GeoPark Ltd (GPRK) 2024 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 ending September 30th, 2024 after the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question at this time, press star one on your telephone keypad. If you would like to withdraw your question, you can do so by pressing star followed by 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.

早安，歡迎參加地質公園有限公司電話會議，在發言人發表講話後公佈截至 2024 年 9 月 30 日的第三季度業績後，將有一個問答環節。如果您此時想提問，請按電話鍵盤上的星號一。如果您想撤回您的問題，可以按星號，然後如果您沒有新聞稿副本，可以在公司網站 www.geopark.com 的投資與我們部分獲取該新聞稿。

A replay of today's call may be accessed through this website in the invest with us section of the Geopark corporate website. 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 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 security litigation Reform Act of 1995.

您可以透過地質公園公司網站的「與我們投資」部分存取今天電話會議的重播。在我們繼續之前，請注意，結果新聞稿中包含的某些陳述以及本次會議的電話會議中的某些陳述均為前瞻性陳述，而不是歷史事實，存在風險和不確定性，可能導致實際結果與所描述的結果有重大差異此類前瞻性陳述。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 or finance. Two figures included herein were prepared in accordance with the IFRS and are stated in US dollars unless otherwise noted reserves, figures correspond to PM RS standards on today's call from Geo Park is Andres Ocampo Chief Executive Officer, Jaime Caballero Uribe Chief Financial Officer, Augusto Zubillaga, Chief Technical Officer, Martín Terrado Chief Operating Officer and Maria Catalina Escobar, shareholder value and capital markets director. And now I'll turn the call over to Mr Andrés Ocampo. Mr Ocampo. You may begin.

這些風險包括多種因素，包括競爭發展以及公司在 SEC 報告和公開發布中不時列出的風險因素。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或財務的完整清單。本文中包含的兩個數字是根據IFRS 編制的，並以美元表示，除非另有說明儲備，數字對應於今天地質公園電話會議上的PM RS 標準，首席執行官為Andres Ocampo，首席執行官Jaime Caballero Uribe，財務長Augusto Zubillaga ，技術官，Martín Terrado 首席營運長和 Maria Catalina Escobar，股東價值和資本市場總監。現在我將把電話轉給安德烈斯·奧坎波先生。奧坎波先生。你可以開始了。

Good morning, everyone and thank you for joining us to review together our third quarter, 2024 operational and financial performance.

大家早安，感謝您與我們一起回顧我們 2024 年第三季的營運和財務表現。

Our net revenue for the quarter was $159 million. Down 16% from the second quarter impacted mainly by lower realized oil prices and production. Despite these factors, our financial discipline allowed us to maintain robust margins and profitability. Our adjusted EBITDA for the quarter was close to $100 million representing a strong 63% margin.

我們本季的淨收入為 1.59 億美元。較第二季下降 16%，主要受到實現油價和產量下降的影響。儘管存在這些因素，我們的財務紀律使我們能夠保持強勁的利潤率和獲利能力。本季調整後的 EBITDA 接近 1 億美元，利潤率高達 63%。

In addition, the adjusted EBITDA for the first nine months of 2024 amounted to $339 million representing approximately a 2% increase compared to the same period of 2023 bottom line net profits for the quarter of $25 million also exceeded the same period of last year.

此外，2024年前9個月調整後EBITDA達3.39億美元，較2023年同期成長約2%，該季淨利2,500萬美元也超過去年同期。

This quarter was also marked by a significant cash flow generation which translated into a cash build of more than two times compared to three months before from $66 million of cash on June 30 up to $123 million on September and $140 million in October. What reinforces a strong liquidity and solid balance sheet?

本季也出現了顯著的現金流生成，與三個月前相比，現金增加了兩倍多，從6 月30 日的6,600 萬美元增加到9 月的1.23 億美元和10 月的1.4 億美元。是什麼加強了強勁的流動性和穩健的資產負債表？

Our net leverage ratio remains low at 0.8 times, and we have no principal debt maturities until 2027. This position provides us with financial flexibility to manage through market volatility while continuing to invest in high value projects.

我們的淨槓桿率仍保持在 0.8 倍的低水平，而且我們的本金債務在 2027 年之前都沒有到期。這個職位為我們提供了財務靈活性，可以在繼續投資高價值項目的同時應對市場波動。

We have also continued to use our cash flow to return value to shareholders and maintain our quarterly dividends of $7.5 million announced yesterday with this, our total cash distributed to shareholders during this year will amount to $73 million which represents approximately an 18% capital return yield with respect to some of our key operational highlights in Colombia. We focused on development and appraisal activities in the journal 34 block which remains one of our core assets. We advanced our water floating campaign and expanded facilities both critical steps to enhance production and improved recovery rates. In CPO five block, we drilled two wells further advancing our exploration and development goals in our journal's exploration acreage. We continued with the abrasive and delineation of the (inaudible) Fields. The entire complex is currently producing approximately 4,000 barrels a day gross. We have currently two drilling rigs on site and expect further activity before year end and into 2025.

我們也繼續利用現金流為股東回報價值，並維持昨天宣布的 750 萬美元季度股息，今年我們向股東分配的現金總額將達到 7300 萬美元，相當於約 18% 的資本回報率關於我們在哥倫比亞的一些關鍵業務亮點。我們專注於期刊 34 區塊的開發和評估活動，這仍然是我們的核心資產之一。我們推進了水上漂浮活動並擴大了設施，這都是提高產量和提高回收率的關鍵步驟。在 CPO 5 區塊，我們鑽了兩口井，進一步推進了我們雜誌勘探面積的勘探和開發目標。我們繼續對（聽不清楚）場進行研磨和描繪。目前整個工廠每天的總產量約為 4,000 桶。目前，我們現場有兩台鑽孔機，預計年底前和 2025 年會有更多活動。

Also in Colombia, we are looking forward to (inaudible) first exploration well in the Puto Majo Basin later in November this year when we will Dril the Bipa Norte one exploration. Well, our recent acquisition in the (inaudible) and conventional oil play which became effective on July 1st has marked a key milestone in Geo Parks expansion in Latin America.

同樣在哥倫比亞，我們期待今年 11 月晚些時候在 Puto Majo 盆地進行（聽不清楚）第一口勘探井，屆時我們將鑽探 Bipa Norte 一口勘探井。嗯，我們最近在（聽不清楚）和傳統石油領域的收購於 7 月 1 日生效，標誌著拉丁美洲地質公園擴張的一個重要里程碑。

(inaudible) is today the most attractive hydrocarbon play in the entire region during the third quarter. The pad four which included four horizontal wells was drilled completed and was put on production in October. The block achieved a gross average production of 12,600 bottles of oil per day during the quarter and reached 15,400 bottles a day equivalent its all-time record in August. The operator is currently drilling the four wells in Pad nine which is expected to finish in December.

（聽不清楚）是當今第三季整個地區最具吸引力的碳氫化合物礦區。包括四口水平井的四號平台已於10月鑽完投產。該區塊本季的平均日產量為 12,600 瓶，並在 8 月達到了日產量 15,400 瓶，相當於歷史最高紀錄。該業者目前正在九號平台鑽探四口井，預計將於 12 月完成。

In addition to the reserve's development activities in the Mata Mora Geo Park and Phoenix have also finished the drilling and completion of the first exploration part in the confluent block in the province of Rio Negro. This path includes three horizontal exploration wells. These wells are currently testing and cleaning up expecting results in the upcoming days.

除了馬塔莫拉地質公園的保護區開發活動外，菲尼克斯還完成了裡奧內格羅省匯合區塊第一個勘探部分的鑽探和竣工。該路徑包括三口水平探井。這些井目前正在測試和清理，預計未來幾天會有結果。

It is also important to mention that production and cash flow from Geopark's working interest in the (inaudible) America blocks belong to our company since July 1st.

另外值得一提的是，自 7 月 1 日起，地質公園在（聽不清楚）美國區塊的工作權益所產生的生產和現金流都屬於我們公司。

However, such production and cash flow will not be consolidated into our financial statements until the transaction is closed, which is expected to happen before your end. Therefore, none of these results have been included in our reported three Q financial statements as anticipated and to support the capital needs of our new assets. Geo Park has secured important local capital market approvals in Argentina including a AA plus Argentinian credit rating and an authorization to issue up to $500 million in local debt securities.

然而，在交易結束之前，此類生產和現金流量不會合併到我們的財務報表中，預計交易將在您結束之前發生。因此，這些結果均未如預期般包含在我們報告的三季財務報表中，也沒有用於支持我們新資產的資本需求。地質公園已獲得阿根廷當地資本市場的重要批准，包括 AA+ 阿根廷信用評級以及發行最多 5 億美元當地債務證券的授權。

This provides financial optimization and flexibility to continue developing these high potential assets.

這為繼續開發這些高潛力資產提供了財務優化和靈活性。

Looking ahead, we're on track to release our 2025 work program and investment guidelines. Before year end, this framework will outline our strategic priorities for sustainable growth and capital allocation across our newly expanded and upgraded portfolio.

展望未來，我們即將發布 2025 年工作計畫和投資指南。年底前，該框架將概述我們在新擴展和升級的投資組合中永續成長和資本配置的策略重點。

We see particular promise in our new assets in (inaudible) coupled with ongoing focus on optimizing our core operations to maximize long term value.

我們在（聽不清楚）新資產中看到了特別的前景，並且持續專注於優化我們的核心業務以最大化長期價值。

Thank you for your continued support and confidence in our company. We're now ready to take any questions you may have.

感謝您對我們公司一如既往的支持與信任。我們現在已準備好回答您可能提出的任何問題。

Thank you. If you'd like to register a question, please press star followed by one on your telephone keypad ensuring you are unmuted locally. If you'd like to withdraw your question. You can do so at any time by pressing start, followed by two on your telephone keypad.

謝謝。如果您想提出問題，請按下電話鍵盤上的星號，然後按一個，以確保您在本地取消靜音。如果您想撤回您的問題。您可以隨時按開始鍵，然後按電話鍵盤上的兩個按鍵來執行此操作。

Our first question comes from the line of Vincent Falanga of Bradesco Corretora. I your line is open. Please go ahead.

我們的第一個問題來自 Bradesco Corretora 的 Vincent Falanga。我你的線路是開放的。請繼續。

Hi, Andres. Thank you very much for, for the time and teaching my questions. I basically have a few questions regarding the Phoenix GP, you commented that I would likely put out flow results as soon up to what you can comment. How do you see the results so far? Do you see these as encouraging? Do you think that you will be able to communicate the production results to the market before December? And my second question is on Mataora Norte. We, we're looking at the Secretaria de in the website and we saw that you produced 13.7 bales of water equivalent per day in the month of September. You also mentioned that pad nine will start to produce at the end of December. So what should we expect for output there in Mata or, and or until the end of the year should be about close to 14,000 barrels of water per day. Thank you very much.

嗨，安德烈斯。非常感謝您抽出時間並教導我的問題。我基本上有一些關於菲尼克斯大獎賽的問題，你評論說我可能會盡快發布流量結果，直到你能評論為止。您如何看待迄今為止的結果？您認為這些令人鼓舞嗎？您認為12月前能向市場傳達生產結果嗎？我的第二個問題是關於北馬塔奧拉的。我們，我們在網站上查看 Secretaria de，我們看到你們在 9 月每天生產了 13.7 包水噹量。您也提到《Pad 9》將於 12 月底開始製作。那麼，我們對馬塔的產量有何預期，或者，或者直到年底，每天的產量應該接近 14,000 桶水。非常感謝。

Good morning, Vicente. This is Martin Terrado. Nice to hear from you when, when we go over confluent Norte one.

早安，維森特。這是馬丁·特拉多。很高興收到你的來信，當我們經過合流的北一號。

Yeah. Conclusion, not one. The results so far. Look encouraging. It was on track. And according to the plan, the drill, the complete of the wells, this part has three wells and some of the paths in the Mataora have four. This one has three wells. The drilling had around 3,000 m of each horizontal section drilled according to plan. And one of the things that the operator did differently, and we agreed was to be doing fracs with more intensity. And the numbers are basically from 2,300 to GBP3,000, pounds per frac. And as you as you know, and we all are sharing and learning unconventional. It takes about 45 to 60 days for the flowback and the cleaning of the wells. And it's been about a little bit over two weeks. So, far, the results are encouraging, and we will share the results before December for sure. So, that's about the, the recent path that has been completed. As Andres mentioned right now, we're drilling pad number nine, that's back into Mata Mora. This part has four wells expected to finish drilling all four wells by December. Again, we are on track as we already drilled. The operator already drilled two of the four wells.

是的。結論，沒有之一。到目前為止的結果。看起來很鼓舞人心。一切都步入正軌了。根據計劃，鑽探、完井，這部分有三口井，馬塔奧拉的一些路徑有四口。這個井有三口。依照計劃，鑽孔每個水平段鑽探長度約為3000m。操作員採取的不同做法之一是加大壓裂力度，我們一致同意。數字基本上為 2,300 至 3,000 英鎊/壓裂。如你所知，我們都在分享和學習非傳統的東西。返排和洗井大約需要45至60天。已經過去了大約兩週多一點。到目前為止，結果令人鼓舞，我們肯定會在 12 月之前分享結果。這就是最近已經完成的路徑。正如安德烈斯現在所提到的，我們正在鑽探九號平台，也就是回到馬塔莫拉。該部分有四口井，預計12月前完成全部四口井的鑽探。再次，我們已經步入正軌，正如我們已經鑽探過的。作業者已經鑽了四口井中的兩口。

And when you asked the question around the, the average production for September, what, what was the production for October? It was similar values around 13,600 barrels of oil equivalent per day in October. It was basically no new wells stabilizing and the so that's what we had, we will see increased production as confluent Norte kicks in. And Matara will continue to stabilize. But overall, like we mentioned in the past, we are excited about it and we expect to be around 13,500 to 14,500 barrels of oil equivalent by the end of this year.

當您問有關九月份平均產量的問題時，十月份的產量是多少？10 月的數值類似，約為每天 13,600 桶石油當量。基本上沒有新井穩定下來，這就是我們所擁有的，隨著 Norte 匯合，我們將看到產量增加。馬塔拉將繼續穩定。但總的來說，就像我們過去提到的那樣，我們對此感到興奮，預計到今年年底將達到 13,500 至 14,500 桶油當量左右。

Great. That's very helpful. Thank you so much. Nice talking to you guys again. Thank you.

偉大的。這非常有幫助。太感謝了。很高興再次與你們交談。謝謝。

Sorry.

對不起。

Thank you.

謝謝。

The next question comes from Alejandro Demichelis of Jeffreys. Your line is now open. Please go ahead.

下一個問題來自 Jeffreys 的 Alejandro Demichelis。您的線路現已開通。請繼續。

Yes, good morning, guys. Thank you very much for, for taking my questions. Two questions if I may please. The first one is on a bit of a follow up on, on confluencing Martin.

是的，早上好，夥計們。非常感謝您回答我的問題。可以請教兩個問題嗎？第一個是關於與馬丁匯合的後續行動。

When we look at Mataora, we have seen a lot of va in terms of the initial production from the different world. So, what would you expect to be like a good flow for, for, for, for a confluence and what kind of, you know, gas levels can, can we expect from there? That's the first question. And then the second question is how should we think about say production and CapEx required for the 34 into next year?

當我們看Mataora時，我們看到了很多來自異世界的最初製作的va。那麼，您期望匯合時的良好流動是什麼樣的，以及我們可以期望從那裡得到什麼樣的氣體水平？這是第一個問題。第二個問題是我們應該如何考慮明年 34 小時所需的生產和資本支出？

Hi, Alejandro. Nice talking to you again. So, when we look at confluence the, the IPS that we have overall for Baam Morta are in the order of 750 barrels of oil per day to 1,500 barrels of oil per day. So, this is exploration. We will see where within that range they fall, but that's an order of magnitude where, where we expect to be on IP S and we had some wells in Mataora that Rodrigo mentioned in the past that were beyond that, that range. We have two wells that produce 5,000 barrels of oil per day. So, we have some wells that are on the top percentile of all of Baam MTA in Argentina and the that's in Ma in Mataora. But order of man to, that's what we have in our, in our business plan and usually we are within the P 50 to the P 10 range.

嗨，亞歷杭德羅。很高興再次與你交談。因此，當我們考慮匯合時，Baam Morta 的整體 IPS 約為每天 750 桶石油到 1,500 桶石油。所以，這就是探索。我們將看到它們落在這個範圍內的哪個位置，但這是一個數量級，我們預計在 IP S 上，我們在馬塔奧拉有一些油井，羅德里戈過去提到過，超出了這個範圍。我們有兩口油井，每天生產 5,000 桶石油。因此，我們有一些油井位於阿根廷 Baam MTA 和馬塔奧拉 Ma 的所有油井的前百分位。但是，這就是我們的商業計劃中所規定的，通常我們的價格在 50 比索到 10 比索的範圍內。

So more to come on that and pretty soon and then the question related to production and CapEx.

很快就會有更多關於這個問題，然後是與生產和資本支出相關的問題。

The gas component in compressor.

壓縮機內的氣體成分。

And the gas component for confluent.

與氣體成分匯合。

For now, we expect to be similar to what we have in Mata Mora and it's usually when we go from barrels of oil per day, and we take it two barrels of oil equivalent order of money to add about 5 5%.

目前，我們期望與馬塔莫拉的情況類似，通常是當我們每天消耗幾桶石油時，我們將兩桶石油等值的錢增加約 5% 5%。

The A&G.

A&G。

Does that help Alejandro?

這對亞歷杭德羅有幫助嗎？

Yeah, that's, that's very helpful. Thank you.

是的，這非常有幫助。謝謝。

Okay. And I think that your, your second question was around channels, 34 production and CapEx. So we like Andres mentioned, we will post our work program for all of GeO Park in the next weeks. And, but what we can, we can share with you is where we are aligned with our, with our partner. And then you, you have seen throughout the year that we, we went to one rig. We have one rig running right now in channels 34. We're in agreement that we will continue that rig all, all of next year, mainly drilling in field wells, some appraisal wells, follow ups to a good well that we drilled recently, especially in the K Cuu field.

好的。我認為你的第二個問題是關於通路、34 生產和資本支出。因此，我們就像安德烈斯提到的那樣，我們將在接下來的幾週內發布整個 GeO 公園的工作計劃。而且，我們可以與您分享的是我們與我們的合作夥伴的一致之處。然後你，你這一年都看到我們，我們去了一個鑽孔機。我們現在有一台設備在 34 頻道運作。我們一致同意，我們將在明年全年繼續該鑽機，主要是在現場井、一些評價井、以及我們最近鑽探的好井的後續鑽探，特別是在 K Cuu 油田。

And concerning production, we should expect a slight decline as you know, the field is getting more mature and with the level of activity of infield drilling, the focus that we have on water flooding and work covers order of magnitude around 15% decline.

至於產量，我們應該預期產量會略有下降，如您所知，該油田正變得越來越成熟，並且隨著內田鑽井活動的水平，我們對水驅和工作的關注點將下降約15%的數量級。

For the whole of Yanos, 34.

對整個亞諾斯來說，34。

For channels 34. Yes.

對於通道 34。是的。

Okay. That's, that's, that's clear and as a bit of a follow up there because your partner has been talking more about polymer in 2034 and so on. So, is that something that we can see in 2025 or is that a more medium-term plan?

好的。那是，那是，這很清楚，作為一個後續行動，因為你的伴侶一直在談論更多 2034 年的聚合物等等。那麼，這是我們 2025 年可以看到的事情還是一個更中期的計劃？

No, it's something that we will be seeing in 2025. So, we're working the details to perform a pilot in the second half of the year. And that's basically adding polymer to the water so that we get a better performance.

不，這是我們將在 2025 年看到的事情。因此，我們正在研究細節，以便在今年下半年進行試點。這基本上就是在水中添加聚合物，以便我們獲得更好的性能。

2025.

2025 年。

Yes, thank you.

是的，謝謝。

The next question comes from Daniel Guardiola of Banco BTG Pactual SA. Your line is open. Please go ahead.

下一個問題來自 BTG Pactual SA 銀行的 Daniel Guardiola。您的線路已開通。請繼續。

Thank you and good morning, Andres Jaime and an entire team. I have a couple of questions. The first one I would like to touch on costs.

謝謝你，早安，Andres Jaime 和整個團隊。我有幾個問題。第一個我想談成本。

Looking at the quarter we saw once again a deterioration of your OpEx per barrel to levels close to 16 $17 per barrel. And if we look at the last two years, the OpEx, the OpEx has almost doubled. And I wanted to know first of all, if you can share with us what is driving the deration in costs and two, what is the plan? What is the company planning to do to basically tackle this significant increase in costs? So that would be my first question. And if you want, you can answer it and then we can, I can follow up with the, with the second one if that's okay with you guys.

縱觀本季度，我們再次看到每桶營運支出惡化至接近每桶 16 美元 17 美元的水平。如果我們看看過去兩年的營運支出，營運支出幾乎翻了一番。首先，我想知道，您是否可以與我們分享是什麼推動了成本下降，第二，計劃是什麼？公司計劃採取哪些措施來從根本解決成本大幅增加的問題？這是我的第一個問題。如果你願意，你可以回答這個問題，然後我們可以，我可以跟進第二個，如果你們同意的話。

Yeah, absolutely. Daniel, this is Martin again. So, when, when we look at our OpEx on a dollar per barrel and a couple of comments, one is our goal is to stay at the, at the main assets in the order of 10 to $12 per barrel range. And what has happened in the past two years and what you are referring to if we look at 2022 in channels. 34 we are producing about 350,000 barrels of fluid per day. Our consumption of energy was 50 megawatts right now. Our total fluid has increased 40% from those 350 on our megawatt requirements has increased by 20%. So clearly, when we look at our OpEx, around 40% of the OpEx is energy cost. Since we connected to the national grid, one of the visions and the objectives that we had was to tie and lock fixed price. Energy cost. Unfortunately, in the first couple of years and where we are today, we are we with the spot price and in Colombia we had El Nino. So, the energy prices have gone up in addition to that, of course, we have inflation and exchange rate. But those are, you know, you want to say excuses or, or the things that have happened, what have we done and I'm going to let Jaime compliment later on, but we're working and we're locking energy prices so that this volatility and paying more than 900 pesos per kilowatt hour doesn't happen and now that we have windows and we can lock that. We have also looked and we're looking at reviewing where we have OpEx in places where we can purchase facilities. For example, in Ianos 123 you know, we had zero production about a year and a half ago. We got 4,000 barrels on production. Right now, all of those facilities were rented, and they were purchasing those sections of the facilities that have quick payouts, and they make sense to keep.

是的，絕對是。丹尼爾，這又是馬丁。因此，當我們查看每桶 1 美元的營運支出和一些評論時，我們的目標是保持在每桶 10 至 12 美元範圍內的主要資產。過去兩年發生了什麼，如果我們從頻道上看2022年，你指的是什麼。 34 我們每天生產約 35 萬桶液體。我們現在的能源消耗量是 50 兆瓦。我們的總流體量比 350 增加了 40%，我們的兆瓦需求增加了 20%。很明顯，當我們查看營運支出時，會發現大約 40% 的營運支出是能源成本。自從我們連接到國家電網以來，我們的願景和目標之一就是捆綁和鎖定固定價格。能源成本。不幸的是，在最初的幾年和今天的情況下，我們以現貨價格為準，而在哥倫比亞，我們遇到了厄爾尼諾現象。因此，除了能源價格上漲之外，當然還有通貨膨脹和匯率。但這些是，你知道，你想說藉口，或者已經發生的事情，我們做了什麼，稍後我會讓傑米稱讚，但我們正在努力，我們正在鎖定能源價格，所以這種波動和每千瓦時支付超過900 比索的費用不會發生，現在我們有窗​​戶，我們可以鎖定它。我們也已經並且正在考慮審查我們可以購買設施的地方的營運支出。例如，在 Ianos 123 中，您知道，大約一年半前我們的產量為零。我們生產了 4,000 桶。現在，所有這些設施都被租用了，他們正在購買那些可以快速支付的設施部分，並且保留它們是有意義的。

And of course, we're reviewing also with our supply chain group, our contracts and, and looking at opportunities. So again, I want to make sure that you, you take it that the goal is to stay between 10 and $12 per barrel range in the next in the next year.

當然，我們也在審查我們的供應鏈團隊、我們的合同，並尋找機會。所以，我想再次向您保證，明年的目標是保持在每桶 10 美元至 12 美元之間。

And to, to complement on that good morning, everybody. This is Jaime Daniel on, on, on the energy side, I think it's, it's clearly one of the biggest levers. One of the things that we're seeing is is that the market is evolving, you know, the following El Nino and all the kind of crisis that we had at the at the middle of this year that the market is stabilizing and when you look at energy rates that can be secured for the next number of years, actually long term contracts are becoming very attractive, right? And they are significantly under what we expected. So, the possibility of locking in rates that secure the clean energy for, for our fields, particularly for Dios 34 is something that we're looking into. And that is going to help us a lot to mitigate that you know, an increasing trend of energy costs associated to the enhanced recovery of the field. I think the other, the other angle that we need to take into account when you see the solution of, of lifting costs is that there is a component associated to, to what I would call, you know, immature operations, you know, which is all the exploration fronts that we have open currently, those exploration fronts that we have, you know, in the periphery of Jan, in Putumayo. And, and, and in Ecuador are our operations that don't benefit from economies of scale and from the sort of systematic supply chain approach that you can have in janus' 34. And they are affecting the, the, the consolidated OpEx per barrel to the extent that those operations mature into, into appraisal and development. We should expect a to capture the economies of scale associated to a mature operation and that's going to help as well. So those, those are the two things to consider as we look at the long-term prognosis of OpEx per barrel. Thanks Daniel.

並向大家致以早安。這是傑米·丹尼爾（Jaime Daniel），在能源方面，我認為這顯然是最大的槓桿之一。我們看到的一件事是市場正在不斷發展，你知道，接下來的厄爾尼諾現像以及我們在今年年中遇到的所有類型的危機，市場正在穩定下來，當你看到按照未來幾年可以保證的能源價格，實際上長期合約變得非常有吸引力，對嗎？它們大大低於我們的預期。因此，我們正在研究鎖定費率以確保我們的油田（尤其是 Dios 34）清潔能源的可能性。這將極大地幫助我們緩解與提高油田採收率相關的能源成本不斷上升的趨勢。我認為，當你看到提升成本的解決方案時，我們需要考慮的另一個角度是，有一個與我所說的不成熟運營相關的組成部分，你知道，是我們目前開放的所有勘探前沿，你知道，我們在普圖馬約的揚週邊地區擁有這些勘探前沿。而且，我們在厄瓜多爾的業務並沒有從規模經濟和系統供應鏈方法中受益，而你可以在 Janus' 34 中看到這一點。它們正在影響每桶的綜合營運支出，只要這些營運成熟到評估和開發階段。我們應該期望能夠獲得與成熟營運相關的規模經濟，這也會有所幫助。因此，當我們考慮每桶營運支出的長期預測時，這是需要考慮的兩件事。謝謝丹尼爾。

Thank you, Martina Jaime. My, my second question is on Brazil, I mean, this is the second consecutive quarter where you're posting zero production from Brazil. And I wanted to know if you can provide us an update on what's going on in Brazil and what are your expectations going forward?

謝謝你，瑪蒂娜·海梅。我的第二個問題是關於巴西的，我的意思是，這是連續第二季巴西的產量為零。我想知道您是否能為我們提供有關巴西最新情況的資訊以及您對未來的期望是什麼？

Yeah.

是的。

Yes, Daniel. So latest, we, we have been communicated by the operator. The date that we, we had to restart operations was late October and two weeks ago, they share with us that the firefighting and additional maintenance is required. So, the new date is late February. And as as you mentioned, this is 1,100 barrels of oil equivalent per day that we had in our, in our plan for all of 2024 and it's been shut in since middle of March. So, the new date that we're expecting is restart early March.

是的，丹尼爾。那麼最近,我們,我們已經跟運營商溝通了。我們必須重新開始營運的日期是十月下旬，兩週前，他們告訴我們需要進行消防和額外的維護。所以，新的日期是二月下旬。正如您所提到的，我們 2024 年全年的計畫中每天有 1,100 桶石油當量，自 3 月中旬以來一直處於關閉狀態。因此，我們預計的新日期是三月初重新啟動。

Thank you, Martin. And if I may just squeeze a last question on Argentina, And I would like to know your thoughts on the duplicate project which is eagerly expected or anticipated by most of the producers. And it would be great if you can share with us. How do you see this project progressing? And when do you expect to know the project to be fully online for you guys to start shipping additional barrels of oil and also be great if you can share with us, what is the total capacity that you have secured in this project? And if you foresee any potential to use additional per capacity in 2025?

謝謝你，馬丁。如果我可以問一個關於阿根廷的最後一個問題，我想知道你對大多數製片人熱切期待或期待的重複項目的看法。如果您能與我們分享，那就太好了。您如何看待這個專案的進展？您希望知道該專案何時完全上線，以便您開始運送更多桶石油，如果您能與我們分享，您在該專案中獲得的總容量是多少，那就太好了？您是否預見到 2025 年每單位容量還有額外使用的潛力？

Sure, sure, Daniel, this is Jaime. So, so I guess let's start from the baseline. Our, our evacuation efforts around Baam are going are going well, you know, you, you see that we're, we're, we're having production. That is, that is a very much in line, if not even better than, than what we expected a few months ago, you know, with the sort of results that we're getting from, from the different wells currently where we are is we're in a place that around 50% of our volumes currently are, are being transported through our on contracted capacity with all the B that's around currently, that available capacity. It's at around $14,500 a day. The remainder, the bulk of it we are, we are using all the ball as well, but through third parties' capacity that make them available to us. And there's a little bit a surplus that we at times we, we use through trucking. And actually, it's a good problem to have because it actually means that production levels are higher than what we anticipated, right? So, so it's good that in total means that we, we, we have secured currently through those different mechanisms, our own capacity in all Delval, third party capacity in all Delval and trucking capacity. Basically, what is the about 15,000 barrels of evacuation available derval. The duplicate component is, is expected to come online around March.

當然，當然，丹尼爾，這是詹姆。所以，我想讓我們從基線開始。我們，我們在巴姆周圍的疏散工作進展順利，你知道，你，你看到我們正在生產。也就是說，這與我們幾個月前的預期非常一致，甚至更好，你知道，我們從目前所在的不同油井得到的結果是我們目前大約50% 的貨物量是透過我們的合約容量和當前可用容量進行運輸的。每天的費用約為 14,500 美元。其餘的，我們大部分，我們也使用所有的球，但透過第三方的能力，讓我們可以使用它們。我們有時會透過卡車運輸使用一些盈餘。事實上，這是一個好問題，因為它實際上意味著生產水準高於我們的預期，對嗎？所以，總的來說，這很好，這意味著我們目前透過這些不同的機制確保了我們自己在所有 Delval 中的能力、第三方在所有 Delval 中的能力以及卡車運輸能力。基本上，大約有 15,000 桶可用的疏散 derval 是多少。重複組件預計將在三月左右上線。

That's kind of where we are. There's been no change to that. Some, some, you know, we, we, we go back and forth around this and as you say, you know, you, you, I know you have other industry sources, but there's a broad consensus that it's, it's still around that time, March. If there are delays eventually could go into April but, but, but it's in that time frame and, and we feel pretty confident that that's going to be the case.

這就是我們現在的情況。這一點沒有改變。一些，一些，你知道，我們，我們，我們圍繞這個問題來來回回，正如你所說，你知道，你，你，我知道你有其他行業來源，但有一個廣泛的共識，它仍然圍繞著這個時間，三月。如果出現延誤，最終可能會持續到四月，但是，但是，但這是在那個時間範圍內，而且我們非常有信心情況會如此。

In our case, it brings an additional 9,000 barrels a day of, of evacuation capacity. That's net, you know, net to gear to our own barrels, which puts us at, you know, 24 MBD, which is a significantly more than what we expect to be producing at that time. So, so all in all our midstream efforts are, are going well and are and are ahead of, of can our production volumes as, as they need to be?

在我們的案例中，它每天額外增加 9,000 桶的疏散能力。這是淨，你知道，淨齒輪到我們自己的桶，這使我們達到，你知道，24 MBD，這比我們當時預期的產量要高得多。那麼，我們所有的中游工作現在進展順利，並且正在領先，我們的產量能否達到所需的水平？

Thanks.

謝謝。

Thank you, guys.

謝謝你們，夥計們。

Thank you.

謝謝。

Thank you. We now have a written question from Stephane Foucaud from Auctus Advisors LLP.

謝謝。我們現在收到了來自 Auctus Advisors LLP 的 Stephane Foucaud 的書面問題。

What is the current production? How do you see two P reserves at the ll 34 at year 24 directionally, is this about two p reserves at year 23 minus production or could that be technical revision, impacting reserves? Three.

目前的產量是多少？您如何看待第 24 年 ll 34 的兩個 P 儲量，這大約是第 23 年的兩個 P 儲量減去產量，還是可能是技術修訂，影響儲量？三。

Do you see potential production growth in Ecuador in 2025? And any update on the bio–Pagan Norton one exploration? Well, Cana Flamenco at PO at CPO five. And so, sir and KCO, thank you.

您認為 2025 年厄瓜多爾的產量有潛在成長嗎？關於生物異教諾頓一次探索的任何更新嗎？嗯，卡納·弗拉門戈在 PO 在 CPO 5。所以，先生和 KCO，謝謝你們。

So, thank you Stefan for the, for the questions and I think I wrote them all and if I miss any, we will make sure that to come back. So, the first one for sure, we, we took it. So, what's the current production in in channels 34. And the where do we expect it to be on reserves and for the full year for channels 34 net to us, we expect to be in the order of 22,000 barrels of oil per day to 23,000 barrels of oil per day. That is and basically along what we had in mind on a field that is getting more mature and a couple of data points that are worth mentioning, this was a very successful year 2024 on horizontal well, drilling a more intense than previous years on water flooding and good results on work covers. And as many of, you know, we went down from three rigs to one rig. So, and the, what we've seen this year is a decline in the order of what we mentioned before, around 15%. And then when we think about reserves and it's too early to tell. As you all know, we communicate reserves in the first quarter of next year. What we can say that we should, we already started our reserve certification. And based on what we've been discussing throughout the year, we have some positives like water floating and horizontal wells and also some things that we're, we're getting some quicker water cuts and some things that are not as good. So, we will see outside of channels 34 we have good results on the channels, exploration wells and encouraging results on the follow ups, appraisals that we have. So, from research, the fun and you can probably understand that there's not much that we can, we can share at this point if we move to the next question around production, potential growth in Ecuador and in Ecuador with the two blocks that we have overall, we have around 4,000 barrels of oil per day on production. We did drill and work covers. We finished the campaign and the production growth that we see for now in the Perico block, it's around water flow in some of the wells. We can see that they, they need some pressure support. And so that's coming as a discussion with our partner for next year. And in a spec of look, we're looking at the recent wells that we drilled, and we'll see what we propose for next year when we moved to Vlan Parado, Vlan Parado Norte again, it's a, a well in Puto Macho eight like Andres mentioned a few minutes ago. That's how close to Platano to the west of Platano.

所以，謝謝斯特凡提出的問題，我想我把它們都寫了，如果我錯過了任何一個，我們會確保回來。所以，第一個肯定是我們，我們拿下了它。那麼，34 頻道目前的產量是多少。我們預計全年的儲備量將達到多少，根據 34 Net 渠道的數據，我們預計每天的儲備量約為 22,000 桶至 23,000 桶石油。也就是說，基本上按照我們對一個日益成熟的油田的設想，以及一些值得一提的數據點，2024 年是水平井非常成功的一年，比往年更密集地進行了水驅鑽探。工作上取得了良好的成果。正如許多人一樣，您知道，我們從三台鑽孔機減少到一台鑽孔機。因此，今年我們看到的下降幅度與我們之前提到的相比，下降了 15% 左右。當我們考慮儲備時，現在下結論還為時過早。眾所周知，我們會在明年第一季通報儲備情況。我們可以說我們應該這樣做，我們已經開始了我們的儲備認證。根據我們全年討論的內容，我們有一些積極的方面，例如水上浮井和水平井，還有一些我們正在加快的減水速度和一些不太好的事情。因此，我們將看到在通道 34 之外，我們在通道、勘探井方面取得了良好的成果，並且在我們的後續行動和評估方面取得了令人鼓舞的結果。因此，從研究中，樂趣，你可能會明白，我們能做的不多，如果我們轉向下一個關於生產、厄瓜多爾和厄瓜多爾與我們擁有的兩個區塊的潛在增長的問題，我們現在可以分享總體而言，我們每天生產約4,000 桶石油。我們進行了鑽孔和工作掩護。我們完成了活動並實現了我們目前在佩里科區塊看到的產量成長，這是圍繞著一些井的水流進行的。我們可以看到他們,他們需要一些壓力的支持。因此，我們將在明年與我們的合作夥伴討論這個問題。從規格上看，我們正在研究最近鑽探的井，我們將看到明年我們搬到 Vlan Parado、Vlan Parado Norte 時的建議，這是 Puto Macho 的一口井就像安德烈斯幾分鐘前提到的八個。這就是普拉塔諾以西距離普拉塔諾的距離。

Civil works have been completed. The rig is right now mobilizing, and we expect to spot this well in the second half of November. So pretty quick, we will be spotting that well and we have a second well that we're finishing the, the platform. So for sure, two wells, the (inaudible) Parado Norte is a Strat graph slash structural play. We're targeting the end and I'm very excited about that. So, again, more moves to come by the end of the year for sure in the next call.

土建工程已完成。該鑽機目前正在啟動，我們預計將在 11 月下半月發現這口油井。很快，我們就會發現那口井，我們還有第二口井，我們正在完成平台。因此，可以肯定的是，（聽不清楚）Parado Norte 的兩口井是 Strat 圖斜線結構油氣藏。我們的目標是結束，對此我感到非常興奮。因此，在下一次電話會議中，到今年年底肯定會採取更多措施。

And I think, let me see. Cante Flamenco two. Cante Flamenco two is an exploration well that we drilled and completed in the CPO five block and the target for that well was Midor. This is in the northern part of the block is a, as you all remember, a big block 500,000 acres.

我想，讓我看看。弗拉明戈歌曲二。Cante Flamenco 2 是我們在 CPO 5 區塊鑽完的一口探井，該井的目標是 Midor。正如你們都記得的那樣，這是在該街區北部的一個佔地 500,000 英畝的大街區。

The main target was Midor secondary target. UA UBAQUE is the same formation that we have in Indico producing 40 AP I gravity and flowing wells. And the results of the drilling were really encouraging in UA UA found oil with the water contact. This is the first time that we find UA on the, on the east side of the Alto de Metic.

主要目標是米多爾次要目標。UA UBAQUE 與我們在 Indico 的地層相同，可生產 40 AP I 重力井和流動井。UA 的鑽探結果確實令人鼓舞，UA 發現了與水接觸的石油。這是我們第一次在 Alto de Metic 東側發現 UA。

We tested that UA it gave us around 34 AP I crude, what our contact was very close. So right now the oil is shut in waiting on our work over. The most encouraging thing is that it opens our geologists and engineers eyes to look at, okay. What our opportunities are because clearly oil was flowing through and, and, and moving there millions of years ago. The next step on Cante Flamenco Two is a work over program is coming before the end of the year. We're going to isolate the UA and test the midor, midor again. The was the primary target where order of magnitude we found 10 ft of net pay.

我們測試了 UA，它給了我們大約 34 AP I 原油，我們的接觸非常接近。所以現在石油已經關閉，等待我們的工作結束。最令人鼓舞的是，它打開了我們地質學家和工程師的眼睛來看看，好吧。我們的機會是什麼，因為顯然石油在數百萬年前就流經了那裡。弗拉門戈二號曲的下一步是一項工作計劃，將於今年年底前完成。我們將隔離 UA 並再次測試 midor、midor。這是我們發現 10 英尺淨工資的主要目標。

And I think you asked us about Kuru, Kuru Cuu two is sorry, Kuku four and we will first the well, number four, it's a appraisal or follow up. Well, in the channel of 34 to Kucuk, the well is producing with very good rates in the order of 800 barrels of oil per day with 40% water cut. And, and we are aligned with our, with our partner and working so that before the end of the year, we go back to this platform and drill another Ku and let me see. You ask us, also got around Toritos sur Before I jump into Toritos, I want to share a little bit overall where we are in channels 123. And the Andres also mentioned it. So, it just reinforced that channel 123 exploration block where we had zero production about 18 months ago. Right now, we're pro in the order of 4,000 barrels of oil per day. We have two weeks running two platforms. One is Doritos and the other one is where we have Bivina and Saltor.

我想你問過我們關於庫魯的問題，庫魯庫二很抱歉，庫庫四，我們將首先做好，第四，這是一個評估或後續行動。嗯，在 34 至 Kucuk 的通道中，這口油井的產量非常好，約為每天 800 桶石油，含水率為 40%。而且，我們與我們的合作夥伴保持一致並努力工作，以便在年底之前，我們回到這個平台並鑽另一個 Ku，讓我看看。你問我們，也逛過托里托斯蘇爾 在我進入托里托斯之前，我想分享一下我們在 123 頻道的總體情況。安德烈斯夫婦也提到了這一點。因此，它只是加強了 123 通道勘探區塊，大約 18 個月前我們的產量為零。目前，我們的產量約為每天 4,000 桶石油。我們有兩週時間運行兩個平台。一種是多力多滋 (Doritos)，另一種是 Bivina 和 Saltor。

This is a, one of, the, the blocks were going back to previous questions were purchasing from facilities to, to reduce our OpEx. And the ones that we did recently have a have performed really well. Toritos, two Toritos or one and Bivina Este, all three of them are giving us around 1,500 barrels of oil per day. So we continue appraising these discoveries. And for next year, we will continue with drilling activity if you want to know specific how Torito Se One is doing that well, right now, it's producing in the order of 450 barrels of oil per day with less than 10% water cut.

這是其中之一，我們要回到先前的問題，即從設施中採購，以減少我們的營運支出。我們最近做的那些表現非常好。Toritos、兩台 Toritos 或一台加 Bivina Este，這三台設備每天為我們提供約 1,500 桶石油。所以我們繼續評估這些發現。明年，如果您想具體了解 Torito Se One 的表現如何，我們將繼續進行鑽探活動，目前，該公司每天生產約 450 桶石油，含水率低於 10%。

And I think that we cover all the questions, but at least if we miss any of them, let us know.

我認為我們涵蓋了所有問題，但至少如果我們遺漏了任何一個問題，請告訴我們。

See an update, an update on the search.

查看更新，搜尋更新。

An update on the search and I.

關於搜尋和我的更新。

Great and so on the tax front and the surcharge, estimate that we're having for this year is of a 10%. Remember the context around this is that, with the tax reform and there is a, a scale depending on the oil price average for the year. You end up classifying under a different kind of surcharge bracket, given oil price evolution over the last quarter and the expectation that we have for the year, we believe we're going to end up on that 10% bracket. And, and that's kind of unchanged versus, versus where we were a few months ago. I, I understand that part of the question is also around the treatment of royalties. And as we've said, before the courts in Colombia have pronounced themselves on that. And the project that the tax reform included with it didn't pass through the courts. So, the treatment of, of royalties is unchanged versus what we had in the past.

很好，在稅收和附加費方面，估計我們今年的稅率是 10%。請記住，圍繞這一點的背景是，隨著稅收改革，有一個規模取決於當年的平均油價。考慮到上個季度的油價變化以及我們對今年的預期，您最終會被歸類為不同類型的附加費等級，我們相信我們最終將處於 10% 的附加費等級中。而且，與幾個月前相比，這沒有什麼變化。我，我知道問題的一部分也與版稅的處理有關。正如我們所說，在哥倫比亞法院對此做出裁決之前。而且稅改所包含的項目也沒有通過法院。因此，特許權使用費的待遇與我們過去的待遇相比沒有變化。

The only component of the tax reform that applies to us is a surcharge and it's a 10%. Thanks.

稅制改革中唯一適用於我們的部分是附加費，稅率為 10%。謝謝。

We have no further questions. So, I'll pass back to the management team for any closer remarks.

我們沒有其他問題了。因此，我將向管理團隊傳達更多更詳細的評論。

Thanks everybody and we apologize for the technical difficulties. Hopefully, all of the answers, all all of the questions were answered. If anybody had any pending questions that were not completed, please feel free to reach out to us directly. So, thanks, thanks very much for joining and your support of our company and have a good.

謝謝大家，對於技術上的困難我們深感抱歉。希望所有的答案、所有的問題都得到解答。如果有人有任何未完成的待決問題，請隨時直接與我們聯繫。所以，謝謝，非常感謝您的加入以及您對我們公司的支持，祝您一切順利。

Day.

天。

Thank you for joining. That concludes the Geo Parks conference call. You may now disconnect your lines.

感謝您的加入。地質公園電話會議到此結束。現在您可以斷開線路。