GeoPark Ltd (GPRK) 2025 Q2 法說會逐字稿

Good morning, and welcome to the GeoPark Limited conference call following the results announcement for the second quarter ended June 30, 2025. (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.geo-park.com.

早安，歡迎參加 GeoPark Limited 2025 年 6 月 30 日止第二季業績公告電話會議。（操作員說明）如果您沒有新聞稿的副本，可以在公司網站 www.geo-park.com 的「與我們投資」部分找到。

A replay of today's call may be accessed through this webcast 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 and are subject to risks and uncertainties that could cause actual results to differ materially from those described.

您可以透過 GeoPark 公司網站的「與我們一起投資」部分的網路廣播重播今天的電話會議。在我們繼續之前，請注意，業績新聞稿和本次電話會議中包含的某些陳述是前瞻性陳述，而非歷史事實，並且受風險和不確定性的影響，可能導致實際結果與描述的結果有重大差異。

With respect to such forward-looking statements, the company seeks protections afforded by the Private Securities Litigation Reform Act of 1995. These risks include a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports and public releases. Those lists are intended to identify certain principal factors that could cause the 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.

對於此類前瞻性陳述，本公司尋求 1995 年《私人證券訴訟改革法案》所提供的保障。這些風險包括多種因素，包括競爭發展和公司 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。

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按照國際財務報告準則 (IFRS) 編制並以美元表示。儲量數字符合 PRMS 標準。

On the call today from GeoPark, we have Felipe Bayon, Chief Executive Officer; Jaime Caballero, Chief Financial Officer; Martin Terrado, Chief Operating Officer; Rodrigo Dalle Fiore, Chief Exploration and Development Officer; and Maria Catalina Escobar, Shareholder Value and Capital Markets Director.

今天參加 GeoPark 電話會議的有執行長 Felipe Bayon、財務長 Jaime Caballero、營運長 Martin Terrado、首席勘探與開發長 Rodrigo Dalle Fiore 以及股東價值與資本市場總監 Maria Catalina Escobar。

And now, I'll turn the call over to Mr. Felipe Bayon. Mr. Bayon, you may now proceed.

現在，我將把電話轉給 Felipe Bayon 先生。巴戎先生，您現在可以繼續了。

Good morning, everyone, and thank you for joining us at our second quarter 2025 conference call. This is my first earnings call as GeoPark's CEO, and I want to start by acknowledging the strong platform I've encountered here.

大家早安，感謝大家參加我們 2025 年的第二季電話會議。這是我擔任 GeoPark 執行長的第一次財報電話會議，首先我想感謝我在這裡遇到的強大平台。

Over the last couple of months, I focused on taking a thorough comprehensive view of every aspect of our business at the project level, asset by asset. The work is ongoing, and it's grounded on a simple objective, ensuring GeoPark is positioned to thrive in the current environment and build durable long-term value for our shareholders.

在過去的幾個月裡，我專注於從專案層面逐項全面地檢視我們業務的各個方面。這項工作正在進行中，其目標很簡單，確保 GeoPark 能夠在當前環境中蓬勃發展，並為我們的股東創造持久的長期價值。

This review is part of a broader strategic research to challenge legacy assumptions and strengthen the way we prioritize capital and performance. From day one, we've been working to identify opportunities to accelerate the development of our portfolio, increase our ability to adapt and grow smartly.

此次審查是更廣泛的策略研究的一部分，旨在挑戰遺留假設並加強我們對資本和績效進行優先排序的方式。從第一天起，我們就一直在努力尋找機會加速我們產品組合的發展，並提高我們適應和智慧成長的能力。

We're also continuing a rigorous portfolio reassessment, where our teams are actively working to enhance field productivity, stabilize production and improve returns over time. This is not about changing guidance today, but about building the technical and operational foundation for better outcomes in the future.

我們也將繼續進行嚴格的投資組合重新評估，我們的團隊正在積極努力提高現場生產力、穩定生產並提高長期回報。這不是要改變今天的指導方針，而是要為未來更好的結果建立技術和營運基礎。

Finally, we are working closely and constructively with authorities and partners to unlock additional activity across our core assets in Colombia. These discussions are active and ongoing, and they reflect our shared commitment to responsibly increase investment, accelerate development and support the long-term competitiveness of Colombia's oil and gas sector.

最後，我們正在與當局和合作夥伴進行密切和建設性的合作，以在哥倫比亞的核心資產上進行更多活動。這些討論是積極且持續進行的，它們反映了我們共同的承諾，即負責任地增加投資、加速發展並支持哥倫比亞石油和天然氣行業的長期競爭力。

Let me now walk you through the quarter's performance. In the second quarter, GeoPark delivered solid operational and financial results despite having market volatility, a lower Brent price environment, divestment of some of our non-core assets, and some temporary blockades that impacted operations.

現在讓我向您介紹一下本季的表現。在第二季度，儘管市場波動、布蘭特原油價格走低、部分非核心資產被剝離以及一些臨時封鎖影響了運營，但 GeoPark 仍取得了穩健的營運和財務業績。

Consolidated average production for the quarter reached 27,380 barrels of oil equivalent per day, contributing to year-to-date average production of 28,223 barrels of oil equivalent per day, in line with our guidance. The 6% decline when compared to last quarter reflects the divestment of the non-operated Llanos 32 Block and 16 days of shut-in production in CPO-5 Block due to local blockades.

本季綜合平均產量達到每天 27,380 桶油當量，年初至今平均產量達到每天 28,223 桶油當量，符合我們的預期。與上一季相比下降了 6%，反映了未運營的 Llanos 32 區塊的撤資以及由於當地封鎖導致 CPO-5 區塊停產 16 天。

The strong operational delivery reflects stable performance across core assets. For example, Llanos 34 delivered 17,605 barrels of oil equivalent per day net with base management, waterflooding and workovers exceeding our expectations. Our drilling team also delivered step changes in efficiency.

強勁的營運表現反映了核心資產的穩定表現。例如，Llanos 34 每天淨交付 17,605 桶油當量，基礎管理、注水和修井均超出我們的預期。我們的鑽井隊伍也實現了效率的顯著提升。

For example, average well costs were reduced by more than 30% and pad-to-pad mobilization time dropped from 7 days to just 18 hours. In CPO-5, although some production was impacted by higher-than-anticipated downtime in relation to 1Q 2025, performance remains stable and the field is currently operating normally.

例如，平均油井成本降低了 30% 以上，且平台間動員時間從 7 天縮短至僅 18 小時。在 CPO-5 中，儘管部分生產受到與 2025 年第一季相比停機時間較長的影響，但性能仍然穩定，油田目前運作正常。

In Llanos 123, two exploration wells, Currucutu-1 and Toritos Sur-3 were drilled and completed, contributing new production and demonstrating additional upside. In particular, at Toritos Sur-3, the strategic decision to reposition the well to intercept the Mirador formation as a secondary target proved successful and revealed a new productive horizon for the block. In late 2025, we plan to drill a second well to further explore and appraise the potential of this discovery.

在 Llanos 123，兩口勘探井 Currucutu-1 和 Toritos Sur-3 已鑽完井，帶來了新的產量，並顯示出額外的上升空間。特別是在 Toritos Sur-3 油田，重新定位油井以攔截 Mirador 地層作為次要目標的戰略決策被證明是成功的，並揭示了該區塊的新生產層。2025年末，我們計劃鑽第二口井，進一步探索和評估這項發現的潛力。

On the financial side, results reflect proactive cost management, disciplined capital allocation and financial flexibility to pursue long-term growth. Adjusted EBITDA was $71.5 million with a 60% margin, driven by cost discipline and a $4.9 million gain from our commodity hedging program.

在財務方面，業績反映了積極的成本管理、嚴格的資本配置和追求長期成長的財務靈活性。調整後的 EBITDA 為 7,150 萬美元，利潤率為 60%，這得益於成本控制以及商品對沖計劃帶來的 490 萬美元收益。

Operating costs remained within 2025 guidance at $12.3 per barrel. We invested approximately $24 million during the quarter and ended up with $266 million in cash and a net leverage ratio of 1.1 times. We also completed an open market repurchase of $54.5 million of our 2030 notes below par, thus enhancing long-term financial flexibility and reducing future interest payments, underscoring our disciplined approach to balance sheet optimization.

營運成本仍維持在 2025 年指引值以內，為每桶 12.3 美元。我們在本季投資了約 2,400 萬美元，最終獲得 2.66 億美元現金和 1.1 倍的淨槓桿率。我們還在公開市場上以低於票面價格回購了 5,450 萬美元的 2030 年票據，從而增強了長期財務靈活性並減少了未來的利息支付，凸顯了我們對資產負債表優化的嚴謹態度。

Finally, as of today, our hedging program has advanced to protect oil price volatility over approximately 9,000 barrels of oil equivalent per day for the first half of 2026 and 8,000 barrels of oil equivalent per day for the second half of 2026. Let me now turn briefly on how we see the second half of 2025 shaping up.

最後，截至今天，我們的對沖計畫已取得進展，可以保護 2026 年上半年每天約 9,000 桶油當量的油價波動，以及 2026 年下半年每天 8,000 桶油當量的油價波動。現在讓我簡單談談我們對 2025 年下半年前景的看法。

We see a full year organic production range of 26,000 to 28,000 barrels of oil equivalent per day, which incorporates the strength of our core assets and the adjusted impact of Llanos 32, Manati and Ecuador divestments. Importantly, this production range excludes volumes from inorganic acquisitions.

我們預計全年有機產量範圍為每天 26,000 至 28,000 桶油當量，其中包括我們核心資產的實力以及 Llanos 32、Manati 和厄瓜多爾撤資的調整影響。重要的是，該生產範圍不包括無機收購的數量。

We expect the adjusted EBITDA of USD260 million to USD290 million at $65 to $70 per barrel Brent, supported by the quality and resilience of our base business and the price support provided by our existing hedging program. We are executing this plan with a lean, focused capital program of USD90 million to USD120 million, directed primarily to short-cycle, high-return development and appraisal drilling.

我們預計，在布蘭特原油價格為每桶 65 至 70 美元的情況下，調整後的 EBITDA 為 2.6 億美元至 2.9 億美元，這得益於我們基礎業務的品質和彈性以及我們現有對沖計劃提供的價格支持。我們正在透過一項精簡、集中的資本計劃來執行該計劃，資金規模為 9,000 萬美元至 1.2 億美元，主要用於短週期、高回報的開發和評估鑽探。

At the same time, we've captured $12.5 million in structural efficiencies to date, which equates roughly to $17.5 million annually. As part of our anticipated portfolio optimization, we agreed to divest our interest in the Perico and Espejo blocks in Ecuador.

同時，迄今為止，我們已經獲得了 1250 萬美元的結構效率，大約相當於每年 1750 萬美元。作為我們預期的投資組合優化的一部分，我們同意剝離我們在厄瓜多爾 Perico 和 Espejo 區塊的權益。

This transaction reflects our ongoing focus on prioritizing material, high-return assets and streamlining the portfolio for maximum impact. The divestments brought a non-recurring impairment charge, and as a result, a net loss for the quarter of $10.3 million.

此交易體現了我們持續專注於優先考慮重要、高回報資產以及精簡投資組合以實現最大效益。此次資產剝離帶來了非經常性減損費用，導致本季淨虧損 1,030 萬美元。

If we exclude this charge, net profit for the quarter amounted to $20.7 million, significantly higher than in previous quarters. Finally, the Board has approved the payment of a $7.5 million dividend for the second quarter of 2025, reflecting the company's performance during the period.

如果不計入這筆費用，本季淨利將達到 2,070 萬美元，大幅高於前幾季。最後，董事會批准支付 2025 年第二季 750 萬美元的股息，以反映公司在此期間的業績。

In parallel, the Board is actively reviewing the company's capital allocation priorities, including dividend distribution going forward in the context of evolving strategic priorities and the need to preserve flexibility to pursue value-accretive growth opportunities. This review will continue over the coming months as part of our ongoing overall financial and strategic positioning.

同時，董事會正在積極審查公司的資本配置重點，包括在不斷變化的策略重點背景下未來的股息分配以及保持靈活性以追求增值成長機會的必要性。作為我們持續進行的整體財務和策略定位的一部分，這項審查將在未來幾個月內繼續進行。

In summary, this was a resilient quarter for GeoPark. We delivered solid results, protected our financial strength and are actively reshaping the business to be more focused, more agile and better positioned for long-term value growth.

總而言之，對於 GeoPark 來說，這是一個富有彈性的季度。我們取得了穩健的業績，保護了我們的財務實力，並正在積極重塑業務，使其更加專注、更加靈活，並為長期價值成長做好更好的準備。

We're just getting started, and we're committed to building a more competitive, resilient and value-driven GeoPark. With that, let me now open the floor for your questions.

我們才剛起步，我們致力於建立一個更具競爭力、更具彈性和價值驅動的地質公園。現在，請容許我回答大家的提問。

(Operator Instructions)

（操作員指示）

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑富瑞。

Felipe, congratulations on your first few months here, and welcome. A couple of questions, if I may. Maybe you talked about the review that you're kind of taking over on the company. Maybe you can give us some kind of examples of where you think that things can be improved, where you think that things can kind of move to.

費利佩，恭喜你在這裡度過的頭幾個月，歡迎你。如果可以的話，我有幾個問題。也許您談到了您對公司所負責的評審工作。也許您可以給我們舉一些例子，說明您認為哪些地方可以改進，哪些地方可以發展。

That's probably the first part of the question. And then the second one is, you mentioned some of the inorganic moves that you have been kind of working on. Maybe you can kind of give us some update on how you see things, particularly in Argentina.

這可能是問題的第一部分。第二點是，您提到了您一直在研究的一些無機動作。也許您可以向我們介紹一下您對情況的看法，特別是對阿根廷的看法。

Alejandro, thanks for being here today, and thanks for the interest in GeoPark. So a couple of things, and I'll share some personal reflections on this first couple of months. The first thing I'd say is that since my arrival, and just for context, I've known GeoPark for probably the last eight or nine years.

亞歷杭德羅，感謝您今天的到來，也感謝您對地質公園的關注。所以有幾件事，我將分享一些關於這頭幾個月的個人感想。首先我想說的是，自從我來到這裡，我大概已經認識地質公園八、九年了。

So I've had a lot of reference. I mean, it's always been a company that I've respected. And when I joined the company, I found a company that does things very well, operates in a way that's safe, efficient. It operates ethically and with very, very good relationships with communities and stakeholders.

所以我有很多參考。我的意思是，它一直是我尊敬的公司。當我加入這家公司時，我發現這家公司做事非常出色，運作方式安全、有效率。該公司經營符合道德規範，並且與社區和利益相關者保持著非常良好的關係。

So I just wanted to start there. And one of the things we've done with respect to our existing assets in the following context, I think there's directionally two things we need to do, and I think you addressed both of them in your questions.

所以我只是想從那裡開始。我們在以下背景下針對現有資產所做的事情之一，我認為我們需要在方向上做兩件事，我認為您在問題中已經回答了這兩件事。

The first one is how do we protect our existing business, ongoing business, and how do we create additional value? So that's point number one. And point number two is, how do we return to a pathway of growth?

第一個問題是我們如何保護我們現有的業務、正在進行的業務以及如何創造額外的價值？這是第一點。第二點是，我們如何重回成長軌道？

So I'll talk about the first one, which is your first question. And without going in all the detail because that will come in due time, the teams have been working for some months now, three months or so.

那麼我將談論第一個問題，也就是您的第一個問題。我們不會詳述所有細節，因為這些細節將在適當的時候公佈，但團隊已經工作了幾個月，大約三個月。

And over the last couple of months that I've been here, I've had the opportunity to look at every asset at the project level in detail, look at not only current performance operationally. And again, I think the results show that we've been able to deliver good results, resilient results, despite of the drop in Brent and some of the drop in production that's related to some blockage that we have in some of the non-operated areas.

在過去的幾個月裡，我一直在這裡，有機會詳細了解專案層面的每項資產，不僅了解目前的營運表現。而且，我認為結果表明，儘管布倫特原油價格下跌，而且由於一些非營運地區的堵塞導致產量下降，我們仍然能夠取得良好的結果，具有彈性的結果。

So that review, I think, has led to a place where I personally feel we can extract a lot of value from the existing assets. So that's point number one.

因此，我認為，透過這次審查，我個人認為我們可以從現有資產中提取很多價值。這是第一點。

There's a lot of things that the guys are doing in terms of the operations, from our efficiencies around how we drill the wells, how do we complete the wells, how do we do things like water shutoffs and well interventions, how do we do the mob/demob of the different drilling rigs, how do we actually deal with water volumes?

就操作而言，我們要做很多事情，從我們如何鑽井的效率，如何完成井，如何進行斷水和井下乾預，如何對不同鑽井平台進行部署/退役，我們如何處理水量？

So a lot of details and specifics on the operations that are looking good. And I think that gives me the confidence, Alejandro, that back to the core business, we can continue to arrest decline, natural decline, which is priority.

因此，許多有關操作的細節和具體情況看起來都很好。亞歷杭德羅，我認為這給了我信心，回到核心業務，我們可以繼續阻止下滑，自然下滑，這是當務之急。

It's a fundamental priority. And two, we can continue to look for other areas that can provide some additional legs, if you will, in the mid to long term.

這是一項基本優先事項。其次，如果願意的話，我們可以繼續尋找其他可以在中長期內提供額外支援的地方。

And I'll talk specifically about Toritos Sur-3 that's in the release. But it's a well where we, on purpose, changed the direction of the well, if you will. We went through Mirador, and we have some very good results, and that may open some additional areas.

我將具體談論即將發布的 Toritos Sur-3。但如果你願意的話，我們可以故意改變這口井的方向。我們透過 Mirador 進行了嘗試，並取得了一些非常好的結果，這可能會開闢一些額外的領域。

So very pleased with the ongoing business. And again, we need to ensure that we have a solid, robust business that creates the platform for us to grow.

我對正在進行的業務非常滿意。再次強調，我們需要確保我們擁有穩固、強勁的業務，為我們的發展創造平台。

So, that to your first question. In terms of the inorganics and especially Argentina, I'll give you a bit of context. So the first thing is that we continue to look at the region as a whole, but we want to create a lot of focus.

所以，這是你的第一個問題。關於無機物，特別是阿根廷，我會給你一些背景資訊。因此，首先我們要繼續關注整個地區，但我們希望集中註意力。

So clearly, Colombia is our focus for ongoing operations. And I think Vaca Muerta provides, in terms of unconventionals, a world-class opportunity.

顯然，哥倫比亞是我們當前行動的重點。我認為，就非常規性而言，瓦卡穆埃爾塔提供了世界一流的機會。

And I'll share with you that I came to this job on June 1. By June 6, I was already in Neuquen. I had a very good conversation with the Governor of Neuquen and expressing that GeoPark wants to be part of the development of unconventionals in Argentina, particularly in the province of Neuquen.

我要告訴你們的是，我是 6 月 1 日上任的。6月6日，我已經到達內烏肯。我與內烏肯省省長進行了非常愉快的交談，並表示地質公園希望成為阿根廷，特別是內烏肯省非常規開發的一部分。

We want to invest. We want to operate. So there is a clear intent of us to go into the inorganic opportunities in Vaca Muerta. And the other thing that I'll mention, Alejandro, is that we have, I think, a very fluid and solid pipeline of opportunities for unconventionals in Vaca Muerta.

我們想投資。我們要進行操作。因此，我們明確地有意挖掘瓦卡穆埃爾塔的無機機會。亞歷杭德羅，我要提到的另一件事是，我認為，我們在瓦卡穆埃爾塔為非常規人才提供了非常流暢和穩固的機會管道。

And it's a combination of things that we have been looking at and also things that a lot of potential partners have brought to the table in this conversation, which is great, that people are saying, we want to team up with GeoPark. We see them as a good partner that brings a lot into the conversation.

這是我們一直在關注的事情的結合，也是許多潛在合作夥伴在這次談話中提出的事情的結合，這很好，人們說，我們想與 GeoPark 合作。我們認為他們是一個很好的合作夥伴，可以為對話帶來很多幫助。

So that's also happening. And obviously, Alejandro, we'll update you on both things. How do we progress on this reassessment of our current portfolio, and two, how do we progress on M&A. Thanks, Alejandro.

這也正在發生。顯然，亞歷杭德羅，我們會向您通報這兩件事的最新情況。我們如何對目前投資組合進行重新評估？其次，我們如何在併購方面取得進展。謝謝，亞歷杭德羅。

Joaquin Robet, Balanz Capital.

華金·羅貝特，巴蘭茲資本。

Welcome, Felipe. I have two questions. First, could you provide more color on your plans to enhance the P1 reserve's life? And how are you approaching reserves replacement?

歡迎光臨，費利佩。我有兩個問題。首先，能否詳細介紹延長 P1 儲備壽命的計畫？如何進行儲量替代？

And what portion of the strategy is expected to come from organic versus inorganic efforts? That's the first question.

預計該策略的哪一部分將來自有機努力，哪一部分將來自無機努力？這是第一個問題。

Okay. Joaquin, I was waiting for you to put on the second question, but I'll go at the first one then. So the first thing I'll mention, and this is linking it back to some of the things that Alejandro was asking us about and some of the response that I gave.

好的。華金，我正在等你提出第二個問題，但我先回答第一個問題。所以我要提到的第一件事是將其與亞歷杭德羅向我們詢問的一些事情以及我給出的一些答案聯繫起來。

First thing is that, in terms of context and order of magnitude, and this is as of end of 2024, 2P reserves for the company in Colombia are around 84 million barrels. And so, this is broader than P1.

首先，就背景和數量級而言，截至 2024 年底，該公司在哥倫比亞的 2P 儲量約為 8,400 萬桶。因此，這比 P1 更廣泛。

But if you look at that number and then you link it to the exercise that I was referring to, where we have in detail looked at all the assets, look at our execution plans, look at our understanding of the subsurface, look at everything in terms of how we can develop those areas, I'd say that both actually are linked together very well in terms of this reserve's life, I'm talking about 2P, that could take us to the end of the decade and beyond, 5, 10 years actually in terms of how we see that projection going forward is very, very well aligned with the internal review we're doing.

但如果你看一下這個數字，然後將其與我所指的練習聯繫起來，我們詳細研究了所有資產，查看了我們的執行計劃，查看了我們對地下的理解，查看了我們如何開發這些區域的一切，我會說，就這個儲備的壽命而言，兩者實際上是緊密相連的，我指的是 2P，它可以帶我們到這個十年末甚至更久年，就我們如何看待未來的預測而言，它與我們正在進行的內部審查非常一致。

So in that sense, a lot of focus in actually bringing some more reserves and actually accelerating some of those reserves as well. And I'll take the opportunity to put something out there that was in the release, but I just want to highlight it, and is that prior guidance on CapEx was around $80 million to $100 million for this year.

因此從這個意義上來說，我們的重點實際上是增加一些儲備，並加速增加一些儲備。我將藉此機會介紹一下發布會上的內容，但我只想強調一下，今年的資本支出先前指導金額約為 8000 萬至 1 億美元。

In this release that you guys have seen, we've increased that to $90 million to $120 million. So that's basically, I think, a reflection of how efficiently we can operate, how we can deploy the capital and also that we see good opportunities going forward that we can actually assess now.

在你們看到的這個版本中，我們將其增加到 9,000 萬美元至 1.2 億美元。所以，我認為這基本上反映了我們的營運效率、我們如何部署資本，以及我們看到了我們現在可以實際評估的未來的良好機會。

So I think that message in terms of us increasing our capital expenditure guidance is also relevant in that sense. And then, the other thing and obviously, the inorganic efforts will come when they come, right? Additional sort of guidance or increased guidance in terms of capital expenders so we can have some additional opportunities this year. And they will be communicated at the right time.

因此，我認為從這個意義上來說，我們增加資本支出指導的資訊也是相關的。然後，另一件事，顯然，無機努力會在它們到來時到來，對嗎？在資本支出方面提供額外的指導或增加指導，以便我們今年可以有一些額外的機會。並且他們會在適當的時候進行溝通。

And then, in terms of the inorganic, which was the second part of your first question was, we're very thoughtful. We're looking at a good pipeline of opportunities. And obviously, when they come, we will be talking about them in detail.

然後，就無機而言，也就是你第一個問題的第二部分，我們非常深思熟慮。我們正在尋找良好的機會。顯然，當他們到來時，我們會詳細討論他們。

But as I said on my initial response, there's quite a few potential partners that have reached out to us, and we're assessing opportunities. So, that will come when they come. And hopefully, they'll provide additional upsides and potential on reserves.

但正如我在最初的回應中所說，有相當多的潛在合作夥伴已經與我們聯繫，我們正在評估機會。所以，當他們到來時，一切就會發生。希望它們能為儲備帶來額外的好處和潛力。

You want to go with your second question, Joaquin?

你想繼續你的第二個問題嗎，華金？

Yeah, sure. Okay. And a bit in line with your answer, my second question is, following recent divestments from non-core areas, are you planning to accelerate CapEx in core assets to offset decline more aggressively? Or is it the focus shifting towards inorganic growth opportunities to sustain? But it was (inaudible) your answers.

是的，當然。好的。與您的回答有點一致，我的第二個問題是，在最近從非核心領域撤資之後，您是否計劃加速核心資產的資本支出以更積極地抵消下滑？或重點是否轉向無機成長機會以維持？但這是（聽不清楚）你的答案。

Sure, should. But I'd say, yes, we've done some divestments. We announced yesterday on the release, Ecuador, and closing on that will take some months. But yes, absolutely. So I think we're deploying some more CapEx, which is great news.

當然應該。但我想說，是的，我們確實做了一些撤資。我們昨天宣布了厄瓜多爾的釋放，而最終的釋放將需要幾個月的時間。但確實如此。所以我認為我們正在部署更多的資本支出，這是個好消息。

We finalized these divestments. We continue to look at our portfolio constantly. We're reassessing portfolio, and we'll let you guys know when we have something around new opportunities that actually come into the fold, and we actually have agreed on some inorganic opportunities. Thanks for that, Joaquin.

我們最終完成了這些資產剝離。我們持續不斷地審視我們的投資組合。我們正在重新評估投資組合，當我們有新的機會出現時，我們會通知你們，我們實際上已經就一些無機機會達成了一致。謝謝你，華金。

Anne Milne, Bank of America.

美國銀行的安妮‧米爾恩 (Anne Milne)。

It's nice to hear you on the call, Felipe. So my questions are following up on some of the strategic comments you've made already. So maybe it sounds like your focus on your strategic side is Colombia for current production and Argentina for nonconventional going forward.

很高興在電話裡聽到你的聲音，費利佩。所以我的問題是針對您已經提出的一些策略評論。因此，聽起來您的戰略重點似乎是哥倫比亞目前的生產和阿根廷未來的非傳統生產。

You've divested Ecuador. I guess, one question would be Brazil, how that fits into the strategic plan?

你已經撤資厄瓜多。我想，一個問題是巴西，它如何融入戰略計畫？

And then, on the Argentina element, maybe just out of curiosity, with the lower Brent prices this year, have you seen changes in the valuations of the types of transactions you're seeing? And if you were to go forward, I guess, the question would be, since your experience of GeoPark is primarily unconventional, do you have the staffing?

然後，關於阿根廷因素，也許只是出於好奇，隨著今年布蘭特原油價格下跌，您是否看到您所看到的交易類型的估值發生了變化？如果您繼續問下去，我想，問題會是，由於您對地質公園的體驗主要是非傳統的，您是否有人員配備？

Or would there be partners that have staffing? Would you want to be the operator on a transaction? Or would you prefer to be a partner there? That would be my first sort of big strategic question.

或是有配備人員的合作夥伴？您想成為交易的操作者嗎？還是您更願意成為那裡的合夥人？這是我提出的第一個重大戰略問題。

And the second is more financial related to the bond buyback that you did. And I guess, the question is, would you consider doing more if the prices stay at the low levels?

第二個是與您所做的債券回購更相關的財務問題。我想，問題是，如果價格維持在低位，你會考慮做更多嗎？

And secondly, one thing investors are very happy about is the large cash balances GeoPark has currently had recently, especially with some of the volatility in the market. What would be the minimum cash that you would want to have since you have increased your CapEx program, you do pay dividends and you did buy back bonds?

其次，令投資者非常高興的是，GeoPark 最近擁有大量現金餘額，尤其是在市場出現一些波動的情況下。由於您增加了資本支出計劃、支付了股息並且回購了債券，您希望擁有的最低現金是多少？

Thanks, Anne, and it's great to hear you. Thanks for being here today. I think you're right in terms of what are we focusing on in terms of Colombia and then Argentina. Colombia, we have a very, I think, solid business that's operated very well, and we continue to find legs in that business.

謝謝，安妮，很高興聽到你的消息。感謝你們今天的到來。我認為你關於我們關注哥倫比亞和阿根廷的問題的看法是正確的。我認為，我們在哥倫比亞的業務非常穩固，運作得非常好，而且我們將繼續在該業務中尋找立足點。

That's the way I would think about it. So again, there's some, and I referred to particular Llanos 123, or ciento (inaudible), Toritos Sur-3, but those opportunities or those wells actually continue to open up some areas where we can go and do some more stuff, which is great.

我就是這麼想的。所以，再說一次，有一些，我提到了特定的 Llanos 123，或 ciento（聽不清楚），Toritos Sur-3，但這些機會或這些井實際上繼續開闢一些我們可以去做更多事情的區域，這很好。

So the existing licenses and please bear in mind, there's licenses that have production right now, but there's licenses that have a lot of exploration opportunities. So we will continue to look at those.

因此，請記住，現有的許可證中有些許可證目前正在生產，但有些許可證有很多勘探機會。因此我們將繼續關注這些問題。

And as I said, we need to ensure that we strengthen the base so we can grow on top of that. In terms of Argentina, you're right, inorganic.

正如我所說，我們需要確保加強基礎，這樣我們才能在此基礎上發展。就阿根廷而言，您說得對，無機的。

And I'll probably just give you a bit more color. So we are focused on Vaca Muerta. We like the unconventionals. I'm a big believer in unconventionals, from past experiences. We have both lenses.

我可能只會給你更多細節。因此，我們的重點是瓦卡穆埃爾塔。我們喜歡標新立異的東西。從過去的經驗來看，我非常相信非傳統的做法。我們有兩種鏡頭。

We can be an operator. We can be a non-operating partner. So we're comfortable with both. We have the capability and the know-how in-house. And I think that's very important.

我們可以成為一名操作員。我們可以成為非經營性合作夥伴。所以我們對兩者都很滿意。我們擁有內部能力和專業知識。我認為這非常重要。

Remember that when GeoPark did a prior deal in Argentina, we had a team that actually was embedded in the operator. They were seconded into the operations. And we've kept that team, and they're very, very extremely knowledgeable.

請記住，當 GeoPark 在阿根廷進行先前的交易時，我們有一個實際上嵌入運營商的團隊。他們被借調參與此次行動。我們保留了這支團隊，他們知識非常淵博。

They have a lot of experience, not only from GeoPark times, but from prior experiences. A lot of them have worked in Neuquen for most of their careers. So we do have the capability.

他們擁有豐富的經驗，不僅來自地質公園的經驗，也來自先前的經驗。他們中的許多人大部分職業生涯都在內烏肯工作。所以我們確實有能力。

Something you didn't ask, but I'll put out there, Anne, we're looking at the 30 million to 50 million barrel opportunity kind of size, just so you guys can have some reference. This could be in the order of $300 million to $500 million, combination of ticket plus initial commitments and stuff.

有些事情你沒有問，但我會說出來，安妮，我們正在考慮 3000 萬到 5000 萬桶的機會規模，只是為了讓你們有一些參考。這可能在 3 億到 5 億美元之間，包括門票加上初始承諾和其他費用。

And I'm just giving you ballpark numbers, but that's how we're looking at Argentina right now. In terms of valuation, a lot of people want to go into Argentina.

我只是給你大概的數字，但這就是我們現在對阿根廷的看法。從估值角度來看，很多人都想進入阿根廷。

But there's also a lot of people that are refocusing or exiting Argentina. So there's always opportunity. There's always opportunity. And remember that GeoPark, I mean, made this deal last year.

但也有很多人重新關注阿根廷或離開阿根廷。所以機會總是存在的。機會總是有的。請記住，GeoPark 去年就達成了這筆交易。

So there's a lot of knowledge inside the organization in terms of valuation, in terms of potentials, in terms of the rocks, in terms of how do we actually, can develop these opportunities in a way that makes sense. How can we go into factory mode and develop the unconventionals?

因此，組織內部在估值、潛力、岩石以及如何以合理的方式開發這些機會方面擁有大量知識。我們如何進入工廠模式並開發出非常規產品？

And again, personally, very enthused with the opportunities. And we'll let you know when we have something penciled down and signed off. In terms of Brazil, with Manati divestment, it's going to take some time for it to close.

就我個人而言，我對這些機會非常熱衷。當我們用鉛筆寫下並簽署完畢後，我們會通知您。就巴西而言，隨著馬納蒂的撤資，需要一段時間才能完成。

But I would say that we continue to permanently assess and filter opportunities in the region, and I'm talking about the broader region, with the focus, as you were putting it, in Colombia and Argentina. So I think that's where I would leave it.

但我想說的是，我們將繼續永久評估和篩選該地區的機會，我指的是更廣泛的地區，重點是哥倫​​比亞和阿根廷。所以我想我會把它留在那裡。

And in terms of your additional question, which is more a financial one, yes, very happy with how that repurchase actually went. It created value for us. And I think it reflects a good use of our ability to deploy capital.

至於您提出的附加問題，這更多的是一個財務問題，是的，我對回購的實際進展感到非常滿意。它為我們創造了價值。我認為這體現了我們很好地利用資本的能力。

I would just say, Anne, and I'll hand over to Jaime so he can give us more color, there's things that we're doing around cost efficiencies as well. You see that we're doing some redeployment of capital.

我只想說，安妮，我會把工作交給傑米，這樣他就可以給我們更多的色彩，我們也在做一些與成本效率有關的事情。您會發現我們正在進行一些資本重新部署。

You see that we repurchased some bonds. So everything, I think, needs to be looked at holistically in terms of how we manage capital. Jaime?

您看到我們回購了一些債券。因此，我認為，從我們如何管理資本的角度來看待一切。詹姆？

Thanks, Felipe. Anne, I guess, I'll go through how we are thinking about liquidity. If you look at the first half of the year, we're ending with a cash balance of around $270 million. And when you look at the breakdown of what's behind it, you actually see an EBITDA of about $160 million.

謝謝，費利佩。安妮，我想，我會講講我們如何考慮流動性。如果你看今年上半年，我們最終的現金餘額約為 2.7 億美元。當你查看背後的細節時，你實際上會看到 EBITDA 約為 1.6 億美元。

But then, you actually see these outflows, and I'm going to go into a little bit of detail, because they're actually quite meaningful. Taxes were $87 million, just the tax component.

但是，你實際上看到了這些資金流出，我將詳細介紹一下，因為它們實際上非常有意義。稅收為 8700 萬美元，僅稅收部分。

CapEx was $47 million. Debt service was $16 million. And where I'm trying to go here is that our current cash position is very strong despite these significant outflows, particularly those related to tax, which are seasonal and were actually quite extraordinary, given the strong year that we had last year.

資本支出為 4700 萬美元。債務償還金額為 1600 萬美元。我想說的是，儘管存在大量資金流出，特別是與稅收相關的資金流出，但我們目前的現金狀況仍然非常強勁。這些資金流出具有季節性，而且考慮到我們去年的強勁表現，這實際上是相當不尋常的。

So where I'm going at with this is that when you look at going forward, at the second half of the year, actually, that second half is actually going to benefit from three big changes. First, materially lower tax outflow because the tax season is effectively over.

所以我要說的是，當你展望未來時，實際上，下半年將受益於三大變化。首先，由於納稅季節實際上已經結束，稅收流出大幅減少。

So what we're going to see is some minor outflows associated to withholding tax. But income tax, which is the big component of our tax burden, is in the past now. You're actually going to see lower debt service as well associated to the debt repurchases that we did.

因此，我們將看到與預扣稅相關的一些小額流出。但作為我們稅負主要組成部分的所得稅現在已經成為過去。實際上，您還會看到與我們進行的債務回購相關的較低的債務償還率。

And we're actually going to see also in EBITDA, the benefit of the lower cost structure interventions that have been made. So going forward, when you see all things equal, right, if we normalize, if you will, for price and we can given that we are significantly hedged, the outlook of cash generation for the second half of the year should amply support the CapEx for the organic business that we are anticipating.

我們實際上也將在 EBITDA 中看到已採取的低成本結構幹預措施帶來的好處。因此，展望未來，當你看到所有條件都相同時，如果我們將價格正常化，並且考慮到我們進行了大量的對沖，那麼下半年的現金產生前景應該足以支持我們預期的有機業務的資本支出。

So I'm tactical here, but it's important to see that those components of seasonality support a good cash position going forward. Now, when you take that to a strategic level of capital allocation, what we're seeing there is that the $270 million that we have provides ample room for -- again, for the organic CapEx requirements that we might see, which may go up to $120 million this year because there's good projects coming in from our team.

所以我在這裡採取的是策略，但重要的是要看到季節性因素支持未來良好的現金狀況。現在，當你將其提升到資本配置的戰略層面時，我們看到的是，我們擁有的 2.7 億美元為我們可能看到的有機資本支出需求提供了充足的空間，今年可能會上升到 1.2 億美元，因為我們的團隊正在進行一些好項目。

So that's the first priority. The second priority is M&A deployment. And when we look at how those transactions could occur and when you look at the, when can they close and what kind of down payments would they require, we see that our position supports that very well.

所以這是首要任務。第二重點是併購佈局。當我們觀察這些交易如何發生、何時可以完成以及需要什麼樣的首付時，我們發現我們的立場非常支持這一點。

And then, we look at the minimum liquidity necessary for our organic business, which is probably $30 million or $40 million or so. It's no more than that. So in that context, with all of that considered, there could be some headroom for further potential for debt repurchases.

然後，我們看看我們的有機業務所需的最低流動資金，大約是 3000 萬美元或 4000 萬美元左右。僅此而已。因此，在這種背景下，考慮到所有這些因素，可能還有進一步回購債務的潛力。

It's going to be opportunistic. It's going to depend on how we see things evolving over the next few months, and we're going to act on the basis of that, right? But there could be some potential for that. Thanks.

這將是一次機會主義。這將取決於我們如何看待未來幾個月事態的發展，我們將據此採取行動，對嗎？但這可能有一定的潛力。謝謝。

Cristian Fera, KNG Securities.

克里斯蒂安·費拉 (Cristian Fera)，KNG 證券。

Felipe, welcome. So I have three questions. I'll go one by one. First question is, if you could comment on whether there are any additional asset divestment planned in the near term?

費利佩，歡迎。所以我有三個問題。我一個一個來說吧。第一個問題是，您能否評論一下近期是否有任何額外的資產剝離計劃？

Thanks, Cristian, and thanks for joining the call. And as I referred to in one of the prior responses, I'd say that we've done the divestments, finishing with Ecuador that we announced yesterday. And we will constantly continue to look at our portfolio.

謝謝，克里斯蒂安，謝謝您參加電話會議。正如我在之前的回覆中提到的那樣，我想說我們已經完成了撤資，昨天宣布的撤資對像是厄瓜多爾。我們將持續關注我們的投資組合。

We want to ensure that we're optimizing value, and in that sense, creating value for shareholders. So I won't talk about any specifics or if there's anything else planned, but we will continue to look at our assets.

我們希望確保我們正在優化價值，並從這個意義上為股東創造價值。因此，我不會談論任何具體細節或是否有其他計劃，但我們會繼續關注我們的資產。

And remember, I was saying earlier that we've had an in-depth very detailed review of all of our assets at the project level. So we will continue to do that. Next question, Cristian.

請記住，我之前說過，我們已經對專案層面的所有資產進行了深入而詳細的審查。因此我們將繼續這樣做。下一個問題，克里斯蒂安。

Yeah. Could you remind us of the updated guidance for the year?

是的。您能否提醒我們今年的最新指導？

Sure, Cristian, and I'll give you some headlines. But we've talked about a production that is between 26,000 and 28,000 barrels of oil equivalent per day.

當然，克里斯蒂安，我會給你一些標題。但我們討論的是每天產量在 26,000 至 28,000 桶油當量之間。

So I think that's the first thing, and you saw where we ended up not only in the average for one half or the first half of the year, but in 2Q. EBITDA, adjusted it to $260 million to $290 million. That would be in the $65 to $70 per barrel range for Brent.

所以我認為這是第一件事，你看到的不僅是我們上半年的平均水平，還有第二季的平均水平。EBITDA，調整為2.6億至2.9億美元。布蘭特原油價格將在每桶 65 至 70 美元之間。

I'll repeat the CapEx number. Remember, we had a guidance that was $80 million to $100 million that we're reviewing to $90 million to $120 million. So it does show that we've come up with a lot more opportunities.

我將重複一下資本支出數字。請記住，我們先前的指導金額是 8,000 萬至 1 億美元，而我們正在審查的指導金額是 9,000 萬至 1.2 億美元。所以這確實表明我們已經獲得了更多的機會。

And the other thing that we haven't talked too much, I briefly mentioned it, but we've captured already $12.5 million in structural efficiencies. And this is over the last couple of months, that we've gone out. We've looked for them.

另一件事我們還沒有談論太多，我簡要地提到過，但我們已經獲得了 1250 萬美元的結構效率。這是我們過去幾個月來一直在做的事情。我們已經尋找過它們了。

The teams are working very hardly on that. And this, if you look at what would that mean on an annual basis, it's equivalent to $17.5 million. So that's sort of the framework, Cristian, that I would use to describe what's coming in terms of our next few months to close the year.

各團隊正在為此努力。如果你看一下這在年度基礎上意味著什麼，它相當於 1750 萬美元。克里斯蒂安，這就是我用來描述未來幾個月即將發生的事情的框架。

Just a quick follow-up on that. So are those efficiencies reflected in the operating costs that we see that they continue to decline?

對此做一個快速的跟進。那麼，這些效率是否反映在我們看到的持續下降的營運成本中？

Yeah. Some of them are. Some of them have been implemented, and I'll ask Martin to expand on that a bit to give us more color and detail. Remember that we've given guidance on the $12 to $14 per barrel range. We ended up at roughly $12.5.

是的。其中一些是的。其中一些已經實施，我會請馬丁對此進行一些擴展，為我們提供更多的色彩和細節。請記住，我們已經給出了每桶 12 至 14 美元的指導價格範圍。我們最終花費了大約 12.5 美元。

So we're in a good place. And efficiencies in terms of operating is always part of the focus that we have. Martin, do you want to expand on that, please?

所以我們現在處於一個很好的位置。營運效率始終是我們關注的重點。馬丁，你想進一步解釋一下嗎？

Thanks, Felipe. Cristian, thanks for your interest in GeoPark. So like Felipe was saying, our guidance on operating expenses is $12 to $14, and we took the challenge of keeping that guidance even though Vaca Muerta was gone.

謝謝，費利佩。克里斯蒂安，感謝您對地質公園的關注。因此，就像費利佩所說的那樣，我們對營運費用的指導是 12 至 14 美元，即使瓦卡·穆埃爾塔已經離開，我們也接受了保持這一指導的挑戰。

That guidance was the guidance that we had with Vaca Muerta production, but also Vaca Muerta had around $6 to $7 per barrel. So the teams, not only from operations, but back here in Bogota supporting the field, we have been working on several initiatives that are already implemented.

該指導是我們對瓦卡穆埃爾塔 (Vaca Muerta) 產量的指導，但瓦卡穆埃爾塔 (Vaca Muerta) 的價格也在每桶 6 至 7 美元左右。因此，不僅來自營運部門的團隊，而且在波哥大這裡支持實地工作的團隊，我們都在致力於實施多項舉措，並且這些舉措已經得到實施。

And I'll give you a little bit of a flavor of what are the things that we've done. First one, we can talk about energy efficiency. On energy efficiency, it's critical for these assets since most of the OpEx is around energy.

我將向你們簡單介紹一下我們所做的事情。首先，我們可以談談能源效率。就能源效率而言，這對這些資產至關重要，因為大部分營運支出都與能源有關。

And not only are we looking at the price of the energy that we pay, but also trying to use less energy. And we've been communicating to you guys the success of workovers.

我們不僅關注所支付的能源價格，而且還試圖減少能源使用。我們一直在向你們傳達修井作業的成功情況。

And it's a success, not only getting additional production, but also we're shutting off water. So year-to-date, we have shut off 5% of the water that we were producing.

這是一次成功，不僅增加了產量，而且我們還切斷了水源。因此，今年到目前為止，我們已經關閉了 5% 的水源。

So that's around 24,000 barrels of water per day. That's energy that we use to produce it and then inject it back in the ground. So that's one example.

也就是說每天大約有 24,000 桶水。這就是我們用來生產然後將其註入地下的能量。這是一個例子。

I'll give you another example is, we have been working very thoroughly to use all of the associated gas that comes with the production. So we've been working together to reduce our emissions.

我再舉一個例子，我們一直在非常徹底地利用生產中產生的所有伴生氣。因此我們一直在共同努力減少排放。

And the last thing that we did, and it's already implemented is that, that gas is not only captured, but it's generating energy, and that's around 2% of the total consumption. So we're basically saving of going out and purchasing that energy.

我們做的最後一件事，而且已經實施了，那就是不僅捕獲氣體，而且還產生能量，這約佔總消耗量的 2%。所以我們基本上節省了出去購買能源的費用。

Second big one is around innovation. And in innovation, the example we want to share in Llanos 123, we just put on stream about a month ago, a water treatment plant. That water treatment plant, it's basically helping us save around $2 per barrel versus what we were doing before, which was tracking the water.

第二個大問題是創新。在創新方面，我們想分享的例子是 Llanos 123，大約一個月前我們剛投入了水處理廠。與我們之前追蹤水源的做法相比，該水處理廠基本上幫助我們每桶節省約 2 美元。

And when we look ahead, what's coming is that modular facilities that were designed in-house, we're going to start applying in other blocks that we operate. And we're also sharing that with those blocks where we are non-operators.

展望未來，我們將開始把內部設計的模組化設施應用到我們營運的其他區塊中。我們也與那些沒有我們經營的街區分享這些資訊。

So examples of how we're pushing for reducing the OpEx. And other things that we're working on right now, it's around maintenance and pulling efficiencies. One of the things that we will continue doing is trying to use the workover rig the less amount of time as possible and do rigless interventions.

以下是我們如何努力降低營運支出的例子。我們目前正在做的其他事情是圍繞維護和提高效率。我們將繼續做的事情之一是嘗試盡可能少地使用修井機並進行無鑽機幹預。

And by doing that, we're saving around 25% of the cost. Since they're rigless, it's much cheaper. So those are the things that we've been doing. There are some risks.

透過這樣做，我們節省了大約 25% 的成本。由於它們沒有鑽孔機，因此便宜得多。這些就是我們一直在做的事情。存在一些風險。

And the main risks looking ahead, first one is around, like I said, increased total fluid production and cost of the energy. So that's one. The second one is community claims as there are blockages, and some of those blockages many times result in some increased cost.

展望未來，主要風險首先是，正如我所說，總流體產量和能源成本的增加。這就是其中之一。第二個是社區聲稱有阻塞，其中一些堵塞往往導致成本增加。

And finally, it's not going to hit us this year, but it's something that we're monitoring very close is, in Colombia, any labor cost regulations.

最後，雖然今年我們不會受到影響，但我們正在密切關注哥倫比亞的任何勞動力成本法規。

So with that, what are the things we're doing, what are the risks? And finally, to close, our guidance stays that we're going to be between the $12 to $14 per barrel before the end of the year, on average for the year.

那麼，我們正在做什麼，風險是什麼？最後，我們的預期是，到今年年底，全年油價平均將在每桶 12 至 14 美元之間。

Thanks, Martin. Cristian, anything else?

謝謝，馬丁。克里斯蒂安，還有什麼嗎？

Yeah. My final question is regarding your cash uses for 2025 and 2026. Do you anticipate further bond buybacks and/or dividend distributions?

是的。我的最後一個問題是關於您 2025 年和 2026 年的現金用途。您是否預計會有進一步的債券回購和/或股息分配？

Thanks, Cristian. And I think Jaime alluded to that earlier. And as we were saying, there's obviously the minimum requirements in terms of cash for the operations. There is an increase in the guidance on CapEx. There are some efficiencies that we continue to pursue in terms of cost efficiencies.

謝謝，克里斯蒂安。我認為 Jaime 之前曾提到過這一點。正如我們所說，營運對現金顯然有最低要求。資本支出指導增加。在成本效率方面，我們將繼續追求一些效率。

And again, I would say that we do have the right amount in terms of balancing sources and uses to pursue, should the space be there, additional repurchases of bonds, well, we just announced a dividend distribution yesterday, and be able to do M&A. So I think in that sense, we're in a good shape. Thanks, Cristian.

我再說一遍，在平衡資金來源和用途方面，我們確實有適當的資金，如果有空間的話，可以額外回購債券，我們昨天剛剛宣布了股息分配，並且能夠進行併購。所以我認為從這個意義上來說，我們的狀況很好。謝謝，克里斯蒂安。

Juan Jose Munoz, BTG Pactual.

胡安·何塞·穆尼奧斯，BTG Pactual。

Just a last question here regarding Colombia. Looking ahead to 2026 with an election year in Colombia, what new opportunities this could open up for GeoPark if a market-friendly government comes to power? And yes, what new opportunities do you see if a change of regime happens here in Colombia?

最後一個問題是關於哥倫比亞的。展望2026年哥倫比亞的選舉年，如果一個市場友善政府上台執政，這將為地質公園帶來哪些新的機會？是的，如果哥倫比亞發生政權更迭，您認為會帶來哪些新機會？

Thanks, Juan Jose, and thanks again for your interest in GeoPark. Yeah, I'd give you my views. But obviously, lots of uncertainty still, especially in this sector, and the oil and gas industry, in particular.

謝謝，胡安·何塞，再次感謝您對地質公園的關注。是的，我會告訴你我的看法。但顯然，仍存在著許多不確定性，尤其是在這個領域，尤其是石油和天然氣產業。

There's overall production in terms of oil that has not increased dramatically in country. If you look at the industry as a whole, not just GeoPark, number of rigs has reduced.

該國的石油總產量並未大幅增加。如果你從整個產業來看，而不僅僅是地質公園，鑽孔機數量已經減少。

The investment amount has also gone down. And I think, industry is looking at what's going to come in 2026. So there's one scenario where we continue with a government that has the same policies as the current one, which is no more exploration acreage being let to industry.

投資額也下降了。我認為，業界正在關注 2026 年將會發生什麼。因此，有一種情況是，我們的政府將繼續執行與現任政府相同的政策，即不再將勘探面積出租給工業界。

And I see, and I'm linking this back to how I started my response, a lot of the decline in activity, I think, has been led by that. People seeing that there's no additional acreage and there's no more licensing going on.

我明白了，我將這與我開始回應時的情況聯繫起來，我認為，許多活動的減少都是由此導致的。人們發現沒有額外的土地，也沒有更多的許可證發放。

Having said that, on the flip side, and it's still early days. Remember that elections, first round are in May, and second round, should there need to be one, it would be in June. There's a lot of pre-candidates right now that are talking about restrengthening the sector, being able to let more licenses to the industry, which would be good.

話雖如此，但另一方面，現在還為時過早。請記住，第一輪選舉在五月，如果需要的話，第二輪選舉將在六月舉行。目前有許多候選國正在談論重振該行業，能夠為該行業頒發更多許可證，這將是一件好事。

And something that we haven't discussed, but there are some candidates talking about unconventionals in Colombia. And if you look at the long shot, we as GeoPark are very interested in Vaca Muerta and using some of the experience and expertise and capabilities we have, developing further abilities in that space in Neuquen.

還有一些我們還沒有討論過的事情，但是有些候選人正在談論哥倫比亞的非傳統現象。從長遠來看，我們地質公園對瓦卡穆埃爾塔非常感興趣，並希望利用我們的一些經驗、專業知識和能力，在內烏肯省進一步發展該地區的能力。

And assuming the flip side scenario, which is unconventionals being back on the table in Colombia, you could bring that experience back home or back here where we currently are. So I just wanted to put that on the table. But again, we'll see. We'll see, Juan Jose, what happens. Still early days. Thanks for the question.

假設情況相反，即非常規政策在哥倫比亞重新成為討論的焦點，你可以將這種經驗帶回國內或帶回我們現在所在的地方。所以我只是想把這個擺到桌面上來。但我們還是拭目以待吧。胡安·何塞，我們拭目以待，看看會發生什麼。目前還處於早期階段。謝謝你的提問。

Stephane Foucaud, Auctus Advisors.

Stephane Foucaud，Auctus 顧問。

I've got three. So the first one, the context of those blockade and so forth, what's the current production excluding Ecuador?

我有三個。那麼第一個問題，封鎖等的背景，除厄瓜多爾外，目前的產量是多少？

Stephane, this is Martin. So I'll go from the high to the low view. The highest view is our guidance, 26,000 to 28,000. In our first half, like Felipe was mentioning, we were at 28,200 barrels of oil per day. In July, we are in similar values to that average for the first half of the year on the high range.

史蒂芬，這是馬丁。因此我將從高處往低處看。最高預期是我們的指導價，26,000 至 28,000。正如費利佩所提到的，上半年我們的石油產量為每天 28,200 桶。7 月份，我們的數值與上半年高點的平均數值相似。

When you look at the different fronts, in Llanos 34, we had had a very successful infill drilling campaign. Felipe already mentioned our efficiencies on the execution. Now we're testing the wells, and the wells are delivering around 6% of the total production and within the expected production.

當你看到不同的前沿時，在 Llanos 34，我們進行了非常成功的加密鑽探活動。費利佩已經提到了我們的執行效率。現在我們正在測試這些油井，這些油井的產量約佔總產量的 6%，在預期產量範圍內。

Workovers and upsize, it's again another very good story in Llanos 34 that it's providing fresh production, but also, as I mentioned before, reducing our OpEx by shutting down water, and that's contributing around 11%. And then the water flooding keeps providing good results at around 14% of the production.

修井和擴大規模，這又是 Llanos 34 的另一個非常好的故事，它提供了新鮮的產量，而且，正如我之前提到的，透過關閉水源來降低我們的營運支出，這貢獻了約 11%。然後注水繼續取得良好的效果，產量約14%。

So in Llanos 34, we're delivering according to our plan. When we look at Llanos 123, we have increased by 16% the production quarter-on-quarter. Toritos Sur-3 is, like Felipe mentioned, a very good result, and we're having discussions with our partner.

因此，在 Llanos 34，我們正在按照計劃進行交付。當我們看 Llanos 123 時，我們的產量比上季增加了 16%。正如 Felipe 所提到的，Toritos Sur-3 是一個非常好的成果，我們正在與合作夥伴進行討論。

We're actually right now about to start drilling the next well. So, on that asset, we continue drilling appraisals and some exploration wells.

事實上，我們現在正要開始鑽下一口井。因此，針對該資產，我們繼續進行鑽探評估和一些勘探井。

I think finally, when we go to CPO-5, CPO-5 had a really good success story on our workovers that basically where, as the water encroaches, we had to put artificial lift, from natural flow to artificial lift. So those results have been above average, and they've been able to compensate for the blockages that we had.

我認為，最後，當我們去 CPO-5 時，CPO-5 在我們的修井方面取得了非常好的成功，基本上，隨著水的侵入，我們必須將人工舉升從自然流動轉換為人工舉升。因此，這些結果高於平均水平，並且能夠彌補我們所遇到的障礙。

Overall, on blockages, we have been able to work really good with the communities on those where we operate, really low downtimes. And CPO-5, it has the disadvantage that is not connected to the pipeline, an oil pipeline and to electric lines.

總體而言，在解決堵塞問題方面，我們能夠與我們營運所在地的社區進行良好的合作，停機時間非常短。而CPO-5的缺點是不能連接管道、輸油管和電線。

So we've been working hand-in-hand with ONGC, the operator. Last blockage was a really positive result. And since that one, all of July, we had no blockages.

因此，我們一直與營運商印度石油天然氣公司 (ONGC) 攜手合作。最後的阻塞確實取得了正面成果。從那次之後，整個七月，我們都沒有遇到堵塞的情況。

So I don't know if I answered exactly what you were looking for, but that's where we stand today. July and August, again, the first couple of days of August are strong days on production as well.

所以我不知道我是否準確地回答了你所尋找的問題，但這就是我們今天的立場。七月和八月，同樣，八月的頭幾天也是生產的旺季。

Great. That's useful. Second, on exploration, so you reported Currucutu, Toritos Sur-3. So first, I was wondering what sort of EUR potential additional resources those two areas add?

偉大的。這很有用。第二，關於探索，您報告了 Currucutu、Toritos Sur-3。所以首先，我想知道這兩個領域能增加歐元什麼樣的潛在額外資源？

And maybe as a follow-on, I saw that there is a write-down associated with CPO-5, I think, over the quarter. Did you have a disappointing drilling at CPO-5 in Q2? And I have another question afterwards.

也許作為後續，我發現本季與 CPO-5 相關的減記有所增加。您在第二季對 CPO-5 的鑽探感到失望嗎？之後我還有一個問題。

Stephane, this is Jaime. I'm going to start with your second question about write-offs in CPO-5. So we actually haven't had any write-off in CPO-5 this year. Probably what you are referring to is some notes that we had comparing the year to year. On a year-to-year basis, last year, we did have an exploration write-off in CPO-5.

史蒂芬，這是海梅。我將從您關於 CPO-5 中的註銷的第二個問題開始。因此，我們今年實際上沒有在 CPO-5 中發生任何註銷。您可能指的是我們逐年比較的一些筆記。與去年同期相比，去年我們確實在 CPO-5 中進行了勘探註銷。

It was associated to two wells that we had: one in 2Q, one in 3Q. It was the Cisne and the Lark wells at the time, which the total amount of write-off associated to those in both quarters was $7 million.

它與我們擁有的兩口井有關：一口在 2Q，一口在 3Q。當時是 Cisne 油井和 Lark 油井，這兩季相關的註銷總額為 700 萬美元。

But that's a 2024 event. We haven't had any write-offs associated to CPO-5 in 2025. So over to Rodrigo on your first question.

但那是 2024 年的事了。2025 年我們尚未發生與 CPO-5 相關的任何註銷。那麼第一個問題就交給羅德里戈。

Stephane, going back to your question about the recent discovery that we announced from Llanos 123, we can start with Currucutu-1. We had a very good result in that well.

史蒂芬，回到你關於我們最近宣布的 Llanos 123 的發現的問題，我們可以從 Currucutu-1 開始。我們在那口井取得了非常好的成果。

We started with more than 1,000 barrels per day of oil. Today, we are producing about 400 barrels of oil per day. The preliminary result looks very promising.

我們一開始每天的石油產量超過 1,000 桶。今天，我們每天生產約400桶石油。初步結果看起來非常有希望。

We are working with our partner, trying to incorporate one more well in the structure because we need to delimit the area. So it's too preliminary to talk about volumes right now. We need to incorporate more activity to estimate the potential. But definitely, we see a good result there.

我們正在與合作夥伴合作，嘗試在結構中再增加一口井，因為我們需要劃定該區域。因此現在談論數量還為時過早。我們需要結合更多的活動來評估潛力。但毫無疑問，我們看到了良好的結果。

Related with Toritos Sur-3, the Mirador formation at least is very promising. We are seeing 900 barrels per day with no water. So next step is to incorporate a new well. Definitely, we want to do it as soon as possible. If we can do it before the end of this year, it's going to be good.

與 Toritos Sur-3 相關，Mirador 地層至少是非常有前景的。我們看到每天有 900 桶水沒有水。因此下一步就是建造一口新井。當然，我們希望盡快完成它。如果我們能在今年年底前完成這件事，那就太好了。

With that result, we are going to be in a position to say the size of the discovery that we have there. But both cases in the Llanos 123 looks very promising, at least is where we want to grow in the next coming months and years.

有了這個結果，我們就能說出我們在那裡發現的規模了。但 Llanos 123 中的兩種情況看起來都非常有前景，至少是我們希望在未來幾個月和幾年內實現成長的地方。

What we are doing in terms of exploration today, we are drilling Matraquero in the Block Llanos 104. So that is the first well in the block, and we plan to do another one back to this well before the end of this year. The name is Vencejo. So that's the current activity that we are doing.

我們今天正在進行的勘探工作是在 Llanos 104 區塊鑽探 Matraquero。這是該區塊的第一口井，我們計劃在今年年底前再打一口井。名字是 Vencejo。這就是我們目前正在進行的活動。

We expect more exploration during this year. We will see the results. And looking forward, of course, we need to drill Predestinacion, the project that we have been talking about for long.

我們預計今年將進行更多探索。我們將會看到結果。當然，展望未來，我們需要鑽探 Predestinacion，這是我們長期以來一直在談論的項目。

That is in CPO-5. So we are trying to agree with our partner, ONGC, to start with that well in the next drilling campaign. And we see some prospect in Llanos 87 and continue deploying Llanos 123 where we see a lot of near-field exploration opportunities.

那是在 CPO-5 中。因此，我們正嘗試與我們的合作夥伴印度石油天然氣公司達成一致，在下一次鑽探活動中從該井開始。我們在 Llanos 87 看到了一些前景，並繼續部署 Llanos 123，在那裡我們看到了許多近場勘探機會。

That's great. And thank you for pointing out the CPO-5 file. (inaudible) ll'l look at it from here. Last question is more around strategy. So I was wondering whether you talk about the focus on Argentina and generally in the region.

那太棒了。感謝您指出 CPO-5 文件。 （聽不清楚）我會從這裡查看。最後一個問題更與策略有關。所以我想知道您是否談論了對阿根廷以及整個地區的關注。

Now, in the context of it has proven to be quite difficult to execute in Argentina, Brazil historically prices are quite high, Venezuela is probably a no-go area at the moment, so generally, how competitive do you see the landscape? How difficult is it to transact with regard to this M&A strategy that you've got? And where do you differentiate?

現在，事實證明在阿根廷執行起來相當困難，巴西歷史上的價格也相當高，委內瑞拉目前可能是禁區，所以總的來說，您認為競爭有多激烈？就你們的併購策略而言，交易有多困難？你們的差別在哪裡？

Yes. Thanks, Stephane. So I'd say that, I mean, obviously, in the region, in Argentina in particular, I'd say there's plenty of opportunities. There's a lot of activity. Let's bear in mind that this is an area that where close to $10 billion are being invested on a yearly basis.

是的。謝謝，史蒂芬。所以我想說，顯然，在該地區，特別是在阿根廷，有很多機會。有很多活動。讓我們記住，這個領域每年的投資接近 100 億美元。

And there's a line of sight of over $100 billion of commitments going forward. So there's plenty of opportunities. There's plenty of assets.

未來預計將有超過 1000 億美元的承諾。所以有很多機會。有大量資產。

And I think that GeoPark brings to the table, and this is reinforced by the conversations we've had with the local province authorities, some of our potential partners in the future, where they want the expertise we bring in terms of operations, in terms of efficiencies, in terms of subsurface knowledge. So there's a lot of alignment in that sense.

我認為 GeoPark 帶來了優勢，這一點在我們與當地省級當局以及我們未來的一些潛在合作夥伴的對話中得到了強化，他們希望我們在運營、效率和地下知識方面提供專業知識。因此從這個意義上來說，存在著許多一致性。

So I think there's always opportunity. And I think the other thing that I'd say, and I mentioned earlier that on June 6, I was actually meeting with the Governor of Neuquen, Dr. Figueroa, they've mentioned publicly that they want companies like us coming into the province.

所以我認為機會總是存在的。我想說的另一件事是，我之前提到過，6 月 6 日，我實際上會見了內烏肯省省長菲格羅亞博士，他們公開表示希望像我們這樣的公司進入該省。

So we'll see where that takes us, Stephane. But clearly, there always will be competition in terms of some of the opportunities. But I think we're very well positioned to actually go and capture some of those. Thank you.

所以我們會看看這會把我們帶到哪裡，史蒂芬。但顯然，在某些機會方面總是存在競爭。但我認為我們完全有能力真正實現其中的一些目標。謝謝。

That will conclude the audio portion of today's call. So we do have text questions that did come in from the webcast. Our first question is from Eduardo Muniz of Santander. The question reads, congrats on the results, and welcome, Felipe.

今天電話會議的音訊部分到此結束。因此，我們確實收到了來自網路直播的文字問題。我們的第一個問題來自桑坦德銀行的愛德華多·穆尼斯。問題是，恭喜你取得的成績，歡迎你，費利佩。

Following the recent portfolio review, what should we expect in terms of capital allocation priorities? Whether that is M&A, reinvestment, buybacks or dividends, how do those decisions align with your growth ambitions over the next couple of years?

在最近的投資組合審查之後，我們在資本配置優先方面應該期待什麼？無論是併購、再投資、回購或分紅，這些決策如何與您未來幾年的成長目標一致？

Thanks, Eduardo, and thanks for being part of the call today through the webcast. And I think we've touched on some of these elements already in some of the responses we've given. But in terms of capital allocation, the first thing I'd say, we want to be very disciplined.

謝謝，愛德華多，也謝謝您今天透過網路直播參加電話會議。我認為我們在一些答覆中已經觸及了其中的一些要素。但就資本配置而言，我首先要說的是，我們要非常自律。

So when we're reviewing the options, especially the uses of capital, we're very disciplined. And I'll go back and make reference to some of the things that we've highlighted over the last couple of days.

因此，當我們審查各種選擇，特別是資本的用途時，我們非常謹慎。我將回顧並提及我們在過去幾天強調的一些事情。

First one, an increased guidance on CapEx. And that basically reflects that we have some good opportunities that we can go and pursue before year-end, so again, from $80 million to $100 million to $90 million to $120 million. So I think that's one.

首先，增加對資本支出的指導。這基本上反映出我們有一些很好的機會可以在年底前去爭取，所以再次從 8000 萬美元到 1 億美元到 9000 萬美元到 1.2 億美元。所以我認為這是其中之一。

We've talked about not only the cost efficiencies and all the efforts we're doing that. We've talked about dividends that we declared yesterday that were approved by the Board. We've talked about the debt reduction and repurchase of the bonds.

我們不僅討論了成本效率，還討論了我們為此所做的所有努力。我們已經討論了昨天宣布並經董事會批准的股息。我們已經談到了減債和債券回購的問題。

And we've talked about M&A. So I think in that sense, all of your elements in the question that you posed to us are included. And we'll continue to, in a very disciplined way, review those and ensure that we can actually make the right allocation of CapEx.

我們也討論了併購問題。所以我認為從這個意義上來說，您向我們提出的問題中的所有要素都已包括在內。我們將繼續以非常嚴謹的方式審查這些問題，並確保我們能夠正確分配資本支出。

And in terms of the longer-term view or vision, I'll go back to where I started this Q&A session was two things we need to do, protect the ongoing business. And I think the guys, Martin and Rodrigo have talked in detail about some of those things, and we'll continue to do that.

就長期觀點或願景而言，我將回到我在本次問答環節開始時提到的問題，即我們需要做的兩件事，保護正在進行的業務。我認為馬丁和羅德里戈已經詳細討論了其中的一些事情，我們將繼續這樣做。

Case in point is the redeployment of some CapEx in that sense. And second, return to the pathway of growth. And we've talked about M&A. So I think in a nutshell, Eduardo, that's how I would reflect on your question. Thank you.

從這個意義上來說，重新部署一些資本支出就是一個很好的例子。第二，回歸成長軌道。我們也討論了併購問題。所以我認為簡而言之，愛德華多，這就是我對你的問題的思考。謝謝。

Our next question is from Vicente Falanga of Bradesco. The question reads, could you please provide an update on the result of the polymer injections in Llanos? When should we have final results?

我們的下一個問題來自布拉德斯科的 Vicente Falanga。問題是，您能否提供有關 Llanos 聚合物注入結果的最新情況？我們什麼時候能得到最終結果？

Thanks, Vicente. And I'd say we're very enthused. We're very happy with the polymer injection project. All the approvals have been gained. So we have all the approvals, and we should start in December of this year.

謝謝，維森特。我想說我們非常熱情。我們對聚合物注入專案非常滿意。已獲得所有批准。因此，我們已經獲得所有批准，並將於今年 12 月開始。

So it's going to take some months before we see results. But Rodrigo, why don't you expand a bit on that?

因此我們需要幾個月的時間才能看到結果。但是羅德里戈，你為什麼不進一步闡述這一點呢？

Yeah, we are proactively moving forward with the project. The study that we have conducted, along with the background information shared by our partner, Parex coming from Cabrestero field, that is next to our field, Llanos 34, are very encouraging.

是的，我們正在積極推進這個計畫。我們進行的研究以及我們的合作夥伴 Parex（來自我們油田 Llanos 34 旁的 Cabrestero 油田）分享的背景資訊非常令人鼓舞。

So we are very excited to move forward with the project. We also completed the bidding process. So we have already selected both, not only the polymer, but the associated facilities as well.

因此，我們非常高興能夠推進該專案。我們也完成了競標過程。因此，我們已經選擇了兩者，不僅是聚合物，還有相關設施。

So the result will show us how good it is, the technology for the field. But we are ready to expand the technology as soon as we identify those results, and we are able to dimension how good is that in term of economics. So that's the status today of the project.

因此，結果將向我們展示該領域的技術有多麼優秀。但是，一旦我們確定了這些結果，我們就準備好擴展這項技術，並且我們能夠衡量它在經濟方面有多好。這就是該項目目前的狀況。

Our last question of today's call is from Joao Caprina of Suno Research. The question reads, how is your relationship with Pampa Energia going? Do you plan to partner in Vaca Muerta?

今天電話會議的最後一個問題來自 Suno Research 的 Joao Caprina。問題是，您與 Pampa Energia 的關係如何？您計劃與 Vaca Muerta 合作嗎？

Joao, thanks, and thanks for being here today with us. Yes, I was mentioning earlier that June 6, I had the opportunity to visit the Governor of Neuquen in his office. And I since then have had some discussions with them, with the provincial authorities and with the Governor himself.

若昂，謝謝你，也謝謝你今天來到這裡。是的，我之前提到過，6 月 6 日，我有機會去內烏肯省省長辦公室拜訪他。從那時起，我與他們、省當局以及省長本人進行了一些討論。

The day before that, on the 5th, I had the opportunity to meet with Pampa in Buenos Aires. And I'd say a very, very encouraging, very respectful conversation.

前一天，也就是5日，我有機會在布宜諾斯艾利斯與潘帕見面。我想說這是一次非常、非常令人鼓舞、非常令人尊敬的對話。

And we're always, I think, striving to identify opportunities where we can jointly partner. And that conversations or those conversations continue, are ongoing. Those conversations have continued to actually happen.

我認為，我們一直在努力尋找可以共同合作的機會。而這些對話仍在繼續，正在進行中。這些對話實際上仍在繼續。

And obviously, I won't go into more details, but I think we have a very respectful conversation with Pampa. And the other thing I'd say, Pampa has been a very successful company over the last years, and they've very aggressively looked at gas developments.

顯然，我不會透露更多細節，但我認為我們與 Pampa 進行了非常尊重的對話。我想說的另一件事是，Pampa 在過去幾年裡一直是一家非常成功的公司，他們非常積極地關注天然氣開發。

They're looking they're actually pursuing oil developments and stuff. So a lot of respect for Pampa, and we're having some very good conversations with them. Thanks, Joao.

他們實際上正在尋找石油開發之類的東西。所以我們非常尊重 Pampa，並且我們與他們進行了一些非常好的對話。謝謝，若昂。

That will conclude the Q&A portion of today's call. So I'll pass it back over to Felipe Bayon for any closing remarks.

今天電話會議的問答部分到此結束。因此我將把發言權交還給 Felipe Bayon，請他做最後發言。

Thank you so much. Thanks for that. And again, thanks for your help with the call today, and especially thanks to all of you that participated in the call. So before we close, I'd like to share with you some results of our AGM. So our 2025 Annual General Meeting was held earlier today, this morning, and a few things coming out of that.

太感謝了。謝謝。再次感謝您今天在電話會議上提供的協助，特別感謝所有參加電話會議的人。因此，在結束之前，我想與大家分享我們年度股東大會的一些成果。因此，我們的 2025 年年度股東大會於今天早上舉行，並發布了一些內容。

The first one is that all nominated candidates were duly elected and confirmed as members of the Boards of Directors for GeoPark. The second one, E&Y, Ernst & Young Audit SAS, was appointed as external auditor to the company.

第一，所有被提名的候選人已正式選舉並確認為地質公園董事會成員。第二家公司是安永會計師事務所 (Ernst & Young Audit SAS)，被任命為該公司的外部審計師。

And the third one is that the Audit Committee, which is part of the Board, was authorized to determine remuneration for the auditor. So I just wanted to provide that update, which I think is very timely.

第三，董事會下屬的審計委員會有權決定審計師的薪酬。所以我只是想提供這個最新消息，我認為這非常及時。

I'll say that we will continue in GeoPark to be focused on capital discipline. And I know there's a lot of interest. I mean, I don't know, probably 50% of the questions had some element of capital discipline. So thanks for that. We will protect our financial strength.

我想說的是，我們將繼續在地質公園中關注資本紀律。我知道大家對此很有興趣。我的意思是，我不知道，大概 50% 的問題都跟資本紀律有關。所以謝謝你。我們將保護我們的財務實力。

We will continue to invest to position the company for the next phase that will be profitable and sustainable in the long term, always with the vision of growth. We remain very confident in our strategy and our ability to continue to create value always safely, responsibly and consistently.

我們將繼續投資，使公司進入下一階段，實現長期獲利和永續發展，並始終秉持成長願景。我們對我們的策略以及我們繼續以安全、負責和持續的方式創造價值的能力仍然充滿信心。

And again, thanks, everybody, for your interest and support in GeoPark. And we're always here to answer any questions.

再次感謝大家對地質公園的關注與支持。我們隨時為您解答任何問題。

If there's follow-up questions, please reach out to the guys in the team, and we'll be happy to address them. So Reagan, thanks for your help. And everybody else, thanks for being here today, and have a great day. Thanks.

如果有後續問題，請聯絡團隊中的人員，我們很樂意為您解答。所以雷根，謝謝你的幫助。感謝各位今天的到來，祝福大家有個愉快的一天。謝謝。

Thank you. That will conclude today's call. Thank you for your participation. You may now disconnect your line.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。