GeoPark Ltd (GPRK) 2023 Q3 法說會逐字稿

Good morning, and welcome to the GeoPark Limited Conference Call, following the results announcement for the third quarter ended September 30, 2023, and the 2024 work program and investment guidelines. (Operator Instructions)

早安，歡迎參加地質公園有限公司電話會議，會議公佈了截至 2023 年 9 月 30 日的第三季度業績以及 2024 年工作計劃和投資指南。 （操作員說明）

If you do not have a copy of the press release, it 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.

如果您沒有新聞稿副本，可以在公司網站 www.geo-park.com 的「與我們一起投資」部分取得。您可以透過地質公園公司網站「與我們一起投資」部分的網路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. With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995.

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。對於此類前瞻性陳述，該公司尋求 1995 年《私人證券訴訟改革法案》提供的保護。

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 under stated in U.S. dollars unless otherwise noted. Reserves figures correspond to PRMS standards.

這些風險包括多種因素，包括競爭發展以及公司不時在 SEC 報告和公開發布中列出的風險因素。這些清單旨在確定可能導致實際結果與前瞻性陳述中描述的結果有重大差異的某些主要因素，但並不代表公司業務的完整清單。除非另有說明，本文中包含的所有財務數據均按照國際財務報告準則編制，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; James Deckelman, Chief Exploration Officer; and Stacy Steimel, Shareholder Value Director. And now I'll turn the call to Mr. Andrés Ocampo. Mr. Ocampo, you may begin.

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，財務長；奧古斯托·祖比拉加，首席技術長；馬丁‧特拉多，營運長； James Deckelman，首席勘探官；以及股東價值總監 Stacy Steimel。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 thank you for joining our call. We are here today in Bogota, with our team to report our third quarter results and next year's work program and budget guidelines. During the third quarter, GeoPark invested $44 million drilled, 14 wells and produced approximately 35,000 barrels a day equivalents, impacted by temporary production shut-ins in CPO-5, which were restored in late September.

大家早安，感謝您加入我們的通話。今天，我們與我們的團隊在波哥大報告第三季業績以及明年的工作計劃和預算指南。第三季度，地質公園投資了 4,400 萬美元，鑽探了 14 口井，產量約為 35,000 桶/日，受到 CPO-5 臨時停產的影響，該停產已於 9 月底恢復。

Production is today at approximately 39,000 barrels a day equivalent. The company recorded revenues of $192 million and adjusted EBITDA of $115 million, a margin of 60%, which means that for every dollar invested, GeoPark generated approximately $2.60. As a result, net profits reached $25 million or $0.44 per share. Over the last 12 months, our return on capital employed was 42%. In 2023, GeoPark continues to return value to its shareholders. Between share buybacks and dividends, expect to exceed $50 million, including the announced dividend of $7.5 million to be paid in December.

目前產量約為每天 39,000 桶。該公司的收入為 1.92 億美元，調整後的 EBITDA 為 1.15 億美元，利潤率為 60%，這意味著每投資一美元，地質公園就能產生約 2.60 美元的收益。結果，淨利潤達到 2500 萬美元，即每股 0.44 美元。過去 12 個月，我們的已動用資本報酬率為 42%。 2023年，地質公園繼續為股東回報價值。股票回購和股息預計將超過 5,000 萬美元，其中包括宣布將於 12 月支付的 750 萬美元股息。

This should be above the target of 40% to 50% of free cash flow for the year. After investing in our assets, servicing our debt and taxes, as well as distributing cash back to shareholders, GeoPark ended the quarter with $160 million in cash on the balance sheet and a net leverage ratio of less than 1x.

這應該會高於今年自由現金流 40% 至 50% 的目標。在投資我們的資產、償還債務和稅收以及向股東分配現金之後，GeoPark 在本季末的資產負債表上有 1.6 億美元的現金，淨槓桿率低於 1 倍。

Our 2023 drilling campaign continues to deliver positive results, particularly from our accelerated activity during the second half of the year with 12 rigs working. Multiple new plays are being opened by our team and portfolio, which are adding new exciting appraisal and delineation activity for the remainder of this year and next. The horizontal well campaign in Llanos 34, with the most recent well producing over 3,400 barrels a day, currently has 2 full-time rigs executing back-to-back wells and is expected to continue.

我們 2023 年的鑽探活動持續取得正面成果，特別是下半年我們的活動加速，有 12 台鑽機投入使用。我們的團隊和投資組合正在開設多個新劇目，為今年剩餘時間和明年增加新的令人興奮的評估和描繪活動。 Llanos 34 的水平井作業最近一口井日產量超過 3,400 桶，目前有 2 個全職鑽機在連續作業，預計將繼續進行。

The Toritos discovery in the Llanos Basin is flowing 1,300 barrels of oil per day and represents a new exciting stratigraphic play in the Paleogene, which we will continue to appraise and delineate. Zorzal Este, another Paleogene prospect, is showing positive preliminary logging information and will be tested in the next couple of weeks, may also open more drilling opportunities. The Halcon 1 well in CPO-5, which is showing positive preliminary logging information, will be tested in the next couple of weeks and will be followed by Perico 1 well in the same Paleogene play and trend.

Llanos 盆地的 Toritos 發現每天產出 1,300 桶石油，代表了古近紀新的令人興奮的地層分佈，我們將繼續對其進行評估和描繪。另一個古近紀勘探區 Zorzal Este 正在顯示積極的初步測井信息，並將在未來幾週內進行測試，也可能帶來更多鑽探機會。 CPO-5 中的 Halcon 1 井顯示出積極的初步測井信息，該井將在接下來的幾週內進行測試，隨後將在相同的古近系區域和趨勢中進行 Perico 1 井的測試。

The U-sand, new play in Ecuador, developed by our exploration team with 3 successful wells already flowing 2,700 barrels of oil per day and more to come. Our 2024 drilling campaign will be focused on continuing the development in Llanos 34 with water plotting project and horizontal wells campaign as well as on appraising and delineating the new plays being opened by the 2023 program.

U-sand 是厄瓜多爾的新油田，由我們的勘探團隊開發，已成功開採 3 口井，每天產出 2,700 桶石油，未來還會產出更多石油。我們 2024 年的鑽探活動將重點放在 Llanos 34 進行開發，包括水標測項目和水平井活動，以及評估和描繪 2023 年計劃中開闢的新區塊。

As always, the work program and guidelines are flexible and can be adapted based on changes in oil prices or other conditions, as well as drilling results. We expect to invest $150 million to $200 million to drill 35 to 45 wells and produce between 37,000 and 40,000 barrels per day with production growth expected to come from Colombia and Ecuador, partially offset by Brazil and Chile, which have no capital allocated.

像往常一樣，工作計劃和指導方針非常靈活，可以根據油價或其他條件以及鑽探結果的變化進行調整。我們預計將投資 1.5 億至 2 億美元，鑽探 35 至 45 口井，每天生產 37,000 至 40,000 桶石油，產量增長預計將來自哥倫比亞和厄瓜多爾，部分被沒有分配資本的巴西和智利所抵消。

We expect to generate between $420 million and $550 million in adjusted EBITDA at $80 to $90 Brent. Approximately 20% to 30% of our CapEx will be allocated to exploration and the rest will be allocated to appraisal, delineation and development activities as well as facilities. We are also executing the third largest 3D seismic acquisition program in Colombia across 2 blocks adjacent to CPO-5, complemented also by an additional seismic program within the CPO-5 block. We expect this large new seismic information will allow our subsurface team to define and map new potential prospective areas and plays.

我們預計布蘭特原油價格為 80 至 90 美元時，調整後的 EBITDA 收入將達到 4.2 億至 5.5 億美元。我們大約 20% 至 30% 的資本支出將分配給勘探，其餘的將分配給評估、劃定和開發活動以及設施。我們也在鄰近 CPO-5 的 2 個區塊執行哥倫比亞第三大 3D 地震採集項目，並在 CPO-5 區塊內實施了另一個地震項目作為補充。我們預計這些大量的新地震資訊將使我們的地下團隊能夠定義和繪製新的潛在前景區域和區域。

As always, after fully funding our CapEx program, we will continue to allocate our cash flow to return value to shareholders and continue to strengthen our balance sheet. We expect to return approximately 40% to 50% of our free cash flow after taxes and debt service back to shareholders through a combination of our base dividends, share buybacks and/or extraordinary dividends. We're finishing the year with great results, which are positioning GeoPark for an even better 2024. We look forward to continue delivering and reporting on our progress in the incoming quarters. Thank you, and we will now take your questions.

一如既往，在為我們的資本支出計劃提供充足資金後，我們將繼續分配現金流，為股東回報價值，並繼續加強我們的資產負債表。我們預計透過基本股利、股票回購和/或特別股利的組合，將稅後和償債後自由現金流的約 40% 至 50% 返還給股東。我們將以優異的成績結束這一年，這為地質公園邁向更好的 2024 年奠定了基礎。我們期待在接下來的幾個季度繼續交付和報告我們的進展。謝謝您，我們現在將回答您的問題。

(Operator Instructions) First question comes from Alejandro Demichelis from Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Alejandro Demichelis。

A couple of questions, please. The first one is on production. Could you please give us some granularity on how you see that production into next year evolving? Because you have given us quite a wide range of production.

請教幾個問題。第一個正在生產中。能否詳細介紹一下您對明年生產發展的看法？因為你們給了我們相當廣泛的生產範圍。

Then the second one is your production costs have been a bit high this quarter. Maybe you can give us some kind of indication of how you see that production cost evolving over time, say, over the next 12 months? And then on the exploration side, you have made some good progress. Maybe you can give us some more detail on how you're seeing Zorzal, Halcon, and what excites you in the program that you have for the next 12 months, please?

那麼第二個就是你們這個季度的生產成本有點高。也許您可以向我們提供一些指示，說明您如何看待生產成本隨著時間的推移（例如未來 12 個月）的變化？然後在探索方面，你們也取得了一些不錯的進展。也許您可以向我們提供更多關於您如何看待 Zorzal、Halcon 的詳細信息，以及未來 12 個月的計劃中哪些內容讓您感到興奮？

Alejandro, thanks for the question. This is Martin. I'll start with the first question that you asked around production for 2024 and more granularity, and then I'll pass it on to Andrés and Veronica. So for 2024, our average for the year will be between 37,000 and 40,000 barrels of oil equivalent per day. That's around 1% to 10% increase from 2023. And when we look at each of the assets, Platanillo and Chile, they will be declining around 10% to 30%. As Andrés mentioned, there's no development capital allocated to these 2 assets.

亞歷杭德羅，謝謝你的提問。這是馬丁.我將從您針對 2024 年生產提出的第一個問題以及更詳細的問題開始，然後我會將其傳遞給 Andrés 和 Veronica。因此，到 2024 年，我們的年平均產量將在每天 37,000 至 40,000 桶石油當量之間。與 2023 年相比，增幅約為 1% 至 10%。當我們查看 Platanillo 和智利這兩項資產時，它們將下降約 10% 至 30%。正如安德烈斯所提到的，並沒有為這兩項資產分配開發資本。

If we move to Brazil. In Brazil, we expect flat production. Llanos 34 will be flat to slightly decline. And then in CPO-5 and Llanos exploration block, we expect growing. So overall, Colombia and Ecuador production, we expect an increase of 3% to 11%.

如果我們搬到巴西。在巴西，我們預期產量持平。 Llanos 34 將持平或略有下降。然後，我們預計 CPO-5 和 Llanos 勘探區塊將會成長。因此總體而言，我們預計哥倫比亞和厄瓜多爾的產量將增加 3% 至 11%。

Thank you, Alejandro. Good morning. Moving on to your question on production costs. We've seen an increase in the production cost over the past quarters. A few significant drivers of this on the one side, energy cost in Colombia that have recent given a linear weather pattern. We saw a significant increase in the third quarter. It has since receded a bit and started to stabilize. But that accounted for about 50% of the increase that we saw in the third quarter '23 alone.

謝謝你，亞歷杭德羅。早安.繼續關於生產成本的問題。我們看到過去幾季生產成本有所增加。一方面，哥倫比亞的能源成本最近呈現線性天氣模式，這是造成這現象的幾個重要驅動因素。我們在第三季看到了顯著的成長。此後它有所回落並開始穩定。但這僅占我們在 2023 年第三季看到的成長的約 50%。

Additionally, the peso has appreciated. The Colombian peso has appreciated that was about 10% in the third quarter. Also affected our local currency denominated costs, which are about 70% of production costs. One factor that is particular to the third quarter has to do with the composition of sales. So we have a drop in inventories for Putumayo and Oriente assets, those have higher overall production costs than our Llanos Basin asset and so they move that averages, but those are factors that tend to even over time.

此外，比索也升值。哥倫比亞比索第三季升值約10%。也影響了我們以當地貨幣計價的成本，約佔生產成本的70%。第三季特有的一個因素與銷售組成有關。因此，我們普圖馬約和東方資產的庫存有所下降，這些資產的總體生產成本高於我們的亞諾斯盆地資產，因此它們會改變平均水平，但隨著時間的推移，這些因素往往會發生變化。

All in all, for 2023, we still expect consolidated production cost to be about $10 to $11 per BOE, in line with the guidance that we previously provided. If we look to 2024, we still expect to see pressure both from energy cost in Colombia and from inflation. The guidance that we provided yesterday within a work program, includes $160 million to $170 million worth of OpEx. That equates to about $12 per BOE, considering volumes produced. I have to say, our team will continue to focus on implementing constituency initiatives, and we look forward to doing that over the next year.

總而言之，到 2023 年，我們仍然預計每桶油當量的綜合生產成本約為 10 至 11 美元，與我們先前提供的指導一致。如果展望 2024 年，我們仍預期會看到哥倫比亞能源成本和通膨的壓力。我們昨天在工作計畫中提供的指引包括價值 1.6 億至 1.7 億美元的營運支出。考慮到產量，這相當於每桶油約 12 美元。我必須說，我們的團隊將繼續專注於實施選區倡議，我們期待在明年這樣做。

Alejandro, Andrés here. So to comment on your question about which excites us from these new activities or this new plays, we really believe these are more or less the 4 or 5 we mentioned in the introduction and in the release are really exciting new opportunities.

亞歷杭德羅，安德烈斯在這裡。因此，要評論您關於哪些新活動或新玩法讓我們興奮的問題，我們真的相信這些或多或少是我們在介紹和發布中提到的 4 或 5 個確實令人興奮的新機會。

I'll start with the horizontal well campaign in Llanos 34 that is really delivering great results with the last horizontal wells, having been drilled and completed at more than 35% cost saving to the first one. And it was put on production a lot faster. It's also flowing 3,500 barrels a day. That's really exciting. And having 2 rigs working on that play, back to back, also makes us really excited about that.

我將從 Llanos 34 的水平井活動開始，最後幾口水平井確實取得了巨大的成果，其鑽探和完井成本比第一口水平井節省了 35% 以上。而且它投入生產的速度要快得多。每天的流量也達到 3,500 桶。這真的很令人興奮。並且有 2 台設備連續工作，也讓我們對此感到非常興奮。

In terms of the things that exploration opportunities have been opened up this year, all of them are slightly different and exciting from -- for different reasons. The Toritos oil play is Guadalupe, Paleogene formation, stratigraphic type of trap. So as you know, like it happened in Tigana and Jacana, which are mostly stratigraphic plays in that same formation, stratigraphic traps tend to be more risky or difficult to find. But once you find them, usually are associated with bigger volumes. So we expect to add more wells before the end of the year. And the campaign for next year also has some significant operation and development drilling in that new opportunity.

就今年已開放的勘探機會而言，由於不同的原因，所有這些都略有不同且令人興奮。 Toritos 油藏屬於瓜達露佩 (Guadalupe) 古近系地層圈閉地層類型。如您所知，就像在 Tigana 和 Jacana 發生的情況一樣，這兩個地區主要是同一地層中的地層油氣藏，地層圈閉往往風險更大或更難發現。但一旦你找到它們，通常會與更大的體積相關聯。因此，我們預計在年底前增加更多油井。明年的活動也有一些重大的運作和發展演練，在這個新的機會中。

All of these plays, we're getting results as we speak. Some of them have been testing for a couple of weeks. Some of them are going to be testing for the next few weeks. So obviously, it's very preliminary everything we can say now. But we look forward over the course of the next few months, as we add more activity to these and have more information to them.

所有這些比賽，我們正在取得成果。其中一些已經測試了幾週。其中一些將在接下來的幾週內進行測試。顯然，我們現在能說的一切都還只是初步的。但我們期待在接下來的幾個月裡，我們將為這些活動添加更多活動，並為他們提供更多資訊。

Hopefully, we can be more precise and give more details on what does it mean in terms of volumes and activity. Zorzal is an updip well from the discovery earlier this year in the Zorzal 1 well. So we just drilled Zorzal Este 1 well. It encountered about 40 feet of net pay, net oil pay in the Guadalupe formation, is a down-thrown structural trap.

希望我們能夠更精確並提供更多細節來說明其在數量和活動方面的含義。 Zorzal 是一口上傾井，是今年稍早在 Zorzal 1 井中發現的。所以我們剛剛鑽了 Zorzal Este 1 井。它遇到了約40英尺的淨油層，淨油層位於Guadalupe地層，這是一個下傾的構造圈閉。

If you remember, back in 2012, when we discovered the Tua field in the Llanos Basin, it was the first -- the Tua field was the first down-thrown field in the basin that was discovered, and that opened a new play. And following that, we had a number of discoveries in the basin. So Zorzal is exciting because it's another down-thrown structural trough that we discovered.

如果你還記得，早在 2012 年，當我們在 Llanos 盆地發現 Tua 油田時，這是第一個——Tua 油田是該盆地中第一個被發現的下沉油田，並開啟了新的油氣田。此後，我們在該盆地有了一些發現。所以佐札爾令人興奮，因為它是我們發現的另一個下傾的結構槽。

So right now, as I said, the logging information is showing more or less 40 feet of oil pay with no oil water contact in that formation. So looking forward to test this well. I mean so far, the result looks encouraging. But obviously, as always, we need to put the barrels on the tank before we celebrate. But if the testing is successful, we see a lot more activity coming from that field.

所以現在，正如我所說，測井資訊顯示大約 40 英尺的油層，該地層中沒有油水接觸。所以期待對此進行良好的測試。我的意思是，到目前為止，結果看起來令人鼓舞。但顯然，一如既往，我們需要在慶祝之前將桶子放在水箱上。但如果測試成功，我們會看到該領域有更多的活動。

Halcon is very important for us because it's in CPO-5, is in the northern part of the block. And if you remember, when we purchased Amerisur some years ago, we had multiple reasons for that acquisition. But one of those reasons was because we saw there was a lot of potential in the Guadalupe formation up in the northern part of the block. Halcon 1 was the well to -- that we were drilling to hopefully prove that thesis.

Halcon 對我們來說非常重要，因為它位於 CPO-5，位於該區塊的北部。如果你還記得，幾年前我們收購 Amerisur 時，我們有多種收購原因。但其中原因之一是因為我們看到該區塊北部的瓜達盧佩地層有很大的潛力。 Halcon 1 是我們正在鑽探的一口井，希望能證明這個論點。

So again, this is a well that we're going to be testing in the next couple of weeks, but the logging information today is showing that there's an oil pay with no oil water contact in that area. Also, given these results, we have already agreed with the operator, that there's going to be a second well drilled back-to-back to it. So once Halcon is tested and completed, we're going to move to Perico 1, to continue delineating this new play that is opened in the northern part of the block. So also very excited about that.

再說一次，我們將在接下來的幾週內測試這口井，但今天的測井資訊顯示該地區存在油層，但沒有油水接觸。此外，鑑於這些結果，我們已經與營運商達成一致，並將緊接著鑽第二口井。因此，一旦 Halcon 經過測試並完成，我們將搬到 Perico 1，繼續描繪在該街區北部開放的這個新遊戲。所以對此也非常興奮。

And the last one is Ecuador. And in Ecuador, our geoscience team developed a new geological model to track the traffic mechanism of the U-sand inside of some of our blocks. And we've drilled already 3 wells -- 3 successful wells following this model, producing 2,700 barrels a day of gross oil.

最後一個是厄瓜多。在厄瓜多爾，我們的地球科學團隊開發了一種新的地質模型來追蹤我們一些區塊內 U 砂的交通機制。我們已經鑽探了 3 口井，其中 3 口井均按照此模式成功，每天生產 2,700 桶石油。

Today, the production in Ecuador is 3x what it was last quarter. So we also think this opens up a lot of activity and opportunities for us to continue delineating and appraising this new play. So again, I'm sorry, I didn't give you a short answer or which ones we're excited most, but I think these 5 are the biggest highlights from what we can say.

如今，厄瓜多爾的產量是上季的三倍。所以我們也認為這為我們繼續描繪和評價這部新劇提供了許多活動和機會。再次抱歉，我沒有給您一個簡短的答案，也沒有給您最令我們興奮的內容，但我認為這 5 個是我們能說的最大亮點。

And also, I would like to take the opportunity, we're talking about exploration. I would like to introduce James Deckelman, who's our new C Ex O, who recently joined the management team. He's with us on the call and he'll probably, in the future, be taking these questions. But James, if you want to add anything I may have missed?

而且，我想藉此機會，我們正在談論探索。我想介紹 James Deckelman，他是我們的新 C Ex O，最近加入了管理團隊。他和我們一起參加電話會議，將來他可能會回答這些問題。但是詹姆斯，你是否想補充我可能錯過的任何內容？

Excellent. Thanks, Andrés. Thank you so much for the introduction. Alejandro, my thanks to you for the question. We appreciate that very, very much. I'd like to begin by first saying that I'm very pleased to be a part of this leadership team, a very, very high caliber, working assets of such high-quality in basins that are so very prolific.

出色的。謝謝，安德烈斯。非常感謝您的介紹。亞歷杭德羅，謝謝你的提問。我們非常非常感謝。首先我想說，我很高興成為這個領導團隊的一員，這是一個非常非常高素質的工作資產，在非常多產的盆地中擁有如此高品質的工作資產。

These are basins that I worked earlier in my career and is very pleased and I'll be levering that experience and success here at GeoPark, principally in 3 areas. One is organic and inorganic growth; secondly, to expand our organizational capabilities; and the third thing is to develop some differential technologies.

這些是我在職業生涯早期工作過的盆地，我對此感到非常高興，我將在地質公園利用這些經驗和成功，主要在 3 個領域。一是有機成長和無機成長；第二，拓展我們的組織能力；第三是發展一些差異化技術。

So again, very, very pleased to be here. Since I joined the company quite recently, with respect to your question regarding what we're very excited about, I would reinforce some of the comments that were made by Andrés. And what's really of interest to me are the high-volume stratigraphic concepts that we're now developing both in Colombia and in Ecuador.

再次，非常非常高興來到這裡。由於我最近加入了公司，關於您關於我們感到非常興奮的問題，我會強調安德烈斯提出的一些評論。我真正感興趣的是我們現在在哥倫比亞和厄瓜多爾開發的大量地層概念。

What's germane here are 2 key points. One is the volume potential of these traps and also the play repeatability. And what we're seeing in the Toritos play, for example, is clear repeatability within Block 123, therefore, significant scope for additional volume potential as well as a possible extension into CPO 4.

這裡有兩個關鍵點。一是這些陷阱的容量潛力以及遊戲的可重複性。例如，我們在 Toritos 比賽中看到的是 Block 123 內明顯的可重複性，因此，額外容量潛力以及可能擴展到 CPO 4 的空間很大。

Okay. That's great. As a small follow-up because Andrés, you mentioned the pay at Zorzal, but you didn't mention the pay at Halcon. Could you give us some kind of range on the pay on Halcon?

好的。那太棒了。作為 Andrés 的一個小後續行動，您提到了 Zorzal 的薪酬，但沒有提到 Halcon 的薪酬。可以為我們介紹一下 Halcon 的薪資範圍嗎？

Yes, it's more or less 25, 30 feet, which is similar to what we've seen in other parts of -- in that formation in other parts of that area. So it's more or less within what we expected.

是的，它大約有 25、30 英尺，這與我們在該地區其他部分的地層中看到的類似。所以它或多或少在我們的預期之內。

And just adding to that, that well also intersected no water contact, which is very, very important as well.

除此之外，該井也沒有與水接觸，這也非常非常重要。

The next question comes from Stephane Foucaud from Auctus Advisors.

下一個問題來自 Auctus Advisors 的 Stephane Foucaud。

I've got two, first, looking at 2024 production guidance. Given the level of activities and the new field entering production, it looks a bit conservative. So I was wondering whether you can give us a sense of why you would expect production to be at the end of 2024, when the Llanos 123, 87 and Ecuador are in full production? That would help us, I think, me, to have a view on where in 2025 could be in production. So that's my first question.

我有兩個建議，首先是 2024 年的生產指南。考慮到活動水平和進入生產的新領域，它看起來有點保守。所以我想知道您是否可以讓我們了解為什麼您預計在 2024 年底投產，屆時 Llanos 123、87 和厄瓜多爾將全面投產？我想，這將有助於我們了解 2025 年的生產。這是我的第一個問題。

Second, on 123 and 87, what do you think, from what you see so far and the development program, what do you see being the production capacity at each of these fields, it's a bit early stage but you may have some sense of that. And lastly, what do you expect to pay any cash tax in Colombia in Q4 '23? And if yes, how much?

第二，關於123和87，你怎麼看，從你目前看到的情況和開發計劃來看，你認為每個領域的產能是多少，現在還處於早期階段，但你可能有一些感覺。最後，您預計 23 年第 4 季在哥倫比亞繳納的現金稅是多少？如果是的話，多少錢？

Stephane, this is Martin Terrado. Thanks for your question. I'll cover the first one around production exit for 2024, and then I'll pass it on to Andrés and Veronica again. So for 2024, as Andrés mentioned in the initial remarks, the average will be 37,000 to 40,000 barrels of oil equivalent per day. And as you can imagine, next year is going to have significant appraisal activity in this cover field. So the exit will depend on the learnings and the results of these fairways, that we will be appraising. In Ecuador, we're going to be drilling between 2, 1, 7 appraisal wells in Llanos exploration, 3 to 9 wells. So at this point, that's as much as we can share.

史蒂芬，這是馬丁·特拉多。謝謝你的提問。我將介紹第一個關於 2024 年生產退出的問題，然後我將再次將其傳遞給 Andrés 和 Veronica。因此，正如安德烈斯在最初的評論中提到的那樣，到 2024 年，平均每天將生產 37,000 至 40,000 桶石油當量。正如你可以想像的那樣，明年這個封面領域將會有重要的評估活動。因此，退出將取決於我們將評估的這些球道的學習和結果。在厄瓜多爾，我們將在 Llanos 勘探中鑽探 2、1、7 口評估井，其中 3 至 9 口井。到目前為止，我們能分享的就這麼多了。

So I think Stephane both the first and second question. This -- what is different about next year's program is that it has maybe a more significant component of the delineation and appraisal than maybe in the past couple of years. I think in the past couple of years, it was either development or new exploration. And it was very easy development. We associate production and exploration. We don't.

所以我認為史蒂芬是第一個問題和第二個問題。明年的計劃的不同之處在於，與過去幾年相比，它在描述和評估方面可能有更重要的組成部分。我覺得這幾年不是發展，就是新的探索。而且開發非常容易。我們將生產和勘探聯繫起來。我們不這樣做。

In delineation and appraisals, there's some risking associated with it. And you can see that the range of activity on each one of these delineation place is pretty wide. I mean some of it goes to, I think, in Ecuador, we're going to do something like 2 to 7 wells. And I think Llanos exploration goes from 3 to 9 wells. So that's a pretty wide range. And the reason for that is because we're in early stages.

在描述和評估中，存在一些與之相關的風險。你可以看到，每一個劃定地點的活動範圍都相當廣泛。我的意思是，我認為其中一些將用於厄瓜多爾，我們將做 2 到 7 口井之類的事情。我認為 Llanos 的勘探範圍從 3 口井增加到 9 口。所以這是一個相當廣泛的範圍。原因是我們還處於早期階段。

We're seeing, what we're seeing, it's encouraging. We hope we can be on the upper side of the range. And if we are there then, yes, we would be on the derisking side of the play. And hopefully, what that brings is a lot more upside on the production side than what we're showing in our guidance. So probably, that is the main reason why it sounds a little odd, the level of activity compared with the level of production that we're showing.

我們所看到的，我們所看到的，令人鼓舞。我們希望我們能夠處於該範圍的上限。如果我們當時就在那裡，是的，我們將處於遊戲中的危險一方。希望這在生產方面帶來的好處比我們在指南中所展示的要大得多。因此，這可能是聽起來有點奇怪的主要原因，即活動水平與我們展示的生產水平相比。

Also, part of the production, as it was mentioned by Martin, it is offset by 3 assets that we have that are producing today collectively something around 4,000 barrels a day that are not getting any capital associated that are going to be declining. So that offsets a little bit the corporate production growth. Sorry, on the cash taxes, Veronica, do you want to make a comment?

此外，正如馬丁所提到的，部分產量被我們擁有的 3 項資產所抵消，這些資產今天總共生產約 4,000 桶/天，而這些資產沒有獲得任何將會下降的相關資本。因此，這稍微抵消了企業產量的成長。抱歉，關於現金稅，維羅妮卡，你想發表評論嗎？

Stephane, so as you well know, income taxes in Colombia are paid primarily in the second quarter. So the bulk of our cash taxes we have already paid for this year. Now on every quarter, we do have withholding taxes that are part of that cash tax payments. And so if we look at the fourth quarter, we would expect on and about $10 million to $20 million of those to be paid for during the quarter, and that is included and in line with the guidance, we provided previously.

史蒂芬，眾所周知，哥倫比亞的所得稅主要在第二季繳納。因此，我們今年已經繳了大部分現金稅。現在，每個季度我們都會繳納預扣稅，這是現金稅的一部分。因此，如果我們看一下第四季度，我們預計將在本季度支付約 1000 萬至 2000 萬美元的費用，這已包括在內，並且符合我們之前提供的指導。

(Operator Instructions) I'll now hand the call back to Mr. Andrés Ocampo for any concluding remarks.

（操作員指示）我現在將把電話轉回 Andrés Ocampo 先生以供其總結發言。

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

謝謝大家的關注與支持。我們隨時解答您的任何問題。請與我們聯繫，我們鼓勵您參觀我們的領域和我們的運營，或隨時致電我們以獲取更多資訊。謝謝你，祝你有美好的一天。

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

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。