Kolibri Global Energy Inc (KGEI) 2024 Q3 法說會逐字稿

Good day, and welcome to the Kolibri Global Energy's third quarter 2024 earnings conference call.

美好的一天，歡迎參加 Kolibri Global Energy 2024 年第三季財報電話會議。

(Operator Instructions).

（操作員說明）。

I advise participants that this conference is being recorded today, November 13, 2024.

我建議與會者，本次會議將於今天（2024 年 11 月 13 日）錄製。

This call will be available on the company's website at www.kolibrienergy.com.

此次電話會議將在公司網站 www.kolibrienergy.com 上發布。

Here is a disclaimer.

這裡有一個免責聲明。

This call may include forward-looking information regarding Colibri's strategic plans, anticipated production, capital expenditures, exit rates and cash flows, reserves and other estimates and forecasts.

這次電話會議可能包括有關 Colibri 的策略計劃、預期產量、資本支出、退出率和現金流量、儲備以及其他估計和預測的前瞻性資訊。

Forward-looking information is subject to risks and uncertainties, and actual results will vary from the forward-looking statements.

前瞻性資訊存在風險和不確定性，實際結果可能與前瞻性陳述有所不同。

This call may include future-oriented financial information and financial outlook information, which Kolibri discloses in order to provide readers with a more complete perspective on Kolibri's potential future operations and such information may not be appropriate for other purposes.

這次電話會議可能包括面向未來的財務資訊和財務前景信息，Kolibri 披露這些資訊是為了讓讀者更全面地了解 Kolibri 未來的潛在營運情況，此類資訊可能不適合其他目的。

For a description of the assumptions on which such forward-looking information is based and the applicable risks and uncertainties and Kolibri policy for updating such statements.

了解此類前瞻性資訊所依據的假設、適用的風險和不確定性以及 Kolibri 更新此類聲明的政策。

We direct you to Kolibri's most recent annual information form and management's discussion and analysis for the period under discussion as well as the Kolibri's most recent corporate presentation, all of which are available on Kolibri's website.

我們將引導您查看 Kolibri 最新的年度資訊表、討論期間的管理層討論和分析以及 Kolibri 最新的企業演示文稿，所有這些都可以在 Kolibri 的網站上找到。

Listeners should not place undue reliance on forward-looking information.

聽眾不應過度依賴前瞻性資訊。

Kolibri undertakes no obligation to update any forward-looking, future-oriented financial or financial outlook information other than as required by applicable law.

除適用法律要求外， Kolibri 不承擔更新任何前瞻性、面向未來的財務或財務前景資訊的義務。

I would now like to turn the conference over to Mr. Wolf Regener, the President and CEO of Kolibri Global Energy, Inc. Please go ahead, sir.

現在我想將會議交給 Kolibri Global Energy, Inc. 總裁兼執行長 Wolf Regenener 先生。

Thank you, Megan, and thanks, everyone, for joining us today.

謝謝梅根，也謝謝大家今天加入我們。

With me on today's call is Gary Johnson, our Chief Financial Officer.

與我一起參加今天電話會議的是我們的財務長加里·約翰遜 (Gary Johnson)。

We released our 2024 third quarter report yesterday, and we'll assume you've had a chance to look over the report.

我們昨天發布了 2024 年第三季報告，我們假設您有機會查看該報告。

We are very pleased with the accomplishments we've achieved so far.

我們對迄今為止所取得的成就感到非常滿意。

We've had a solid quarter with strong financial results, solid production from the field, successful and under budget drilling of the first three longer lateral wells, Alicia Renee 2-11-3H, Alicia Renee 2-11-4H, and Alicia Renee 2-11-5H.

我們的季度表現強勁，財務業績強勁，油田生產穩定，前三口較長側井（Alicia Renee 2-11-3H、Alicia Renee 2-11-4H 和 Alicia Renee）成功鑽探且低於預算2-11- 5H。

We drilled these wells in 14 days, which was faster than the forecast as our 1-mile laterals, we were drilling in 12 days.

我們用了 14 天鑽完這些井，這比預測的還要快，因為我​​們花了 12 天就完成了 1 英里的支管鑽探。

.

。

That led to our post-quarter results from those same wells which we put out yesterday morning, where those three wells are making over 2,800 BOE a day currently.

這導致了我們昨天早上公佈的那些油井的季度後業績，這三口油井目前每天的產量超過 2,800 桶油當量。

So bottom line is things are going very well.

所以底線是一切都進展順利。

And with that, I'll turn the call over to Gary to discuss our financial results.

接下來，我會將電話轉給加里，討論我們的財務表現。

Thanks, Wolf, and thanks to everyone for joining the call.

謝謝沃爾夫，也謝謝大家加入電話會議。

I'm going to go over a few highlights for the quarter and the September year-to-date results, and then we can take questions at the end.

我將回顧本季和 9 月年初至今的業績的一些要點，然後我們可以在最後回答問題。

All amounts are in US dollars unless otherwise stated.

除非另有說明，所有金額均以美元為單位。

I'll start with the third quarter results.

我將從第三季的業績開始。

Average production was up 11% to 3,032 BOE per day compared to 2,737 in the prior year quarter.

平均產量成長 11%，達到每天 3,032 桶油當量，去年同期為 2,737 桶油當量。

The increase was due to production from the wells that were drilled over the last 12 months.

這一增長是由於過去 12 個月鑽探的油井產量所致。

Adjusted EBITDA reached $10.1 million compared to $9.5 million in the prior year quarter, which was an increase of 6% due to the higher production, partially offset by lower prices, which were down 9%.

調整後的 EBITDA 達到 1,010 萬美元，而去年同期為 950 萬美元，由於產量增加，增長了 6%，但價格下降（下降了 9%）部分抵消了這一增長。

Revenue was up 2% to $13.9 million in the quarter, again due to higher production, partially offset by lower prices.

本季營收成長 2%，達到 1,390 萬美元，這同樣是由於產量增加，但部分被價格下降所抵消。

Net income for the quarter was $5.1 million and basic EPS being $0.14 per share, which was an increase of 118% compared to $2.3 million or $0.07 per share in the prior year quarter.

本季淨利潤為 510 萬美元，基本每股收益為 0.14 美元，與去年同期的 230 萬美元或每股 0.07 美元相比增長了 118%。

The increase was due to higher revenue and a $3.9 million swing in the non-cash unrealized mark-to-market adjustments on our hedges between Q3 '24 and the third quarter of last year.

這一增長是由於收入增加以及從 2024 年第三季到去年第三季期間我們對沖的非現金未實現按市價調整調整了 390 萬美元。

This was partially offset by higher income tax expense.

這被較高的所得稅費用部分抵消。

Average prices decreased by about 9% for the quarter, and this price decrease led to a 8% decline in our netbacks and operations to $40.01 per BOE compared to $43.28 in the prior year quarter.

本季平均價格下降了約 9%，價格下降導致我們的淨收益和營運下降 8%，降至每桶油當量 40.01 美元，而去年同期為 43.28 美元。

Netbacks including the impact of hedges, were $39.95 per BOE compared to $41.65, which was a decrease of 4%.

包括對沖影響在內的淨回值為每桶當量 39.95 美元，較 41.65 美元下降 4%。

Operating expense for the quarter was $6.63 per BOE for the quarter compared to $7.34 per BOE in the prior year third quarter, which was a decrease of 10% due to higher production, which lowered our fixed cost per barrel.

本季的營運費用為每桶油當量 6.63 美元，而去年第三季每桶油當量為 7.34 美元，由於產量增加，每桶固定成本降低了 10%。

Now moving on to the year-to-date September results.

現在我們來看看今年迄今的 9 月份業績。

Average production was up 13% to 3,154 BOE per day compared to 2,780 in the prior year.

平均產量較前一年的每天 2,780 桶油當量增加 13%，達到 3,154 桶油當量。

Adjusted EBITDA was up 7% to $30.5 million compared to $28.6 million due to the higher production, partially offset by lower prices.

由於產量增加，調整後 EBITDA 成長 7%，達到 3,050 萬美元，而產量則從 2,860 萬美元增加，但部分被價格下降所抵銷。

Net revenue was up 11% to $41.2 million in the year-to-date '24 compared to $37.2 million in the prior year due to higher production, partially offset by lower prices up 2%.

2024 年至今，淨收入成長 11%，達到 4,120 萬美元，而前一年的淨收入為 3,720 萬美元，原因是產量增加，但部分被價格上漲 2% 的下降所抵消。

Net income was $12.5 million with basic EPS of $0.35 per share, which compares to $14.5 million and an EPS of $0.41 per share last year.

淨利潤為 1,250 萬美元，每股基本每股收益為 0.35 美元，而去年淨利潤為 1,450 萬美元，每股基本每股收益為 0.41 美元。

And that as higher income tax, operating and G&A expense offset the increase in revenue.

隨著所得稅、營運和一般行政費用的增加抵消了收入的成長。

Netbacks operations decreased 6% to $39.78 per BOE compared to $42.48 last year due to lower average prices and higher OpEx.

由於平均價格下降和營運支出增加，淨利潤營運下降 6%，至每桶油當量 39.78 美元，而去年為 42.48 美元。

Netbacks, including the impact of hedges, were $39.09 per BOE compared to $41, which was a decrease of 5%.

淨回值（包括對沖的影響）為每桶當量 39.09 美元，較 41 美元下降 5%。

Operating expense was $7.84 per BOE for the year-to-date September compared to $6.47 in the prior year period, which was an increase of 21%.

今年至今 9 月份，每桶油當量的營運費用為 7.84 美元，而去年同期為 6.47 美元，成長了 21%。

This was due to adjusted true-ups and higher water hauling costs in the first half of the year.

這是由於上半年調整後的調整和較高的運水成本。

I'd also like to mention in October, our credit facility was redetermined at the same $50 million borrowing base, and our net debt at the end of the quarter was $29.1 million, and we had $19 million of available borrowing capacity.

我還想提一下，10 月份，我們的信貸安排在 5000 萬美元的借款基礎上重新確定，季度末我們的淨債務為 2910 萬美元，我們有 1900 萬美元的可用借款能力。

And as you probably saw in the press release yesterday starting in October, we started repurchasing shares under our normal course issuer bid share buyback program.

正如您可能在昨天的新聞稿中看到的那樣，從 10 月開始，我們開始根據正常發行人投標股票回購計劃回購股票。

So far, we have repurchased about 104,000 shares, and our plan is to continue to repurchase additional shares to enhance shareholder value.

到目前為止，我們已經回購了約104,000股股票，我們的計劃是繼續回購更多股票以提升股東價值。

And as you also in the news release yesterday, the [3] Alicia Renee wells performing very well in the early stages.

正如您在昨天發布的新聞稿中一樣，[3] Alicia Renee 在早期階段表現非常出色。

So we're expecting a significant increase in our cash flow as we head into the fourth quarter.

因此，我們預計進入第四季後現金流將大幅增加。

And with that, I'll hand it back to Wolf.

有了這個，我會把它交還給沃爾夫。

Thanks, Gary.

謝謝，加里。

As I stated and Gary went over another solid quarter.

正如我所說，加里又度過了一個堅實的季度。

When you look back over the last few years, the company has had quite the growth.

回顧過去幾年，公司取得了相當大的發展。

Revenue and cash flow have grown a lot all while keeping our leverage low and our team has been executing extremely well.

在保持低槓桿率的同時，收入和現金流量成長了很多，而且我們的團隊執行得非常好。

Our striving for constant improvement has been paying off as well.

我們不斷改進的努力也得到了回報。

The drilling times and cost improvements have been huge.

鑽井時間和成本的改善是巨大的。

We've also had numerous completion improvements.

我們也進行了大量的完成度改進。

And now with the longer laterals, it should lead to even more economic wells.

現在，由於支管更長，它應該會帶來更多經濟井。

For our year-end reserve report, we're looking to hopefully having more proved reserves as the wells we've drilled this year were mainly possible locations on last year's reserve report.

對於我們的年終儲量報告，我們希望擁有更多探明儲量，因為我們今年鑽探的油井主要是去年儲量報告中可能出現的位置。

And hopefully, our NPV increases as well due to the longer laterals being more economic.

希望我們的 NPV 也會增加，因為較長的支管更經濟。

That, of course, is in our third-party reservoir engineering firm, (inaudible) and not in ours.

當然，那是我們的第三方油藏工程公司（聽不清楚）而不是我們的。

As to the stock price, hopefully, the stock price will increase to reduce the valuation gap between our market cap and the proved reserve value.

至於股價，希望股價會上漲，以縮小我們的市值與已探明儲量之間的估值差距。

As people see how well we're executing as we make more people aware of our story and also the significance of what we believe will be the even better economics of these longer lateral wells is fully understood by investors.

當人們看到我們的執行情況時，我們讓更多的人了解我們的故事，並且投資者充分了解我們相信這些較長的側井將帶來更好的經濟效益的重要性。

In addition, as Gary mentioned, our returning capital to shareholders in the form of share buybacks that we started recently, which we're intending to continue should also help.

此外，正如加里所提到的，我們最近開始以股票回購的形式向股東返還資本，我們打算繼續這樣做，這也應該會有所幫助。

Our plan is to continue to build and grow company value, and keep executing the way we've been executing.

我們的計劃是繼續建立和成長公司價值，並繼續以我們一直執行的方式執行。

This concludes the formal part of our presentation, and we'll be pleased to answer any questions that you now may have.

我們演示的正式部分到此結束，我們將很高興回答您現在可能提出的任何問題。

We will now be in the question and answer session to ask a question.

我們現在將在問答環節提出問題。

(Operator Instructions)

（操作員說明）

John White, Roth Capital.

約翰懷特，羅斯資本。

Good morning and congratulations on a solid quarter and congratulations on these very strong Renee wells.

早安，恭喜季度業績穩定，恭喜蕾妮的業績表現強勁。

Thank you, John.

謝謝你，約翰。

With these Renee wells has that altered your plans for drilling in the fourth quarter.

這些 Renee 井改變了您第四季度的鑽探計劃。

Is there any planned drilling for the fourth quarter or are you going to sit back and monitor these wells for a quarter or two?

第四季是否有任何鑽探計劃，或者您打算在一兩個季度內坐下來監測這些油井？

Yeah.

是的。

So, we won't be drilling anything else in fourth quarter.

因此，我們在第四季度不會進行任何其他鑽探。

We do take steps in general in the field where we're prepping numerous locations.

我們確實在準備許多地點的領域採取了總體措施。

So we have different places where we can go in a timely manner.

所以我們有不同的地方可以及時去。

So we are prepping things for 2025.

所以我們正在為 2025 年做準備。

But there won't be any physical drilling in 2024 still.

但 2024 年仍不會進行任何實體鑽探。

But, yeah.

但是，是的。

Okay.

好的。

Well, very positive developments with your recent drilling success.

嗯，最近的鑽探成功取得了非常積極的進展。

I'll turn it back to the operator.

我會將其返還給接線員。

Thank you, John.

謝謝你，約翰。

Yeah, we feel the same way.

是的，我們也有同樣的感覺。

We are very pleased with what we saw or what's happened so far.

我們對所看到的或迄今為止發生的事情感到非常滿意。

Kyle May, Sidoti.

凱爾·梅，西多蒂。

Thank you gentlemen for your time here today.

感謝各位先生今天抽出寶貴時間來到這裡。

This is actually Andrew DeAngelis on for Kyle, who, traveling right now.

這實際上是安德魯·德安吉利斯 (Andrew DeAngelis) 為正在旅行的凱爾 (Kyle) 所做的。

But I just wanted to ask, is is there anything notable or surprising that you've learned from the three -- 1.5 mile lateral wells that you've drilled to date?

但我只是想問，您從迄今鑽探的三口 1.5 英里側井中學到了什麼值得注意或令人驚訝的事情嗎？

I guess not surprising, but kind of what we're hoping for is that drilling these mile and a half laterals would be even more economic on a cost basis than we anticipated.

我想這並不奇怪，但我們希望鑽探這些半英里的支管從成本角度來看比我們預期的更經濟。

The fact that we were able to add 50% of lateral with only two extra days of drilling makes a huge difference on the costs.

事實上，我們只需要額外兩天的鑽探就能增加 50% 的側向，這對成本產生了巨大的影響。

So that was a, that was pleasantly encountered by us and we were hoping we could do well, but it was even better than what we were hoping we would do.

所以這是我們愉快地遇到的，我們希望我們能做得很好，但它甚至比我們希望我們能做的更好。

And everything actually went pretty smoothly when you, you know, increase the lateral and you have some other, a little bit of additional risks.

當你，你知道，增加水平並且你有一些其他的、一點額外的風險時，一切實際上都進展得很順利。

But everything was planned out well and everything went smoothly.

但一切都計劃得很順利，一切都很順利。

So that's about the only I wouldn't call it a surprise, but I'm very pleased with how it all went.

所以這大概是唯一一個我不會稱之為意外的事情，但我對一切的進展感到非常滿意。

And did you disclose the average cost of well.

您是否揭露了油井的平均成本？

The fact that we're still getting the actual hard costs in we have field estimates, et cetera, that's why I can say we're under budget, but I didn't want to put a number on it until we make sure we have everything accounted for and we can give an accurate number out.

事實上，我們仍然得到實際的硬成本，因為我們有現場估計，等等，這就是為什麼我可以說我們低於預算，但我不想在上面加上一個數字，直到我們確保我們有一切都已考慮在內，我們可以給出準確的數字。

But I'm pleased with what I'm seeing on the numbers that they are definitely under budget.

但我對我所看到的數字感到滿意，他們絕對在預算之內。

Understood and then just relative to your full year guidance.

了解然後僅相對於您的全年指導。

Now, now that you have these in flow back, is there any bias within current guidance that you're able to share?

現在，既然您已經得到了這些回饋，您可以分享當前指導中是否存在任何偏見？

No, we haven't decided.

不，我們還沒決定。

We haven't proposed anything to the board yet and the board hasn't approved yet, we'll be doing that here in the near future and then once we have that, then we'll announce what we're doing for 2025.

我們還沒有向董事會提出任何建議，董事會也還沒有批准，我們將在不久的將來在這裡這樣做，一旦我們有了這些建議，我們將宣布 2025 年我們要做的事情。

You know what I'd like to say is that our intent for management is to present something to the board that includes some additional growth, but also includes some continuation of returning capital to shareholders.

你知道我想說的是，我們管理階層的目的是向董事會展示一些東西，其中包括一些額外的成長，但也包括繼續向股東返還資本。

Thank you.

謝謝。

And then just last one for me before I jump back in queue relative to the buyback.

然後，在我重新排隊參與回購之前，先做最後一件事情。

Can you remind us of your capacity and will that further buybacks come out of cash flow or would you be willing to take on additional leverage in order to to buy back shares here?

您能否提醒我們您的能力以及進一步的回購是否來自現金流，或者您是否願意承擔額外的槓桿作用以便在這裡回購股票？

Yeah, or deal with the bank actually, it has to come out of cash flow.

是的，或者實際上與銀行打交道，它必須來自現金流。

So we'll basically be, it'll be coming out of cash flow for sure.

所以我們基本上一定會從現金流產生。

And scary deal.

還有可怕的交易。

That number off the top of my head.

這個數字從我的腦海中浮現出來。

Was it 1.7 million shares?

是170萬股嗎？

Yeah, [1.75 million] maximum.

是的，最多 [175 萬]。

[Alan Basson]

[艾倫·巴森]

Yeah.

是的。

Hi Wolf and team.

嗨，沃爾夫和他的團隊。

Congratulations on some very strong wells.

祝賀一些非常堅固的井。

I think what's most notable to me and I, I'd like you to comment on that Wolf is your overall cost now to develop the field relative to what was estimated in the previous reserve reports.

我認為對我和我來說最值得注意的是，我希望您評論一下，沃爾夫現在開發該油田的總體成本相對於先前的儲備報告中的估計。

What would you estimate that cost saving to be.

您估計節省的成本是多少？

First of all, Alan, good to hear from you.

首先，艾倫，很高興收到你的來信。

So we haven't put a number on yet because I don't -- haven't put out the actual hard numbers yet, but it will definitely be less because as you saw how quickly we drilled those 1.5 mile laterals versus a mile lateral.

所以我們還沒有給出一個數字，因為我還沒有給出實際的硬性數字，但它肯定會更少，因為正如你所看到的，我們鑽探1.5 英里側向鑽探與1 英里側向鑽探相比有多快。

So basically, with every 2-mile laterals, we don't have to pay for a third well.

所以基本上，每 2 英里的支線，我們就不需要支付第三口井的費用。

And the cost of drilling that incremental amount on the first well is obviously a lot less than drilling a half well on its own.

而第一口井鑽探增量的成本顯然比單獨鑽半口井低很多。

So overall, it should be significant in cost savings for developing the field as a whole.

因此總體而言，這對於整個領域的開發成本節省應該是顯著的。

And that's where we'll work with other Netherland, Sewell, a third-party engineering firm to say, hey, look, there's still could be the same reserves that we're getting out of the ground for that area.

這就是我們將與其他荷蘭、第三方工程公司 Sewell 合作的地方，嘿，看，仍然可能有與我們在該地區從地下開採的相同的儲備。

And the as we can do it with far fewer wells and cost-wise should be significantly less on a whole basis.

我們可以用更少的井來做到這一點，並且成本在整體上應該大大減少。

So it should definitely improve our economics, and it's a great way of looking at it by saying how much of it for the full field for development, but it should be significant.

因此，它肯定會改善我們的經濟，這是一個很好的看待它的方式，它可以說明整個領域的發展有多少，但它應該是重要的。

I'll be looking forward to seeing what those numbers work out to be when we settle all that with metal and soil.

當我們用金屬和土壤解決所有這些問題時，我將期待看到這些數字的結果。

Okay, one follow on question if you don't mind, Wolf in terms of EUR, for these mile and a half lads?

好吧，如果你不介意的話，接下來的問題是，沃爾夫，對於這些跑一英里半的小伙子來說，用歐元計算？

Were there any, did you keep the same frac interval?

有沒有保持相同的壓裂間隔？

And are you expecting a better EUR per, well, and basically, you know, what's your expected drainage per section type thing?

您是否期望每段獲得更好的美元，基本上，您知道，每個部分類型的預期排水量是多少？

Do you think that improves.

你認為這有改善嗎？

You know, it's, I think what, what we're anticipating and hoping for is that, you know, for on a per foot basis, we're getting a similar EUR we did change some things a little bit, we tweaked a little bit on our completion.

你知道，我想，我們所期待和希望的是，你知道，在每英尺的基礎上，我們得到了類似的歐元，我們確實做了一些改變，我們做了一些調整有點影響我們的完成。

So we think we got a little even better completion going on this one than we did in our previous ones.

因此，我們認為我們在這方面的完成度比之前的方面還要好一些。

But overall kept a lot of things the same.

但總的來說，很多事情保持不變。

We try to only change one thing at a time to know if it works or not.

我們嘗試一次只改變一件事，以了解它是否有效。

But the early results definitely indicate that we potentially have a more effective rack.

但早期結果明確表明我們可能擁有更有效的機架。

But at the worst case, I think that we're looking at having our EURs go up proportionately by the extra lateral length that we have in these wells and we'll get lucky, but we won't know that for a couple three months here on the flowback if we if the tweak that we did in our completions help the EUR as well even further.

但在最壞的情況下，我認為我們正在考慮讓我們的歐元隨著我們在這些井中的額外橫向長度而按比例上漲，我們會很幸運，但三個月內我們不會知道這一點如果我們在完成時所做的調整也進一步幫助歐元，那麼就在回流上。

Right?

正確的？

And, and so in terms of your published type curves that you have, is there anything you can guide as to that you would think you're now representative or more representative than in the past.

而且，就您已發布的類型曲線而言，您是否可以指導您認為自己現在具有代表性或比過去更具代表性。

So on the mile and a half ladders, we're going to have to see a little bit.

因此，在一英里半的梯子上，我們必須看到一點。

That's what I was saying to people also on the flowbacks.

這也是我在回流時對人們說的話。

It's like, well, how is it going to clean up further from here?

就像，那麼，如何才能進一步清理這裡呢？

And, you know, we're a little bit unknown because it is a longer lateral.

而且，你知道，我們有點不為人所知，因為它是一個較長的水平。

So you're reaching further out on the flowbacks.

所以你要進一步深入了解回流。

These wells have been very strong in general on the initial side of things stronger than we've had in some of our other wells.

總的來說，這些井在最初的方面非常堅固，比我們在其他一些井中得到的還要堅固。

So it's a little early to say what the decline curves are going to be on these until I get some more data just because it is longer.

因此，在我獲得更多數據之前，現在說這些下降曲線會是什麼樣子還為時過早，因為它更長。

If it was a mile longer of lateral, I would have much more confidence in it in general.

如果橫向長一英里，我總體上會對它更有信心。

You know, we've had on our myle long laterals, we were about 60% declines in the first year, about 30% in the second.

你知道，我們的 myle 長側支線，第一年下降了約 60%，第二年下降了約 30%。

And then you get out to a terminal decline is what we're assuming about 8% years, you know, four on.

然後你會看到最終的下降，我們假設大約 8%，四年後。

So that's kind of guidance, but like I said, we're looking forward to these, they look strong, we're still flowing up casing on these no tubing.

所以這是一種指導，但就像我說的，我們期待這些，它們看起來很堅固，我們仍在這些無油管上流動套管。

And it looks like we're going to be flowing up casing for a while, which is not what our typical wells have been doing out here.

看起來我們將在一段時間內沿著套管向上流動，這不是我們這裡典型的油井所做的事情。

Normally, we have tubing running in with the gas lift that starts within 4 weeks to 6 weeks and this looks like it's going to last longer.

通常情況下，我們的氣舉管道會在 4 週到 6 週內開始運行，看起來會持續更長時間。

But we'll see.

但我們會看到。

Well, that's very encouraging again.

嗯，這又非常令人鼓舞。

Congratulations on some great wells and a and a good quarter and thanks for all your efforts.

恭喜一些出色的油井和一個良好的季度，並感謝您的所有努力。

Thank you.

謝謝。

Appreciate the support and good to hear from you.

感謝您的支持，很高興收到您的來信。

This concludes our question and answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to wolf Regener for any closing remarks.

我想將會議轉回沃爾夫·雷格納 (Wolf Regene) 發表閉幕詞。

Yeah, just, nothing big here, your add that we didn't cover.

是的，只是，這裡沒什麼大不了的，你的補充我們沒有涵蓋。

But thank you everyone very much for listening in and joining us here today and I hope everyone has a great rest of their day.

但非常感謝大家今天收聽並加入我們，我希望每個人都度過愉快的一天。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。