responding to the conflicts just thinking on 2023 potential impact in production.

知道了。這很清楚。我的第二個也是最後一個與哥倫比亞各地衝突加劇的跡像有關，比如我們在第四季度所說的封鎖和第一季度的活動。所以只是想知道你是如何觀察這種情況的？您對這種明顯增加的衝突有何評論。更重要的是，政府如何應對沖突只是考慮 2023 年對生產的潛在影響。

Thank you, Oriana, Andres here. Yes, we see with concern the increase in blockade activities and more violent events in the country. We continuously work with our crews in the field and monitor continues as we've always done, the relationship with the communities to make sure that we keep the information flowing and that we can always anticipate any potential alert to take early measures and prevent any potential issues to escalate that. Also, most of the events that have passed over the last couple of quarters have been in areas in the north part of the country or in the south part of the country a little further from where we are. But obviously, we are not accepted or exempted from this risk. It is a very significant risk, and we expect this to continue over 2023. We do not expect this to go away quickly. Unfortunately, the additional conflictivity is something that is happening today in the country. So again, we work as much as we can do to limit this and to continue improving the relationship with our company with respect to our neighbors. And that's really most of what we can do, and that is more or less within our -- under our control. But it is a concern, and we expect it to continue throughout the rest of the year, unfortunately.

謝謝 Oriana，這裡是 Andres。是的，我們關切地看到該國封鎖活動的增加和更多的暴力事件。我們不斷與現場工作人員合作，並一如既往地繼續監控與社區的關係，以確保我們保持信息暢通，並確保我們始終可以預見任何潛在的警報，以便及早採取措施並防止任何潛在的問題升級。此外，過去幾個季度發生的大多數事件都發生在該國北部地區或該國南部地區，離我們所在的地方稍遠一些。但顯然，我們不接受或免除這種風險。這是一個非常重大的風險，我們預計這種情況將持續到 2023 年。我們預計這種情況不會很快消失。不幸的是，額外的衝突是當今該國正在發生的事情。因此，我們再次盡我們所能來限制這種情況，並繼續改善與我們公司以及我們的鄰居的關係。這真的是我們能做的大部分事情，這或多或少在我們的控制之下。但這是一個令人擔憂的問題，不幸的是，我們預計它會在今年餘下的時間裡繼續存在。

We next have a written question from Gustavo Sadka from Bradesco asking what unsuccessful exploration and endeavors led to the $20 million write-off in fourth quarter, ’22.

接下來我們收到來自 Bradesco 的 Gustavo Sadka 的書面問題，詢問是什麼不成功的探索和努力導致了第四季度 2000 萬美元的註銷，'22。

Hi, Gustavo, thank you for your question. We did record $20 million of write-offs in our fourth quarter financials. Those are the results of our successful drilling that needs to be recognized, mainly those are in Colombia, 1 well in Putumayo, 1 well in Janos 34 and 1 well from Janos 34 and also a write-down in one of the wells in Ecuador. So that's the composition of that figure.

嗨，古斯塔沃，謝謝你的提問。我們確實在第四季度的財務報告中記錄了 2000 萬美元的註銷。這些是我們成功鑽探的結果，需要得到認可，主要是在哥倫比亞、Putumayo 的 1 口井、Janos 34 的 1 口井和 Janos 34 的 1 口井以及厄瓜多爾的一口井減記。這就是那個數字的構成。

And there are no further questions. I'll hand the call back to Andres Ocampo, CEO, for any closing remarks.

沒有其他問題了。我會將電話轉回給首席執行官安德烈斯·奧坎波，聽取任何結束語。

Thank you, everybody, for your continued interest and support of GeoPark. We're always available to answer any questions that you may have, so please call us any time for more information. Thank you, and have a good day.

感謝大家一直以來對 GeoPark 的關注和支持。我們隨時可以回答您的任何問題，因此請隨時致電我們了解更多信息。謝謝你，有一個美好的一天。

This concludes today's call. Thank you, everyone, for joining. You may now disconnect.

今天的電話會議到此結束。謝謝大家的加入。您現在可以斷開連接。