Kosmos Energy Ltd (KOS) 2025 Q1 法說會逐字稿

Good day everyone. Welcome to Kosmos Energy's first-quarter 2025 conference call. As a reminder, today's call is being recorded.

大家好。歡迎參加 Kosmos Energy 2025 年第一季電話會議。提醒一下，今天的通話正在錄音。

At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.

現在，請允許我將電話轉給 Kosmos Energy 投資者關係副總裁 Jamie Buckland。

Thank you, operator, and thanks to everyone for joining us today. This morning we issued our first quarter 2025 earnings release. This release and the slide presentation to accompany today's call are available on the investors page of our website.

謝謝接線員，也謝謝大家今天的加入我們。今天上午，我們發布了 2025 年第一季財報。本新聞稿和今天電話會議的幻燈片簡報可在我們網站的投資者頁面上找到。

Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Nealesh Shah, CFO.

今天與我一起參加電話會議並審查材料的有董事長兼首席執行官安迪·英格利斯 (Andy Inglis) 和首席財務官尼萊什·沙阿 (Nealesh Shah)。

During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our UK and SEC filings. Please refer to our annual report, stock exchange announcement, and SEC filings for more details. These documents are available on our website.

在今天的演示中，我們將做出涉及我們的估計、計劃和期望的前瞻性陳述。由於我們在本簡報以及英國和美國證券交易委員會的文件中指出的因素，實際結果和成果可能會存在重大差異。請參閱我們的年度報告、證券交易所公告和美國證券交易委員會文件以了解更多詳細資訊。這些文件可在我們的網站上找到。

And at this time, I will turn the call over to Andy.

現在，我將把電話轉給安迪。

Thanks Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our first quarter results call. I'll start off the call by reinforcing the messages I gave in February with our full year results, which apply even more so in today's volatile market.

謝謝傑米，大家早安，下午好。感謝您今天參加我們的第一季業績電話會議。在電話會議開始時，我將透過全年業績來強調我在二月所傳達的訊息，這在當今動盪的市場中更為適用。

Kosmos continues to focus on prioritizing cash generation, rigorous cost control, and enhancing the financial resilience of the company. I'll then provide an update on the operational progress we've made so far this year and the outlook for the remainder of 2025.

Kosmos 繼續專注於優先創造現金、嚴格控製成本以及增強公司的財務彈性。然後，我將介紹我們今年迄今取得的營運進展以及 2025 年剩餘時間的展望。

Neal will then walk you through the quarter's results and the balance sheet before I wrap up with closing remarks. We'll then open up the call for Q&A.

然後，尼爾將向您介紹本季的業績和資產負債表，然後我做結束語。然後我們將開始問答環節。

Starting on slide 3. While we're seeing heightened volatility in our sector and across global markets more broadly, our priorities remain unchanged. I talked in detail in February about prioritizing cash generation, and that continues to be our primary focus, and we deliver that through a combination of increasing production and lowering costs.

從投影片 3 開始。儘管我們看到我們所在行業以及全球市場的波動性加劇，但我們的優先事項保持不變。我在二月詳細談到了優先考慮現金創造，這仍然是我們的主要關注點，我們透過增加產量和降低成本來實現這一目標。

Starting with production, we were pleased to announce the export of the first cargo from the GTA project last month. All four trains on the FLNG vessel are now operational, with daily production ramping up towards the contracted sales volume equivalent to 2.45 million tons of LNG per annum, with potential to go higher. I'll talk more about that on the following slide.

從生產開始，我們很高興地宣布上個月 GTA 項目第一批貨物出口。該FLNG船上的四條生產線目前均已投入運營，日產量正朝著合約銷售量（相當於每年245萬噸液化天然氣）邁進，並且還有進一步上升的潛力。我將在下一張幻燈片中詳細討論這一點。

In Ghana, we expect the drilling rig to arrive later this month with two Jubilee wells planned in 2025, which should help deliver production growth in the second half of the year. The partnership also plans to drill an additional four Jubilee wells in 2026, which should further enhance production with low cost, high margin barrels, even in a lower oil price environment.

在加納，我們預計鑽井平台將於本月稍後抵達，並計劃於 2025 年鑽探兩口 Jubilee 油井，這將有助於實現下半年產量成長。該合作計畫還計劃在 2026 年再鑽探四口 Jubilee 油井，即使在低油價環境下，也能進一步提高低成本、高利潤的石油產量。

In the Gulf of America, we're currently drilling the fourth Winterfell well, which is expected online in the third quarter. On costs, I talked in February about a material reduction in costs across both capital expenditures and overhead with the ability to exercise greater control over our CapEx going forward.

在美國灣，我們目前正在鑽探第四口 Winterfell 井，預計將於第三季投產。關於成本，我在二月談到大幅降低資本支出和管理費用，以便能夠更好地控制未來的資本支出。

We expect CapEx to fall by over 50% year-on-year with evidence of this in 1Q, with CapEx of $86 million, $ 200 million lower than the same quarter last year. We also committed to reduce our annual overhead by $25 million by year end. We've already made significant progress against that target through April.

我們預計資本支出將年減 50% 以上，第一季就已出現此跡象，資本支出為 8,600 萬美元，比去年同期低 2 億美元。我們也承諾到年底將年度管理費用減少 2,500 萬美元。截至四月份，我們已在實現該目標方面取得了重大進展。

And finally, as we navigate a volatile market backdrop, the important actions taken last year to enhance the financial resilience of the company and put us in good shape for the year ahead.

最後，在我們應對動盪的市場背景時，去年採取的重要行動增強了公司的財務彈性，並為我們來年做好了準備。

In 2024, we raised new capital and refinanced and up sized our reserve-based landing facility, which pushed out our average maturity lending. We continue to protect our balance sheet with a rolling hedging program and the minimal near term maturities and ample liquidity.

2024 年，我們籌集了新資本，並對基於儲備的登陸工具進行了再融資並增加了規模，從而延長了我們的平均到期貸款。我們繼續透過滾動對沖計劃、最低限度的短期到期債務和充足的流動性來保護我們的資產負債表。

Our portfolio is also made up of assets, particularly on the oil side, with low operating costs and therefore low break even. Neal will go into more detail on the actions we're taking later in the presentation. But the activities we have completed leave us the flexibility to maintain the resilience of our balance sheet through the current volatility.

我們的投資組合也由資產組成，特別是石油方面的資產，其營運成本較低，因此損益平衡點較低。尼爾將在稍後的演示中詳細介紹我們採取的行動。但我們已經完成的活動使我們能夠在當前的波動中保持資產負債表的彈性。

So in summary, we're focused on keeping the business in good shape through a period of market uncertainty, with growing production, material cost reduction, and an unchanged priority in cash delivery to pay down debt.

總而言之，我們的重點是在市場不確定時期保持業務良好狀態，增加產量，降低材料成本，並始終優先提供現金以償還債務。

Turning to slide 4, we achieved several key milestones in Mauritania and Senegal in recent months with first gas and LNG production, the GTA project, followed by the First LNG cargo. With the export of its First Cargo, Mauritania and Senegal have become the latest LNG exporting nations, and Kosmos is proud to become an LNG producer.

翻到幻燈片 4，我們最近幾個月在茅利塔尼亞和塞內加爾取得了幾個重要的里程碑，包括首次天然氣和液化天然氣生產、GTA 項目，以及隨後的第一批液化天然氣貨物。隨著首批貨物的出口，茅利塔尼亞和塞內加爾已成為最新的液化天然氣出口國，而科斯莫斯公司很自豪能夠成為液化天然氣生產商。

On the FLNG vessel, all four liquefaction trains are now operational, with production ramping up towards a contracted daily rate equivalent of 2.45 million tons per annum.

在 FLNG 船上，所有四條液化生產線目前均已投入運營，產量正朝著合約規定的日產量 245 萬噸/年的方向提升。

The second cargo listing is underway and our full year gross cargo guidance of 20 to 25 cargo remains unchanged. We also expect the first [conversate] cargo to be exported in the second half of the year. On costs, we're targeting material reductions in both operating costs and our FPSO lease costs. We expect routine operating costs to reduce near term as the commissioning work naturally comes to an end.

第二批貨物清單正在進行中，我們全年總貨物量指引為 20 至 25 批貨物保持不變。我們也預計第一批[conversate]貨物將於今年下半年出口。在成本方面，我們的目標是大幅降低營運成本和 FPSO 租賃成本。我們預計，隨著調試工作自然結束，常規營運成本將在短期內降低。

In addition, we're working with BP on the FPSO refinancing, which should further reduce OpEx, targeting completion in the second half of the year. Over the medium to longer term, the operator is investigating alternative operating models that could materially reduce costs and enhance the overall returns of the project. We look forward to working with them on this initiative.

此外，我們正在與 BP 合作進行 FPSO 再融資，這將進一步降低營運支出，目標是在今年下半年完成。從中長期來看，營運商正在研究可以大幅降低成本並提高專案整體回報的替代營運模式。我們期待與他們就這項倡議開展合作。

We see future upside potential in GTA with increased production through the existing facilities and then a potentially material step up in production through some low cost modifications to those facilities. The FOG vessel has a nameplate capacity of 2.7 million tons per annum, and the liquefaction trains are being tested at around 10% above this equivalent nameplate capacity.

我們看到 GTA 未來具有上升潛力，透過現有設施提高產量，然後透過對這些設施進行一些低成本改造，有可能大幅提高產量。FOG 船的額定容量為每年 270 萬噸，液化列車的測試容量比該額定容量高出約 10%。

Next we'll test the common systems at the maximum rate to get a better picture of where we can safely operate the facility above the contracted sales volume. We're also working with the operator in [Goa] to explore potential upgrades to the FLNG vessel, which could help increase LNG production capacity to beyond 3 million tons per annum.

接下來，我們將以最大速率測試通用系統，以便更好地了解我們可以在哪裡安全地在合約銷售量之上運營該設施。我們還與果阿的營運商合作，探索對 FLNG 船進行升級的可能性，這可能有助於將 LNG 生產能力提高到每年 300 萬噸以上。

Initial work suggests this can be achieved with relatively modest upgrades. This would likely be done as part of Phase 1+, where work has begun with the project partners to fully leverage the existing infrastructure. Phase 1+ is a low cost brownfield expansion to potentially double future gas sales with minor modifications to the FPSO in addition to the upgrade to the FLNG vessel and the provision of additional domestic gas.

初步研究表明，透過相對適度的升級即可實現這一目標。這可能會作為第 1+ 階段的一部分來完成，該階段已開始與專案合作夥伴合作，以充分利用現有的基礎設施。第 1+ 階段是低成本的棕地擴建，除了升級 FLNG 船並提供額外的國內天然氣外，還透過對 FPSO 進行微小改造，有可能使未來的天然氣銷售量翻一番。

The performance of the GTA reservoir based on data from the initial production has been positive, which creates the potential to reduce future well counts and CapEx. We'll continue to update the market as we make further progress.

根據初始生產數據，GTA 油藏的表現一直很好，這有可能減少未來的油井數量和資本支出。隨著我們取得進一步進展，我們將繼續更新市場資訊。

Turning to slide 5, which looks at operations in Ghana. It's been a busy start to the year in Ghana, where we've completed two major pieces of work.

翻到投影片 5，介紹加納的事業。今年我們在加納的開年非常忙碌，我們已經完成了兩項主要工作。

Firstly, the partnership shot a new 4D seismic survey, the first over the fields in around eight years, and that data is now being processed using state of the art algorithms. We believe the enhanced 4D image will greatly improve our reservoir models, and when combined with AI supported production optimization will enable a partnership to hydrate the future infill drilling campaigns and optimize reservoir management strategies to drive higher field recovery over the life of the asset.

首先，該合作夥伴進行了一次新的 4D 地震勘測，這是大約八年來首次對該油田進行勘測，目前正在使用最先進的演算法處理這些數據。我們相信，增強的 4D 影像將極大地改善我們的油藏模型，並且與人工智慧支援的生產優化相結合，將使合作夥伴關係能夠為未來的加密鑽井活動提供水分，並優化油藏管理策略，從而在資產的整個使用壽命內提高油田採收率。

The same major piece of work was a scheduled Jubilee FPSO shutdown, which was completed safely and on budget in early April. The work scope should help to sustain high levels of reliability and higher production as we drill new wells in the future. This year, the operator has been delivering good facilities up time and consistent water injection into the fields necessary to mitigate the natural decline rate.

同一主要工作是預定的 Jubilee FPSO 關閉，該工作於 4 月初安全且按預算完成。此工作範圍應有助於我們在未來鑽新井時保持高水準的可靠性和更高的產量。今年，營運商一直保持良好的設施正常運作時間，並持續向油田注水，以降低自然遞減率。

On drilling, the rig is expected to arrive this month with two Jubilee wells planned in 2025. The partnership then plans to drill 4D wells in 2026 with an option of additional wells if the external environment is supported.

鑽探方面，鑽井平台預計將於本月抵達，並計畫於 2025 年鑽探兩口 Jubilee 井。該合作公司計劃在 2026 年鑽探 4D 井，如果外部環境得到支持，也可以選擇鑽探更多井。

Jubilee infill wells provide the highest returns across our portfolio, with full payback typically months due to the low operating and development costs and high cash margins of the barrels, even in a lower oil price environment.

在我們的投資組合中，Jubilee 加密井的回報率最高，由於營運和開發成本低、油桶現金利潤率高，即使在油價較低的環境下，通常也能在幾個月內收回全部成本。

And finally, last month I had a very productive meeting with President Mahama in (inaudible) to discuss his vision for the future of Ghana's energy sector. We share a very aligned agenda around the importance of investment in the oil and gas sector to support the long-term economic and social development of the country.

最後，上個月我與馬哈馬總統在（聽不清楚）進行了一次非常有成效的會談，討論了他對加納能源產業未來的願景。我們在石油和天然氣領域投資的重要性以及支持國家長期經濟和社會發展方面有著非常一致的議程。

We look forward to continuing to work with the President and his government to invest in and advance Ghana's energy sector under his leadership. Change mindset. In the Gulf of America, production for the first quarter was in line with expectations and included a planned 30 day shutdown of the facility that hosts the Kodiak field, which has been completed. Our Gulf of America production has ramped back up to around 20,000 barrels of oil equivalent to a net.

我們期待繼續與總統及其政府合作，在他的領導下投資和推動加納的能源部門發展。改變心態。在美國灣，第一季的產量符合預期，其中包括計劃關閉 30 天的科迪亞克油田設施（該設施已完工）。我們在美國灣的產量已回升至約 2 萬桶石油當量。

On Winterfell, the work over number three well was unsuccessful. We're currently working with partners to evaluate a future sidetrack to access those reserves. The rig is currently drilling the Winterfell four well, and that is expected online in the third quarter.

在臨冬城，三號井的作業沒有成功。我們目前正在與合作夥伴一起評估未來獲取這些儲備的岔路。該鑽井平台目前正在鑽探 Winterfell 四井，預計將於第三季上線。

On Tiberius, where Kosmos is operated, we're making good progress on an improved lower cost development plan, which will be supported by new ocean bottom node seismic or OBM being acquired this year. We're working closely with Oxy, who are 1,550 partners on the project and also own the nearby Lucius facility, which we expect will host production from the field.

在 Kosmos 營運的 Tiberius，我們在改進低成本開發計劃方面正在取得良好進展，該計劃將得到今年收購的新型海底節點地震或 OBM 的支持。我們正在與 Oxy 密切合作，Oxy 是該專案的 1,550 名合作夥伴，並且還擁有附近的 Lucius 設施，我們預計該設施將負責油田的生產。

Post acquisition of the OBM, the (inaudible) process will continue with the aim of bringing a farmer ahead of project sanctions.

收購 OBM 後，（聽不清楚）流程將繼續進行，目的是讓農民領先於專案製裁。

The next title Guinea, production for the quarter was steady at around 9,000 barrels of oil per day net. Post the recent infill drilling campaign, activities is relatively light this year as the partnership focuses on well work to support current production levels.

下一個國家是幾內亞，本季石油產量穩定在每天 9,000 桶左右。在最近的加密鑽井活動之後，今年的活動相對較少，因為合作夥伴專注於鑽井工作以支援當前的生產水平。

In addition, we're working with the operators to reprocess the seismic we have with modern technology to high grade the future infill drilling potential. There's a lot of opportunity in EG, so the key is making sure we have the best understanding of the subsurface before our next drilling program.

此外，我們正在與營運商合作，利用現代技術重新處理地震數據，以提高未來的加密鑽井潛力。EG 中有很多機會，因此關鍵是確保我們在下一個鑽探計劃之前對地下有最好的了解。

Neal without taking through the financials.

尼爾沒有考慮財務狀況。

Thanks, Andy. Turning now to slide 7, which looks at the quarter in detail. Production for the first quarter was impacted by a number of one-offs. We had heavy scheduled maintenance as communicated in February, primarily driven by the Jubilee and Kodiak shutdowns, which led to a large under lift in 1Q.

謝謝，安迪。現在翻到第 7 張投影片，詳細介紹本季的狀況。第一季的生產受到一系列一次性事件的影響。正如 2 月所通報的，我們進行了大規模的定期維護，主要是由於 Jubilee 和 Kodiak 核電廠停運，導致第一季產量大幅下降。

Entitlement production did come in slightly lower than guidance, primarily due to the timing of the GTA ramp up. As Andy talked about earlier, the GTA ramp up has progressed in April, and our full year GTA cargo guidance is unchanged.

授權產量確實略低於預期，主要是 GTA 產量增加的時間。正如安迪之前提到的，GTA 的貨運量在 4 月有所提升，我們全年的 GTA 貨運量指引保持不變。

2Q production guidance reflects this GTA ramp up with production in the second quarter expected to be around 15% higher than the first quarter at the midpoint of our guidance. OpEx per barrel of oil equivalent was in line with guidance, but higher year-on-year, reflecting the lower production and higher maintenance in 1Q 2025, including a construction support vessel at Jubilee prior to and during the scheduled shutdown and the Winterfell3 workover. The biggest change was CapEx, which is materially lower year-on-year in line with our commitment to deliver capital for the year of $400 million or lower.

第二季的生產指引反映了 GTA 的成長，預計第二季的產量將比我們指引中點的第一季高出約 15%。每桶油當量的營運成本與預期一致，但同比有所上升，這反映了 2025 年第一季度產量下降和維護成本上升，包括在計劃停工之前和期間在 Jubilee 的一艘施工支援船以及 Winterfell3 修井作業。最大的變化是資本支出，與去年同期相比大幅下降，符合我們承諾的年度資本支出 4 億美元或以下。

G&A expiration and interest expense were also all down year-on-year. Taxes lower year-on-year, primarily reflecting lower commodity prices. As you'll see in the appendix, we have put in our updated guidance. Full year guidance has not changed. However, I want to point out a couple of items related to 2Q.

一般及行政費用到期和利息支出也較去年同期下降。稅收年減，主要反映商品價格下降。正如您在附錄中看到的，我們已經添加了更新後的指南。全年指引沒有改變。不過，我想指出幾件與第二季相關的事情。

The increase in 2Q OpEx is a function of our 110 cargo being lifted this quarter. Higher CapEx in 2Q is a function of some activity moving 2Q from 1Q and commencing the drilling activity in Ghana and the Gulf of America.

第二季度營運支出的增加是因為我們本季運輸了 110 批貨物。第二季度資本支出增加是由於一些活動從第一季轉移到第二季度，並開始在加納和美國灣進行鑽探活動。

Turning the slide 8. As Andy touched on earlier, 2024 was an important year of financing activity to position us well for the future. Last year, we refinanced and upsized the reserve-based lending facility, and we have recently concluded the spring re-determination with our banks.

轉動幻燈片 8.正如安迪之前提到的，2024 年是融資活動的重要一年，為我們的未來做好了準備。去年，我們對基於儲備的貸款工具進行了再融資並擴大了規模，最近我們與銀行完成了春季重新確定。

That process went well with the borrowing base well in excess of the current facility size, with the banks using a long-term price deck below the current strip. Importantly, this borrowing base excludes any value for our GTA and Gulf of America assets, which could be used to access financing in the future.

這個過程進展順利，借款基礎遠超過目前的貸款規模，銀行採用的長期價格平台低於目前水準。重要的是，這個借款基礎不包括我們 GTA 和美國灣資產的任何價值，這些資產可用於未來獲取融資。

We continue to actively manage all the levers we have to maximize cash generation to repay debt, including our 2026 maturity. As part of that effort, post quarter end, we continued our rolling hedging program, adding a further $2 million barrels.

我們將繼續積極管理所有槓桿，最大限度地產生現金來償還債務，包括 2026 年到期的債務。作為這項努力的一部分，在季度末之後，我們繼續實施滾動對沖計劃，又增加了 200 萬桶原油。

We now have around 40% of remaining 2025 oil production hedged with a floor of approximately $65 per barrel and a ceiling of approximately $80 per barrel.

現在，我們已經對 2025 年剩餘石油產量的約 40% 進行了對沖，最低價格約為每桶 65 美元，最高價格約為每桶 80 美元。

In addition, as I mentioned on the previous slide, first quarter CapEx this year was materially lower year-on- year, as can be seen on the chart on the bottom right, and we are working to reduce full year CapEx further from the $400 million we communicated at our full year results.

此外，正如我在上一張幻燈片中提到的，今年第一季的資本支出同比大幅下降，如右下角的圖表所示，我們正在努力將全年資本支出從全年業績中公佈的 4 億美元進一步降低。

Going into next year, we have minimal capital committed, which provides us a lot of flexibility to further manage our activity set. While the environment is volatile, we continue to be active in managing our options to maintain our financial resilience.

進入明年，我們投入的資本很少，這為我們進一步管理活動集提供了很大的靈活性。儘管環境動盪，我們仍繼續積極管理我們的選擇，以保持我們的財務彈性。

With that, I'll hand it back to Andy.

說完這些，我就把它交還給安迪。

Thanks Neal, turning now to slide 9 to conclude today's presentation. Our focus on cash generation and cost discipline remains unchanged. It is even more important given the current market volatility. Production is rising as the ramp up GTA in the near term drilling in Ghana and the Gulf of America expected to lead to further production gains in the second half of the year.

謝謝尼爾，現在翻到投影片 9 來結束今天的演講。我們對現金創造和成本控制的關注保持不變。鑑於當前市場波動，這一點就顯得更為重要。隨著近期加納和美國灣鑽探活動的增加，產量正在上升，預計今年下半年產量將進一步增加。

We're prioritizing cash generation through the rigorous costs and capital discipline we've outlined in today's materials. We have assets with low rate even to generate cash in a low commodity price environment. And the long term value proposition of the company is underpinned by a 2p reserve production line of over 20 years.

我們優先透過今天的材料中概述的嚴格的成本和資本紀律來產生現金。我們擁有低利率的資產，即使在低商品價格環境下也能產生現金。該公司的長期價值主張由超過 20 年的 2p 儲備生產線支撐。

Thank you, and now I'd like to turn the call over to the operator to open the session for questions.

謝謝，現在我想將電話轉給接線生，開始提問環節。

Thank you. We will now be conducting a question and answer session. (Operator instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

David Round, Stifel.

大衛朗德（David Round），Stifel。

Great. Thanks guys. Couple for me please. Firstly just on the name plate capacity test at GTA, can you talk about the time frame there for actually understanding the potential rates and and what do you actually need to see to have confidence that the higher rates might be sustainable there.

偉大的。謝謝大家。請給我一對。首先，僅就 GTA 的銘牌容量測試而言，您能否談談實際了解潛在費率的時間範圍，以及您實際上需要看到什麼才能確信更高的費率可能是可持續的。

The second one, just in your presentation, you talk about break evens a few times, so interested if you can talk about where you see your break evens today and potentially how those might evolve in future years.

第二個問題，在您的演示中，您多次談到了盈虧平衡，因此，如果您能談談您目前的盈虧平衡情況，以及未來幾年盈虧平衡可能會如何發展，我很感興趣。

Yeah, hey, David. Yeah, no, thanks for those two questions. In terms of the the nameplate capacity, as I said in the remarks, the nameplate capacity of the FLNG vessel is 2.7 million tons per annum. The process of getting to that level and beyond is testing each of the trains individually, and we're going through that process now and we've tested several and they are sort of coming in at around 10% higher, which is typical.

是的，嘿，大衛。是的，不，謝謝你提出這兩個問題。關於銘牌容量，正如我在評論中所說，FLNG 船的銘牌容量為每年 270 萬噸。要達到這個水平甚至更高，需要對每列火車進行單獨測試，我們現在正在進行這個過程，並且已經測試了幾列火車，它們的性能大約高出 10%，這是很典型的。

Work's ongoing there to test the overall system and then that will give us the rate that we can deliver reliably safely above that 2.7 million. So that's the first step, and I think that works so they're going to go on through the second quarter, yeah.

我們正在進行整個系統的測試，這將使我們能夠可靠、安全地交付超過 270 萬的產量。這是第一步，我認為這是有效的，所以他們會繼續進行到第二季度，是的。

And then beyond that, once we know we're at that level, the objective of them will be to deliver reliably at that and therefore you have the option of additional volumes above the the ACQ of of 2.45. So that's the process and there's sort of nothing unusual here.

除此之外，一旦我們知道我們達到了這個水平，他們的目標就是可靠地實現這個目標，因此您可以選擇在ACQ 2.45以上增加交易量。這就是整個過程，沒有什麼不尋常的。

I think if you look at in LNG facilities around the world, they typically operate at above, around 10% higher than nameplate, and that's what we're seeing on the FLNG vessel at GTA.

我認為，如果你觀察一下世界各地的液化天然氣設施，它們的運行溫度通常比銘牌高出約 10%，這就是我們在 GTA 的 FLNG 船上看到的。

Moving to your second question on the break evens, I think, look at all prices around current levels for the remainder of the year as a whole, we expect to be free cash flow positive and we'd obviously use that free cash flow to pay down debt.

關於損益平衡的第二個問題，我認為，看看今年剩餘時間內所有價格圍繞當前水平的情況，我們預計自由現金流將為正，而且我們顯然會利用這些自由現金流來償還債務。

Then if you look sort of forward beyond where we are today, we've got a ramp up in volume in the second half of the year and into 2026, as we expect, production to rise, obviously with the ramp up of GTA I've just talked about, and then with Jubilee drilling, which should commence shortly.

如果你展望未來，我們會發現，正如我們預期的那樣，今年下半年和 2026 年我們的產量將會增加，顯然，隨著我剛才談到的 GTA 產量的增加，以及 Jubilee 鑽探的增加，這些鑽探應該很快就會開始。

And again, as we've talked about today, we've been pretty clear about our focus on cost control, which is bringing down CapEx, reducing the overhead, and I think as we showed in the -- with the first quarter CapEx we're making good progress on that.

正如我們今天所討論的，我們非常明確地關注成本控制，即降低資本支出，減少管理費用，我認為，正如我們在第一季度的資本支出中所展示的那樣，我們在這方面取得了良好的進展。

So we haven't given CapEx guidance for '26, but in a, low price environment, Neal talked about the minimal committed CapEx we have for '26, which is really just the four well Jubilee program. So if you have that plus maintenance CapEx across the rest of the portfolio, we get to a target break even of around $50 per barrel rent.

因此，我們還沒有給出 26 年的資本支出指導，但在低價環境下，尼爾談到了我們 26 年承諾的最低資本支出，這實際上只是四口井的 Jubilee 計劃。因此，如果您擁有這筆資金加上投資組合中其他部分的維護資本支出，我們的目標損益平衡點就是每桶租金約 50 美元。

And in that scenario, you still see production growth year-on-year '25 to '26, but we would be deferring, future growth projects in that lower price environment. And the thing that I'd add is, in that scenario, I think probably around, 85% of the lion's share of capital is going into the jubilee infill worlds, which again, as we said in the remarks are our highest return projects, and they've got a very low break, probably on a project basis around $30 a barrel.

在這種情況下，您仍然會看到 25 年至 26 年產量同比增長，但在較低的價格環境下，我們會推遲未來的成長項目。我想補充的是，在這種情況下，我認為大約 85% 的最大資本份額將進入 Jubilee 填充領域，正如我們在評論中所說，這是我們回報率最高的項目，而且它們的分紅非常低，按項目計算大概在每桶 30 美元左右。

So even in a low price world, those are things that are going to be adding value for the company. So I think that's, you just want to make sure I've sort of communicated two things your sense of where that break even would be going forward, where the capital would be allocated and, our ability to manage in that lower price world.

因此，即使在低價的世界裡，這些東西也會為公司增加價值。所以我認為，你只是想確保我已經傳達了兩件事，你對未來盈虧平衡點的看法，資本將如何分配，以及我們在低價世界中管理的能力。

Okay, that's very clear. Thanks, Andy.

好的，很清楚。謝謝，安迪。

Great. Thanks, David.

偉大的。謝謝，大衛。

Lydia Gould, Goldman Sachs.

高盛的莉迪亞·古爾德。

Good morning. Thanks for taking my question. My question is around credit and the balance sheet. How are you thinking about financial leverage in a lower commodity price environment and liquidity in those circumstances? We love your perspective on how you're thinking about the 1.5 times leverage target as well.

早安.感謝您回答我的問題。我的問題是關於信貸和資產負債表的。您如何看待大宗商品價格較低環境下的財務槓桿以及流動性？我們也很喜歡您對 1.5 倍槓桿目標的看法。

Yeah, thanks, Lydia. I'll pass the question across to to Neal.

是的，謝謝，莉迪亞。我會把這個問題轉交給尼爾。

Yeah, hi, Lydia. So I'd say, again I think our focus on sort of reducing financial leverage and maintaining sufficient liquidity for the business haven't changed. So again, the direction of travel for us is continue to generate free cash, which Andy just commented, we can generate an an oil price around this price at the current price level and use that to pay down debt, and as a result of that leverage will come down over time.

是的，你好，莉迪亞。所以我想說，我認為我們對降低財務槓桿和保持業務充足流動性的關注點沒有改變。因此，我們前進的方向是繼續產生自由現金，正如安迪剛才評論的那樣，我們可以在當前價格水平上產生一個圍繞這個價格的油價，並用它來償還債務，因此槓桿率會隨著時間的推移而下降。

And so the pace, really changes based on the oil price, but again, that's something outside of our control. But we've taken the steps to both, we're taking the steps to both increase production, lower the capital expenses and operating expenses that allow, that are sort of conducive to that environment. I'd say in addition to that, we talked a bit about hedging on the call, that's another tool that we're actively using to protect, insulate the cash flow forum from the business.

因此，速度確實會根據油價而變化，但這也是我們無法控制的。但我們已經採取了措施，我們正在採取措施提高產量，降低資本支出和營運支出，這在某種程度上有利於這種環境。我想說，除此之外，我們還討論了對沖電話的問題，這是我們積極使用的另一種工具，用於保護、隔離現金流論壇與業務之間的差異。

If I hit your second part of the question around sort of liquidity. Again, I'd still say, yeah, we've got questions around sort of the debt maturities in '26 and '27. We did a lot of work last year to sort of manage those maturities down. We'd still anticipate paying the bulk of the outstanding '26 notes with cash flow generated from the business. And then, if oil prices move lower or stay lower for a sort of extended period of time, we have clearly other options in terms of leaning into existing liquidity, as well as accessing financing on some of our unencumbered assets.

如果我回答了你關於流動性的第二部分問題。我還是要說，是的，我們對 26 年和 27 年的債務到期日有一些疑問。去年我們做了很多工作來降低這些到期債務的比率。我們仍預計將利用業務產生的現金流支付大部分未償還的 26 年票據。然後，如果油價走低或在一段較長時間內保持低位，我們顯然還有其他選擇，例如依靠現有的流動性，以及利用一些無抵押資產進行融資。

So, the Gulf of America assets and, there are assets in Mauritania, Senegal clearly don't have any debt and that's a -- they provide us some flexibility if we want to go raise cost effective secured financing against those assets. And so we have a lot of levers that we can manage if the environment gets worse.

因此，美國灣資產以及茅利塔尼亞、塞內加爾的資產顯然沒有任何債務，如果我們想為這些資產籌集具有成本效益的擔保融資，它們為我們提供了一定的靈活性。因此，如果環境變得更糟，我們可以採取許多措施來應對。

Thanks, team.

謝謝，團隊。

Great, thanks, Lydia.

太好了，謝謝，莉迪亞。

Bob Brackett, Bernstein Research.

鮑伯‧布拉克特（Bob Brackett），伯恩斯坦研究公司。

Yeah, good morning. This might be a stretch, but if I talk about Tiberius and I see you're looking at a lower cost development plan with new OB and seismic data. And if I compare that to some of the Department of Interior studies around commingled production or higher drawdown production, how do you think about the evolving policy in the Gulf of Mexico, and is that driving anything that you're doing there?

是的，早安。這可能有點牽強，但如果我談論 Tiberius，我會發現你正在考慮一個使用新 OB 和地震資料的低成本開發計劃。如果我將其與內政部關於混合生產或更高產量下降量的一些研究進行比較，您如何看待墨西哥灣不斷變化的政策？這是否會推動您在那裡進行的任何工作？

Yeah, I know, interesting question, Bob. Yeah, I'd say, there's nothing specific today that is changing our plans. It remains, I think, a basin where we see the ability to conduct business. It's a basin where we can leverage technology. I think over half of the seismic in the Gulf of Mexico now is OBN, and that provides us with -- we think a much enhanced image and therefore the ability to de-risk and optimize the development.

是的，我知道，這是一個有趣的問題，鮑伯。是的，我想說，今天沒有什麼具體的事情會改變我們的計畫。我認為，它仍然是一個具有商業活動能力的盆地。這是一個我們可以利用科技的盆地。我認為現在墨西哥灣超過一半的地震都是 OBN，這為我們提供了——我們認為這大大增強了我們的形象，因此有能力降低風險並優化開發。

So a piece of the optimization is the leverage of that OBN and then a piece of it is actually, work that we're doing with Oxy, who are the co-partner there 50, 50, but it's tied back to Lucius, that's the -- our objective. And the ability then to figure out how you fully optimize the existing infrastructure on Lucius.

因此，優化的一部分是利用 OBN，然後其中一部分實際上是我們與 Oxy 合作的工作，Oxy 是我們的合作夥伴，各佔 50%，但它與 Lucius 緊密相關，這就是我們的目標。然後就能充分優化 Lucius 上現有的基礎架構。

So, I don't think for Tiberius in the Pacific, there's been something that the interior done which is making a big change for us. This is work that we had going for some time now, and for me it's more about the ability to leverage the technology, the pace at which that's evolving, and then I would say just good honest engineering to take out cost. I think those are the things.

因此，我不認為對於太平洋上的提比略來說，內部所做的事情會為我們帶來巨大的改變。這是我們目前已進行一段時間的工作，對我來說，更重要的是利用科技的能力、科技發展的速度，然後我會說只有好的誠實工程才能降低成本。我認為就是這些。

Very good. Thanks.

非常好。謝謝。

Thanks, Bob.

謝謝，鮑伯。

Matt Smith, Bank of America.

美國銀行的馬特史密斯。

Hi there, Andy. Hi Neal. I guess my questions were really around in the current price environment, the current oil prices. Would you be comfortable deploying that growth CapEx on the torture expansions that you referenced earlier, specifically, I think the Phase 1+ So would you be willing to deploy that growth CapEx at the current oil price was really the first question.

你好，安迪。你好，尼爾。我想我的問題其實是圍繞著當前的價格環境、目前的油價。您是否願意將該成長資本支出部署到您之前提到的酷刑擴張上，具體來說，我認為是第 1 階段+，那麼您是否願意在當前油價下部署該成長資本支出確實是第一個問題。

And the second question, related, are you considering in any greater way sort of monetizing part of your stakes in Senegal, Mauritania at the moment, whether that be torture itself or the peripheral discoveries as well?

第二個問題與此相關，您是否考慮以某種更大的方式將您在塞內加爾、茅利塔尼亞的部分股份貨幣化，無論是酷刑本身還是外圍的發現？

Yeah, good questions, Matt. Look, it's a tough one to answer because it obviously depends what the price is, right? I think we've been very clear on the call today about our ability to manage in a low price environment. It is about the committed CapEx, and that's a scenario I talked about when when David asked the original question.

是的，很好的問題，馬特。瞧，這是一個很難回答的問題，因為這顯然取決於價格，對吧？我認為我們在今天的電話會議上已經非常清楚地說明了我們在低價環境下管理的能力。這是關於承諾的資本支出，這是我在 David 提出最初的問題時談到的情況。

I think going forward we would say that the growth CapEx on Phase 1+ is not committed today and therefore we have the option around the pace. And I think that's the important thing around the resource there is that, it's not an option we're going to lose. It's about the pace of the development and it's therefore about ensuring that we're doing it in a way which doesn't interfere with the overall financial resilience of the company.

我認為展望未來，我們會說第一階段+的成長資本支出今天尚未承諾，因此我們可以選擇調整速度。我認為，資源的重要性就在於，我們無法失去這個選擇。這關乎發展的速度，因此要確保我們採取的方式不會影響公司的整體財務彈性。

So I feel good about the fact that we have a greater clarity now. I think on what that option is. I think we have greater alignment with ourselves, BP and the national oil companies. I think really strong alignment now, and the work that we're doing now is at the front end, so it's very low CapEx allowing us over the next sort of 12 to 18 months to understand the engineering and make sure that we've got the right basis on which to proceed.

所以我很高興我們現在有了更清楚的認識。我在想那個選擇是什麼。我認為我們與英國石油公司以及國家石油公司的協調性更強。我認為現在的協調性真的很強，而且我們現在所做的工作處於前端，因此資本支出非常低，這使我們能夠在接下來的 12 到 18 個月內了解工程並確保我們有正確的基礎來繼續前進。

So it's a really low cost spend initially and clearly you'll monitor that, that progress and therefore decide when you would move into a higher CapEx spend. Look, and then in terms of monetization, there's value being added to GTA as we speak. We're ramping up. We're demonstrating the field is working. We've got optionality, I think of moving beyond the ACQ.

因此，這最初是一個非常低成本的支出，而且顯然你會監控它，監控它的進展，從而決定何時轉向更高的資本支出。你看，就貨幣化而言，GTA 的價值正在增加。我們正在加緊努力。我們正在證明該領域正在發揮作用。我們有選擇權，我想超越 ACQ。

I think there's work to be done, Matt to make sure that we fully describe the full potential of GTA before we start to think about any delusion, so nothing's sacred. Everything ultimately in the portfolio has a value. What we need to do is make sure that we're in the point of the cycle where we've properly described the value. I feel good about the subsurface.

我認為還有很多工作要做，馬特，確保我們在開始考慮任何妄想之前充分描述 GTA 的全部潛力，所以沒有什麼是神聖的。投資組合中的所有資產最終都有其價值。我們需要做的是確保我們處於正確描述價值的循環點。我對地下的感覺很好。

We talked about that in the remarks. I think that the initial production data we're getting now is very positive, so that's a good sign. I think we need to demonstrate that the facility has greater potential than what is currently described in terms of the offtake and therefore building that into future models. So I think we're a little ways away from that, but it's something that we're working towards getting ourselves to the place where we've fully described the potential of GTA.

我們在評論中談到了這一點。我認為我們現在獲得的初步生產數據非常積極，這是一個好兆頭。我認為我們需要證明該設施在承購方面具有比目前描述的更大的潛力，因此將其納入未來的模型。所以我認為我們離這個目標還有一段距離，但我們正在努力充分發揮 GTA 的潛力。

Okay, great. Thank you, Andy. Happy to pass through.

好的，太好了。謝謝你，安迪。很開心路過。

Thank you.

謝謝。

Stella Cridge, Barclays.

巴克萊銀行的斯特拉·里奇 (Stella Ridge)。

Hi there everyone. And many thanks for all the updates. And there was a couple of very to ask on. The first you talked about a recent meeting in Ghana and engaging positively there. And I noticed recently tell on their call talked about potential multiple future rounds of investment in Ghana. I just wondered what was your takeaways from those discussions? Are there any kind of key action points in the near term with regarding the partnership there over the longer term. That was the first one.

大家好。非常感謝所有的更新。還有一些問題需要詢問。首先，您談到了最近在加納舉行的一次會議以及在那裡的積極參與。我注意到最近他們在電話會議上談到了未來在加納進行多輪投資的可能性。我只是想知道您從這些討論中得到了什麼？關於長期合作關係，短期內是否有任何關鍵行動要點？這是第一個。

And and just the second one was that I noted that there was a cash out flow from note receivable in Q1. I just wondered, will there be any more flows from receivables or could potentially there be any influences from Senegal, Mauritaniain the future? That would be great.

第二點是，我注意到第一季應收票據有現金流出。我只是想知道，未來是否還會有更多的應收帳款流入，或者未來可能會受到塞內加爾、茅利塔尼亞的影響？那太好了。

Yeah, look, thanks, I'll ask Neil to pick up the question around the cash outflow. Ghana, we've been there a long time. We've seen obviously multiple governments and for me it was great to meet President, Muhammad again. He was clearly there in power eight years ago and it was an opportunity to connect with him and sort of his view and vision of the industry in Ghana.

是的，看，謝謝，我會讓尼爾回答有關現金流出的問題。加納，我們在那裡已經很久了。我們顯然已經見過多屆政府，對我來說，再次見到穆罕默德總統真是太好了。八年前他顯然已經掌權，這是一個與他建立聯繫並了解他對加納工業的看法和願景的機會。

My big takeaway is that he has a very clear mandate, I think, to re-energize the sector. There is, I think, a lot of potential remaining in in the basin, but it's a potential that is actually around sort of near term activity, where you're getting the most out of your existing fields that are on production, and I think, the big point to take away from it is that, I think I've talked on previous calls about the potential that we see in Jubilee, the remaining reserves to be produced, and an important element of that is, you have an aligned agenda with the government and obviously with the National Oil Company, and that's what I took away from it that we have the same aligned agenda.

我最大的收穫是，我認為他有一個非常明確的任務，那就是重振這個行業。我認為，該盆地仍有很大的潛力，但這種潛力實際上與短期活動有關，即最大限度地利用現有的在產油田，我認為，從中得到的最重要的一點是，我認為我在之前的電話會議上談到了我們在 Jubilee 看到的潛力，剩餘的儲量可供開採，其中一個重要因素是，你與政府，顯然還有國家議程，有一個一致的儲量可供開採，其中一個重要因素是，你與政府，顯然還有國家議程，有一個一致的。

It's a place where Kosmos is welcome. And we're embarking on a program now with obviously two wells in '25, but then you know four wells in '26 to ramp up a jubilee production and then the potential to work and continue to work on enhanced recovery from the field. So I think the big message is around. The fact that we have a country where we're welcome, we have a long history there, and we have very much an aligned agenda as we look to get maximize, both the efficiency and the effectiveness of the recovery which will benefit both the country and Kosmos's shareholders.

這是一個歡迎 Kosmos 的地方。我們現在正在實施一項計劃，顯然在 25 年會生產兩口井，但你知道在 26 年會生產四口井，以提高產量，然後有潛力繼續努力提高油田的採收率。所以我認為重要的訊息已經傳達出來。事實上，我們在一個受到歡迎的國家，我們在那裡有著悠久的歷史，我們有一個非常一致的議程，我們希望最大限度地提高復甦的效率和效果，這將使國家和 Kosmos 的股東受益。

So I think that's a big message from that and as I say, we're starting on that journey now with the info program that will drilling rig to arrive this quarter. Maybe if I just pass the call across to to Neal just to cover your question about the cash flow.

所以我認為這是一個重要的訊息，正如我所說，我們現在正開始這一旅程，資訊計畫將在本季度讓鑽井平台到達。也許我只是將電話轉給尼爾，以解答您關於現金流的問題。

Yeah, hi, Stella, I think the question you asked was just around the NOC financing that was in 1Q. And so, that's part of the development loan that we put in place with GTA that comes to a close basically this quarter, and so in terms of our obligation to finance their sort of development expense. Snd then as you noted, then there'll be a repayment schedule in terms of then starting to get that cash flow back. So, again, in the second half of the year, it'd be stopping an outflow, and then, as we deliver the increase in production and reductions in operating expenses, then there's capacity for that cash flow to start being repaid back to both us and BP as part of that repayment of the NFC loans. And so, we're sort of near the peak of that in terms of capital expended.

是的，嗨，Stella，我認為你問的問題只是關於第一季的 NOC 融資。因此，這是我們與 GTA 簽訂的開發貸款的一部分，該貸款基本上在本季度結束，因此就我們為他們的開發費用提供資金的義務而言。然後正如您所說，然後就會有一個還款計劃，以便開始收回現金流。因此，再次強調，在下半年，它將阻止資金流出，然後，隨著我們實現產量的增加和營運費用的減少，那麼我們就有能力開始將該現金流償還給我們和 BP，作為償還 NFC 貸款的一部分。因此，就資本支出而言，我們已經接近高峰。

That's it for me. Many thanks for the answers.

對我來說就是這樣。非常感謝您的回答。

Great. Thanks, Stealla.

偉大的。謝謝，Stealla。

Nikhil Bhat, JPMorgan.

摩根大通的尼基爾巴特 (Nikhil Bhat)。

Morning, I just have one quick one. More of a clarification on your LNG off take agreement with BP. Could you please remind me if there's any annual quota of volumes of cargos that your contracted sell to BP and also if there's, could you remind me what the contracted price again, please. Thanks.

早安，我只想快速說一句話。進一步澄清您與 BP 簽訂的 LNG 承購協議。請您提醒我一下，你們與 BP 簽訂的合約中，每年銷售的貨物量是否有限額？如果有，請您再次提醒我合約價格是多少？謝謝。

Yeah, the annual contract quantity is 2.45 million tons per annum and the price is [0.95] or 9.5% slope against Brent, FOB.

是的，年度合約數量為 245 萬噸，價格為 [0.95] 或相對於布蘭特原油 FOB 的 9.5% 斜率。

Thank you.

謝謝。

Does that make sense, Nikhil? Yeah, I know that's sort of short machine gun stuff, but is that is precisely the answer.

這有道理嗎，尼基爾？是的，我知道這有點像短機槍，但這正是答案。

Mark Wilson, Jefferies.

傑富瑞的馬克威爾遜。

Thank you and good afternoon, gents. First off, on tour to, just give you a bit more color on what is it you've seen with the subsurface performance that you mentioned is ahead of expectations, which sounds good.

謝謝大家，先生們，下午好。首先，在巡迴演出中，我只是給你稍微介紹一下你所看到的地下表演，你提到的超出預期，聽起來不錯。

And then the second point, I wonder what are the steps to domestic obligation offtake physically with pipeline. And also financially does that connect to what Neal was just talking about NOC payback. Do you need that domestic obligation in place? Thanks. Those are my two points.

第二點，我想知道透過管道進行國內義務承購的具體步驟是什麼。從財務角度來看，這與尼爾剛才談到的 NOC 回報有連結嗎？你需要履行這種國內義務嗎？謝謝。這就是我的兩點看法。

Yeah. You start looking on the subsurface, you sort of go back in time, obviously, you understand this, but seismic you then do, we had three exploration wells, one appraisal well, and we got four development wells. Before development wells we did flow back for a short period of time, it's tough on those shorter flowbacks to sort of see where you're getting any connected volumes, yeah.

是的。你開始在地下尋找，你回到過去，顯然，你明白這一點，但是你隨後會進行地震調查，我們有三口勘探井，一口評估井，還有四口開發井。在開發井之前，我們確實有過短時間的回流，在這些較短的回流過程中，很難看出從哪裡可以獲得任何連接的體積，是的。

And I think the big, as it were a new piece of data we've got is from the flow back from the first two wells actually we're seeing a greater connection in volume than it originally mapped. So I think that, that's a very positive obviously because as you start to think about the future, therefore there, if you have the opportunity to reduce the number of wells you need for a given amount of recovered volume, which again would enhance the returns from the project.

我認為，我們獲得的重要新數據來自前兩口井的回流，實際上我們看到的體積連接比最初繪製的要大。所以我認為這顯然是非常積極的，因為當你開始考慮未來時，如果你有機會減少給定採收量所需的油井數量，這將再次提高項目的回報。

In terms of the -- and the second question mark, just remind me, domestic gas and the buildout of the infrastructure, yeah, okay, yeah, so we don't, in essence, the obligation just so we're clear on the obligation is with the the offtaker, which is the National Oil Company to build any infrastructure, so they're responsible for building the pipeline from the hub terminal to which is the off-take point to their whatever their chosen landing point is. So we don't have any capital liability for that.

就第二個問號而言，請提醒我一下，國內天然氣和基礎設施的建設，是的，好的，是的，所以我們本質上沒有義務，只是我們明確義務在於承購方，即國家石油公司建設任何基礎設施，所以他們負責從樞紐終端建設管道到承購點，再到他們選擇的登陸點。所以我們對此不承擔任何資本責任。

I think that was really the essence of your question, wasn't it?

我認為這確實是你問題的本質，不是嗎？

Yes, it is. And, obviously until they do that, you -- I guess you can sell at (multiple speakers).

是的。而且，顯然，在他們這樣做之前，你——我想你可以以（多位發言者）

Exactly, yeah, you've got more gas to sell, yeah. So I don't think there's a, if you think about the limits of the system or the FPSO, all right, and then it's associated infrastructure can do well more than 3 million tons per annum, yeah. So it's the in terms of delivering (inaudible), the constraint is the capacity of the facility itself, and then, if it's at its full capacity and that number is beyond the 2.7 million tons per annum, there's still gas available for domestic. So we're not, it's not about sort of one being exchanged for the other. There's plenty of capacity in the system.

確實如此，是的，你有更多的汽油可以賣，是的。所以我不認為，如果你考慮系統或 FPSO 的限制，那麼它的相關基礎設施每年可以做得超過 300 萬噸，是的。因此，就交付而言（聽不清楚），限制因素是設施本身的容量，然後，如果它滿負荷運轉並且該數字超過每年 270 萬噸，那麼仍然有天然氣可供國內使用。所以我們不是，這不是用一個來交換另一個。系統容量充足。

Absolutely. It makes sense. Thank you. I'll hand back over to you.

絕對地。這是有道理的。謝謝。我會把權力交還給你。

All right. Good. Thanks, Mark.

好的。好的。謝謝，馬克。

Thank you. Since there are no further questions at this time, I would like to bring the call to a close. Thanks to everyone for joining today. You may now disconnect your lines and thank you for your participation.

謝謝。由於目前沒有其他問題，我想結束本次通話。感謝大家今天的參與。現在您可以斷開您的線路並感謝您的參與。