Kosmos Energy Ltd (KOS) 2025 Q3 法說會逐字稿

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

大家好。歡迎參加 Kosmos Energy 2025 年第三季電話會議。再次提醒，今天的通話將會被錄音。

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

現在，讓我把電話交給 Kosmos Energy 的投資者關係副總裁 Jamie Buckland。

Thank you, operator, and thanks to everyone for joining us today. This morning, we issued our third-quarter 2025 earnings release. This release and the slide presentation to accompany today's call are available on the Investor's page of our website. Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Neal Shah, CFO.

謝謝接線員，也謝謝今天所有參與的朋友。今天上午，我們發布了 2025 年第三季財報。本次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。今天和我一起參加電話會議，一起審查資料的有董事長兼執行長安迪‧英格利斯，以及財務長尼爾‧沙阿。

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.

在今天的報告中，我們將做出一些前瞻性陳述，這些陳述涉及我們的估計、計劃和預期。實際結果和最終結果可能因我們在本次演示以及我們在英國和美國證券交易委員會的文件中提到的因素而與預期存在重大差異。更多詳情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。這些文件可在我們的網站上查閱。

At this time, I'll 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 third-quarter results call. I'll start off the call by taking you through Kosmos's priorities, reinforcing the consistent messages I gave last quarter before updating you on progress across the portfolio. Neal will then walk through the financials and the work we've done recently to enhance the resilience of the balance sheet before I wrap up with closing remarks. We'll then open up the call for Q&A.

謝謝你，傑米，也祝大家早安/午好。感謝各位今天參加我們的第三季業績電話會議。首先，我將向大家介紹 Kosmos 的優先事項，重申我上個季度提出的既定訊息，然後再向大家報告整個投資組合的進展。接下來，Neal 將詳細介紹財務狀況以及我們最近為增強資產負債表的穩健性所做的工作，最後我將作總結發言。接下來我們將開放問答環節。

Starting on slide 3, as we navigate the ongoing commodity price volatility, our key priorities have not changed. In our first- and second-quarter results, I talked about growing production and reducing costs to prioritize free cash flow while continuing to strengthen our balance sheet. We've made important progress across all three of these areas this quarter.

從第 3 張投影片開始，儘管我們面臨持續的大宗商品價格波動，但我們的關鍵優先事項並沒有改變。在第一季和第二季的業績報告中，我談到了提高產量和降低成本，以優先考慮自由現金流，同時繼續加強我們的資產負債表。本季我們在上述三個領域均取得了重要進展。

Starting with production. At Jubilee, the partnership brought the first producer well of the '25, '26 drilling campaign online in July. We continue to see strong performance from the well, with gross production around 10,000 barrels of oil per day.

從生產開始。在 Jubilee，該合作計畫於 7 月將 2025 年和 2026 年鑽井活動的第一口生產井投入使用。該油井持續表現強勁，日產量約 10,000 桶原油。

The drilling rig is now back in Ghana following a period of scheduled maintenance and has just spud to the second producer well in the campaign, which is expected online around the end of the year. Through drilling efficiencies, the partnership has increased the number of wells in the '26 drilling campaign from four to five, while staying within the original budget, which I'll talk more about shortly.

鑽井平台經過一段時間的計畫維護後已返回加納，並已開始鑽探該油田的第二口生產井，預計將於年底左右投產。透過提高鑽井效率，該合作項目在 2026 年鑽井活動中將井的數量從 4 口增加到 5 口，同時保持在原預算範圍內，我稍後會詳細介紹這一點。

On GTA, production has continued to ramp up, with the partnership lifting 13.5 gross LNG cargos through the end of October, along with the first condensate cargo, a new source of revenue for the project. By the end of the year, we're targeting production to increase to the FLNG nameplate capacity of 2.7 million tonnes per annum.

在 GTA 上，產量持續攀升，截至 10 月底，該合作項目已提運 13.5 噸液化天然氣貨物，以及第一批凝析油貨物，這為該項目帶來了新的收入來源。到今年年底，我們的目標是將產量提高到FLNG的額定產能270萬噸/年。

In the Gulf of America, production remains consistently strong, and we continue to progress future developments such as Tiberias and Gettysburg. And finally, Equatorial Guinea, production is set to increase with the partnership installing repaired subsea pumps at Sabre, with the first pump complete, the second in country, and the third due to be delivered in the first quarter of 2026. We're pleased to see production near record highs for the company, with further near-term growth expected quarterly through 2026 as we push GTA towards nameplate capacity and bring on additional wells at Jubilee.

在美洲灣，石油產量持續強勁，我們也將繼續推動諸如提比里亞和葛底斯堡等未來開發案。最後，隨著與合作夥伴在 Sabre 安裝修復後的海底泵，赤道幾內亞的產量預計將增加，第一台泵已完成，第二台泵已運抵該國，第三台泵預計將於 2026 年第一季交付。我們很高興看到公司產量接近歷史最高水平，隨著我們推動 GTA 達到額定產能並在 Jubilee 增加油井，預計到 2026 年，季度產量將進一步增長。

Turning to costs, we're focused on three areas of making good progress across all. First on CapEx, CapEx continues to fall, and we now expect CapEx for the year to be below our $350 million forecast, an absolute reduction year on year of around $500 million. Second, on overhead, we remain on track to deliver the $25 million targeted savings by the end of the year, with a full benefit being seen in 2026 and beyond. Third, on operating costs, they're coming down across all of our businesses.

談到成本，我們將重點放在三個方面，力求在各方面都取得良好進展。首先是資本支出，資本支出持續下降，我們現在預計今年的資本支出將低於我們預測的 3.5 億美元，與去年相比絕對減少了約 5 億美元。其次，在管理費用方面，我們仍有望在年底前實現 2,500 萬美元的目標節省，並將在 2026 年及以後看到全部效益。第三，在營運成本方面，我們所有業務的營運成本都在下降。

As discussed last quarter, the biggest opportunity for additional OpEx reduction going forward is on GTA, where we're seeing unit costs improve as production ramps up and costs come down. We're targeting the refinancing of the GTA FPSO by year-end and are working with the operator to implement a lower-cost operating model, which should further drive down costs across the project.

正如上個季度所討論的，未來進一步降低營運成本的最大機會在於大多倫多地區，隨著產量增加和成本下降，我們看到單位成本正在改善。我們的目標是在年底前完成 GTA FPSO 的再融資，並且正在與營運商合作實施成本更低的營運模式，這將進一步降低整個專案的成本。

And finally, the balance sheet, where we've done a lot in recent weeks. On liquidity, we've taken important steps to address our upcoming debt maturities through the $250 million term loan from Shell, with the proceeds being used to repay the outstanding 2026 bond maturities. On the RBL, we successfully completed the semiannual redetermination in September and passed the maturity test for the 2027 bonds at the same time.

最後是資產負債表，我們最近幾週在這方面做了很多工作。在流動性方面，我們已採取重要措施，透過殼牌公司提供的 2.5 億美元定期貸款來解決即將到期的債務問題，所得款項將用於償還 2026 年到期的未償債券。在 RBL 方面，我們在 9 月成功完成了半年一次的重新評估，同時通過了 2027 年債券的到期日測試。

We also added more hedges for 2026 during the period. Neal will talk about all of this in more detail later. But in summary, we're making good progress against our financial objectives. The combination of rising production, lowering costs, and lack of near-term maturities gives us the resilience to weather a period of volatility. I remain confident that we have a unique world-class portfolio of assets and we remain focused on maximizing long-term value for our shareholders.

在此期間，我們也增加了針對 2026 年的更多對沖交易。尼爾稍後會更詳細地談到這一切。但總的來說，我們在實現財務目標方面取得了良好進展。產量上升、成本下降以及近期沒有到期債務，這些因素結合起來，使我們有能力度過一段波動期。我仍然堅信我們擁有獨一無二的世界級資產組合，我們將繼續專注於為股東實現長期價值最大化。

Turning to slide 4, which looks at operations for the quarter. Starting in Ghana, total net production was around 31,300 barrels of oil equivalent per day. Jubilee gross oil production in the third quarter was around 62,500 barrels of oil per day, 13% higher quarter on quarter, held by the first new well of the '25, '26 drilling campaign coming online in July. Gross gas production was around 15,000 barrels of oil equivalent per day in the third quarter, sequentially lower due to a period of extended scheduled maintenance of the onshore gas processing plant. At TEN, gross oil production in the quarter was around 16,000 barrels of oil per day.

接下來請看第 4 張投影片，該投影片展示了本季的營運情況。從加納開始，總淨產量約為每天 31300 桶油當量。Jubilee油田第三季總石油日產量約62,500桶，較上一季成長13%，主要得益於2025年及2026年鑽井活動的第一口新井於7月投產。第三季天然氣總產量約為每天 15,000 桶油當量，由於陸上天然氣處理廠進行了較長時間的計劃性維護，環比有所下降。TEN油田本季石油總產量約為每天16,000桶。

At GTA in Senegal and Mauritania, third-quarter net production was around 11,400 barrels of oil equivalent per day, an increase of just over 60% from the previous quarter. The partnership listed 6.8 gross LNG cargos during the quarter, in line with guidance. We also lifted the first gross condensate cargo early in the fourth quarter.

在塞內加爾和茅利塔尼亞的GTA油田，第三季淨產量約為每天11,400桶油當量，比上一季成長了60%以上。該合夥企業本季共交付了 6.8 噸液化天然氣貨物，與預期相符。我們在第四季初也提走了第一批凝析油貨物。

There was some start of maintenance on three of the four LNG trains during the third quarter that slightly curtailed production. But with all trains online, we're now running around 2.6 million tonnes per annum equivalent and on the path to nameplate production this quarter. Work on the last LNG train is planned for this quarter and has been incorporated in our guidance.

第三季度，四條液化天然氣生產線中的三條開始進行維護，導致產量略有下降。但隨著所有列車投入運營，我們現在的年產能約為 260 萬噸當量，並預計在本季度將正式投產。最後一條液化天然氣生產線的建設工作計劃於本季進行，並已納入我們的業績預期。

In the Gulf of America, net production was around 16,600 barrels of oil equivalent per day in line with guidance, driven by strong performance from Odd Job and Kodiak and no major storm activity during the quarter. This was offset by some unplanned facility downtime and the abandonment of the Winterfell-4 well, which I'll talk about in more detail in a following slide.

在美洲灣，淨產量約為每天 16,600 桶油當量，與預期相符，這主要得益於 Odd Job 和 Kodiak 油田的強勁表現，以及本季沒有重大風暴活動。然而，一些計劃外的設施停機時間和 Winterfell-4 油井的廢棄抵消了這一影響，我將在下一張幻燈片中更詳細地討論這一點。

On Tiberius, we executed the production handling agreement with Oxy, our 50-50 partner on the project; and also the operator, the Lucius Production Facility, which will host the volumes from the development when it comes online. We expect to take FID and farm down our interest for around a third in 2026. Next, [on EG], net production was around 6,200 barrels of oil per day, down quarter on quarter due to the subsea pump issues flagged in May. As I mentioned, we're making good progress on the repair of those pumps, with normal lines production expected in the first half of 2026.

在 Tiberius 專案中，我們與 Oxy（我們在該專案上的 50-50 合作夥伴）簽訂了生產處理協議；同時，我們也與營運商 Lucius 生產設施簽訂了協議，該設施將在專案上線後接收開發產生的石油產量。我們預計在 2026 年做出最終投資決定，並將我們的權益轉讓給第三方，轉讓比例約為三分之一。其次，[在EG上]，淨產量約為每天6200桶石油，由於5月發現的海底泵問題，環比下降。正如我之前提到的，我們在修復這些幫浦方面取得了良好進展，預計 2026 年上半年將恢復正常生產線。

Turning to slide 5, we talked in depth last quarter about Jubilee and the opportunity to deliver the field's full potential as a return to drilling. As the chart on the slide shows, the first well of the '25, '26 drilling campaign was drilled in the second quarter and came online in July. The well continues to perform in line with expectations, delivering around 10,000 barrels per day of gross oil production. Drilling of the second producer well has commenced and is expected online around the end of the year, and we anticipate it will also be a strong producer.

翻到第 5 張投影片，上個季度我們深入討論了 Jubilee 油田以及恢復鑽井作業以充分發揮其潛力的機會。如幻燈片上的圖表所示，2025 年和 2026 年鑽井活動的第一口井在第二季度鑽探完成，並於 7 月投入營運。該油井繼續按照預期運行，日產原油總量約為10,000桶。第二口生產井的鑽探工作已經開始，預計將於年底左右投產，我們預計它也將是一個高產井。

The next 12 months is an important period of activity for the field, with a committed drilling program of five more wells in 2026. We initially planned to drill four producer wells next year but have worked with the partnership to drive a more efficient program that allows for a fifth well, a water injector, to be added in 2026 while maintaining the same budget.

接下來的 12 個月是該油田的重要活動期，計劃在 2026 年再鑽探 5 口井。我們最初計劃明年鑽探四口生產井，但與合作夥伴共同努力，制定了一個更有效率的方案，允許在 2026 年增加第五口井（一口注水井），同時保持相同的預算。

The blue dots on the chart show production moving higher through 2026 as the new wells come online. And while this upward trajectory won't be linear as individual wells contribute different volumes, we expect Jubilee production to be materially higher than current levels as we finish the current drilling program in late 2026. With improved water injection and a regular follow-on infiltrating program, we're targeting sustained production at those higher levels.

圖表中的藍點顯示，隨著新油井的投產，到 2026 年產量將持續成長。雖然這種上升趨勢不會是線性的，因為每口井的產量都不同，但我們預計，隨著我們在 2026 年底完成目前的鑽井計劃，Jubilee 的產量將比目前的水平高得多。透過改進注水技術和定期後續滲透計劃，我們的目標是在更高的水平上實現持續生產。

The other important point to note on the chart is the OBN seismic acquisition, which is taking place this quarter. This state-of-the-art imaging technology that I talked about last quarter will further enhance our understanding of the subsurface, providing better data on historical fluid movements and help identify more undrilled lobes and unswept oil. This is a step change in imaging technology, which we expect will support optimum well selection in future drilling campaigns, ultimately enhancing resource recovery over the remaining life of the field.

圖表上另一個需要注意的重要點是 OBN 地震資料收集，該採集工作正在本季度進行。我上個季度談到的這項最先進的成像技術將進一步增強我們對地下的了解，提供更好的歷史流體運動數據，並有助於識別更多未鑽探的油氣藏和未開採的石油。這是成像技術的重大變革，我們預計這將有助於在未來的鑽井作業中進行最佳的井位選擇，最終提高油田剩餘壽命期間的資源回收率。

With the license extension expected to be completed by year-end, the partnership can now plan on long-term investment in Jubilee, which should drive a material uplift in 2P reserves. All the required documentation of the extension has now been prepared for submission to the government for their approval.

由於許可證延期預計將在年底前完成，該合夥企業現在可以計劃對 Jubilee 進行長期投資，這將推動 2P 儲量的大幅提升。延期所需的所有文件現已準備就緒，並將提交給政府審批。

Turning to slide 6, at GTA, we continue to see a lot of positive progress as we work with BP, the national oil companies, and the governments to improve profitability. As the green line on the chart shows, production continues to rise with net production of 11,400 barrels of oil equivalent in the quarter.

翻到第 6 張投影片，在 GTA，我們與 BP、國家石油公司和政府合作，不斷提高獲利能力，並持續取得許多積極的進展。如圖中的綠線所示，產量持續成長，本季淨產量達11,400桶油當量。

This equates to 6.8 gross LNG cargos during the quarter, in line with guidance. The partial cargo number reflects the cargo that was loaded over the quarter end, with the remainder of the cargo recognized in the following quarter. The project has now lifted 13.5 gross cargos through October, with 7 to 8.5 cargos expected in the fourth quarter.

這相當於本季 6.8 船 LNG 總貨量，與預期一致。部分貨物數量反映的是季度末裝載的貨物，剩餘貨物將在下一季確認。截至 10 月份，該項目已完成 13.5 噸貨物的裝運，預計第四季將完成 7 至 8.5 噸貨物的裝運。

Last month, the first gross condensate cargo was lifted, another important milestone for the project, and was priced at a small discount to Brent. Looking ahead, we expect production to continue to rise, targeting the 2.7 million tonne per annum nameplate towards the end of the year. With its higher production level, we see the potential for the cargo count in 2026 to be almost double what we expect to see this year.

上個月，首批凝析油貨物裝船，這是該計畫的另一個重要里程碑，其價格略低於布蘭特原油價格。展望未來，我們預計產量將持續成長，目標是在年底前達到每年 270 萬噸的額定產量。由於產量水準提高，我們預計 2026 年的貨運量將比今年的預期數量幾乎翻倍。

On cost, the blue bars on the chart show the absolute operating expenses continue to fall. We expect further progress into 2026, with the refinancing of the FPSO, and as we work with the operator to implement a lower-cost operating model. Through rising production that is focused on cost, we expect unit cost to fall by over 50% next year.

成本方面，圖表中的藍色長條圖顯示絕對營運費用持續下降。我們預計在 2026 年將取得進一步進展，包括 FPSO 的再融資，以及與營運商合作實施成本更低的營運模式。透過提高生產效率並注重成本控制，我們預計明年單位成本將下降 50% 以上。

That said, we continue to advance Phase 1 Plus expansion, targeting online in 2029, materially increasing the volume from our existing infrastructure. With that growth in production, we expect the unit economics to improve substantially. On CapEx, Neal will talk more about it in the financials, but the working capital outflow in the third quarter was largely related to the crude GTA CapEx post-project completion that was due in the third quarter, effectively marking the end of the capital outlay for Phase 1 of the project.

也就是說，我們將繼續推動第一階段加強版的擴張，目標是在 2029 年線上化，大幅提高現有基礎設施的產能。隨著產量的成長，我們預期單位經濟效益將大幅改善。關於資本支出，Neal 將在財務報告中詳細討論，但第三季度的營運資金流出主要與 GTA 項目竣工後的原油資本支出有關，該支出應在第三季度支付，這實際上標誌著該項目第一階段資本支出的結束。

Turning to slide 7, in the Gulf of America, third-quarter performance was in line with expectations with a continued strong performance from Odd Job and Kodiak and a lack of storm activity, offset by some unplanned facility downtime and the abandonment of the Winterfell-4 well. As we communicated in this morning's earnings release, Winterfell-4 was abandoned in September by the operator due to challenges encountered during completion operations arising from the collapse of the production casing.

翻到第 7 張幻燈片，在美洲灣，第三季度業績符合預期，Odd Job 和 Kodiak 繼續表現強勁，且缺乏風暴活動，但部分設施計劃外停機和 Winterfell-4 油井的廢棄抵消了這些積極影響。正如我們在今天早上發布的收益報告中所述，由於生產套管坍塌導致完井作業遇到困難，Winterfell-4 井於 9 月被營運商放棄。

Unfortunately, the operator has recently struggled with completion issues. So while we look at the resource upside of Winterfell, which contains around 100 million barrels oil equivalent of potential, we plan to focus next year's activity just on restoring production from the Winterfell-3 fault block. This will allow time to better plan and design the future wells to capture the full resource potential of the field.

遺憾的是，該業者最近在完成方面遇到了一些問題。因此，儘管我們關注溫特菲爾的資源潛力（蘊藏約 1 億桶石油當量），但我們計劃明年的活動重點放在恢復溫特菲爾-3 斷層區塊的生產。這將使我們有時間更好地規劃和設計未來的油井，以充分挖掘該油田的資源潛力。

On our development activities, we continue to progress Tiberius with Oxy with an improved lower-cost development plan and an executed PHA, which locks in attractive commercial terms. FID and farm down are planned for next year. We also continue to advance Gettysburg with Shell, which has discovered a resource opportunity to be acquired in a previous resale. We're progressing a single-well development that would be tied back to Shell's operated Appomattox platform.

在我們的開發活動中，我們繼續與 Oxy 合作推進 Tiberius 項目，並制定了改進的低成本開發計劃和完成的 PHA，從而鎖定了有吸引力的商業條款。FID和農場關閉計劃於明年進行。我們也繼續與殼牌公司推進葛底斯堡項目，殼牌公司先前在一次轉售中發現了可收購的資源機會。我們正在推進一個單井開發項目，該項目將與殼牌運營的阿波馬托克斯平台相連。

That concludes the review of the portfolio, and Neal will now take you through the financials.

投資組合的審查到此結束，接下來尼爾將帶您了解財務狀況。

Thanks, Andy. Turning now to slide 8, which looks at the financials for the third quarter in detail. Production was again higher sequentially due to the first new well on Jubilee and GTA ramping up, offset by expected downtime in the Gulf of America and EG and lower gas volumes in Ghana. Current production is now in the low 70s, with more to come in the fourth quarter as GTA approaches nameplate and the second producer well on Jubilee is expected online around the end of the year.

謝謝你，安迪。現在來看第 8 張投影片，其中詳細分析了第三季的財務狀況。由於 Jubilee 和 GTA 的第一口新井開始增產，產量較上季再次增加，但美洲灣和 EG 的預期停產以及加納天然氣產量的下降抵消了部分增幅。目前產量在 70 噸左右，隨著 GTA 接近投產，第四季度產量將有所增加，Jubilee 的第二口生產井預計將在年底左右投產。

Operating costs were down almost 40% quarter on quarter, with improvements across all our business units, reflecting the focus on costs that Andy talked about earlier, and also the TEN lifting costs that fell in the second quarter. G&A was also lower, highlighting the progress we are making in reducing overhead. CapEx of $67 million came in lower than guidance. And with year-to-date CapEx of just under $240 million, we are firmly on track to close out the year with full-year CapEx below our $350 million forecast.

營運成本較上季下降近 40%，所有業務部門均有所改善，這反映了 Andy 先前提到的對成本的關注，以及第二季 TEN 提升成本的下降。一般及行政費用也有所降低，凸顯了我們在降低管理費用方面的進展。資本支出為 6700 萬美元，低於預期。今年迄今的資本支出略低於 2.4 億美元，我們完全有信心實現全年資本支出低於我們 3.5 億美元的預測目標。

Last quarter, I flagged an expected working capital outflow in 3Q, largely associated with the final accrued CapEx on GTA. With Phase 1 now delivered and the CapEx behind us, we don't expect any material capital outflows at GTA for several years. So to summarize, production is growing and approaching record high levels, while CapEx, OpEx, and overhead have all fallen quarter on quarter, reflecting our efforts to improve the overall cost base of the business and enhance profitability and cash flow generation.

上個季度，我曾指出第三季度預計會出現營運資金流出，這主要與 GTA 的最終累積資本支出有關。隨著第一階段的完成和資本支出的結束，我們預計 GTA 在未來幾年內不會有任何實質的資金流出。總而言之，產量正在增長並接近歷史最高水平，而資本支出、營運支出和管理費用均環比下降，這反映了我們為改善業務整體成本基礎、提高盈利能力和現金流而做出的努力。

Turning to slide 9, as Andy said in his opening remarks, one of the priorities for the company this year is enhancing the resilience of the balance sheet. And we've made progress in several key areas recently. On liquidity, we announced a four-year senior secured firm loan with Shell for up to $250 million with attractive terms for Kosmos. We used the first tranche of the facility to repay $150 million of our 2026 unsecured notes early in the fourth quarter and anticipate using the remainder to repay the outstanding $100 million in the first quarter of 2026.

翻到第 9 張投影片，正如 Andy 在開場白中所說，公司今年的首要任務之一是增強資產負債表的韌性。最近我們在幾個關鍵領域取得了進展。在流動性方面，我們宣布與殼牌公司達成一項為期四年、金額高達 2.5 億美元的高級擔保貸款協議，該協議對 Kosmos 公司具有優惠的條款。我們在第四季初利用該融資安排的第一筆款項償還了 2026 年到期的 1.5 億美元無擔保票據，並預計將在 2026 年第一季利用剩餘款項償還未償還的 1 億美元。

On the RBL facility, we completed the semiannual redetermination, with the bond base remaining in excess of the $1.35 billion facility size. Alongside the exercise with our lending banks, we updated the liquidity test for the 2027 bonds, which was successfully passed. Our lenders remain supportive of the company as we complete our project delivery phase, and we appreciate their continued support.

關於 RBL 融資安排，我們完成了半年一次的重新評估，債券基礎仍超過了 13.5 億美元的融資規模。在與貸款銀行進行演練的同時，我們更新了 2027 年債券的流動性測試，並成功通過了該測試。在專案交付階段，我們的貸款方依然給予公司支持，我們感謝他們持續的支持。

With the Shell transaction complete, we have created more space until our nearest maturities, as can be seen on the top right chart. We remain proactive in securing additional sources of liquidity that enable us to repay some of our other upcoming maturities.

隨著殼牌交易的完成，我們在最近的到期日之前騰出了更多空間，正如右上角的圖表所示。我們將繼續積極尋求額外的流動資金來源，以便償還其他即將到期的債務。

On hedging, we have continued to increase downside protection against near-term commodity price volatility. For the remainder of 2025, we have 2.5 million barrels of oil production hedged with a $62 per barrel floor and a $77 per barrel ceiling. We also took advantage of higher prices in the third quarter to add more hedges for 2026. We now have 8.5 million barrels of oil hedged next year with a floor of $66 and a ceiling of $73 per barrel, with more than 50% of oil sales hedged through the first half of 2026.

在避險方面，我們持續加強對短期大宗商品價格波動的下檔保護。2025 年剩餘時間裡，我們已對 250 萬桶石油產量進行了避險，下限為每桶 62 美元，上限為每桶 77 美元。我們也利用第三季較高的價格，增加了 2026 年的對沖部位。我們現在已對明年850萬桶石油進行了避險，下限為每桶66美元，上限為每桶73美元，超過50%的石油銷售已對期保值至2026年上半年。

We've talked on today's call about our focus on cost, and the chart on the right shows the progress we're making with quarterly CapEx reductions over the last year. As we start to look ahead to next year, the capital program is largely focused on Jubilee drilling, and we're confident we can stay within this year's budget or below to maximize near-term cash generation and reduce leverage.

我們在今天的電話會議上談到了我們對成本的關注，右側的圖表顯示了我們在過去一年中透過季度資本支出削減所取得的進展。展望明年，資本計畫主要集中在 Jubilee 鑽井項目上，我們有信心將支出控制在今年的預算之內或低於預算，從而最大限度地提高近期現金流並降低槓桿率。

At current prices, backwards leverage remains elevated given the ramp up in GTA and lower production in Jubilee in the first half of the year. We expect that to improve quickly into 2026 as production and cargo sales increase and the lower first half 2025 EBITDAX is adjusted out of the trailing 12-month leverage calculation. As you will see with our fourth-quarter guidance, we remain close to our revised year-end covenant that are actively working solutions, such as the TEN FPSO purchase, to remain compliant.

以目前價格計算，由於大多倫多地區產量增加以及今年上半年 Jubilee 產量下降，反向槓桿仍然很高。我們預計，隨著產量和貨物銷售的成長，以及2025年上半年較低的EBITDAX從過去12個月的槓桿率計算中調整出來，這種情況將在2026年迅速改善。正如您將從我們的第四季度業績指引中看到的那樣，我們仍然接近修訂後的年終契約，並且正在積極尋求解決方案，例如購買 TEN FPSO，以保持合規。

So to conclude, we will continue to be proactive in improving our financial position by reducing costs, raising new liquidity to manage our maturity schedule at attractive rates, and adding new hedges. While we have more to do, I'm pleased with the progress we have made, and we will continue to focus on delivery of that agenda.

總而言之，我們將繼續積極主動地改善我們的財務狀況，降低成本，以優惠的利率籌集新的流動性來管理我們的到期計劃，並增加新的對沖措施。雖然我們還有很多工作要做，但我對我們的進展感到滿意，我們將繼續專注於落實這項議程。

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

說完，我就把它還給安迪。

Thanks, Neal. Turning now to slide 10 to conclude today's presentation. As I stated in my opening remarks, we have three clear near-term priorities. We're growing production with current production approaching record highs with more to come through the end of the year and into 2026 with the Jubilee Drilling Campaign and GTA at nameplate.

謝謝你，尼爾。現在翻到第10張投影片，結束今天的簡報。正如我在開場白中所說，我們有三個明確的近期優先事項。我們正在擴大生產規模，目前的產量已接近歷史最高水平，隨著 Jubilee Drilling Campaign 和 GTA 的推出，今年年底和 2026 年還將有更多產量。

Long term, we have an attractive portfolio of growth opportunities across both oil and gas with our existing discovered resource base, both internationally and in the Gulf of America. On cost, we've seen solid progress across our three main areas of focus, CapEx, OpEx, and overhead, and continue to work hard on further reductions.

從長遠來看，憑藉我們已探明的資源基礎，無論是在國際上還是在美洲灣，我們在石油和天然氣領域都擁有極具吸引力的成長機會組合。在成本方面，我們在資本支出、營運支出和管理費用這三個主要方面都取得了穩步進展，並將繼續努力進一步降低成本。

And finally, Neal just talked about the work we're doing to protect the balance sheet to ensure we have a sustainable business in a lower-priced world while retaining the significant opportunities for future upside. We look forward to delivering on these near-term objectives to support long-term value creation for our investors.

最後，尼爾談到了我們正在進行的工作，以保護資產負債表，確保我們在價格較低的世界中擁有可持續發展的業務，同時保留未來大幅成長的機會。我們期待實現這些近期目標，從而為我們的投資者創造長期價值。

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

謝謝，現在我將把通話交給接線員，由她來開始提問環節。

Thank you. (Operator Instructions) Matthew Smith, Bank of America.

謝謝。（操作員說明）馬修史密斯，美國銀行。

Hi there. Morning, Andy. Morning, Neal. Thanks for taking my questions. Perhaps a couple. Could I first start with the reference to the TEN FPSO, the sale and repurchase agreement that you're finalizing? I mean, could you give us any sort of further details on the financial implications here and also just remind us on the timing for that lease finishing, please? I mean, that'd be the first one.

你好呀。早安，安迪。早安，尼爾。謝謝您回答我的問題。或許是一對。我能否先從您提到的 TEN FPSO 以及您正在敲定的買賣回購協議開始談起？我的意思是，您能否提供更多關於這方面的財務影響的細節，並提醒我們一下租賃合約的到期時間？我的意思是，那應該是第一個。

And then perhaps the second one, just sort of taking a step back, I guess, a million-dollar question, production sort of finally now taking higher costs, coming down, as you've alluded to. Could you give us a bit of a sense of the -- already, the cash flows and perhaps the deleveraging that you might expect for 2026?

然後，也許第二個問題，我想，退一步來說，這是一個價值百萬美元的問題，生產成本最終開始上升，正如您所提到的。您能否大致介紹一下—目前來看，您對 2026 年的現金流量以及去槓桿化有何預期？

Yes, sure, Matt. And this is Neal. I'll take those. So if we start on TEN, again, one of the themes we talked about today is sort of reducing the costs across the business. When we look at TEN, specifically it's been high operating costs at the field. A large portion of that is because of the lease. The lease makes up more than 60% of the operating costs at TEN, and so it's been naturally an area for us in the partnership to focus on how do we get that cost down. And so we've been working a purchase option together with the with the rest of the partnership and the FPSO owner to get that concluded here in the fourth quarter.

當然可以，馬特。這位是尼爾。我收下那些。所以，如果我們再從 TEN 開始，我們今天討論的主題之一就是降低整個業務的成本。當我們觀察TEN時，會發現其場地運作成本很高。很大一部分原因是租賃合約造成的。租賃費用佔 TEN 營運成本的 60% 以上，因此，如何降低租賃成本自然成為我們合作的重點領域。因此，我們一直在與合夥企業的其他成員和 FPSO 所有者一起制定購買選擇權，以期在第四季度完成此事。

In terms of specific details on consideration and things, we can't disclose those terms until it's signed. But what I can tell you is what we're trying to do or what we agreed to do is sort of no additional payments in terms of what we're paying for the lease until a sort of closeout payment in 2027. And that payment would be basically a reduced buyout payment for the FPSO. And it would be done on very attractive terms with paybacks similar to what we've seen on M&A transactions like Oxy, Ghana, et cetera, that we've looked at.

至於具體的對價和其他細節，在正式簽署之前，我們不能透露這些條款。但我可以告訴你們的是，我們正在努力做的，或者說我們已經同意做的，就是在 2027 年支付一筆結清款項之前，我們不會再支付任何額外的租賃費用。而這筆款項基本上就是對FPSO的減少後的收購款項。而且，這項交易的條件非常有吸引力，回報方式與我們之前看到的併購交易（如 Oxy、加納等）類似。

And so no additional cash upfront. We serve out to lease until '27. We have a discounted purchase option at that point, which lowers the operating costs and allows us to get access to the extended life of the field and additional sort of upside and opportunities in the future. And so, again, it's a good transaction. We're happy to see it progressing and hope to see more news on that here before the end of the fourth quarter.

因此無需預先支付額外現金。我們的服務期限至 2027 年。屆時我們將提供折扣購買選項，這可以降低營運成本，並使我們能夠延長油田的使用壽命，並在未來獲得更多收益和機會。所以，再次強調，這是一筆不錯的交易。我們很高興看到專案取得進展，並希望在第四季度結束前在這裡看到更多相關消息。

On your second question, just in terms of cash generation, you're absolutely right. We're sort of getting to that point to where production, quarter on quarter, we can see it increasing and costs across the business are coming down. In terms of where we get to in terms of free cash flow into '26 and beyond, I don't think it's very different in terms of what we've just said. We've talked about a company that can break even in the mid $50 per barrel range across all of the costs, and then how much excess free cash flow we generate will really be a function of oil prices beyond that.

關於你的第二個問題，就現金流產生而言，你的說法完全正確。我們正逐漸達到這樣一個階段：產量逐季成長，而整個業務的成本都在下降。至於 2026 年及以後我們的自由現金流狀況，我認為與我們剛才所說的話並沒有太大不同。我們已經討論過，一家公司可以在每桶 50 美元左右的價格區間實現收支平衡，而在此之後，我們能產生多少額外的自由現金流，實際上將取決於油價的走勢。

And what we've tried to do is remain proactive on the hedging side to ensure that there's some price floors at rates ahead of that at which ensure that we're generating some free cash flow into '26 and then have the optionality in the portfolio for the future. So again, I think, directionally, everything is headed the right way across both the production side and the cost side, which you'll see progress both in the fourth Q and sequentially into subsequent quarters into '26.

我們一直努力在對沖方面保持積極主動，以確保在利率達到一定水平之前存在一些價格底線，從而確保我們在 2026 年能夠產生一些自由現金流，並為未來的投資組合保留選擇權。所以，我認為，從方向上看，無論是生產方面還是成本方面，一切都在朝著正確的方向發展，您將在第四季度以及隨後的幾個季度，直至 2026 年，看到這些進展。

Got it. Thank you, Neal. Appreciate the detail.

知道了。謝謝你，尼爾。感謝您提供的細節。

All right. Thanks, Matt.

好的。謝謝你，馬特。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

Good morning. I'd like to talk a little bit about GTA OpEx. You've disclosed a little more this quarter. It looks as if, if I got my math right, running around $60 a barrel, and you talk about taking half of that roughly away. Is that the right way to think about it, getting toward $30 of OpEx?

早安.我想簡單談談 GTA OpEx。本季你揭露的資訊比上一季略多一些。如果我沒算錯的話，油價大概是每桶 60 美元，而你說要減去其中大約一半。這樣想是否正確，即達到 30 美元的營運支出目標？

Yes, so again, I think '25 is a tricky year to baseline off of, Bob. But if when you look at sort of the quarterly OpEx, we were at $70 million in 2Q, $60 million in 3Q, and we're expecting at the midpoint of guidance about $50 -- $50 million dollars per quarter net to Kosmos and then 4Q. And beyond that, we see upside or downside in terms of being able to run into a slightly lower operating cost into '26. I'd say today we're closer to -- and again, we're referencing in GAAP terms, but closer to a [$6 per annum-ish] breakeven on just where we are from a production perspective with the goal to get that a bit lower.

是的，所以我覺得鮑勃，2025 年是一個很難作為基準年份的年份。但如果你看一下季度營運支出，我們第二季為 7000 萬美元，第三季為 6000 萬美元，我們預計在指導的中點，Kosmos 每季淨收入約為 5000 萬美元，然後是第四季度。除此之外，我們還可以看到，到 2026 年，營運成本可能會略微降低，這可能會帶來一些好處或壞處。我想說，就目前的生產情況來看，我們離損益平衡點（每年約 6 美元）更近了——再次強調，我們指的是按照 GAAP 準則計算——我們的目標是讓損益平衡點再降低一些。

Very clear. And a follow up, any lessons learned on Winterfell? Is there a common theme to some of the challenges, or is it too early to know?

非常清楚。還有一個後續問題，關於臨冬城，你們學到了哪些教訓？這些挑戰是否存在共同的主題？還是現在判斷還太早？

Yes, Bob, I'll take that. I think the first thing to say, these are operational issues, not reservoir issues, yes? So we've had two mishaps. The first was placing the screen in the horizontal wasn't fully packed off; and therefore, we had the screen collapse. So that's one issue. I think the issue of the casing collapse, sort of long exit itself, actually, is a little early to come to a final conclusion on the root cause.

是的，鮑勃，我接受。我認為首先要說明的是，這些都是操作問題，而不是水庫問題，對嗎？所以我們遇到了兩起事故。第一個問題是螢幕水平放置時包裝不嚴實；因此，螢幕塌陷了。這是其中一個問題。我認為，就套管坍塌問題，或者說長出口本身的問題而言，現在就得出根本原因的最終結論還為時過早。

But what it does mean when you step back from it is that we need to be very rigorous now about the future operations. We are, as Kosmos, focused on a single activity in 2026, which will be coming back to the Winterfell 3-fold block, probably reusing the wellbore to re-complete the well.

但從這個角度來看，這意味著我們現在需要對未來的行動採取非常嚴格的措施。作為 Kosmos 公司，我們專注於 2026 年的一項活動，那就是重返 Winterfell 三井區塊，可能會重新利用井眼來重新完成鑽井作業。

But it will be a very simple completion. And I think if you were to just go to a very high-level view of it, I think a lesson learned is to quote, keep it simple, make sure you've got regular planning, and then you execute. So I think there isn't anything new in that, but I think it's something that we need to come back to.

但完成起來會非常簡單。我認為，如果從宏觀的角度來看，我們可以學到的一個教訓是：引用、保持簡單、確保定期計劃，然後執行。所以我覺得這方面沒有什麼新內容，但我覺得這是我們需要重新檢視的問題。

Very clear. Thanks.

非常清楚。謝謝。

Right. Thanks, Bob.

正確的。謝謝你，鮑伯。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Good morning, Andy and Neal, and to the rest of the Kosmos team. Andy, on slide 5, thank you for all this detail on Jubilee. But I wanted to ask a question about what's going to drive two cargos versus three cargos from Ghana in 4Q. Is it just the big variable, just the performance, or how well does J72 well hold up? Or is there a TEN cargo that may or may not fall in 4Q? Give us a sense of what the drivers are there.

早安，安迪和尼爾，以及宇宙隊的其他成員。安迪，在第 5 張幻燈片中，感謝你提供的所有關於禧年的細節。但我想問的問題是，是什麼因素導致第四季從加納運出的貨物數量從兩批增加到三批。只是效能這個大變數的問題，還是 J72 本身的效能表現如何？或者，是否有可能在第四季也可能不在第四季的TEN貨物運輸計畫中？請您介紹一下那裡的司機狀況。

No, but I know -- hey, Charles, it's just really just around -- this is a year-end cargo, so it's a timing issue. And ultimately, the timing of that will be dictated by -- performance is sort of holding flat at the moment where we can sort of see a relatively flat profile in Jubilee as we end the year. But it's going to be just around -- literally around the timing effects of that on a year-end cargo.

不，但我知道——嘿，查爾斯，這真的只是時間問題——這是年底的一批貨物，所以是一個時間問題。最終，具體時間將取決於——目前來看，Jubilee 的表現基本上保持平穩，我們可以看到，隨著年底的臨近，Jubilee 的表現也相對平穩。但具體來說，就是圍繞年底貨物運輸的時間影響展開的。

Okay, great. And then another cargo question, but from GTA, the condensate cargo that you mentioned you sold. How does that fit in your guidance, and how is that going to appear when you report 4Q?

好的，太好了。還有一個關於貨物的問題，不過是關於 GTA 的，就是你提到的你賣掉的凝析油貨物。這如何與你們的指導方針相符？當你們發布第四季業績報告時，這將如何反映？

Right, I'll let Neal handle the detail of that, Charles.

好的，查爾斯，細節就交給尼爾處理吧。

Yes, and it's a bit tricky because you don't get them all the time. There's probably listing on a gross basis out of the field, maybe quarterly. But this is the first one for the partnership, and so we split it evenly. Again, the thinking going forward is they'll all be allocated on a sort of entitlement basis going forward; and so again, I think between us and the NSCs potentially listing every one or two out of every five condensate cargos. So they'll be a bit irregular, Charles, but they will be, again, a nice source of additional income for the partnership.

是的，這有點棘手，因為你不可能總是得到它們。可能存在按季度進行總額統計的現場數據。但這是我們合作的第一筆款項，所以我們平分。再次強調，未來的思路是，所有這些貨物都將按照某種權利原則進行分配；因此，我認為我們和國家航運公司之間可能會列出每五批凝析油貨物中的一兩批。所以，查爾斯，這些收入會不太規律，但它們將再次成為合夥企業不錯的額外收入來源。

So if I understand you correctly, Neal, you're taking turns the way you are at Ghana. So even though you've lifted this first cargo, it's someone else's cargo. And it's not going is going to have no financial impact on Kosmos for 4Q. Is that right?

所以如果我理解正確的話，尼爾，你和你在加納一樣輪流上場。所以即使你搬運了第一批貨物，但這卻是別人的貨物。而且，它不會對 Kosmos 第四季度的財務狀況產生任何影響。是這樣嗎？

No, no. This one, we listed altogether. I'm saying, going forward, we'll get our pro rata piece of that cash flow in 4Q. Going forward, we'll list it like as you mentioned, which is sort of taking turns between us and the NSCs and [Jubilee].

不，不。我們已經把這個全部列出來了。我的意思是，接下來，我們將在第四季按比例獲得這筆現金流。接下來，我們會像你提到的那樣進行登記，也就是由我們和國家安全委員會輪流進行。[禧年]。

Okay, great. Thanks for the detail.

好的，太好了。謝謝你提供的詳細資訊。

Great. Thanks, Charles.

偉大的。謝謝你，查爾斯。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Good morning, Andy. Good morning, Neal. There's been obviously a lot of focus on the balance sheet, and the credit hasn't traded very well here because of the macro, but also because of some of the challenges you guys talked about. So maybe you could just take some time for investors who are worried about the balance sheet to talk about how you're feeling about liquidity, why you have confidence, what are you doing to mitigate some of the risks, and spell it out in good detail.

早安，安迪。早安，尼爾。顯然，大家對資產負債表的關注度很高，由於宏觀經濟狀況以及你們提到的一些挑戰，這裡的信貸交易並不景氣。所以，或許您可以花點時間，向那些擔心資產負債表的投資者談談您對流動性的看法，為什麼您有信心，您正在採取哪些措施來降低一些風險，並詳細說明。

No, great. Thanks, Neil. I'll get Neal to talk through it, but I think the first point actually to make is sort of how much progress we've sort of made actually this quarter. Neal will talk you through the [long-term loan], the RBL redetermination. That's allowed us to deal with the most immediate issue, which is the '26 bond maturity. But then thereafter, what are the steps we're going to take to address the upcoming maturities beyond that? So I think it is a real close focus for the company. And it's one where I believe that we're genuinely making the right progress at the right pace. But Neal, just the details?

不，太好了。謝謝你，尼爾。我會請尼爾詳細解釋一下，但我認為首先要說明的是，我們本季實際上取得了多大的進展。Neal 將為您詳細講解[長期貸款]和 RBL 重新評估。這樣一來，我們就能處理最迫切的問題，也就是 2026 年到期的債券。但是，接下來我們將採取哪些措施來應對即將到來的到期問題呢？所以我認為這是公司非常重視的一點。而且我相信，在這個領域，我們正在以正確的速度取得真正的進步。尼爾，你只想知道細節嗎？

Yes. Like Andy said, I think we continue to be proactive in terms of getting ahead of financing -- getting in front of the refinancing issues. And so the Shell term loan was important to early repay the '26s. We've gotten through the redetermination and liquidity test where people had some questions around. So hopefully, we've addressed some concerns along that side. And then now we're being proactive around the '27s and looking at, as you mentioned, secure debt options, potentially at the MS level to early attack -- clear the maturities and create a better runway so that we can focus on with the near-term volatility in the oil price.

是的。正如安迪所說，我認為我們在融資方面繼續保持積極主動——提前解決再融資問題。因此，殼牌公司的定期貸款對於提前償還 26 年的債務至關重要。我們已經通過了重新評估和流動性測試，之前有人對這方面有一些疑問。所以，希望我們已經解決了這方面的一些問題。現在，我們正在積極應對 2027 年的債務問題，正如您所提到的，我們正在尋求安全的債務選擇，可能會在摩根士丹利層面提前採取行動——清除到期債務，創造更好的發展空間，以便我們能夠專注於應對近期油價的波動。

We've created a lower-cost company without any debt maturities. We can use all the free cash flow to repay debt on the revolver and then create more financial resilience through that process. So again, I think we're doing all the things we said we would. We're going in a step-by-step fashion and continuing to look for cost-effective ways for us to get ahead of issues while we're finishing out the project delivery phase.

我們創建了一家成本更低、沒有任何債務到期的公司。我們可以利用所有自由現金流來償還循環貸款的債務，然後透過這個過程增強財務韌性。所以，我認為我們正在做所有我們承諾要做的事情。我們正在按部就班地進行，並不斷尋找經濟有效的方法，以便在完成專案交付階段的同時，提前解決問題。

And again, like I said, I think the most important thing for us as well as the creditors and the equity holders is we're seeing the benefit of rising production coming through as well as the lower -- the overall cost structure. So again, I think we're doing the right things, and the business will continue to be proactive around securing the financial resilience of the company as we go through sort of a bit of a wobble in the macro.

再次重申，我認為對我們、債權人和股東來說，最重要的是我們看到了產量上升帶來的好處，以及整體成本結構的降低。所以，我認為我們正在做正確的事情，隨著宏觀經濟出現一些波動，公司將繼續積極主動地確保公司的財務韌性。

Yes, what I'd add is in addition to looking at secure debt against the GTA asset, I think we're also looking at the divestments of non-core assets. We're through the build phase. We have some very strong assets, both in Ghana and in MS, Gulf of Mexico. What are the options we have now to sort of high-grade the portfolio and use that as an additional source of debt reduction? So I think that's another area where we're being proactive. So I think there are two big agenda items that Neal's working on, both secure debt against MS and the non-core assets.

是的，我還要補充一點，除了考慮以 GTA 資產作為擔保的債務外，我認為我們還在考慮剝離非核心資產。我們已經完成了建設階段。我們在加納和墨西哥灣沿岸地區都擁有一些非常強大的資產。我們現在有哪些選擇可以提高投資組合的評級，並將其作為額外的債務削減來源？所以我認為這是我們積極主動的另一個領域。所以我認為尼爾正在努力推動兩項重要的議程，一是確保微軟的債務安全，二是處理非核心資產。

Yes. Thanks, Andy. I know that was very thorough. And then the follow up is just -- can you talk about the upfront investment required for the GTA expansion? And how do you think about the differences in lease rates for a 5 MTPA floating LNG facility versus the Golar facility you had previously?

是的。謝謝你，安迪。我知道這非常全面。接下來的問題是—您能談談GTA擴充包所需的初始投資嗎？您如何看待年產能 5 百萬噸的浮式液化天然氣設施與您先前擁有的 Golar 設施的租賃費率之間的差異？

Yes, no, thanks Neil. I think it's sort of, maybe -- that is an important question. And I think it'd be good to give you a little bit of detail. Yes, I'm fresh back from a meeting last week in Paris where we spent a lot of time with the NSEs and governments of Mauritania and Senegal, sort of thinking through their future needs. And it's clear in both countries, but in particular in Senegal, the need for additional near-term domestic gas.

是的，不用了，謝謝你，尼爾。我覺得這或許是一個重要的問題。我覺得最好再詳細解釋一下。是的，我上週剛從巴黎開會回來，我們花了很多時間與茅利塔尼亞和塞內加爾的國家證券交易所和政府代表交流，探討他們未來的需求。兩國都明顯存在對近期國內天然氣的需求，尤其是在塞內加爾。

So I think that we see the next phase, the Phase 1 Plus expansion, actually targeting the domestic market. I think we're sort of almost ambivalent to the pricing there. We were sort of looking at a pricing that would be equivalent to the FOB of the LNG without the liquefaction cost. So ultimately, it's a win-win for everybody at that point. The government gets a source of gas, which is very competitively priced, and we can secure the expansion of Phase 1 Plus without having to go through complicated redesign of the facilities.

所以我認為，下一階段，即第一階段加強版擴張，實際上是瞄準國內市場。我覺得我們對那裡的定價態度有點矛盾。我們當時考慮的定價方案是，在不計入液化成本的情況下，使價格相當於液化天然氣的離岸價。所以最終來說，這對每個人來說都是雙贏的局面。政府獲得了價格極具競爭力的天然氣來源，我們可以確保第一階段加強版的擴建，而無需對設施進行複雜的重新設計。

So I think that's the way to think about it, Neal. And I think the other thing that I'd add to you on the cost side is that actually the FPSO and the current well stock can supply around 200 million standard cubic feet of additional gas without any investment, with zero investment. And that means that from the government's perspective, they could get domestic gas earlier.

所以我覺得應該這樣想，尼爾。關於成本方面，我認為我還要補充一點，實際上，FPSO 和現有油井庫存無需任何投資，零投資即可額外供應約 2 億標準立方英尺天然氣。這意味著從政府的角度來看，他們可以更早獲得國內天然氣。

Naturally, they need to build out the infrastructure to do that. There's a pipeline system being built in Senegal to get access to the power stations. The power stations are being both newbuild and modifications to gas burning. And their view would be that they could probably accelerate their demand to pull gas earlier than the '29 date that we talked about.

當然，他們需要為此建立基礎設施。塞內加爾正在建造一條輸油管系統，以便為發電站供電。這些發電站既有新建的，也有改建為燃氣發電站的。他們的觀點是，他們可能會加快需求，比我們之前討論的 2029 年更早開始提煉天然氣。

So actually, one of the things that we talked about in Paris was getting on with an early negotiation of a gas sales agreement. So I think if you think about it, there's sort of 200 that you can get at zero cost today. That's the way to think about it. Then there's another 100 that you would get if you de-bottleneck the FPSO.

實際上，我們在巴黎討論的事情之一就是儘早開始就天然氣銷售協議進行談判。所以我覺得仔細想想，今天大概有 200 種東西可以零成本獲得。就該這麼想。如果消除FPSO的瓶頸，還可以再獲得100個。

And that is just de-bottlenecking. That is small modifications to the gas system to give you that extra 100. So I think the great thing about GTA is you can expand it now at very, very low cost. So there's no additional cost to go in other than the FPSO de-bottlenecking. And then at some point you will need additional wealth, but that's sometime in the future.

而這只是消除瓶頸。這是對瓦斯系統做一些小改動，就能讓你多出100匹馬力。所以我覺得GTA最棒的地方在於，現在你可以以非常非常低的成本來擴展它。所以除了FPSO的瓶頸消除工程之外，沒有其他額外成本。然後，在某個時候，你將需要更多的財富，但那是未來的事了。

So it is about an aligned agenda, I think, with both how do you get the most out of the infrastructure with the least amount of capital going in? And then how do you get the most benefit, actually, for the host countries and build a true win-win? That, for me, is the way to think about the project, Neal, rather than, I think -- I think Phase 2 and 3 can be more biased towards LNG, but I think that initial sort of expansion, as we call it, Phase 1 Plus, of the existing facilities being more targeted to the domestic gas.

所以我認為這關乎目標的一致性，也就是如何用最少的資金投入獲得最大的基礎設施效益？那麼，如何才能真正為東道國爭取到最大利益，實現真正的雙贏呢？對我來說，尼爾，這才是思考這個計畫的方式，而不是──我認為第二階段和第三階段可以更偏向液化天然氣，但我認為最初的擴建，我們稱之為第一階段加強版，即現有設施的擴建，應該更側重於國內天然氣。

Now there is some de-bottlenecking you can do on the Gimi as well so maybe beyond the 2.7 nameplates. I think there's an increment of LNG to come there. And so when you think about it there's a piece of it goes to that increment of the Gimi, but it's not 5 million tonnes. It's an increment on the Gimi. And then there's the residual amount that would go to domestic gas. So all in all, it essentially comes at very, very low CapEx.

現在你也可以對 Gimi 進行一些消除瓶頸的操作，所以也許可以超越 2.7 型號的銘牌。我認為那裡會有液化天然氣供應增加。所以仔細想想，其中一部分會用於吉米礦場的增量，但那不是 500 萬噸。這是Gimi的增量。剩下的部分將用於生產家用天然氣。總而言之，它的資本支出非常非常低。

Thank you, Andy.

謝謝你，安迪。

Good. Thanks, Neil.

好的。謝謝你，尼爾。

Christoffer Bachke, Clarksons.

克里斯多福·巴克，克拉克森。

Hi, guys. Thanks for taking my questions. I have three questions today, if I may. So the first is on Jubilee performance. First of all, could you briefly touch upon the underlying decline rates at Jubilee right now, and what exit rates should we expect from Jubilee in 2025?

嗨，大家好。謝謝您回答我的問題。今天我有三個問題，可以嗎？首先是關於女王登基慶典的演出。首先，您能否簡單談談 Jubilee 目前的潛在下降率，以及我們應該預期 Jubilee 在 2025 年的退出率是多少？

The second question is related to CapEx. CapEx came in below expectations this quarter. And full-year guidance is now below $350 million. Is this primarily driven by timing and deferrals, or is it real cost savings? And in addition to that, related to the FPSO lease refinancing for GTA, what kind of cost savings should be realized once completed? I think we can start with these two.

第二個問題與資本支出有關。本季資本支出低於預期。目前全年預期收入低於 3.5 億美元。這主要是出於時間安排和延期考慮，還是真正為了節省成本？此外，關於大多倫多地區 FPSO 租賃再融資，完成後應該實現什麼樣的成本節約？我認為我們可以先從這兩個開始。

All right, there's a lot there, Chris. I’ll do the first one on Jubilee. And then probably, I’ll hand over to Neal. Yes, on Jubilee, I think the way to think about it, Chris, is this. How to keep it sort of simple but straightforward, what I would say, filtering around sort of 62,000, 63,000 barrels of oil per day today.

好的，克里斯，那裡面的資訊量很大。我會在禧年那天做第一件。然後，我可能會把接力棒交給尼爾。是的，關於禧年，我認為克里斯，思考這個問題的方式是這樣的。簡單來說，就是現在每天過濾約 62,000 到 63,000 桶石油。

We’ve got a new well coming on. We’ve just started drilling, by the way. We’re drilling the '26 in-section as we speak. And pleased to get back to drilling and sort of actually getting back on the timeline that we targeted. So we expect that well to be on at the end of the year. And so you're going to exit at sort of around -- sort of 70,000 barrels of oil per day on Jubilee.

我們即將開工一口新井。順便說一句，我們剛開始鑽探。我們正在鑽探 '26 號剖面。很高興能重新開始鑽探工作，並真正回到我們設定的時間表上。因此，我們預計該油井將在年底前投入使用。所以，Jubilee油田的日產量大概會達到7萬桶左右。

So you go to '26, the question is, of course, well, what's going to happen and what's your view of the future? We've got four more producers to drill. We've always talked about them doing between $5,000 and $10,000 a day. So if you sort of say, okay, $7,500 or something on average, that adds. If you add it up in a simplistic sense, it gets you around $100,000 a day.

所以到了 2026 年，問題當然是，會發生什麼，你對未來有什麼看法？我們還有四塊礦井需要鑽探。我們一直說他們每天能賺 5000 到 10000 美元。所以如果你說，好吧，平均下來是 7500 美元左右，那就加起來了。如果簡單計算一下，一天大約可以賺 10 萬美元。

Then you've got to put it on the decline rate. So let's say you put on the decline rate of 20%, which is both on the new wells, which is probably a little high on aggregate. If you apply that 20%, then it brings you down to the 80s. And that's the rate we'd anticipate getting to as we go through the year. So I think we've got a clear path going forward. We're clear about the well selection. I'd say that the producers where we're targeting are in the main part of the field. They're targeting areas where we've got good pressure support.

那你就得把它放到下降率上。假設新井的產量遞減率為 20%，這個數值整體上可能有點高。如果應用這 20%，那麼就會降到 80 多。這就是我們預計今年內將達到的速度。所以我覺得我們已經有了一個清晰的前進方向。我們對油井的選擇很明確。我認為我們瞄準的生產商位於該領域的主要部分。他們瞄準的是我們能夠提供良好壓力支持的地區。

In terms of challenges we've had in the past, at the end of the last drilling program, we're in Jubilee Southeast area where there's less concentration of injectors. And therefore, I think we had challenges around the connectivity in particular on one well. So you've got to be careful when you talk about decline rates. You've got to think about it at both the two dynamics, where you're putting the wells, what's the pressure support, and also the difference in the -- as you change well, the production between the new wells and the existing wells.

就我們過去遇到的挑戰而言，在上一次鑽井計劃結束時，我們位於 Jubilee Southeast 地區，該地區注水井密度較低。因此，我認為我們在其中一個油井的連接方面遇到了一些挑戰。所以在談論拒絕率時一定要謹慎。你必須從兩個方面來考慮這個問題：一是井的位置，二是壓力支撐，三是隨著井的改變，新井和現有井的產量差異。

But I think that's the right way to sort of think about Jubilee. So I think the things to monitor going forward, first thing, have you started drilling? Yes, we have. The objective then would be to get the well on production around the end of the year. What production rate do we get then? And then you start to build it up as you drill the next. So it's four producers in '26. And as I said in my remarks, we'll actually sort of high-grade the program a bit to optimize it, so we can squeeze in a water injector, which is important for the next program or within the original capital budget.

但我認為這才是理解禧年的正確方式。所以我認為接下來需要關注的事情，首先，你們開始鑽探了嗎？是的，我們有。那麼，我們的目標是在年底前讓這口油井投產。那我們的生產率是多少？然後，當你鑽下一個孔時，你就可以開始逐步建造它了。所以 2026 年有四位製片。正如我在演講中所說，我們實際上會對這個程序進行一些改進，使其更加優化，這樣我們就可以擠出一個注水器，這對於下一個程序或在原有的資本預算內來說非常重要。

And that, of course, goes to your second question, which is, what are the savings? Again, I think there's a bit from Ghana, which is, as Andy alluded to, was from drilling efficiencies and some lower contract rates for the program in Ghana. And again, that's part of what allows us to squeeze an additional well into '26, and so those are real savings in '25. And then there's part in terms of lower cost in the Gulf in terms of the '25 program in terms of what I would think will be lower than the $350 million in terms of what we're projecting for this year. So those are real savings, not just deferrals of capital from --

當然，這就引出了你的第二個問題，那就是，可以省下多少錢？再次強調，我認為這其中一部分來自加納，正如安迪所暗示的那樣，這源於加納鑽井效率的提高以及該項目較低的合約費率。再次強調，這也是我們能夠在 2026 年再擠出一口井的原因之一，因此 2025 年確實節省了很多錢。此外，海灣地區的成本也會降低，就 2025 年的計畫而言，我認為成本會低於我們今年預計的 3.5 億美元。所以這些都是實實在在的節省，而不僅僅是資金的延期支付。--

Yes, that might be a good thing to add to that is, Chris, it's a lot of small things that add up. And I think one of the big messages we want to get across, I think, to today in the results is we're really managing our cost base rigorously. So every dollar counts, whether it's CapEx, whether it's OpEx, and you can see the momentum on the OpEx side. You can see us continuing to make progress on CapEx. And then how do we sustain that as we go forward into the '26 program? But it's about the rigor and discipline. And I would say both in Ghana and the Gulf, it's adding up small things that ultimately allow you then to make savings of $10 million to $20 million overall in the year.

是的，克里斯，或許應該補充一點，很多小事累積起來就會造成很大的影響。我認為，我們今天想透過這些結果傳達的一個重要訊息是，我們正在嚴格控製成本。所以每一分錢都很重要，無論是資本支出還是營運支出，而且你可以看到營運支出的成長動能。您可以看到我們在資本支出方面持續取得進展。那麼，我們如何在2026年的計畫中保持這種勢頭呢？但關鍵在於嚴謹和自律。我認為，無論是在加納還是海灣地區，正是這些小事的積累，最終才能讓你一年節省 1000 萬到 2000 萬美元。

Yes, and again, that sort of feeds your third question as well around sort of the FPSO lease cost. And yes, we're spending about $60 million this year, $15 million a quarter on the lease. And the goal would sort of get that to sort of the $40 million to $50 million range. So again, I think there's still some work to be done to figure out where exactly we get an instrument priced. But it would be a material CapEx savings or an OpEx savings as we get that complete.

是的，這也間接引出了你的第三個問題，也就是FPSO租賃成本的問題。是的，我們今年要花費約 6,000 萬美元，每季 1,500 萬美元用於租賃。目標是將金額提高到 4,000 萬至 5,000 萬美元之間。所以，我認為我們還需要做一些工作來弄清楚樂器究竟是如何定價的。但一旦完成，這將節省大量的資本支出或營運支出。

Perfectly clear. One last question on DTF, if I may. I know you touched upon this earlier, but with the Phase 1 nearing nameplate now, how do discussions or evaluation for Phase 1 Plus look like? And what are the key factors for FID timing? And to follow up on that as well, what upside do you see on Gimi from current nameplate capacity?

非常清晰。如果可以的話，我想問最後一個關於DTF的問題。我知道您之前已經提到過這一點，但隨著第一階段即將結束，關於第一階段加強版的討論或評估如何？FID 時序的關鍵因素是什麼？另外，您認為 Gimi 目前標稱產能相較之下有哪些提升空間？

Okay. Yes, I don't want to sort of repeat everything I said in answering Bob's question, but I think -- sorry, Neil's question. But if you go back to Phase 1 Plus, last question about FID timing, yes? The point I'd like to make is that you can get 200 million today of extra gas without spending any money, so no FID required on that.

好的。是的，我不想重複我在回答鮑伯的問題時說過的話，但我認為──抱歉，是尼爾的問題。但如果你回到第一階段加強版，關於 FID 時間的最後一個問題，對嗎？我想表達的觀點是，今天你可以不花一分錢就獲得 2 億的額外天然氣，因此無需進行最終投資決策 (FID)。

Actually, the big driver is you need to get a GSA signed, and that was a big action item that came out of the conversation in Paris with the NOCs. And the governments in particular in Senegal is they want to accelerate that. They've got a very strong domestic demand. Those of you who are Senegal watchers will know that the President and the Prime Minister have been clear about the importance of getting domestic gas. And therefore, this is a real win-win where you're able to leverage that. So that comes sort of without any extra money.

實際上，最大的驅動因素是需要簽署一份 GSA 協議，這是在巴黎與國家組織進行會談後提出的重要行動項目。尤其是塞內加爾政府，他們希望加快這項進程。它們擁有非常強勁的國內需求。關注塞內加爾局勢的人都知道，總統和總理都明確表示了取得國內天然氣的重要性。因此，這是一個真正的雙贏局面，你可以充分利用這一點。所以基本上不需要額外花錢。

The last 100 does require us to do some work on the FPSO. What we've got to do is do the FEED work to do that. FID-ing is probably within the next 12 months. What happens is that you've got to get the work done in the '28 turnaround, yes? So you need lead time to get you to that time period. So when the FPSO has a normal shutdown, that's when you do the work. Then that means that the additional 100 million would be available in '29, yes?

最後100個工作確實需要我們對FPSO進行一些改造。我們必須做 FEED 工作才能做到這一點。最終投資決定（FID）可能在未來12個月內做出。問題是，你必須在 2028 年的轉捩點完成這項工作，對吧？所以你需要預留時間才能達到那個時間段。所以當 FPSO 正常停機時，就是你進行作業的時候。那麼，這意味著額外的 1 億美元將在 2029 年到位，對嗎？

In terms of the Gimi it can do -- we're targeting getting up to nameplate. And I think we're demonstrating that. So I think the progress we're making, it was really month on month, quarter-on-quarter. We'll get to that position at the end of this year. Beyond the nameplate, you really have to do some modifications to the Gimi, which is really about better cooling and more power. Those are the two things that influence LNG plants, and that work's ongoing with Golar at the moment.

就 Gimi 的性能而言——我們的目標是達到銘牌等級。我認為我們正在證明這一點。所以我認為我們所取得的進步，真的是逐月、逐季取得的。我們將在今年年底達到那個目標。除了銘牌之外，你真的需要對 Gimi 進行一些改裝，這主要是為了更好的散熱和更大的功率。這兩件事都會影響液化天然氣工廠，目前我們正在與 Golar 公司進行相關工作。

I don't want to give you a hard number, Chris, until we get through that work. But it's probably in the range of and maybe 10% to 20%, depending on where that work comes out. So there is more -- you can get more out of the Gimi, but the two things you've got to work on are the power and the cooling. And again, when would you do that? You'd probably do it at the turnaround time so that you did it at the same time as the FPSO work was going on. So I don't think in terms of sort of pulling out spreadsheets, I wouldn't include anything until sort of '29 on that.

克里斯，在我們完成這項工作之前，我不想給你一個確切的數字。但具體比例可能在 10% 到 20% 之間，這取決於這項研究的成果發表在哪裡。所以還有更多潛力——你可以從 Gimi 中獲得更多，但你需要改進的兩件事是功率和散熱。那麼，你會在什麼時候這樣做呢？你很可能會利用周轉時間來完成這項工作，這樣你就可以和 FPSO 的工作同時進行。所以我覺得沒必要拿出電子表格來做這件事，在 29 年之前我不會把任何內容加進去。

Right. Very good.

正確的。非常好。

Thanks, Chris. Appreciate it.

謝謝你，克里斯。謝謝。

Stella Cridge, Barclays.

斯特拉·克里奇，巴克萊銀行。

Hi there. Afternoon, everyone. Many thanks for all the updates today. I wondered if I could just follow up on the point of looking at secured borrowing on GTA. Could you just say what you think the borrowing capacity of this business might be at the moment? And what sort of structure might be possible given that it has a different profile to the more liquid businesses that you have elsewhere? That would be great. Thanks.

你好呀。各位下午好。非常感謝您今天提供的所有更新資訊。我想知道我是否可以就 GTA 上的擔保貸款問題再補充一點。您能否簡單說明一下您認為這家企業目前的借貸能力大概是多少？鑑於它與您在其他領域流動性較強的業務性質不同，那麼可能採用什麼樣的結構呢？那太好了。謝謝。

Yes, so again, without sort of getting too far ahead of ourselves, but we think there's enough capacity there to take care of the '27 bonds from a security capacity perspective at, like I said, relatively attractive rates. And we're looking for sort of more bond-like solutions for that access. And again, we test the options before we look at anything and go live. But again, I think I feel pretty good about our ability to go do something there at the right time.

是的，所以，我們還是不要操之過急，但我們認為，從安全保障的角度來看，有足夠的能力以相對有吸引力的利率來處理 2027 年的債券。我們正在尋找更像債券的解決方案來實現這一目標。同樣，在正式上線之前，我們會先測試各種方案。但是，我再次認為我們有能力在合適的時機去那裡做些什麼。

Super. Thank you.

極好的。謝謝。

Good. Thanks, Stella.

好的。謝謝你，斯特拉。

Nikhil Bhat, JPMorgan.

Nikhil Bhat，摩根大通。

Morning, thank you for taking my question. I have a couple. First one, the second-quarter report mentioned that your net leverage covenant on the RBL raised to 4 times as of September '25, and the quarter end leverage is higher than the threshold. Can I check if Kosmos is under a cure period or the covenant has been waived? Sorry, this has affected the March '26 covenant test as well? And then you -- sorry, there's also a question I had on the liquidity test for the 2027s. Does this by any chance need to be redone in March '26? Or now that you completed the test in September, there's no more of redoing this test?

早上好，謝謝您回答我的問題。我有一對。首先，第二季報告提到，截至 2025 年 9 月，您的 RBL 淨槓桿率契約已提高至 4 倍，且季度末槓桿率高於門檻。我可以查詢 Kosmos 是否處於整改期或契約已被豁免嗎？抱歉，這也影響到3月26日的盟約測試了嗎？然後——抱歉，我還有一個關於 2027 年流動性測試的問題。請問這項工作是否需要在 2026 年 3 月重新進行？或者說，既然你已經在九月完成了考試，就不用再重考了嗎？

Correct., Nikhil. So just to your two questions, so the waiver we got through 4 times was for the September test, which uses the June financials on an LTM basis. And so the June financials, we were at 3.8 times. We increased it to 4r times from the banks. So that gets officially tested as of September 30, not using the September 30 financials.

沒錯，尼基爾。所以，就你的兩個問題而言，我們四次獲得的豁免是針對九月份的考試，該考試採用六月份的財務數據，並以過去12個月為基礎。因此，6 月的財務數據顯示，我們的本益比為 3.8 倍。我們將其提高到銀行貸款額的 4 倍。因此，正式測試日期定為 9 月 30 日，但測試所使用的財務數據並非 9 月 30 日的數據。

So the September 30 financials don't technically get tested from a leveraged covenant perspective. So again, I think we got the waiver in advance of any breach to avoid any issues. The 4.25 is the relevant test at the end of this year, which get tested using December 31 financials that actually gets tested by the end of March. That is where I referred to on the call that we're pretty close to that and we're working some mitigation options to make sure we're compliant with that. But there wouldn't be any test of that covenant until -- all the way until the end of March from a timing perspective. Does that make sense?

因此，從槓桿契約的角度來看，9 月 30 日的財務數據實際上並未受到檢驗。所以我覺得，我們事先獲得了豁免，以避免任何違約行為的發生，從而避免了任何問題。4.25 是今年年底的相關測試，該測試使用 12 月 31 日的財務數據進行，而實際測試時間是 3 月底。這就是我在電話會議中提到的，我們已經非常接近目標，我們正在研究一些緩解措施，以確保我們符合相關規定。但從時間上看，直到三月底，都不會對該契約進行任何考驗。這樣說得通嗎？

It does. Thank you.

確實如此。謝謝。

Thank you, Nikhil.

謝謝你，尼基爾。

Mark Wilson, Jefferies.

馬克威爾遜，傑富瑞集團。

Thank you. Most of my questions have been answered already, but I would like to know, just to check, a big drilling program now underway at Jubilee. And there was the additional ocean bottom seismic that was being taken and reprocessing of other seismic. I just wonder where that is, do you have all that, and what it has giving you in terms of new knowledge? Thank you.

謝謝。我的大部分問題都已經得到了解答，但我還是想確認一下，目前在 Jubilee 正在進行一項大型鑽探計劃。此外，還進行了額外的海底地震勘探，並對其他地震資料進行了重新處理。我只是好奇那是什麼，你是否擁有所有這些東西，以及它為你帶來了哪些新知識？謝謝。

Yes, no, thanks, Mark. Yes, look, there's a lot going on at Jubilee. We've started the current drilling program. As I said in the earlier remarks, we're targeting that at the main field areas where we have really good well control; and therefore, we're drilling lower-risk targets. We've used the fast track of the NAS for that. So it's an early product, but incredibly good when I look back in my days of what a fast track looked like to what you're getting today.

好的，不用了，謝謝，馬克。是的，你看，Jubilee 有很多事情正在發生。我們已啟動目前的鑽探計劃。正如我之前所說，我們的目標是在井控非常良好的主要油田區域進行鑽探；因此，我們鑽探的是風險較低的目標。我們利用了NAS的快速通道來實現這一點。所以它還處於早期階段，但當我回想起我以前快速晉升的時代，再看看現在的產品，它真的非常棒。

So in essence, we have been able to leverage that NAS data, which is the 4D -- therefore, the comparator of the 4D on a 2025 back to 2027. So I think that's a -- that drilling program is well underpinned by the nature of the targets that we picked, the well control, and the ability to leverage the early products of the NAS.

因此，從本質上講，我們已經能夠利用 NAS 數據，也就是 4D 數據——因此，可以將 2025 年的 4D 數據與 2027 年的 4D 數據進行比較。所以我認為，這個鑽井計劃得到了我們選擇的目標性質、井控以及利用NAS早期產品的能力的有力支持。

Then I think you sort of think through time is, to sustain Jubilee production at the elevated levels that we've talked about, you need to be drilling three to four wells per year. And we've been clear about that, and we have a deep hopper of opportunities that will only get high graded as we start to leverage the full final product of the NAS, but most importantly, OBN, which ultimately gets you a much better velocity model. And that velocity model, therefore, hydrates the quality of that 4D picture and we think will lead to greater clarity on that high grading of the hopper.

然後我認為，從長遠來看，為了維持 Jubilee 油田在我們討論過的較高產量水平，你需要每年鑽三到四口井。我們已經明確表示這一點，我們有很多機會，只有當我們開始充分利用 NAS 的最終產品，尤其是 OBN 時，這些機會才會受到高度重視，因為 OBN 最終會給你一個更好的速度模型。因此，此速度模型提高了 4D 影像的質量，我們認為這將使料斗的高級分級更加清晰。

And all I'd say, it's early days, but we've got a really good view now today of new targets that we haven't been able to see before. It's all about identifying unswept oil under all loads, correlation of that from the 4D with a much higher uplift in the seismic, and ground-truthing it with the history match reservoir model gives you a much, much better view of the future.

我只想說，現在還為時過早，但我們現在對以前從未見過的新目標有了非常清晰的認識。關鍵在於識別所有載重下未被驅替的石油，將 4D 資料與地震資料中更高的隆起進行關聯，並用歷史擬合油藏模型進行實地驗證，從而獲得對未來的更清晰的認識。

So what I'd say is our view of the long-term potential of the field remains absolutely unchanged. I'd say that three months on, having had a chance to play with the NAS, we've probably got a stronger view. There's more opportunity rather than less. And then ultimately, it's about now high grading the next set of wells for a drilling program that we would target starting in '27.

因此，我認為我們對該領域長期潛力的看法絕對沒有改變。我想說，三個月過去了，我們有機會體驗了 NAS 之後，我們對它的看法可能更加清晰了。機會更多了，而不是更少了。最終，現在的重點是確定下一批油井的等級，以便我們可以計劃從 2027 年開始實施鑽井計劃。

So I think that's sort of where we are with the program, Mark. And again, I think we'll see the results of this '25, '26 program. The first one has gone well. The next one, on by the end of the year. You then got four more producers and a water injector that will take us through the back end of '26. And then it's about optimizing the next set of wells.

所以我覺得這就是我們目前這個計畫的進展情況，馬克。而且，我認為我們會看到 2025 年、2026 年計畫的成果。第一次進行得很順利。下一部作品，將在年底前完成。然後你又有了四個生產者和一個注水器，這將使我們度過 2026 年的下半年。接下來就是優化下一組油井了。

And the only bit I'd add is that the 4D does help you optimize the water injection patterns as well. So I think that we talked about voltage replacement. I think we know we need to be above 100%. We need to be targeting water injection levels above that. We're now at a level today where we're injecting water where we can do that. But then it's about where you put it.

我唯一要補充的是，4D 還可以幫助你優化注水模式。所以我覺得我們討論的是電壓更換的問題。我想我們都知道我們需要達到100%以上。我們需要將注水量目標設定得高於這個水準。我們現在已經達到了可以向任何需要的地方注水的水平。但關鍵在於你把它放在哪裡。

And I think the AI-driven reservoir model we've got now is bringing up some new ideas about how you optimize the water injection patterns. So I think, all of that is to say a big step change in technology. The opportunity set is probably larger. And now it's about delivery. And as you rightly sort of pushed at times, you've now got to deliver those five producers going forward. And that's our objective.

我認為我們現在擁有的人工智慧驅動的油藏模型，為如何優化注水模式帶來了一些新想法。所以我覺得，這一切都顯示科技領域發生了巨大的變革。機會範圍可能更大。現在關鍵在於交貨。正如你有時正確地敦促的那樣，你現在必須確保這五位製作人能夠繼續合作下去。這就是我們的目標。

Got it. Very clear. And yes, good luck with the forward plans. Thank you.

知道了。非常清楚。是的，祝您後續計畫一切順利。謝謝。

Great. Thanks, Mark.

偉大的。謝謝你，馬克。

Kay Hope, Bank of America.

凱·霍普，美國銀行。

Hi. Thanks so much for taking my question. I just have a quick one. I can see on slide 11, you say you expect production in the fourth quarter of 66,000 to 72,000 barrels a day. But you mentioned in the comments that you're at about 72,000 barrels a day now. Is there a reason we should expect that average to be as low as 66,000?

你好。非常感謝您回答我的問題。我還有一個簡短的問題。我從第 11 張投影片上看到，您預計第四季日產量為 66,000 至 72,000 桶。但你在評論中提到，你們現在的日產量大約是 72,000 桶。我們有什麼理由預期平均值會低至 66,000 呢？

Yes, so, again --. so okay, this is Neal. Yes, so we have started off production pretty good in October so far. Again, I'd say, yes, there's normally some downtime, both planned and unplanned. We talked a bit about there's a little -- there's one more train in GTA that'll be down for a few days within the quarter that stops you from producing at sort of full rates.

是的，所以，再說一次——好的，這位是尼爾。是的，到目前為止，我們10月的生產進展相當順利。我再次表示，是的，通常會有一些停機時間，包括計劃內的和計劃外的。我們稍微談到了一點，GTA 還有一列火車會在本季停駛幾天，這將阻止你以接近滿載的速度生產。

And then we have some sort of recurring downtime through the field. So again, I think on a regular basis, we should be doing better than that. But again, we allocate some for sort of unplanned downtime and things to go wrong. But that's just generally how we sort of get into the forecasting process.

然後，我們在現場會遇到一些反覆出現的停機時間。所以我覺得，我們應該常常做得更好。但是，我們還是會預留一些資金來應對計劃外停機和可能發生的故障。但通常情況下，我們就是這樣進入預測過程的。

Okay, perfect. And then I know that you flagged the working capital issue on the second quarter call on -- I think it was August 5, I'm not sure, but on that call. Should we expect any of that to come back? Or alternatively, do you expect to be free cash flow positive for the fourth quarter alone? And for the full year, it may be a bit tough. But what about the fourth quarter on its own?

好的，完美。我知道你在第二季電話會議上提到了營運資金問題——我想應該是 8 月 5 日，我不確定，但確實在那次電話會議上提到了。我們是否可以期待這些東西會重新出現？或者，您是否預計僅第四季就能實現正自由現金流？而全年來看，情況可能會有點艱難。但第四季本身的情況又如何呢？

Yes, and so you're right. In terms of -- we saw some big working capital flags as GTA sort of finished the commissioning phase and went into the operational phase and at the end of the second quarter into the early part of the third quarter, so we flagged that into the third-quarter call. We haven't seen any of those into 4Q. Again, working capital is really hard to predict in terms of where we are. And again, I think Andy mentioned there's a cargo timing piece that moves on one side or the other, which has an impact as well.

是的，你說得對。就營運資金而言，我們看到 GTA 在完成調試階段並進入營運階段後，在第二季末到第三季初出現了一些較大的營運資金短缺，因此我們在第三季電話會議上提到了這一點。第四季我們還沒有看到任何此類情況發生。再次強調，就我們目前的狀況而言，營運資金真的很難預測。還有一點，我想安迪提到過，貨物定時裝置會向一側或另一側移動，這也會產生影響。

Again, if we see any big working capital, we'll usually flag it. We don't see any at the moment. And there's no reason to expect that to occur going forward, given we were in the project delivery phase before, and now we're into more normalized operations. But cargo accounts still make a sort of quarterly difference in terms of the variation. And then some of the cash flows, it will be sort of different. But again, I think with our view today, we don't see anything immediately, but it's something we'll have to continue to manage.

同樣，如果我們發現任何大額營運資金，我們通常都會加以標記。目前我們還沒有看到任何此類情況。鑑於我們之前處於專案交付階段，而現在我們已經進入更規範化的營運階段，因此沒有理由預期這種情況會在未來發生。但貨運帳戶仍會對季度間的波動產生一定影響。而部分現金流的情況則會有所不同。但話說回來，我認為就我們目前的情況來看，我們暫時看不到任何跡象，但這是我們需要繼續應對的事情。

But you're not telling me that you're going to be free cash flow positive in the fourth quarter?

但你並沒有告訴我第四季你們的自由現金流會是正的吧？

If you tell me what oil prices are going to be.

如果你能告訴我石油價格的走勢。

Well, we're up to November. We'll cross our fingers.

好了，現在已經是11月了。我們祈禱好運。

Yes, what I'd say, Kay, is we've had a strong start to the first month. So obviously, we sit here today, we know what October is like, and we're well within the guidance that you talked about for 4Q. So I think this is about -- you talked about the downside of what would cause you to hit 66,000. The alternative question would be, what would you have to do to be at the upper end of that range? And that's clearly what we're targeting. So we're targeting to deliver well within the range in 4Q. And all I'd say is we're off to a strong start so far in the quarter.

是的，凱，我想說的是，我們第一個月開局非常順利。所以很明顯，我們今天坐在這裡，知道十月份的情況，而且我們完全達到了您所說的第四季度業績預期。所以我認為這是關於——你談到了導致你達到 66,000 的不利因素。另一個問題是，你需要做些什麼才能達到這個範圍的上限？而這顯然就是我們的目標。因此，我們的目標是在第四季度實現預期目標。我只想說，到目前為止，我們本季開局強勁。

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

謝謝。目前沒有其他問題，我想結束這通通話。感謝今天所有到場的各位。現在您可以斷開線路了，感謝您的參與。