GeoPark Ltd (GPRK) 2023 Q2 法說會逐字稿

Good morning, and welcome to the GeoPark Limited conference call following the results announcement for the second quarter ended June 30, 2023. (Operator Instructions) If you do not have a copy of the press release is available at the Invest with Us section on the company's corporate website at www.geo-park.com. A replay of today's call may be accessed through this webcast in the Invest with Us section of the GeoPark corporate website.

早上好，歡迎參加 GeoPark Limited 在公佈截至 2023 年 6 月 30 日的第二季度業績後的電話會議。（操作員說明）如果您沒有新聞稿的副本，請訪問公司的企業網站為www.geo- park.com。您可以通過地質公園公司網站“與我們一起投資”部分的網絡廣播重播今天的電話會議。

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.

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，並且存在風險和不確定性，可能導致實際結果與描述的結果存在重大差異。

With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reforms 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. 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. Reserves figures correspond to PRMS standards.

對於此類前瞻性陳述，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，包括公司不時在 SEC 報告和公開信息中列出的競爭發展和風險因素。發布。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，本文中包含的所有財務數據均根據《國際財務報告準則》編制，並以美元表示。儲量數字符合 PRMS 標準。

On the call today from GeoPark is Andrés 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.

今天，地質公園首席執行官安德烈斯·奧坎波 (Andrés Ocampo) 接聽了電話；維羅尼卡·達維拉，首席財務官；奧古斯托·祖比拉加，首席技術官；馬丁·特拉多，首席運營官；以及股東價值總監 Stacy Steimel。

And now I'll turn the call over to Mr. Andrés 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，您可以開始了。

Good morning, everyone, and welcome to our second quarter results call. We're joining with our team here in Bogota, Colombia. We're advancing on our drilling program, which is already delivering results. We drilled 10 wells in the second quarter and have a busy schedule ahead of us with 10 rigs now in operation and 2 more coming this quarter.

大家早上好，歡迎參加我們的第二季度業績電話會議。我們正在哥倫比亞波哥大與我們的團隊會合。我們正在推進鑽探計劃，該計劃已經取得成果。我們在第二季度鑽了 10 口井，排在我們前面的日程很繁忙，目前有 10 台鑽機投入運行，本季度還將有 2 台鑽機投入運行。

Our horizontal well drilling campaign in the Mirador formation in the Llanos 34 block is moving ahead full speed with 2 wells already completed and on production and the third one already spudded and about 30 days from reaching TD. Because some of the highest capital return projects in our company, the first horizontal well has already been paid off in approximately 3.5 months and continues producing over 2,000 barrels of oil per day.

我們在 Llanos 34 區塊 Mirador 地層的水平井鑽探活動正在全速推進，其中 2 口井已經完成並投入生產，第三口井已經開鑽，距離達鑽達標還有約 30 天。由於我們公司的一些資本回報率最高的項目，第一口水平井已在約 3.5 個月內獲得回報，並繼續每天生產超過 2,000 桶石油。

Our team is quickly taking advantage of the multiple wells campaign and applying new cost efficiencies to the next ones. The second well was drilled faster with 10% lower drilling costs and 32% longer lateral length. We expect to continue pushing these costs down to improve our payback and capital returns even more.

我們的團隊正在迅速利用多井活動，並將新的成本效益應用到下一個活動中。第二口井的鑽探速度更快，鑽井成本降低了 10%，橫向長度延長了 32%。我們預計將繼續降低這些成本，以進一步提高我們的投資回報率和資本回報率。

Our exploration team has also delivered a new discovery in the Llanos space in acreage that have been acquired during the 2019 bid round. Saltador 1, our first well of the Llanos 123 block is producing approximately 880 barrels per day with 5% water.

我們的勘探團隊還在 2019 年競標期間獲得的 Llanos 空間領域取得了新發現。 Saltador 1 是我們 Llanos 123 區塊的第一口井，每天生產約 880 桶水，含水量為 5%。

In Ecuador, the Yin 2 development well in the Perico block, has encountered a new zone in the U-sand formation in addition to confirming its development potential in the Hollin information. Therefore, we expect to test this new zone before the end of this month.

在厄瓜多爾，Perico區塊的Yin 2開發井除了在Hollin信息中確認了其開發潛力外，還遇到了U砂地層中的新區域。因此，我們預計在本月底之前測試這個新區域。

In the CPO-5 block where our production has been down on the back of 2 very productive wells being shut in, the operator had advanced and completed most of the works requested by the ANH and anticipate that it will have the 2 wells back online before the end of the month.

在 CPO-5 區塊，我們的產量因 2 口高產井被關閉而下降，運營商已推進並完成了 ANH 要求的大部分工作，並預計將在 2 口井之前恢復上線。月底。

They also expect to spot the Halcon 1 exploration well in September which contains the potential continuity of the Jacana play into the CPO-5 block.

他們還預計在 9 月份發現 Halcon 1 勘探井，該井包含 Jacana 區塊至 CPO-5 區塊的潛在連續性。

Following Halcon, the operator expects to drill another development well on the Indico field before the end of 2023.

繼 Halcon 之後，該運營商預計將於 2023 年底前在 Indico 油田鑽探另一口開發井。

GeoPark continued to invest in our decarbonization efforts by installing a new photovoltaic solar power system in the OBA pipeline from our Platanillo block, which will help reduce our emissions and introduce efficiency gains by lowering energy and maintenance costs. We reinforced and extended our sustainability reporting with new submissions to the carbon disclosure project, CDP, in both water and climate. These initiatives assess our ESG management performance and disclosures.

地質公園繼續投資於我們的脫碳工作，在 Platanillo 區塊的 OBA 管道中安裝新的光伏太陽能發電系統，這將有助於減少我們的排放，並通過降低能源和維護成本來提高效率。我們向碳披露項目 CDP 提交了有關水和氣候方面的新材料，從而加強和擴展了我們的可持續發展報告。這些舉措評估我們的 ESG 管理績效和披露。

Despite production being behind its full potential, GeoPark continued to record strong financial results in the quarter with revenues of $182 million and adjusted EBITDA of $104 million, representing an adjusted EBITDA margin of 57%, and profits of nearly $34 million or $0.59 per share.

儘管產量未能充分發揮潛力，地質公園在本季度繼續取得強勁的財務業績，收入為1.82 億美元，調整後EBITDA 為1.04 億美元，調整後EBITDA 利潤率為57%，利潤近3400 萬美元或每股0.59 美元。

We invested $43 million during the quarter and generated $2.4 in adjusted EBITDA for each dollar invested proof of GeoPark's capital discipline and the quality of our assets. Additionally, the return on capital employed over the last 12 months reached 51%.

我們在本季度投資了 4300 萬美元，每投資 1 美元，即可產生 2.4 美元的調整後 EBITDA，這證明了地質公園的資本紀律和資產質量。此外，過去 12 個月的動用資本回報率達到 51%。

Our financial expenses dropped by almost 1/3 to $11 million in the quarter following our debt reduction of $275 million during the last 2 years. After paying $88 million in cash taxes in the second quarter and returning almost $19 million to our shareholders through dividends and buybacks, we ended the period with more than $86 million in cash. Also, we completed a new $80 million unsecured committed credit facility for the next 2 years.

在過去兩年中我們減少了 2.75 億美元的債務後，本季度的財務費用下降了近 1/3 至 1100 萬美元。在第二季度繳納了 8800 萬美元的現金稅，並通過股息和回購向股東返還了近 1900 萬美元後，我們在本季度結束時擁有超過 8600 萬美元的現金。此外，我們還完成了未來 2 年新的 8000 萬美元無擔保承諾信貸安排。

Over the rest of this year, we will continue at full speed on our drilling program, adding more rigs and accelerating our activity. With 20 to 25 gross wells, we are targeting short-cycle exploration and development projects, including new horizontal wells in our core Llanos 34 block, exploration drilling in the CPO-5 block, the continued development of the prolific Indico field and more exploration drilling in our operated Llanos acreage as well as our Oriente basin acreage.

在今年剩下的時間裡，我們將繼續全速實施我們的鑽探計劃，增加更多的鑽機並加快我們的活動。我們擁有 20 至 25 口總井，目標是短週期勘探和開發項目，包括核心 Llanos 34 區塊的新水平井、CPO-5 區塊的勘探鑽井、多產 Indico 油田的持續開發以及更多勘探鑽井在我們經營的Llanos 面積以及Oriente 盆地面積中。

In our 2 Eastern Llanos blocks adjacent to CPO-5, we have started preliminary activities to acquire over 650 square kilometers of 3D seismic, one of the largest 3D seismic onshore campaigns in the history of Colombia, and will significantly expand our exploration portfolio and inventory. We look forward to reporting to you the results of these activities.

在毗鄰CPO-5 的2 個東部Llanos 區塊中，我們已開始開展初步活動，以獲取超過650 平方公里的3D 地震勘探，這是哥倫比亞歷史上最大的3D 地震陸上勘探活動之一，並將顯著擴大我們的勘探組合和庫存。我們期待向您報告這些活動的結果。

And we will now take any questions you may have. Thank you.

我們現在將回答您可能提出的任何問題。謝謝。

(Operator Instructions) We have a question from Alejandro Demichelis of Jefferies.

（操作員說明）我們有來自 Jefferies 的 Alejandro Demichelis 的問題。

A couple of questions, please. The first one is maybe you can walk us through the building blocks of the second half of the year to get to your production guidance, the 38,000 to 40,000? And then the second question is, how do you see the potential size of your new discovery on block Llanos 123, please?

請教幾個問題。第一個是，也許您可​​以向我們介紹一下今年下半年的基本情況，以獲得您的生產指導，即 38,000 至 40,000 輛？第二個問題是，您如何看待 Llanos 123 區塊新發現的潛在規模？

Good morning, Alejandro. This is Martin Terrado. Thanks for your question. In regards to the building blocks to making the guideline on production, it would largely depend on Indico wells getting back on production. We have been working closely with the operator on these 2 wells. From the last call that we had all the civil works have been completed. That included building concrete decks and work is going on related to the flowlines that need to be welded flowlines. So the operator has communicated to us that they will have that ready to go by the end of this month, and the national hydrocarbon agency has told them that with that they will allow those 2 wells to be back on production. Those 2 wells have a gross production of 8,000 barrels of potential. So that's about 2,400 barrels net to GeoPark that we're expecting.

早上好，亞歷杭德羅。這是馬丁·特拉多。謝謝你的提問。至於製定生產指南的基礎，這在很大程度上取決於 Indico 油井的恢復生產。我們一直在這兩口井上與運營商密切合作。從我們上次接到電話以來，所有土建工程都已經完成。其中包括建造混凝土甲板，以及與需要焊接流線的流線相關的工作正在進行。因此，運營商已與我們溝通，他們將在本月底前做好準備，國家碳氫化合物機構也告訴他們，這樣他們將允許這兩口井恢復生產。這 2 口井的潛在總產量為 8,000 桶。因此，我們預計地質公園淨儲量約為 2,400 桶。

As we're building, like you said, the blocks on the next quarters for the quarter #3, we're expecting partial contribution from those 2 wells because it will not be fully onstream for the whole quarter, but they will be fully on stream for the last quarter. So that's a big contribution that we're expecting.

正如您所說，正如您所說，我們正在為第三季度的下一個季度建造區塊，我們預計這2 口井將做出部分貢獻，因為它不會在整個季度完全投產，但它們將完全投產上個季度的流。所以這是我們期待的巨大貢獻。

The second one is related to our performance in the Llanos 34 block. For that block, we expect increased production compared to the first half of the year, and that is mainly due to 2 things. The first one is our continuous production on horizontal drilling. And the second one is we expect the second half of the year to have better downtime. We had about 7% downtime in the first half of the year, and we're expecting around 5%. So those are the 2 main blocks that we expect to be contributing so that we can make our third quarter average of around 38,500 barrels and in the last quarter of 40,800 barrels. And we expect the exit rate to be between 40,000 and 41,000 barrels of production equivalent. This assumes that we don't have big disruptions in our Llanos 34. And as always, it does not include additional production from exploration wells.

第二個與我們在 Llanos 34 區塊的表現有關。對於該區塊，我們預計產量將比上半年有所增加，這主要歸因於兩件事。第一個是我們水平鑽探的連續生產。第二個是我們預計下半年會有更好的停機時間。今年上半年我們的停機時間約為 7%，我們預計約為 5%。因此，我們預計將貢獻這兩個主要區塊，以便我們能夠使第三季度的平均產量約為 38,500 桶，第四季度的平均產量為 40,800 桶。我們預計退出率將在 40,000 至 41,000 桶產量當量之間。這是假設我們的 Llanos 34 沒有發生大的中斷。與往常一樣，它不包括勘探井的額外產量。

So with that Alejandro -- Andrés here, just to add to what Martin said. Obviously, with these numbers, roughly on the third quarter, close to 38,000, 39,000 and 40,000 to 41,000 in the fourth quarter, that would put us closer to the lower end of the range rather than the midpoint or the higher range. But we still believe that if the operator delivers on the putting back those 2 wells online before the end of this month, that's where we should be.

亞歷杭德羅-安德烈斯在這裡，只是為了補充馬丁所說的內容。顯然，根據這些數字，大致在第三季度，第四季度接近 38,000、39,000 和 40,000 至 41,000，這將使我們更接近該範圍的下端，而不是中點或較高範圍。但我們仍然相信，如果運營商在本月底之前將這 2 口井恢復上線，那麼我們就應該做到這一點。

Hello, Alejandro, you answered about the Llanos 123, right, the Saltador recovery. So just to give you more context about the Saltador, the Saltador exploration well is located in west to Llanos 34, that was acquired in 2019 ANH bidding round.

你好，Alejandro，你回答了有關 Llanos 123 的問題，對吧，Saltador 的恢復。因此，為了向您提供有關 Saltador 的更多背景信息，Saltador 勘探井位於 Llanos 34 西部，該井是在 2019 年 ANH 招標中獲得的。

So talking about more technical things, the main concept was to test the structural fault the closure hanging wall. We did find hydrocarbons in Barco Guadalupe formation with 29 feet of oil net pay. Today, they will extend testing around 900 barrels of oil per day, 5% water cut.

所以談論更多技術性的東西，主要概念是測試封閉掛牆的結構故障。我們確實在 Barco Guadalupe 地層中發現了碳氫化合物，石油淨產層有 29 英尺。今天，他們將每天測試約 900 桶石油，含水率 5%。

So the testing will provide more information on volumes, reserves and future developments. But in addition to that, the discovery of Saltador may extend another prospect to the south that's called (inaudible) that could more -- add more reserves. It's not decided yet, but clearly, Saltador, they risk this prospect that we could will -- we could fill it at the end of this year or early 2024.

因此，測試將提供有關數量、儲量和未來發展的更多信息。但除此之外，薩爾塔多的發現可能會向南部延伸另一個前景，即（聽不清），這可能會增加更多儲量。尚未決定，但很明顯，薩爾多，他們冒著這個前景的風險，而我們可以——我們可以在今年年底或 2024 年初填補這個前景。

Our next question comes from (inaudible).

我們的下一個問題來自（聽不清）。

This is (inaudible). I had a brief follow-up with regards to the triggers for production in the second half and then I had a couple more if you could go one by one. So just I wanted to confirm where are you seeing production? I think you mentioned 8,000 barrels per day of gross production potential for each Indico 5 and Indico 6 was once they come back online. So just curious how long should -- or how fast are you expecting for production out of these blocks to come back to levels seen before the shutdown during the most part of the year -- of this year.

這是（聽不清）。我對下半年生產的觸發因素進行了簡短的跟進，然後如果您可以一一講述的話，我還有更多的跟進。我只是想確認一下您在哪裡看到生產？我想您提到了每台 Indico 5 和 Indico 6 恢復生產後，每天的總生產潛力為 8,000 桶。因此，我只是好奇，今年的大部分時間裡，這些區塊的產量應該多長時間，或者您預計這些區塊的產量要多快才能恢復到停產前的水平。

Thanks for the question. This is Martin Terrado. And current production for the CPO-5 block is in the order of 17,500 barrels of oil per day. If we compare to where we were a year ago, a year ago without Indico 6 and 7, we were probably around 18,500. That decline that you see is mainly in Mariposa as the water has encroached in that well. The Indico field is producing flat production. So on top of the 17,500 grows, we will be getting, again, the 8,000 barrels from both Indico 6 and Indico 7 production. These are flowing wells that have been tested. And as soon as we get the green light from the national hydrocarbon agency, they will be contributing to the overall block production.

謝謝你的提問。這是馬丁·特拉多。目前 CPO-5 區塊的產量約為每天 17,500 桶石油。如果我們與一年前相比，一年前沒有 Indico 6 和 7，我們的數量可能約為 18,500。您看到的下降主要發生在馬里波薩，因為水已經侵蝕了那口井。 Indico 油田正在生產平坦的產品。因此，除了 17,500 桶之外，我們還將再次從 Indico 6 和 Indico 7 生產中獲得 8,000 桶。這些是經過測試的自流井。一旦我們獲得國家碳氫化合物機構的批准，他們將為整體區塊生產做出貢獻。

So the expectation -- Andrés here, Ariana. The expectation from the operator is to have those 2 back before the end of this month. So the full production of the block should be on a gross basis back to over 25,000 hopefully, in September or before the end of this month.

所以期待——安德烈在這裡，阿麗亞娜。運營商希望在本月底之前將這兩架飛機送回來。因此，該區塊的總產量有望在 9 月份或本月底之前恢復到 25,000 以上。

Perfect. Just keeping up with the CapEx and the exploration side of the business. Just wondering, in terms of the seismic acquisition that you're guiding for second half and it seems to be a very encouraging project from your end. So what are you targeting? What's the key areas? And what would be the main -- how much of your CapEx budgeted for exploration with this seismic acquisition take up?

完美的。只需跟上資本支出和業務的探索方面即可。只是想知道，就您下半年指導的地震採集而言，這似乎是一個非常令人鼓舞的項目。那麼你的目標是什麼？重點領域有哪些？主要的是什麼——這次地震勘探勘探的資本支出預算佔了多少？

Thank you, Ariana. So I'll go a little bit about the more ops part, and then I'll let Zubi go over, okay, what we're seeing on prospects. But this is premium acreage. It is east of the CPO-5. And like Andrés mentioned, it's 650 square kilometers that we're going to be acquiring. We were looking at, okay, historically in Colombia, what that means it will be the third biggest acquisition. So where we are today, all the permits have been granted, all the socialization has been done. And right now, we are starting all the things that is related to building the comp so that we can start topography. After that is drilling the wells to the explosives and acquisition will start in December of this year. It will take about 2 months to finish the acquisition, then comes processing, and after that, of course, building the pads and drilling the wells for those locations that prospects that we expect to have.

謝謝你，阿麗亞娜。所以我會稍微談談更多運營部分，然後我會讓 Zubi 回顧一下我們在前景中看到的情況。但這是優質面積。它位於 CPO-5 的東邊。正如安德烈斯提到的，我們將收購 650 平方公里的土地。我們正在研究哥倫比亞的歷史，這意味著這將是第三大收購。所以我們今天所處的位置，所有的許可都已經獲得，所有的社會化都已經完成。現在，我們正在開始與構建comp相關的所有事情，以便我們可以開始地形。之後，將進行鑽探，獲取炸藥，並將於今年 12 月開始收購。完成收購大約需要兩個月的時間，然後是加工，當然，之後還要為我們期望擁有的那些地點建造平台並鑽井。

So that's a little bit on where we are on from an operations perspective, from a capital perspective, the seismic, it's already in our budget. And one of the things that we were able to do is we got this seismic cheaper than expected. So we're acquiring seismic for even more than what is our commitment.

因此，從運營的角度來看，從資本的角度來看，這是我們所處的位置，地震，它已經在我們的預算中了。我們能夠做的一件事是我們以比預期更便宜的價格獲得了這次地震。因此，我們收購地震的價格甚至超出了我們的承諾。

So that's a little bit on the operations perspective that we have. And from blocks and the commitments on these 2 blocks, we only have 1 well commitment in each of the wells. So we're sure that we're going to find prospects to drill there. I don't know, Zubi, if you got...

這就是我們從運營角度來看的一些情況。從區塊和這 2 個區塊的承諾來看，我們在每口井中只有 1 口井的承諾。因此，我們確信我們會找到在那裡進行鑽探的潛在客戶。我不知道，祖比，你是否...

Yes. Beyond the commitment that Martin mentioned we really believe that those blocks that we have they're in a premium average, like Martin mentioned before. These blocks are located to the east of CPO-5 near to important fields, for example, Caracara and also we have [Putumayo] right, any site also the block.

是的。除了馬丁提到的承諾之外，我們真的相信我們擁有的那些區塊處於優質平均水平，就像馬丁之前提到的那樣。這些區塊位於 CPO-5 以東，靠近重要油田，例如 Caracara，我們也擁有 [Putumayo] 權利，任何地點也是該區塊。

So the team also defined several leads that after the seismic, I'm sure that we're going to have new prospects and exploration opportunities.

所以團隊也明確了幾個線索，地震之後我相信我們會有新的前景和勘探機會。

So the objective of this really seismic effectively is to expand our exploration inventory and portfolio. So the idea of acquiring 3D seismic in such a large portion of this part of the basin is to find and identify our technical team to identify more prospectivity. And you asked about how much of the CapEx was allocated to the seismic, as Martin said, is already within our CapEx guidance and it's roughly at our working interest, roughly $20 million. .

因此，這次真正震撼人心的目標是擴大我們的勘探庫存和投資組合。因此，在盆地這一部分的如此大的範圍內獲取 3D 地震的想法是找到並確定我們的技術團隊，以識別更多的前景。您詢問了多少資本支出分配給了地震，正如馬丁所說，這已經在我們的資本支出指導範圍內，並且大致符合我們的工作興趣，大約為 2000 萬美元。 。

Perfect. That was very clear. And just one final one. Going through your filings, you think that the EBITDA guidance using that same $80 to $90 per barrel was revised slightly downwards at the midpoint. So I just wanted to know if you could share perhaps more insights on what are the key drivers for this guidance revision is? Is it in terms of wider discounts even though we've seen some timing recently? And/or when are you -- where are you seeing OpEx cost -- like total OpEx per barrel through the remainder of the year, and that would be very helpful.

完美的。這非常清楚。還有最後一件事。瀏覽您的文件後，您認為使用每桶 80 至 90 美元的 EBITDA 指導值在中點略有向下修正。所以我只是想知道您是否可以分享更多關於本次指南修訂的關鍵驅動因素的見解？儘管我們最近看到了一些時機，但是否有更廣泛的折扣？和/或您什麼時候——您在哪裡看到運營支出成本——比如今年剩餘時間內每桶的總運營支出，這將非常有幫助。

Thank you, Ariana. Veronica here. As you mentioned, we have revised -- adjusted our expected 2023 EBITDA range by about $40 million. Half of that is already realized impact during the first half from lower Brent prices and also wider Vasconia differentials that you mentioned. .

謝謝你，阿麗亞娜。維羅妮卡在這裡。正如您提到的，我們已經將 2023 年 EBITDA 預期範圍調整了約 4000 萬美元。其中一半已經受到上半年布倫特原油價格下跌以及您提到的瓦斯科尼亞價差擴大的影響。 。

Going forward, in terms of the differentials, we really don't expect further widening. We continue to use $4 to $5 for the remainder of the year. It's now pricing $3.50, but we would expect that to revert to 4% to 5% range, as I mentioned.

展望未來，就差異而言，我們確實預計不會進一步擴大。在今年剩餘時間內，我們將繼續使用 4 至 5 美元。它現在的定價為 3.50 美元，但正如我提到的，我們預計價格會恢復到 4% 到 5% 的範圍。

The other half of the adjustment is related to higher OpEx. We have already been impacted by this in the first half and that's taken us to expect higher OpEx for the full year ranging between $10 and $11 per barrel on a consolidated basis.

調整的另一半與更高的運營支出有關。我們在上半年就已經受到了這一影響，因此我們預計全年運營支出將在每桶 10 美元至 11 美元之間。

The drivers for this increase in OpEx are twofold. On the one side, we have an appreciation of the currency in Colombia, which affects about 70% of our OpEx that is local currency-denominated and also higher energy prices that really come from weather-related effects from the El Niño weather pattern in Colombia, with a power grid that is mostly hydroelectric. As you see, these are mainly external factors. Our team will continue to focus on finding cost efficiencies and initiatives going forward.

運營支出增加的驅動因素有兩個。一方面，我們哥倫比亞的貨幣升值，這影響了我們約 70% 的以當地貨幣計價的運營支出，而且能源價格上漲，這實際上是由厄爾尼諾天氣模式的天氣相關影響造成的哥倫比亞的電網主要是水力發電。如您所見，這些主要是外部因素。我們的團隊將繼續專注於尋找成本效益和未來的舉措。

Next up, we've received some text questions. Our first one asked from Stephane Foucaud of Auctus. One question for me on Yin 2 Ecuador. 40 net pay in a new formation looks good. How material is it? What are the implications for production and development of the asset?

接下來，我們收到了一些文字問題。我們的第一個問題是由 Auctus 的 Stephane Foucaud 提出的。請教我一個關於 Yin 2 厄瓜多爾的問題。新陣型的40淨薪看起來不錯。材質如何？對資產的生產和開發有何影響？

Stephane. Yes, we are very happy with the results of this well. The plan was to develop those information and investigate the potential upside to the U-sand. The Hollin formation resulted with good hydrocarbon saturation and thickness, similar to the Jandaya and Yin wells with our 25 feet net pay. And the U-sand found about 40 feet of net pay as you mentioned. So according to our team and in line with our partner, we are going to complete the U-sand because it has better reservoir conditions. With this initiative, we will understand how the well behaves and which is the volume found for future development. We have also analogies of near fields that I call 1 Toritos, where U-sands, the initial production is -- could be between 900 to 1,300 barrels of oil per day. So again, we're really happy with the results, and we'll be testing this well very soon.

斯蒂芬.是的，我們對這口井的結果非常滿意。該計劃是開發這些信息並調查 U 砂的潛在優勢。 Hollin 地層具有良好的碳氫化合物飽和度和厚度，與我們淨產油量為 25 英尺的 Jandaya 和 Yin 井類似。正如您提到的，U 型砂發現了大約 40 英尺的淨產層。因此，根據我們團隊和合作夥伴的說法，我們將完成 U 砂，因為它具有更好的儲層條件。通過這一舉措，我們將了解油井的行為方式以及為未來開發找到的體積。我們還對我稱之為 1 Toritos 的近油田進行了類比，其中 U 型砂的初始產量可能是每天 900 至 1,300 桶石油。再說一遍，我們對結果非常滿意，我們很快就會對其進行測試。

It's important to mention that these are the analogs, and this is information that our team uses to complete the wells and test them. The reality is that we have a good logging indication right now, and we will know a lot better once the well is tested.

值得一提的是，這些是類似物，這是我們團隊用來完成油井和測試的信息。現實情況是，我們現在有良好的測井指示，一旦對井進行測試，我們就會知道得更多。

Our next question comes from Roman Rossi of Canaccord. I have a couple, if I may. First, I would like to understand if the horizontal drilling was part of your original 2023 campaign? And what's the estimated cost for each well? Second, can you give us more color on the derivatives loss? And what's the strategy going forward? And then finally, do you have any FX hedges?

我們的下一個問題來自 Canaccord 的 Roman Rossi。如果可以的話，我有一對。首先，我想了解水平鑽孔是否是你們最初的 2023 年活動的一部分？每口井的預計成本是多少？其次，您能給我們更多有關衍生品損失的信息嗎？未來的策略是什麼？最後，你們有外匯對沖嗎？

Thank you, Roman. This is Martin again. I'll cover the question around the horizontal well. So when we put together our budget, the horizontal drilling was a pilot with follow-up wells. So with a very good results compared to the -- what we were expecting basically delivering the expectations of the pilot well, we adjusted our program, and we're now going under our third well. I'll share with you a little bit of numbers on estimated cost and performance, but the first well was drilled at around $11 million.

謝謝你，羅曼。這又是馬丁。我將討論水平井周圍的問題。因此，當我們匯總預算時，水平鑽井是一個帶有後續井的試點。因此，與我們的預期相比，結果非常好，基本上很好地滿足了試點的期望，我們調整了我們的計劃，現在我們正在進行第三口井。我將與您分享一些有關預計成本和性能的數字，但第一口井的鑽探成本約為 1100 萬美元。

When we went to the second well, we drilled it with a longer length at around 10% cheaper, so at $10 million. And right now, we're drilling our third well. We expect to be drilling that well around $9.5 million and we're going for about 3x the length of the first horizontal well.

當我們去第二口井時，我們鑽了更長的長度，價格便宜了大約 10%，所以價格為 1000 萬美元。現在，我們正在鑽第三口井。我們預計鑽探該井的成本約為 950 萬美元，鑽探長度約為第一口水平井的 3 倍。

So in short, we have adjusted our program as we have expected pending pilot results of the first well, and we expect to have about 5 to 6 wells by the end of the year. All of these wells are targeting the Mirador formation which has an original oil in place of around 100 million barrels. And we are looking at other opportunities within the Llanos block in other formations but also outside of the Llanos 34 in places like Platanillo.

簡而言之，我們已經調整了我們的計劃，因為我們預計第一口井的試點結果尚未公佈，我們預計到今年年底會有大約 5 到 6 口井。所有這些井都針對 Mirador 地層，該地層的原始石油儲量約為 1 億桶。我們正在尋找 Llanos 區塊內其他陣型的機會，同時也在 Llanos 34 之外的 Platanillo 等地尋找機會。

The efficiencies that we continue to work on. Again, we're drilling our third well. But our first well, Andrés mentioned a little bit, drilled the first well at 46 days, the second one at 40 days. And even though we are drilling longer horizontal sections. And of course, we are learning and investigating what else we can do on the completion side. So very excited about the results, and we will continue on our journey on horizontal wells.

我們繼續努力提高效率。同樣，我們正在鑽第三口井。但是我們的第一口井，安德烈斯提到了一點，第一口井用了 46 天，第二口井用了 40 天。即使我們正在鑽探更長的水平部分。當然，我們正在學習和研究在完成方面我們還能做些什麼。對結果非常興奮，我們將繼續我們的水平井之旅。

Roman, this is Veronica. On your questions on derivatives so we continue to apply our hedging strategy for crude prices looking to protect the crude downside. We've done this consistently over the past years. There have been no cash impact from the hedges year-to-date. As you know, the prices have remained between the floors and the ceilings. So no gains or losses from those contracts on the year-to-date. We did experience some of those losses in last year that maybe you were alluding to. .

羅曼，這是維羅妮卡。關於您關於衍生品的問題，我們繼續對原油價格應用我們的對沖策略，以保護原油下跌。過去幾年我們一直這樣做。今年迄今為止，對沖並未對現金產生影響。如您所知，價格一直保持在最低價和最高價之間。因此，今年迄今為止，這些合同沒有產生任何收益或損失。去年我們確實經歷了一些您可能提到的損失。 。

And in terms of the FX hedges, we've executed a few FX hedges looking to protect the income tax payments that happened in the second quarter of the year. Those transactions recorded about $3 million of gain year-to-date. And we'll look at other opportunities to enter these separate transactions as we see fit going forward.

在外匯對沖方面，我們執行了一些外匯對沖，以保護今年第二季度發生的所得稅支付。年初至今，這些交易帶來了約 300 萬美元的收益。我們將在我們認為合適的情況下尋找其他機會來進行這些單獨的交易。

Our next question comes from Daniel Guardiola of BTG.

我們的下一個問題來自 BTG 的丹尼爾·瓜迪奧拉。

I joined the call a little bit late, so I don't know if some of my questions were already answered during the presentation. But first of all, I would like to touch on reserves addition. Basically, considering that this area has been one that the company has been struggling not adding reserves or fully replacing reserves in the last couple of years. I wanted to know if you can share with us for you guys, what are the most promising exploratory projects you are currently working on? And what is your expectation in terms of reserves addition for 2023? So that's my first question. If you want, we can go one by one.

我參加電話會議的時間有點晚，所以我不知道我的一些問題是否在演示過程中得到了解答。但首先，我想談談儲備金的增加。基本上，考慮到這一領域是該公司在過去幾年中一直在努力不增加儲備或完全更換儲備的領域。我想知道您是否可以為我們分享一下，您目前正在做的最有前途的探索項目是什麼？您對2023年的儲備增加有何預期？這是我的第一個問題。如果你願意的話，我們可以一一去。

Okay. Daniel, Andrés here. So we are -- I would say, in the second half of the year, we have accelerated the exploration activity. We've already reported today the result of Saltador and the encouraging logging information that we have on Hollin. And then we also provided at least of all the prospects that we're drilling in the second half of the year. .

好的。丹尼爾，安德烈斯在這裡。所以我們——我想說，在今年下半年，我們加快了勘探活動。我們今天已經報導了 Saltador 的結果以及我們在 Hollin 上獲得的令人鼓舞的伐木信息。然後我們還至少提供了下半年我們正在鑽探的所有前景。 。

I think there are some interesting prospects that we're going to be testing. We usually don't give guidance on reserves. So it's really too early for us to be saying anything about our potential reserve replacement for this year. It will largely depend on the results on the 2 wells that we are testing right now and on the 6 or 7 wells that we're going to be drilling from now until the end of the year. So again, we don't usually give guidance on reserves because that also largely depends on the (inaudible) so the certificator's view on the discoveries.

我認為我們將測試一些有趣的前景。我們通常不提供儲備金指導。因此，現在談論我們今年潛在的儲備替代者還為時過早。這很大程度上取決於我們現在正在測試的 2 口井以及我們從現在到年底將要鑽探的 6 口或 7 口井的結果。同樣，我們通常不會就儲量提供指導，因為這在很大程度上也取決於（聽不清）認證者對發現的看法。

Understood. Understood. And my second one was regarding the easiness of operating in Colombia. I mean it's been already a year since Petro was turning here in Colombia. And I wanted to know your thoughts. I want to know if you have perceived any material change with respect to the process of environmental licensing and the procurement of getting a social license to operate. I mean I wanted to know is it getting more difficult to operate in Colombia or is business as usual?

明白了。明白了。我的第二個問題是關於在哥倫比亞開展業務的難易程度。我的意思是，佩特羅來到哥倫比亞已經一年了。我想知道你的想法。我想知道您是否認為環境許可流程和獲得社會經營許可的過程發生了任何重大變化。我的意思是我想知道在哥倫比亞經營是變得越來越困難還是一切照常？

Andrés here, again, Daniel. I think it has changed a little bit in different locations. So as Martin mentioned, we experienced some downtime in the Casanare area, for example, in the Llanos spacing, which in the past, we hadn't experienced any. And for example, in the Putumayo area, where historically has been a more conflictive place of the country. So far this year, we haven't experienced any disruptions or any blockage or things like that.

安德烈斯又來了，丹尼爾。我認為在不同的地方它已經發生了一些變化。正如馬丁提到的，我們在卡薩納雷地區經歷了一些停工，例如在利亞諾斯的空檔，這在過去我們沒有經歷過。例如，在普圖馬約地區，該地區歷史上一直是該國衝突較多的地區。今年到目前為止，我們還沒有經歷任何中斷或任何阻塞或類似的事情。

So I think I wouldn't say has dramatically changed or it has become a lot more difficult for companies to operate in the country, at least in the areas where we operate, that is not a significant change. There have been some changes but not really a very significant change. Compared to other countries, we still believe Colombia is one of the best regions in Latin America for oil companies to prosper and to develop and execute their projects. And we're obviously investing more time and efforts on making sure that we maximize the relationship with our neighbors. But again, I wouldn't say that this is a Colombia-specific. I think these changes are just ongoing happening in many places at the same time.

因此，我認為我不會說已經發生了巨大變化，或者公司在該國運營變得更加困難，至少在我們運營的地區，這不是一個重大變化。確實發生了一些變化，但並不是非常重大的變化。與其他國家相比，我們仍然認為哥倫比亞是拉丁美洲最適合石油公司繁榮發展、開發和執行項目的地區之一。顯然，我們投入了更多的時間和精力來確保最大限度地加強與鄰國的關係。但同樣，我不會說這是哥倫比亞特有的。我認為這些變化正在許多地方同時發生。

Recently, as an example, we have a project in the Putumayo area, the Put-8 project, the one that has the (inaudible) prospect is one of the best prospects that we have in our portfolio. And we completed a public audience where all the communities participated. That's fully public. It's even listed on YouTube and you can see the type of relationships and communications that we are developing with all these stakeholders. So I think that is going well. We're pending the final approval by the environmental authority. We're still within the expected time line. So I also couldn't say that there has been delays or obstacles from any of these regulatory bodies really.

舉個例子，最近，我們在 Putumayo 地區有一個項目，Put-8 項目，該項目具有（聽不清）前景，是我們投資組合中最好的前景之一。我們完成了所有社區都參與的公開觀眾活動。這是完全公開的。它甚至在 YouTube 上列出，您可以看到我們與所有這些利益相關者建立的關係和溝通的類型。所以我認為進展順利。我們正在等待環保部門的最終批准。我們仍在預期的時間內。因此，我也不能說這些監管機構確實存在拖延或障礙。

And just a last one from my end. A very high-level question, maybe for you, Andrés. In your view, what are the main challenges and opportunities that the company is facing right now?

這只是我的最後一篇。這是一個非常高級的問題，也許對你來說，安德烈斯。您認為公司目前面臨的主要挑戰和機遇是什麼？

Well, I can tell you, the biggest challenge that we have today is bringing those 2 wells back online. That's obviously the top priority for the entire company and for myself. I know you're asking a more strategic question, but I don't -- I wake up every morning just thinking of those 2 wells. And be sure that the entire team is fully committed to bringing those back online very fast. .

好吧，我可以告訴你，我們今天面臨的最大挑戰是讓這兩口井重新上線。這顯然是整個公司和我自己的首要任務。我知道你在問一個更具戰略性的問題，但我不知道——我每天早上醒來只想著那兩口井。並確保整個團隊完全致力於使這些設備快速恢復上線。 。

Then beyond that, I think bringing the company back on the growth path. I think it's fair to say that we've been producing 40,000 barrels a day roughly over the last 2 years and that's a comfortable place that we don't feel comfortable at. We really are -- were bound to be a much bigger player and a much more relevant player. So really delivering results on our exploration campaign and making sure that we bring the company back to its growth trajectory, that's probably the biggest challenge and opportunity that we have today.

除此之外，我認為讓公司重回增長道路。我認為可以公平地說，過去 2 年我們大約每天生產 40,000 桶石油，這是一個讓我們感到不舒服的舒適狀態。我們確實——注定會成為一個更大的參與者和一個更相關的參與者。因此，真正在我們的勘探活動中取得成果並確保我們使公司回到增長軌道，這可能是我們今天面臨的最大挑戰和機遇。

With that, I'll hand back to CEO, Andrés Ocampo for closing remarks.

接下來，我將請首席執行官安德烈斯·奧坎波 (Andrés Ocampo) 致閉幕詞。

Thank you, everybody, for your interest and your support of our company. We're always here to answer any questions you may have, and we encourage you to visit us in our field and our operations or call us any time for further information. So thank you, and have a good day.

感謝大家對我們公司的關注和支持。我們隨時解答您的任何問題，我們鼓勵您親臨我們的現場和我們的運營部門，或者隨時致電我們以獲取更多信息。謝謝你，祝你有美好的一天。

Thank you. This concludes today's call. Thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。