GeoPark Ltd (GPRK) 2024 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 ending June 30, 2024. (Operator Instructions) 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.geopark.com. A replay of today's call may be accessed through this webcast in the Invest With Us section of the GeoPark corporate website.

早安，歡迎參加地質公園有限公司在公佈截至 2024 年 6 月 30 日的第二季業績後的電話會議。（操作員說明）如果您沒有新聞稿的副本，可以在公司網站 www.geopark.com 的「投資我們」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 result press release and on this conference call are forward-looking statements rather than historical facts and are subject to risk 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 Security Litigation Reform Act of 1995. This risk includes a variety of factors, including competitive development 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 statement but are not intended to represent a complete list of the company's business.

對於此類前瞻性陳述，該公司尋求 1995 年《私人安全訴訟改革法案》提供的保障。這種風險包括多種因素，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聲明中所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。

All financial figures included herein were prepared in accordance with the IFRS and are stated in US dollars unless otherwise noted. Reserves figures correspond to PRMS Standards.

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 Andres Ocampo, Chief Executive Officer; Jaime Caballero, Chief Financial Officer; Augusto Zubillaga, Chief Technical Officer; Martin Terrado, Chief Operating Officer; Rodrigo Dalle Fiore, New Development and Portfolio Director; Stacy Steimel, Shareholder Value Director; and Maria Catalina Escobar, Shareholder Value and Capital Markets Director.

今天，地質公園執行長安德烈斯·奧坎波 (Andres Ocampo) 接聽了電話； Jaime Caballero，財務長；奧古斯托·祖比拉加，首席技術長；馬丁‧特拉多，營運長； Rodrigo Dalle Fiore，新開發與投資組合總監； Stacy Steimel，股東價值總監；以及股東價值和資本市場總監 Maria Catalina Escobar。

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，您可以開始了。

Good morning and thank you for joining our second-quarter conference call. We're pleased to report on our continued progress and results. In the second quarter, GeoPark demonstrated strong financial performance despite some operational challenges.

早安，感謝您參加我們的第二季電話會議。我們很高興地報告我們的持續進展和成果。儘管存在一些營運挑戰，地質公園第二季仍表現出強勁的財務表現。

Our revenue increased by 14% compared to the first quarter to $190 million on the back of higher oil prices. Adjusted EBITDA increased 15% to $128 million, resulting in an EBITDA margin of 67%. Net profit was $25.7 million, equivalent to $0.50 per share, mainly affected by non-cost charges related to the impact of the devaluation of the Colombian peso over deferred income taxes.

由於油價上漲，我們的營收比第一季成長了 14%，達到 1.9 億美元。調整後 EBITDA 成長 15%，達到 1.28 億美元，EBITDA 利潤率為 67%。淨利潤為 2570 萬美元，相當於每股 0.50 美元，主要受到與哥倫比亞比索貶值對遞延所得稅影響相關的非成本費用的影響。

During the second quarter, GeoPark invested around $49 million in capital expenditures and generated almost three times that amount in adjusted EBITDA within the same quarter, again, showing our team's capital discipline and efficiency of our investments. The return on average capital employed in the last 12 months was 38%.

第二季度，地質公園投資了約 4,900 萬美元的資本支出，而同一季度調整後的 EBITDA 幾乎是該數字的三倍，再次顯示了我們團隊的資本紀律和投資效率。過去 12 個月的平均資本報酬率為 38%。

GeoPark's strong net free cash flow generation continues having finished the quarter with a cash position of $66 million after repurchasing $43.7 million worth of shares through a Dutch auction in May, paying $52 million in taxes and making a down payment of $49 million for the Vaca Muerta assets and having paid $7.5 million in dividends for the quarter.

地質公園在5 月透過荷蘭式拍賣回購了價值4,370 萬美元的股票，繳納了5,200 萬美元的稅款，並為Vaca Muerta 支付了4,900 萬美元的首付款，本季末現金頭寸為6,600 萬美元。

GeoPark continues to further enhance its financial flexibility and balance sheet through two strategic oil prepayment agreements, one effective in the second quarter and the other one nearing finalization, providing additional liquidity available at any time.

地質公園繼續透過兩項戰略石油預付款協議進一步增強其財務靈活性和資產負債表，一項於第二季度生效，另一項即將敲定，隨時提供額外的流動性。

We continue growing shareholder returns with the Board approving a dividend of $7.5 million payable on September 12, which combined with the Dutch auction results, GeoPark will have return over $66 million to shareholders equivalent to $1.29 per share by the end of the third quarter, already exceeding the total amount return in all of 2023

我們繼續提高股東回報，董事會批准了 9 月 12 日支付的 750 萬美元股息，結合荷蘭拍賣結果，到第三季末，地質公園將向股東回報超過 6,600 萬美元，相當於每股 1.29 美元。 2023年全年報酬總額

As we look ahead to the second half of 2024, we're looking forward to continue our drilling work cover and water floating campaign in our core Llanos 34 Block, as well as the potential new operational opportunities coming from our recent exploration discoveries in the other Llanos basin blocks, namely, the Toritos, Saltador, Bisbita, and Zorzal fields, which are currently producing approximately 3,600 barrels a day gross and we expect to drill three to five new wells before the end of the year.

展望 2024 年下半年，我們期待繼續在核心 Llanos 34 區塊進行鑽探工作和水上漂浮活動，以及我們最近在其他區塊的勘探發現帶來的潛在新作業機會。 、Bisbita 和Zorzal 油田，目前日產量約為3,600 桶，我們預計在年底前將鑽探三到五口新井。

In addition, we have already started initial activities and civil works in the Putumayo-8 Block, getting ready to drill our first exploration well before year end, the Mecaya-1 prospect. New appraisals and exploration drilling activities in our core CPO-5 Block will continue and our team is already mapping new prospectivity coming from recent 3D seismic in the Llanos 86 and Llanos 104 Blocks as well as in the CPO-5 Block for next year's exploration campaign.

此外，我們已經開始 Putumayo-8 區塊的初步活動和土木工程，準備在年底前鑽探我們的第一口勘探井，即 Mecaya-1 勘探區。我們的核心CPO-5 區塊的新評估和勘探鑽探活動將繼續進行，我們的團隊已經根據Llanos 86 和Llanos 104 區塊以及CPO-5 區塊最近的3D 地震繪製了新的前景圖，以用於明年的勘探活動。

It is important to mention that GeoPark's consolidated production is currently 5,000 to 5,500 barrels a day higher than reported, following our recent acquisition in Vaca Muerta, effective since July 1, and we're on target to close by the end of the third quarter.

值得一提的是，繼我們最近收購Vaca Muerta（自7 月1 日起生效）之後，GeoPark 的綜合產量目前比報告的每天高出5,000 至5,500 桶，我們的目標是在第三季末之前關閉。

The Mata Mora Norte Block produced an average of 12,500 barrels a day gross in the second quarter and the operator is continuing development drilling there. Production from this block would boost our 2024 production levels to well within our stated guidance.

Mata Mora Norte 區塊第二季平均日產量為 12,500 桶，作業者正在繼續在那裡開發鑽探。該區塊的產量將提高我們 2024 年的產量水平，使其完全符合我們既定的指導方針。

Part number four in Mata Mora Norte, which was drilling at the time we announced the transaction, has been put on production and is already producing more than 5,000 barrels a day gross with a 45% water cut, which means that these wells continue to clean up with less water and higher production until they reach the initial peak in the incoming weeks. Results so far are quite encouraging.

Mata Mora Norte 的第四部分在我們宣布交易時正在鑽探，現已投入生產，日產量已超過 5,000 桶，含水率達 45%，這意味著這些油井將繼續清潔用更少的水和更高的產量，直到在接下來的幾週內達到最初的峰值。迄今為止的成果非常令人鼓舞。

The drilling rig is on the Confluencia Norte Block, finishing the first exploration part that includes three wells. Drilling activities are almost complete, and a completion set is scheduled for October. We look forward to testing production from this first exploration activities before the year end. The drilling rig will immediately move back to Mora Norte Block to continue drilling development wells and increase production.

該鑽機位於 Confluencia Norte 區塊，完成了包括三口井的第一個勘探部分。鑽探活動已接近完成，完井計劃於 10 月完成。我們期待在年底前測試首次勘探活動的生產。鑽機將立即移回Mora Norte區塊，繼續鑽探開發井並增加產量。

GeoPark is well positioned to continue its success in 2024 and beyond. Our strategic growth initiatives, disciplined financial management, and focus on sustainability will continue to be key drivers of our performance. Thank you for your continued support and confidence in our company.

地質公園已做好充分準備，將在 2024 年及以後繼續取得成功。我們的策略性成長計劃、嚴格的財務管理以及對永續發展的關注將繼續成為我們業績的關鍵驅動力。感謝您一直以來對我們公司的支持與信任。

We are now ready to take any questions you may have.

我們現在已準備好回答您可能提出的任何問題。

(Operator Instructions) Daniel Guardiola, BTG.

（操作員說明）丹尼爾·瓜迪奧拉，BTG。

Andres, just a couple of questions from my end. The first one related to Argentina and I would like to know if you could share with us, how do you envision the progress of production coming from Argentina, I mean toward the second half of the year, but also in 2025?

安德烈斯，我想問幾個問題。第一個與阿根廷有關，我想知道您是否可以與我們分享，您如何看待阿根廷的生產進展，我的意思是今年下半年，但也是 2025 年？

And the second question is related to potential, additional inorganic opportunities. I mean, if you can share with us if the company is actually targeting new potential acquisitions in the region and if you could share the rationale behind this potential M&A strategy? That will be all from my end.

第二個問題與潛在的、額外的無機機會有關。我的意思是，您是否可以與我們分享該公司是否確實瞄準了該地區新的潛在收購目標，以及您是否可以分享這項潛在併購策略背後的理由？這就是我的全部內容。

Hello, Daniel. Good morning. This is Rodrigo from this side. Let's start with the question about Argentina, and the perspective that we have in term of production.

你好，丹尼爾。早安.這是這邊的羅德里戈。讓我們從關於阿根廷的問題開始，以及我們對生產的看法。

We have a robust result in the second quarter of this year. We performed 12,500 barrels per day during the quarter. What we expect after the drill came back to Mata Mora Block, it started increasing again. That's why we expect a slowly increasing production during the ‘25.

我們今年第二季取得了強勁的業績。本季我們每天執行 12,500 桶操作。我們預計，鑽機返回馬塔莫拉區塊後，鑽探量將再次開始增加。這就是為什麼我們預計 2025 年產量將緩慢增加。

For '25, another important milestone is the second drilling rig. So for the future to achieve the base plan where we try to tackle 20,000 -- sorry, 20,000 barrel per day net, we need the second one. We expect to get that drill by the end of next year. So that's the prediction that we have in term of activity. And the production is going to increase. We expect to finish the year between 13,000 or 14,000 barrel equivalent per day. And that's the guidance that we did last call. So we're still in the same line.

25 年的另一個重要里程碑是第二台鑽孔機。因此，為了未來實現我們試圖解決 20,000 桶——抱歉，每天淨產量 20,000 桶的基本計劃，我們需要第二個。我們預計在明年年底前完成該演習。這就是我們對活動的預測。而且產量將會增加。我們預計今年產量將在每天 13,000 至 14,000 桶當量之間。這是我們上次打電話的指導意見。所以我們還是在同一條線上。

I think -- Andres here, Daniel. I think the big picture comments on our new acquisition is that everything is going really ahead of our expectations. If you remember, some of the activities that we're doing that we're actually doing right now was putting on production the part four.

我想——安德烈斯在這裡，丹尼爾。我認為對我們新收購的整體評價是一切都超出了我們的預期。如果你還記得的話，我們現在正在做的一些活動實際上就是將第四部分投入生產。

And as I mentioned in my introduction, that part is already contributing approximately 5,000 barrels a day, and it's still cleaning up. I mean, it's still producing at 50% water. And if you remember, these wells should clean-up to almost zero water in the incoming weeks. So we have high expectations from the productivity coming from that path.

正如我在介紹中提到的，該部分每天已經貢獻了大約 5,000 桶，並且仍在清理中。我的意思是，它仍然生產 50% 的水。如果你還記得的話，這些井應該在接下來的幾週內清理到幾乎為零的水。因此，我們對這條路的生產力抱持著很高的期望。

And the second big item here is the initial of the exploration activities in Confluencia and that is underway. We haven't completed the wells, but we have completed the drilling of the wells. And of course, these are quite close to Mata Mora. So our expectation was to encounter more or less similar conditions that we found in Mata Mora and that is confirmed.

這裡的第二個大項目是 Confluencia 的初步勘探活動，目前正在進行中。我們還沒有完成這些井，但我們已經完成了井的鑽探。當然，這些都非常接近馬塔莫拉。因此，我們的期望是遇到與我們在馬塔莫拉發現的或多或少相似的情況，這一點已經得到證實。

So so far what we found is well within what we expected. So we look forward to completing and testing production from these wells. This doesn't fully de-risk the entire Confluencia play, but with positive results will open up more opportunities for us to continue drilling there.

到目前為止，我們的發現完全符合我們的預期。因此，我們期待完成並測試這些井的生產。這並不能完全降低整個 Confluencia 專案的風險，但積極的成果將為我們繼續在那裡鑽探提供更多機會。

So, very encouraged and very happy with how the operations are going in in Vaca Muerta right now. We have a great relationship with the operator and they are doing an incredible job. We have already GeoPark team members participating in the operation. We have three people named in the operation that are fully dedicated to work with them to get everything right. So far, really so great.

因此，我對瓦卡穆爾塔目前的營運感到非常鼓舞和高興。我們與營運商有著良好的關係，他們的工作非常出色。我們已經有地質公園團隊成員參與營運。我們在該行動中指定了三名人員，他們全心全意地與他們合作，以確保一切順利。到目前為止，真的很棒。

Daniel, good morning. I'm going to take your question around inorganic opportunities. I think it's no surprise for everybody in the call that inorganic opportunities are a key component of our strategy going forward. We have, as a company, a strong track record of delivering value through inorganic opportunities. We have done that in the past. We're doing it now through Mata Mora and we believe that we can continue to do that into the future.

丹尼爾，早安。我將圍繞無機機會回答你的問題。我認為，對於電話會議中的每個人來說，無機機會是我們未來策略的關鍵組成部分，這並不奇怪。作為一家公司，我們在透過無機機會創造價值方面擁有良好的記錄。我們過去就這麼做過。我們現在正在透過 Mata Mora 這樣做，我們相信我們可以在未來繼續這樣做。

When you look at the perspectives in the region, we believe that we can actually access new barrels, new reserves, and provide kind of long-term sustainability to the business through those acquisitions. I would say that our focus is around three things.

當你審視該地區的前景時，我們相信我們實際上可以獲得新的石油、新的儲備，並透過這些收購為業務提供長期可持續性。我想說我們的重點是三件事。

When you try to drill down into what that strategy is trying to accomplish, I think that the first thing is that we are focusing on assets that provide immediate production capabilities. Whilst we still look at exploration opportunities and those sort of renewal type opportunities in the medium- to long-term, that is not our prime focus, and that's not where our primary capital allocation from an organic standpoint is going to be.

當你試圖深入了解該策略想要實現的目標時，我認為第一件事是我們專注於提供即時生產能力的資產。雖然我們仍在中長期關注勘探機會和此類更新型機會，但這不是我們的主要關注點，從有機角度來看，這也不是我們的主要資本配置所在。

At this time, we believe that our capital allocation needs to be biased towards those opportunities that bring immediate production to the business. We think that's one key component. A second component is of course, around scale, right? We are focusing the agenda on material opportunities that move the dial in terms of reserves progression for the business.

目前，我們認為我們的資本配置需要偏向那些能夠立即為企業帶來生產的機會。我們認為這是一個關鍵組成部分。第二個組成部分當然是圍繞著規模，對吧？我們將議程的重點放在能夠推動業務儲備進展的重大機會上。

We have spoken in the past of our growth ambition, and we believe that the opportunities that are going to be made available to this company if we reach a next ceiling of scale, something around the lines of 70,000 barrels a day or so are different. It opens up new opportunities for the business. It opens up a different type of liquidity in the market and we believe that it's of strategic value and real economic value for our shareholders.

我們過去曾談到我們的成長雄心，我們相信，如果我們達到下一個規模上限（每天約 70,000 桶），該公司將獲得的機會會有所不同。它為企業開闢了新的機會。它在市場上開闢了一種不同類型的流動性，我們相信它對我們的股東具有戰略價值和實際經濟價值。

So those are, I would say, are two elements of color in the strategy. And I think the third one is of course, the geographic footprint. And as we've said many times in the past, and I'm going to reiterate that, Columbia Argentina and Brazil are the places that we are focusing our attention right now.

我想說，這些都是戰略中的兩個色彩元素。我認為第三個當然是地理足跡。正如我們過去多次說過的那樣，我要重申，哥倫比亞、阿根廷和巴西是我們現在關注的地方。

If I may just squeeze another one related to the last comment you did, Jaimie, can you share with us what is the maximum level of leverage that the company will feel comfortable out at operating?

Jaimie，如果我可以再擠出一個與您最後評論相關的內容，您能否與我們分享一下，公司在運營中感到舒適的最大槓桿水平是多少？

Sure, Daniel. I don't know if you heard that. I had a bit of a mute moment here, but I was saying that sure. What we indicated in the past, and when we look at our financial frame going forward, we believe that a gross debt to EBITDA ratio of 1.5, it is manageable. We're nowhere near that ratio. Nor do we think that we would be in a sustained way at that level. But we believe that we can look at opportunities that at times take us to that level, right?

當然，丹尼爾。我不知道你是否聽過。我在這裡有點沉默，但我是這麼說的。我們過去表示，當我們審視未來的財務框架時，我們認為總債務與 EBITDA 的比率為 1.5，這是可控的。我們遠未達到這個比例。我們也不認為我們能夠持續保持在這個水平。但我們相信，我們可以尋找有時能讓我們達到那個水平的機會，對嗎？

Of course, we're going to look at the type of assets and the nature of how those assets look into give us a financial flexibility and assurance. We've been a company that is known for its prudent financial discipline, and that's not going to change. But when we're looking at opportunities that's kind of the depth ceiling that we put to ourselves.

當然，我們將研究資產的類型以及這些資產的性質，以便為我們提供財務靈活性和保證。我們一直是一家以審慎的財務紀律而聞名的公司，這一點不會改變。但當我們尋找機會時，這就是我們給自己設定的深度上限。

(Operator Instructions) Stephane Foucaud, Auctus Advisors.

（操作員說明）Stephane Foucaud，Auctus Advisors。

I've got a few, the first one around production, so what's the current production net in the Llanos and Argentina? I think was the number quarter of that we'll get confirmation of that. Second at least in my model, the cash tax in the quarter was quite lower than what I was expecting in Colombia. And I was wondering, what do you expect to pay in cash tax in the second half of the year and 2025?

我有一些，第一個是關於生產的，那麼利亞諾斯和阿根廷目前的生產網是多少？我認為這是我們將得到確認的四分之一。其次，至少在我的模型中，該季度的現金稅遠低於我對哥倫比亞的預期。我想知道，您預計下半年和2025年繳納的現金稅是多少？

And lastly what's the -- so there is a new prepay with Trafi, I think, that comes with an improved discount. a lower discount for CPO-5. I was wondering if you could give us a sense of how long is that discount for and what did you have to pay for the Trafi prepay? What I'm trying to get to is whether the lower discount for CPO-5 production is just for the duration of the prepay or whether that's something that can carry for longer? Thank you.

最後，我認為 Trafi 推出了新的預付款，折扣有所提高。 CPO-5 的折扣較低。我想知道您能否讓我們了解該折扣持續多長時間以及您需要為 Trafi 預付款支付什麼費用？我想知道的是，CPO-5 生產的較低折扣是否僅適用於預付款期間，還是可以持續更長時間？謝謝。

So Stephane, good morning. This is Martin Terrado. Nice talking to you again. I'm going to cover the question around how we're doing on the current production in channels. I will let Rodrigo talk about Argentina.

史蒂芬，早安。這是馬丁·特拉多。很高興再次與你交談。我將討論有關我們目前頻道製作情況的問題。我會讓羅德里戈談談阿根廷。

So for Llanos, we look at it three ways. The first one is our two legacy blocks, which are CPO-5 and Llanos 34. And then the third component is exploration. So I'll touch a lever on each of those.

因此，對於利亞諾斯，我們從三個面向來看它。第一個是我們的兩個舊區塊，即 CPO-5 和 Llanos 34。第三個組成部分是探索。所以我會觸動每一個上的槓桿。

In CPO-5 and Llanos, remember we got 3 of the top 10 fields for the country. We're right now between those two blocks, producing around 70,000 barrels gross and net to us is in the order of 28,000 barrels of oil per day. These fields are a little more mature than, as some goes by. If we think about CPO-5 ,when we acquired CPO-5 back in early 2020, we were producing 8,000 barrels. Now, as we already published, we reached a peak production last quarter of around 26,400 net in the block. We're still in that order of magnitude between 26,000 and 26,500.

請記住，在 CPO-5 和 Llanos，我們獲得了全國前 10 名領域中的 3 個。我們現在位於這兩個區塊之間，總產量約為 70,000 桶，每天淨產量約為 28,000 桶。這些領域比某些領域成熟一些。如果我們考慮 CPO-5，當我們在 2020 年初收購 CPO-5 時，我們生產了 8,000 桶。現在，正如我們已經發布的那樣，上個季度我們達到了該區塊淨產量約 26,400 輛的峰值。我們仍然處於 26,000 到 26,500 之間的數量級。

And as you recall, all of those wells are naturally flowing, so the next step is to put artificial lift in some of those wells. We plan to do that on the second half of the year for three of those wells. We have one rig that is running. It has drilled three exploration wells. One of them has been a successful well called Perico, producing 900 barrels. And then we had two exploration wells that did not result in putting them on production, Lark and Sisene. Lark was a low chance of success, but high potential prospect that was targeting the same as Indico in the Barco formation.

正如您所記得的，所有這些井都是自然流動的，因此下一步是在其中一些井中進行人工舉升。我們計劃在今年下半年對其中三口井進行這項工作。我們有一台正在運作的鑽孔機。該公司已鑽探三口探勘井。其中一口名為 Perico 的油井非常成功，產量為 900 桶。然後我們有兩口探井，Lark 和 Sisene，但沒有投入生產。Lark 的成功機會很低，但潛力很大，其目標與 Barco 陣型中的 Indico 相同。

And since Sisene was delineating and evaluating the stratigraphic play that we have in the north of the block, where we have two out of three wells already producing. So that's what has been going on from a drilling perspective. Yesterday we spotted Cante Flamenco 2, which is an appraisal well and we expect to have results from that well in about 45 days.

由於 Sisene 正在描繪和評估該區塊北部的地層分佈，我們三分之二的油井已經在生產。這就是從鑽探角度來看正在發生的事情。昨天，我們發現了 Cante Flamenco 2，這是一口評估井，我們預計將在大約 45 天內得到該井的結果。

In addition to that, in CPO-5, as we mentioned before, we do have that 3D seismic that was acquired early this year, and our subsurface teams are looking at that data. That's about 470 square kilometers of 3D. So that's, like Andres mentioned at the beginning, is what we are envisioning for additional prospects in the block.

除此之外，在 CPO-5 中，正如我們之前提到的，我們確實擁有今年早些時候獲得的 3D 地震數據，我們的地下團隊正在查看這些數據。3D 面積約 470 平方公里。因此，就像安德烈斯在開頭提到的那樣，這就是我們對該區塊的更多前景的設想。

When we move to Llanos 34. Llanos 34 has been on production. And we -- if we recall what we've been talking in the past, we had three drilling rigs, pretty much most of last year. And the stage of that asset is going into a phase where we're going to be doing less drilling.

當我們搬到 Llanos 34 時。Llanos 34 已投入生產。如果我們回想一下我們過去所說的，我們擁有三座鑽孔機，幾乎是去年的大部分時間。該資產的階段正在進入一個我們將減少鑽探的階段。

Most of the drilling that we did late last year and that we're doing this year is about horizontal wells, some injector wells that were required as part of our water flooding strategy right now. The field has about 17% of the production coming from horizontal wells. Those horizontal wells have been very successful on production.

我們去年年底和今年進行的大部分鑽井都是關於水平井，一些注入井是我們目前註水策略的一部分。該油田約 17% 的產量來自水平井。這些水平井生產非常成功。

And also economically, we spend around $90 million of gross CapEx. The payout for those wells has been around 14 months, and they already provided positive cash flow. So horizontal wealth has been a good story.

從經濟角度來看，我們的資本支出總額約為 9,000 萬美元。這些油井的回報期約為 14 個月，並且已經提供了正現金流。因此，橫向財富是一個好故事。

Now we're running out of horizontal wells as the ones that were originally drilled, and that's why we're releasing a rig. We have some additional ideas, and we were successful drilling a short rig as well, which is basically using an existing vertical to do another horizontal well. And by that we can do it cheaper. So that's part of what we're doing next.

現在我們已經用完了最初鑽探的水平井，這就是我們釋放鑽機的原因。我們還有一些額外的想法，我們也成功鑽了一個短鑽機，基本上是使用現有的垂直井來鑽另一個水平井。這樣我們就可以做得更便宜。這就是我們下一步要做的一部分。

We continue doing workover. Our workover campaign has been very successful, and again, as the field gets more mature, some of those formations that initially we left behind pipe, we're going back into those and opening those. So a very successful campaign and we're going to do about 14 more. We're doing deepening of some pumps, and we continue reinforcing the water flood. So that's what we're doing in the Llanos 34.

我們繼續進行修井工作。我們的修井活動非常成功，隨著油田變得更加成熟，我們最初留下的一些地層被管道覆蓋，我們將重新研究並打開它們。這是一次非常成功的活動，我們還將進行約 14 場活動。我們正在加深一些水泵，並繼續加強注水。這就是我們在 Llanos 34 所做的事情。

As you can imagine when you bring down the number of rigs and we're not drilling that many wells, the decline of the field, it's probably going to be something that it's not keeping the field flat. So with all the activity that we got planned for the second half of the year, we -- we expect that the decline of the field is going to be in the order of 10% to 15%.

正如你可以想像的那樣，當你減少鑽機數量並且我們不再鑽那麼多井時，油田的面積就會下降，這可能會導致油田無法保持平坦。因此，根據我們計劃在今年下半年進行的所有活動，我們預計該領域的產量將下降 10% 至 15%。

Now the other component that is affecting both of these blocks, CPO-5 and Llanos of 34 is blockages. When we put together our budget, we always assume downtime for several root causes. One of them is social unrest. And what we assume for the year 2024 was the same numbers that we had seen in the year 2023. And one of the reasons why we're saying that there's a chance of being on the low end of our guidance and maybe even below that, it's blockages in these two blocks.

現在，影響這兩個區塊（CPO-5 和 Llanos of 34）的另一個因素是堵塞。當我們匯總預算時，我們總是假設停機是由幾個根本原因造成的。其中之一就是社會動盪。我們假設 2024 年的數字與我們在 2023 年看到的數字相同。我們說有可能處於我們指導的低端甚至低於該值的原因之一是這兩個區塊的阻塞。

The blockages that we had assumed for CPO-5 had a 3% downtime. And in CPO-5, it has been around four times that. And when we look at our lock Llanos 34, we had assumed 1.5, and it has been around twice that much.

我們假設 CPO-5 的阻塞有 3% 的停機時間。而在 CPO-5 中，這個數字大約是這個數字的四倍。當我們查看我們的鎖 Llanos 34 時，我們假設為 1.5，而它大約是這個值的兩倍。

So that's something that we see in most of the blocks, not only ours but the neighbouring blocks. It is something that we're working with the local, regional and government entities, also with the National Hydrocarbon Agency and also with the petroleum operators that are associated in Colombia. So that's something that we wanted to address.

所以我們在大多數街區都看到了這種情況，不僅是我們的街區，還有鄰近的街區。我們正在與地方、區域和政府實體、國家碳氫化合物機構以及與哥倫比亞有聯繫的石油業者合作。這就是我們想要解決的問題。

The other component that we have is the component of exploration. And last year, we had discoveries in seven wells throughout our operations in Ecuador and Columbia. Specifically, for Colombia, we had three successful exploration wells: Saltador, Bisbita, and Toritos. Those are in the blocks, very close to Llanos 34 and CPO-5.

我們擁有的另一個組成部分是探索的組成部分。去年，我們在厄瓜多爾和哥倫比亞的整個作業過程中的七口井中都有發現。具體來說，對於哥倫比亞，我們擁有三口成功的探井：Saltador、Bisbita 和 Toritos。這些都在街區內，非常靠近 Llanos 34 和 CPO-5。

In those blocks, if we look back one year, they were producing about a 100 barrels net to us. We started the year, and they were producing 1500, and today they're producing like Andres mentioned 1800 barrels net to us.

在這些區塊中，如果我們回顧一年，他們為我們淨生產了大約 100 桶。今年年初，他們生產了 1500 桶，而今天他們的產量就像安德烈斯向我們提到的那樣，淨產量為 1800 桶。

So that's a really good story. We have one rig that is drilling in the area, and we got one more rig coming. The latest wells that we have drilled, one of them is producing around 900 barrels oil per day, and the other one is producing around 500 barrels oil per day. So we're encouraged about the results that we have in the Llanos 123. We will keep drilling about three to five more wells in that block.

所以這真是一個好故事。我們有一台鑽機正在該地區鑽探，我們還有一台鑽機即將到來。我們最新鑽探的油井，其中一口日產量約 900 桶石油，另一口日產量約 500 桶石油。因此，我們對 Llanos 123 比賽的成績感到鼓舞。我們將繼續在該區塊再鑽三到五口井。

The other component that we have is exploration in a block that we've been pushing for about two years, which is Putumayo 8 that is in the Putumayo basins adjacent to the Platanillo block. And as we speak, we're doing the civil works. So we expect to drill the first well called Mecaya, like Andres mentioned, spot that well in October, November, followed by another well.

我們的另一個組成部分是對一個區塊的勘探，我們已經推動了大約兩年，即 Putumayo 8，位於與 Platanillo 區塊相鄰的 Putumayo 盆地。就在我們說話的時候，我們正在做土建工程。因此，我們預計將鑽第一口名為 Mecaya 的井，就像安德烈斯提到的那樣，在 10 月、11 月發現該井，然後再鑽另一口井。

So as our CPO-5 Indico field gets more mature and Llanos 34 goes into the stages where we will continue pushing for new ideas beyond vertical well, but mainly around water flooding work overs, we expect to have a -- continue having good results from the exploration program that we have in Colombia.

因此，隨著我們的 CPO-5 Indico 油田變得更加成熟，Llanos 34 進入階段，我們將繼續推動直井以外的新想法，但主要圍繞注水工作，我們預計將繼續取得良好成果我們在哥倫比亞的勘探計劃。

Hello, Stephane. This is Rodrigo. We are moving to Argentina. As you can see, the average production for the last quarter was 2,500 barrels and we are producing the same level today. We have some wells -- shooting wells due to a workover operation in the past six.

你好，史蒂芬。這是羅德里戈。我們要搬到阿根廷。如您所見，上一季的平均產量為 2,500 桶，我們今天的產量與此相同。我們有一些井——由於過去六次修井作業而出現了射井。

But the key news are coming from the new pads. We started with the PUT-22 on last February and the result are far away what we expect in the model that we did by the business at that time. So the result of those wells are above the P10 of our estimation. The characteristics of that well is that is located in the center of the block. There are three wells there, and I think this is part of the learning curve that we have with the operator in the area.

但關鍵的消息來自新的護墊。我們從去年 2 月開始使用 PUT-22，結果與當時業務模型的預期相去甚遠。所以這些井的結果高於我們估計的 P10。該井的特點是位於區塊的中心。那裡有三口井，我認為這是我們與該地區運營商的學習曲線的一部分。

They started to drill only the top side of Vaca Muerta. The level we call is C3.5. The result that we are achieving there is really good. Even better than we expect as I mentioned. So after six months, the performance is over the P10 of the expectation that we have. Even so this is a shorter PUT, we have 2,200 meters as horizontal legs.

他們開始只鑽瓦卡穆爾塔的頂部。我們所說的等級是C3.5。我們在那裡取得的成果非常好。正如我所提到的，甚至比我們預期的還要好。所以六個月後，性能超過了我們預期的 P10。即使如此，這是一個較短的 PUT，我們有 2,200 公尺的水平腿。

The other good news that we have is recent because we put it on production to path number four. Path number four starts 25 days ago, four wells, the same levels as I mentioned C3.5 and C3, so we are talking about the top side of Vaca Muerta, but this part is located in the north of the block. The results are pretty good. We are in the beginning, we are cleaning the well, but at least at the moment, we are far away from the P10. So we have to wait and see the decline projection.

我們最近得到的另一個好消息是因為我們將其投入到第四條路徑的生產中。第四條路徑開始於 25 天前，有四口井，與我提到的 C3.5 和 C3 的水平相同，所以我們談論的是 Vaca Muerta 的頂部，但這部分位於區塊的北部。結果相當不錯。我們處於起步階段，我們正在清理井，但至少目前，我們距離P10還很遠。因此我們必須等待並觀察下降預測。

But at the moment, we are very happy with the performance of the new wells. Why there is a good performance, as I mentioned, something that related with the subsurface, but there is new technology. What we are doing, we have oriented perforation in both paths. And so apparently this is something that contributes a lot in the performance of the well.

但目前，我們對新井的表現非常滿意。正如我所提到的，為什麼有良好的性能，與地下有關，但有新技術。我們正在做的，是在兩條路徑上定向穿孔。顯然，這對油井的性能有很大貢獻。

The next path is going to be Confluencia. That's the first exploratory path that we drill in the next door block. We are very excited what we saw in the logs. We cannot production yet. We have to see the productivity we're going to find, but at least the projection that we see is similar than Mata Mora. So that we are very happy with the result that the moment.

下一條路將是 Confluencia。這是我們在隔壁街區鑽探的第一條探索路徑。我們對日誌中看到的內容感到非常興奮。我們還不能生產。我們必須看到我們將找到的生產力，但至少我們看到的預測與馬塔莫拉相似。所以我們對那一刻的結果非常滿意。

In that case, we have three wells. Those are long wells. So we are talking about almost 3,000 as a lateral length well and that sits from Mata Mora and Confluencia at the moment. What we expect is to finish the year between 13,000 and 14,000 barrel a day and increasing the productivity -- the production as soon as we are putting new wells on production.

在這種情況下，我們有三口井。那些是長井。因此，我們正在談論近 3,000 口橫向長度井，目前位於 Mata Mora 和 Confluencia。我們預計今年的產量將達到每天 13,000 至 14,000 桶，並在新油井投產後立即提高生產率。

Stephane, this is Jaime. I'm going to cover the other two points. The first one is around the lower cash taxes. I get so on that one, let me put some kind of facts in the room. The first half of the year, which is where the bulk of the tax season is, our outflows amounted circa $70 million. And that's the Pareto, if you will of tax payments that we're going to have this year.

史蒂芬，這是詹姆。我將介紹另外兩點。第一個是降低現金稅。我明白了，讓我在房間裡放一些事實。今年上半年，也就是報稅季的大部分時間，我們的資金流出額約為 7,000 萬美元。如果你願意的話，這就是我們今年的納稅情況的帕累托。

We expect a further $20 million, perhaps $25 million from here to year end, taking us to about $95 million for the full year. That -- if you do the math and it basically puts that tax effective rate from a cash standpoint at around 40%, it is a good outcome. And what we're seeing compared to our estimates that we had perhaps at the back end of last year, is that we are actually seeing lower withholding taxes.

我們預計從現在到年底還會再增加 2,000 萬美元，也許是 2,500 萬美元，這樣全年的收入將達到約 9,500 萬美元。如果你算一下，從現金角度來看，稅收有效率基本上在 40% 左右，這是一個很好的結果。與我們去年年底的估計相比，我們看到的是，我們實際上看到預扣稅較低。

Particularly, there's been some changes in effecting Colombia around that the withholding tax rate specifically actually went from 10% to 7% on one end. And the other thing that we're seeing is more deductible items, more deductible items that can actually offset our tax position.

特別是，哥倫比亞發生了一些變化，預扣稅率實際上從 10% 提高到了 7%。我們看到的另一件事是更多的可扣除項目，更多的可扣除項目實際上可以抵消我們的納稅狀況。

With regards to outlook on taxes beyond 2024, it's all going to -- I think it's going to -- the biggest factor is going to be in what price environment we are, because actually the biggest lever regarding tax is the calculation around the tax surcharge that we have as part of the tax reform that occurred in Colombia. That is the biggest component.

關於 2024 年以後的稅收前景，我認為最大的因素將是我們所處的價格環境，因為實際上稅收的最大槓桿是圍繞稅收附加費的計算這是哥倫比亞稅收改革的一部分。這是最大的組成部分。

What we're estimating at this stage that the price tax that we're going to see are that if we are -- if we have a price environment that is above $76 per barrel, we're going to be in the 10% tax surcharge environment. And if we are above $81, we are going to be at 15%. That takes you to a nominal of 50% kind of ceiling. So that's the way kind of to look at it.

我們現階段預計將要徵收的價格稅是，如果我們的價格環境高於每桶 76 美元，我們將徵收 10% 的稅附加費環境。如果我們的價格高於 81 美元，我們的利率將達到 15%。這會讓你達到名義上 50% 的上限。這就是看待它的方式。

With regards to your other question around the traffic with a prepayment, let me just kind of two, three kind of key facts to put in the room. The first one is the scope. And we have mentioned this is about CPO-5, but it's specifically around the lighter crudes in CPO-5, that's the particular scope. And the reason for that, and to put you in our terms, it's the Indico production particularly, it's because the quality of that oil is very special. This is probably the best crude or maybe top two crudes in Colombia.

關於您關於預付款交通的其他問題，讓我在房間裡介紹兩三個關鍵事實。第一個是範圍。我們已經提到這是關於 CPO-5，但它具體是圍繞 CPO-5 中的輕質原油，這是特定的範圍。原因，用我們的話來說，就是 Indico 的生產，因為這種油的品質非常特殊。這可能是哥倫比亞最好的原油，也可能是哥倫比亞排名前兩位的原油。

So it actually has -- not actually does it have better discounts, it actually has a premium over brand, right? And what we were searching for from a commercial standpoint was to capture that premium. So that's the aim of that deal with Trafigura to capture the premium. Now it has other benefits and the other benefits is obviously it diversifies our off takers. And it gives us a little bit more flexibility around how do we market that crude in particular.

所以它實際上有——實際上並不是它有更好的折扣，它實際上比品牌有溢價，對嗎？從商業角度來看，我們所尋求的就是抓住這種溢價。這就是與托克交易的目的，以獲取溢價。現在它還有其他好處，另一個好處顯然是它使我們的承購商多樣化。它為我們在如何行銷原油方面提供了更多的靈活性。

With regards to the off-take agreement, it has a 12-month duration. That's how we've laid it out.

承購協議的期限為12個月。我們就是這樣安排的。

So it covers -- it started the 1st of August. It's going to go for a full year. And it gives us also the option to obtain financing from the offtaker for up to a $100 million, which is something that we also appreciate in terms of the toolbox of financial flexibility to deliver our strategy. So those are the biggest elements.

所以它涵蓋了——從 8 月 1 日開始。它將持續一整年。它還使我們可以選擇從承購商那裡獲得高達 1 億美元的融資，這也是我們在實現策略的財務靈活性工具箱方面所欣賞的。所以這些都是最重要的因素。

You ask, I think your other element in the question was what was the outlook for this crude? And fundamentally, when you look at Colombia, there is an increasing deficit of lighter crudes in country, right? And that's actually going to grow over time, so over time this crude is going to become more and more and more attractive because it's actually a key component of the local refinery.

你問，我認為問題中的另一個要素是這種原油的前景如何？從根本上說，當你看看哥倫比亞時，你會發現該國的輕質原油短缺不斷增加，對吧？隨著時間的推移，這個數量實際上會增長，因此隨著時間的推移，這種原油將變得越來越有吸引力，因為它實際上是當地煉油廠的關鍵組成部分。

So the local refineries in Colombia need this crude as part of their mix, and if they cannot find it domestically, they need to import it. So for the next 12 months, we've locked in a very competitive differential. We'll see how market conditions are next year. And we'll work with that. Thank you.

因此，哥倫比亞當地的煉油廠需要這種原油作為其混合物的一部分，如果他們在國內找不到，則需要進口。因此，在接下來的 12 個月裡，我們鎖定了極具競爭力的差價。我們將看看明年的市場狀況如何。我們將為此努力。謝謝。

Vicente Falanga, Bradesco.

維森特法蘭加，布拉德斯科。

I was trying to figure out a little bit more over the long-term for Llanos 123, Espejo, and Putumayo 8 blocks. I know you've been running tests there, and they've been encouraging. I was just wondering, what sort of output these fields could grant you over the next coming years. Then if you could explain a little bit more about the results of the Mata Mora Norte 2223 well, which if I'm not mistaken produced an average of 2,136 barrels of oil per day during the second quarter. If you can walk us through what sort of the peak production you saw there and how it's declining, and if we could expect other wells with similar characteristics?

我試圖從長遠角度對 Llanos 123、Espejo 和 Putumayo 8 區塊進行更多了解。我知道你們一直在那裡進行測試，結果令人鼓舞。我只是想知道，這些領域在未來幾年能帶給你什麼樣的產出。那麼您能否多解釋一下 Mata Mora Norte 2223 油井的結果，如果我沒記錯的話，該油井在第二季度平均每天生產 2,136 桶石油。您能否向我們介紹一下您在那裡看到的峰值產量以及峰值產量是如何下降的，以及我們是否可以期待其他具有類似特徵的油井？

This is Martin Terrado. I'll cover the Llanos 123 and the Putumayo 8 questions. And let Rodrigo go over the Vaca Muerta question. When we think about Llanos 123, again, that, like I said before I'll make more focus on Llanos 123, but this block right now is producing net to us 1,800 barrels of oil per day.

這是馬丁·特拉多。我將介紹 Llanos 123 和 Putumayo 8 問題。讓羅德里戈討論一下瓦卡·穆爾塔問題。當我們再次考慮 Llanos 123 時，正如我之前所說，我將更專注於 Llanos 123，但該區塊目前每天為我們淨生產 1,800 桶石油。

A year ago, it was producing 90 barrels. So the increase on the proportion of barrels coming out of that block are representative. We have one rig that is running and we're bringing another rig. So that gives you an idea of how confident we are on more drilling in that block.

一年前，它生產了 90 桶。因此，來自該區塊的桶比例的增加具有代表性。我們有一台正在運作的鑽孔機，我們正在帶來另一台鑽孔機。這樣您就可以了解我們對該區塊進行更多鑽探的信心有多大。

The latest wells that we have drilled have given us between the two, around 1,300 barrels oil per day. And right now, we're drilling, and exploration well called Toritos. We started that well around 10 days ago, and the second rig will be starting in the middle of September. So these are usually Barco formation, Guadalupe wells that are similar to what we've seen in Llanos 34.

我們最新鑽探的油井每天為我們提供約 1,300 桶石油。現在，我們正在鑽探和勘探名為 Toritos 的油井。我們大約 10 天前開始了這口井，第二台鑽機將於 9 月中旬開始。因此，這些通常是 Barco 地層、Guadalupe 井，與我們在 Llanos 34 中看到的東西類似。

We have facilities in place ready to put the wells on production as soon as we have discoveries and based on the results that we see on the second half of the year, we will sit together with our partner and decide on what are the next wells that we want to drill going into 2025. At this point, what we have for sure is the campaign for this year and encouraged about those results.

我們已經準備好設施，一旦有發現就可以將油井投入生產，並根據我們下半年看到的結果，我們將與合作夥伴坐在一起，決定下一個要開發的油井是什麼。年。至此，我們已經確定了今年的活動，並對這些結果感到鼓舞。

When we look at Putumayo 8 is a 100% exploration. So these are when we acquired Amerisur back in 2020, and we look at the blocks that were available coming with that acquisition in the Putumayo, we focus on around six blocks. Putumayo 8 is clearly one of the top ones. And since then, in that log we've done seismic, we got the environmental permit.

當我們看到 Putumayo 8 時，它是一個 100% 的探索。這些是我們在 2020 年收購 Amerisur 時的情況，我們查看了 Putumayo 收購後可用的區塊，我們將重點放在大約 6 個區塊。Putumayo 8 顯然是頂級之一。從那時起，我們在該日誌中進行了地震，我們獲得了環境許可證。

We went through one of the first public hearings, successfully went through that one. And we have three prospects already identified. Some were coming on the way, but out of the three Mecaya is the first one that we will be drilling spotting in October and then be in parallels.

我們參加了第一次公開聽證會，並成功通過了那場聽證會。我們已經確定了三個前景。有些正在路上，但在這三個中，Mecaya 是我們將在 10 月鑽探定位的第一個，然後平行進行。

So if you ask us, okay, what's the output for the next years? We'll have to see how the results show on those two wells and a third one. But we feel confident. That area is an area that has not been explored that much in the past. So probably more to come in the next call.

所以，如果你問我們，接下來幾年的產量是多少？我們必須看看這兩口井和第三口井的結果如何。但我們充滿信心。該領域是一個過去沒有被探索過那麼多的領域。因此，下次通話中可能會涉及更多內容。

This is Rodrigo. Going back to your question about Mata Mora 2223, that was one of the best well that we have in the block, definitely. Put it on production last February after six months, we can say that the well is an outstanding, but at the same time, if you see the performance of the interior path that is located in the center of the block is quite good. It's on the P10 of the expectation that we have. So we are not -- almost the double that we expect in the P50 and in the -- for the deal. So that's why we are very happy.

這是羅德里戈。回到你關於 Mata Mora 2223 的問題，那絕對是我們在該區塊擁有的最好的井之一。去年二月投入生產六個月後，我們可以說這口井非常出色，但同時，如果你看到位於區塊中心的內部路徑的表現也相當不錯。這是我們期望的 P10。因此，我們並沒有——幾乎是我們對 P50 和 P50 的預期的兩倍——達成這筆交易。這就是為什麼我們非常高興。

You asked if we -- about the peak of the will. So you can find the peak of the (technical difficulty) 2,500 barrels per day. Remember that this well is a short well, there is now 2,050 meters (technical difficulty). So that's, if you know, this is about one of the best wells in the basin, (technical difficulty) can we find more wells than this in the block?

你問我們是否——關於意志的巔峰。所以你可以找到（技術難度）每天2500桶的峰值。請記住，這口井是一口短井，現在有2,050米（技術難度）。所以，如果你知道，這是該盆地最好的井之一，（技術難度）我們能在該區塊找到比這更多的井嗎？

Definitely, yes. Because if you see at least the beginning of the path number four, located in the north of the path is even better than this well. But then we are in the first month, so we have to wait, see the peak of the production and then the decline ratio.

絕對是的。因為如果你至少看到四號路徑的開頭，位於路徑的北部甚至比這口井更好。但我們現在正處於第一個月，所以我們必須等待，看看產量的峰值，然後看看下降率。

But after this new, these two new paths, we are very excited about the result. We believe that the new technology, as I mentioned oriented perforation helps a lot, but definitely put the wells in the upper side of Vaca Muerta, as I mentioned, C3.5 level, it's one of the key elements here, so where we can develop a better performance in the fracking. So we are seeing very good result.

但在這兩條新路徑之後，我們對結果感到非常興奮。我們相信新技術，正如我所提到的定向射孔有很大幫助，但肯定將井放在Vaca Muerta 的上側，正如我提到的，C3.5 水平，它是這裡的關鍵要素之一，所以我們可以在哪裡在水力壓裂中取得更好的性能。所以我們看到了非常好的結果。

Not only one well, in most of the new wells that we have in the block. Let's see what happened in Confluencia, of course, we have to wait till October to see the result, but we are very -- at least at the moment, we have very encouraging results.

不僅是一口井，我們在該區塊擁有的大多數新井都是如此。讓我們看看 Confluencia 發生了什麼，當然，我們必須等到 10 月才能看到結果，但我們非常——至少目前，我們有非常令人鼓舞的結果。

So certainly, results are very encouraging. And as Rodrigo said, some of these flows -- additional flows that -- and remember, these are some of the highest flowing wells almost in the entire Vaca Muerta play are very encouraging and can be seen in other wells. As Rodrigo said, we're seeing it on one of the wells in the path four. So, that's why we're happy. Obviously, whether these higher initial rates are going to translate in future incrementally wise and things like that, it will take time, be more cautious about it. But so far the results are being ahead of our expectations.

當然，結果非常令人鼓舞。正如羅德里戈所說，其中一些流量 - 額外的流量 - 請記住，這些是幾乎整個 Vaca Muerta 油田中流量最高的一些井，非常令人鼓舞，並且可以在其他井中看到。正如羅德里戈所說，我們在四號公路的其中一口井上看到了它。所以，這就是我們高興的原因。顯然，這些較高的初始利率是否會在未來逐漸轉化為類似的事情，需要時間，而對此更加謹慎。但到目前為止，結果超出了我們的預期。

Thank you. As there are no additional questions waiting at this time, I'd like to hand the conference call back over to Mr. Andres Ocampo for closing remarks.

謝謝。由於目前沒有其他問題，我想將電話會議交回給安德烈斯·奧坎波先生做總結發言。

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

感謝大家對我們公司的關注與支持。我們隨時解答您的任何問題，並鼓勵您親自到我們的現場和我們的營運部門，或隨時致電我們以獲取更多資訊。謝謝您，祝您有美好的一天。

Ladies and gentlemen, this concludes today's call. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。