Kosmos Energy Ltd. (KOS) 2025 Q4 法說會逐字稿

Thank you for standing by. My name is Colby and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Q4 2025 Kosmos Energy Earnings Conference Call. (Operator Instructions)

感謝您的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。現在，我謹代表 Kosmos Energy 宣布 2025 年第四季財報，歡迎各位參加此次電話會議。（操作說明）

I'd now like to turn the conference over to Jamie Buckland. You may begin.

現在我把會議交給傑米·巴克蘭。你可以開始了。

Thank you, operator, and thanks to everyone for joining us today. This morning, we issued our fourth quarter 2025 earnings release. This release and the slide presentation to accompany today's call are available on the Investors 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 年第四季財報。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 U.K. 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，我們將做出一些關於我們的估計、計劃和預期的前瞻性陳述。實際結果和績效可能會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。

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

此時，我將把電話交給安迪。

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our fourth quarter and full year 2025 results call. I'd like to start today's call by reaffirming Kosmos' key priorities which have remained consistent over the last year before reflecting on our progress in 2025.

謝謝你，傑米，也祝大家早安/午好。感謝各位今天參加我們的2025年第四季及全年業績電話會議。在今天的電話會議上，我想先重申 Kosmos 在過去一年中始終如一的關鍵優先事項，然後再回顧我們在 2025 年取得的進展。

I'll then talk about the operational momentum we've already built this year and the planned activity set for the remainder of the year. Neal will then take over to review our financial progress and priorities for 2026 before I wrap up with closing remarks.

接下來，我將談談我們今年已經取得的營運勢頭，以及今年剩餘時間的規劃活動。接下來，Neal 將回顧我們 2026 年的財務進度和優先事項，最後我將作總結發言。

We'll then open the call up for Q&A. Starting on Slide 3. As we close out 2025 and enter 2026, our goals of building a sustainable lower cost business has not changed. We're growing production from our core assets. We're laser-focused on cost reduction, and we're targeting a meaningful reduction in debt this year.

接下來我們將開放問答環節。從第3張投影片開始。2025 年即將結束，2026 年即將到來，我們打造永續發展的低成本業務的目標並沒有改變。我們正在利用核心資產提高產量。我們正全力以赴降低成本，目標是在今年大幅減少債務。

We're doing all of this while high-grading our portfolio to drive down the overall breakeven of the company. Turning to Slide 4, which looks back on 2025. 2025 was a challenging transitional year for the company, creating the platform for a sustainable lower cost business. We delivered safe operations with no lost time or recordable injuries during the year.

我們正在進行所有這些工作，同時優化我們的投資組合，以降低公司的整體損益平衡點。翻到第 4 張投影片，回顧 2025 年。 2025 年是公司充滿挑戰的轉型之年，為永續的低成本業務創造了平台。我們全年安全運營，無任何工時損失或可記錄的工傷事故。

We delivered strong 1P reserve replacement of around 90% or 120% when excluding the assets we're selling in Equatorial Guinea. The Ghana licenses were extended to 2040, bringing additional reserves and reinforcing our commitment to invest in Ghana over the long term. We saw production growth every quarter in 2025 as we recommenced Jubilee drilling and ramped up GTA production.

如果排除我們在赤道幾內亞出售的資產，我們的 1P 儲備替代率達到了約 90% 或 120%。加納的開採許可證已延長至 2040 年，這將帶來額外的儲量，並鞏固我們對加納長期投資的承諾。隨著 Jubilee 油田重新開工鑽探並提高 GTA 產量，我們在 2025 年每季都實現了產量成長。

GTA was fully ramped up in the fourth quarter with a floating LNG vessel producing at least 2.7 million tonnes per annum nameplate equivalent through the month of December. And finally, on the finance side, we continue to enhance the resilience of the balance sheet, reducing near-term maturities and adding more hedges to manage our oil price exposure. We didn't deliver everything we set out to do in 2025.

GTA 在第四季全面投產，一艘浮式液化天然氣船在 12 月的年額定產量至少達到 270 萬噸。最後，在財務方面，我們繼續增強資產負債表的穩健性，減少近期到期債務，並增加對沖措施來管理我們的油價風險敞口。我們並沒有在 2025 年實現所有既定目標。

Production growth came more slowly than expected and net debt end of the year higher than planned. But we laid the groundwork to deliver in 2026, and we're already seen strong progress and momentum this year. Turning to Slide 5. As I said on the previous slides, our agenda remains consistent, and our key priorities have not changed.

生產成長速度低於預期，年底淨債務高於計畫。但我們已經為 2026 年實現目標奠定了基礎，今年已經看到了強勁的進展和勢頭。翻到第5張投影片。正如我在前幾張投影片中所說，我們的議程保持不變，我們的主要優先事項也沒有改變。

We've had a strong start to 2026 with good progress across production, costs and the balance sheet. Starting with production. The Jubilee drilling program is continuing to deliver. The second producer well came online in January, and is contributing around 13,000 barrels of oil per day gross. This includes any cannibalization from neighboring wells and takes Jubilee production to over 70,000 barrels of oil per day gross, in line with our expectations.

2026 年伊始，我們在生產、成本和資產負債表方面都取得了良好進展，並取得了強勁的開端。從生產開始。Jubilee鑽井計畫持續取得成果。第二口生產井於 1 月投產，每天總產量約 13,000 桶石油。這包括從鄰近油井蠶食產量，使 Jubilee 油田的每日產量超過 70,000 桶原油，符合我們的預期。

Five more Jubilee wells are due online this year, which helps support further material production growth in the field. At GTA, after strong 4Q performance, production has remained high, averaging 2.9 million tonnes per annum equivalent year-to-date with 6.5% gross LNG cargoes shipped year-to-date in 2026. And in the Gulf of America, production continues to perform well, in line with our expectations.

今年還將有五口 Jubilee 油井投產，有助於支持該油田的進一步材料產量成長。在 GTA，繼第四季度強勁表現之後，產量一直保持在高位，今年迄今為止平均年產量為 290 萬噸，2026 年迄今已交付 6.5% 的液化天然氣總貨物。在美洲灣，石油生產持續表現良好，符合我們的預期。

On costs, we're targeting CapEx this year of around $350 million, which includes around $300 million of asset expenditure in line with 2025 and around $40 million associated with the TEN FPSO purchase. On operating costs, we're targeting absolute OpEx reduction of over $100 million year-on-year as we continue to look for ways to drive costs out of the business.

在成本方面，我們今年的資本支出目標約為 3.5 億美元，其中包括約 3 億美元的資產支出（符合 2025 年的要求）和約 4,000 萬美元與 TEN FPSO 購買相關的支出。在營運成本方面，我們的目標是每年絕對營運支出減少超過 1 億美元，同時我們將繼續尋找降低業務成本的方法。

This reduction is expected to increase to around $250 million post the sale of our production assets in Equatorial Guinea. On overhead, we expect to see the full benefit of the cost savings we identified and implemented through 2025, benefiting the company sustainably in 2026 and beyond as we focus the organization on our most important priorities.

在出售我們在赤道幾內亞的生產資產後，預計這筆減少額將增加到約 2.5 億美元。在管理費用方面，我們預計到 2025 年將充分體現我們已確定並實施的成本節約措施的效益，這將使公司在 2026 年及以後持續受益，因為我們將把組織重點放在最重要的優先事項上。

Finally, on the balance sheet. It's been a busy first few months of the year. In January, we successfully completed a $350 million bond in the Nordic market. We'll use $250 million of the proceeds to pay down our 2027 notes and $100 million to pay down the RBL.

最後，關於資產負債表。今年頭幾個月一直很忙。今年1月，我們在北歐市場成功完成了3.5億美元的債券發行。我們將以所得款項中的 2.5 億美元償還 2027 年到期的票據，以 1 億美元償還 RBL。

On the RBL, we received a leverage covenant waiver from the bank group for year-end 2025 and midyear '26, which allows time for our leverage to normalize with GTA now fully online and Jubilee ramping back up. On hedging, we took advantage of recent price strengths to commence our 2027 hedging program.

關於 RBL，我們獲得了銀行集團對 2025 年底和 2026 年年中的槓桿率契約豁免，這使得我們有時間讓槓桿率恢復正常，因為 GTA 現在已全面上線，Jubilee 也正在逐步恢復營運。在對沖方面，我們利用近期的價格強勢啟動了 2027 年對沖計畫。

And we recently announced the sale of our producing assets in Equatorial Guinea, which enhances liquidity and accelerate debt pay down. Turning to Slide 6, which provides a summary of our reserves at year-end. On 1P reserves, we have reserved to production life of around 10 years, which underpins our near-term growth activities.

我們最近宣佈出售我們在赤道幾內亞的生產資產，這將增強流動性並加快償還債務。請看第 6 張投影片，其中總結了我們年末的儲備情況。在 1P 儲量方面，我們預留了約 10 年的生產壽命，這為我們近期的成長活動提供了保障。

We also had a strong reserve replacement ratio of around 90%, largely driven by Jubilee additions post the license extensions. Adjusting for the recently announced EG disposal, 1P reserve replacement would be around 120%, demonstrating the high grading of the portfolio. On 2P reserves, we have a reserve base of around 500 million barrels of oil equivalent, representing a differentiated reserve life of around 20 years.

我們的儲備金更換率也高達 90% 左右，主要得益於許可證延期後 Jubilee 的新增儲備金。考慮到最近宣布的 EG 處置，1P 儲備替代率約為 120%，這表明該投資組合的等級很高。2P儲量方面，我們擁有約5億桶油當量的儲量基礎，代表約20年的差異化儲量壽命。

This deep reserve base allows sustained 2P,1P migration over time as well as additional 2P recognition as projects are sanctioned to [develop] already discovered resources. The 2P reserve base is slightly down year-on-year, reflecting some downward revisions largely in EG.

深厚的儲量基礎使得 2P、1P 的遷移能夠持續進行，隨著已發現資源的開發項目獲得批准，2P 的認可度也會提高。2P 儲備基數較去年同期略有下降，主要反映出 EG 的一些下調。

As with previous years, our reserve data has been independently prepared by leading reserves auditor, Ryder Scott. So in summary, we continue to have a robust and diverse 1P and 2P reserve base that underpins the sustainability of the business well into the future.

與往年一樣，我們的儲量資料由領先的儲量審計機構 Ryder Scott 獨立編制。總而言之，我們擁有穩健且多元化的 1P 和 2P 儲備基礎，這為公司未來的永續發展奠定了基礎。

Turning to Slide 7. It's been a busy start to the year in Ghana with an active drilling campaign, new OBN seismic, license extensions and a commitment to purchase TEN FPSO. Before I get into each of these developments, I want to share some insight from a meeting in February with President Mahama in (inaudible).

請翻到第7張投影片。今年年初，加納迎來了繁忙的開端，積極開展鑽井活動，進行新的海底地震勘探，延長許可證期限，並承諾購買 TEN FPSO。在詳細介紹這些進展之前，我想先分享一下二月份與馬哈馬總統會面的一些見聞。（聽不清楚）

We meet regularly as part of our discussions, we talk about the future of Ghana's oil and gas industry and about the critical role Jubilee and TEN play in the country's energy security, economic growth and long-term development. Oil and gas remain a vital pillar of Ghana's economy. Its a major source of govern our revenue, supports skilled jobs and strengthens national energy security.

作為我們討論的一部分，我們會定期會面，討論加納石油和天然氣行業的未來，以及 Jubilee 和 TEN 在該國能源安全、經濟成長和長期發展中發揮的關鍵作用。石油和天然氣仍然是加納經濟的重要支柱。它是我國政府收入的主要來源，支持高技能就業，並加強國家能源安全。

Continued investment in this factor today is essential if it is to deliver fully for Ghana in the years ahead. At Kosmos, we continue to see strong alignment with the country's interest and with President Mahama's administration around a clear priority. Long-term sustainable investments support higher production and ensure the sector delivers tangible benefit for the people of Ghana for many years to come.

如果想要在未來幾年為加納帶來全面效益，那麼今天就必須繼續投資這個因素。在 Kosmos，我們繼續看到與國家利益以及馬哈馬總統政府圍繞明確優先事項的緊密聯繫。長期可持續投資有助於提高產量，並確保該行業在未來許多年為加納人民帶來實際利益。

With sustained investment and a stable operating environment, the opportunity is compelling. Higher production can generate greater state revenues while low-cost associated gas can support more reliable, affordable domestic energy for power generation and broader industrial use.

只要有持續的投資和穩定的經營環境，這個機會就非常誘人。更高的產量可以帶來更大的國家收入，而低成本的伴生氣可以為發電和更廣泛的工業用途提供更可靠、更經濟的國內能源。

Our focus is to work constructively with our partners and the government to realize that potential, driving growth, lowering costs and ensuring these world-class assets deliver long-term value for Ghana to partners and all our stakeholders.

我們的重點是與合作夥伴和政府進行建設性合作，以實現這一潛力，推動成長，降低成本，並確保這些世界級資產為加納、合作夥伴和所有利益相關者帶來長期價值。

Looking in more detail on the activity year-to-date. The drilling campaign has started positively for the J74 producer well, which came online in January. The well continues to perform strongly and is contributing around 13,000 barrels of oil per day gross with Jubilee producing more than 70,000 barrels of oil per day gross.

更詳細地了解今年迄今為止的活動情況。J74 生產井的鑽探工作已順利啟動，該井於 1 月投產。該油井持續強勁產油，每天總產量約 13,000 桶原油，而 Jubilee 油田每天總產量超過 70,000 桶原油。

The next producer well, J75 is expected online around the end of the quarter with a meaningful increase in production expected from current levels. As to J75, we then have four additional wells to bring online later in the year, with three producers expected to grow production and one water injector to support the higher production levels.

下一口生產井 J75 預計本季末投產，預計產量將比目前水準有顯著提高。至於 J75，我們還有四口井將在今年稍後投產，其中三口生產井預計將提高產量，一口注水井將支持更高的產量水平。

At the end of last year, we concluded the ocean bottom node or OBN seismic acquisition over the field. The data is now being processed using the latest technology with the results expected to deliver significantly enhanced imaging to allow for better selection of future well locations leading to improved recovery over the life of the fields.

去年年底，我們完成了該油田的海底節點（OBN）地震採集工作。目前，數據正利用最新技術進行處理，預計處理結果將顯著增強成像效果，從而更好地選擇未來的井位，進而提高油田生命週期內的採收率。

In February, the Ghana government formally ratified the license extensions for Jubilee in 10 to 2040. We're pleased to have played a leading role in progressing those discussions with the government. As I said on recent earnings calls, the license extensions were an important step for the partnership to support increased investment in the fields for the long-term benefit of all stakeholders.

今年2月，加納政府正式批准了 Jubilee in 10 至 2040 年的許可證延期。我們很高興在與政府的這些討論中發揮了主導作用。正如我在最近的財報電話會議上所說，許可證延期是合作夥伴關係的重要一步，旨在支持對這些領域進行更多投資，從而為所有利益相關者帶來長期利益。

And finally, in February, the partnership signed the sale and purchase agreement to acquire the TEN FPSO at the end of its lease term in early 2027. Signing the SBA will result in significant OpEx reduction from 2026 onwards as the lease payments will be classified as CapEx till early next year and then be eliminated.

最後，在 2 月份，該合夥企業簽署了買賣協議，將在 2027 年初租賃期結束時收購 TEN FPSO。簽署 SBA 協議將從 2026 年起大幅降低營運支出，因為租賃付款將在明年年初之前被歸類為資本支出，之後將被取消。

Turning to Slide 8, which we showed last quarter, highlighting the strong correlation between drilling activity and production performance. On Jubilee, the partner should return to drilling in the middle of 2025 with J72, the first producer well of the '25, '26 drilling program which largely arrested and offset field decline in the second half of 2025.

翻到上個季度我們展示的第 8 張投影片，重點介紹了鑽井活動與生產業績之間的強相關性。在 Jubilee 油田，合作夥伴應於 2025 年年中恢復鑽探，屆時將鑽探 J72 井，這是 2025 年和 2026 年鑽探計劃的第一口生產井，該計劃在很大程度上阻止並抵消了 2025 年下半年油田產量的下降。

As I mentioned, in early January, the J74 producer well then took production back above 70,000 barrels of oil per day gross, and has stayed above that level since supported by high levels of water injection. The blue dots on the chart show the approximate timing of the next five wells coming online with each producer well expected to drive higher production.

正如我之前提到的，1月初，J74生產井的日產量恢復到7萬桶以上，此後在大量注水的支持下一直保持在7萬桶以上。圖表中的藍點表示接下來五口油井的大致投產時間，預計每口生產井都將提高產量。

As a reminder, these are high-return wells with quick paybacks. The last 12 wells drilled in Ghana have an average payback of around nine months. The latest two wells in the current campaign are likely to be close to the six months given their strong performance. These compelling economics support a consistent drilling program informed by the new seismic data.

再次提醒大家，這些都是高回報油井，投資回報週期短。加納最近鑽探的 12 口井的平均投資回收期約為 9 個月。鑑於最新兩口井的良好表現，它們很可能接近六個月的完工週期。這些令人信服的經濟效益支持根據新的地震數據開展持續的鑽探計劃。

With this year-to-date performance and the active program over the next few months, our production forecast for Jubilee is in the range of 70,000 to 80,000 barrels of oil per day gross with current performance supporting the upper end of the range. This forecast uses actual data for the first two months of the year of around 70,000 barrels of oil per day gross plus the expected performance of the additional five wells.

根據今年迄今為止的業績以及未來幾個月的積極計劃，我們對 Jubilee 油田的日產量預測為 70,000 至 80,000 桶原油，目前的業績支持達到該範圍的上限。該預測使用了今年前兩個月的實際數據，日產量約為 70,000 桶原油，加上另外五口井的預期產量。

We assume a decline rate for the field of approximately 20%. And Year-to-date, we've done better than this as a result of [voidage] replacement ratio of 130%, a key performance metric. In our second quarter 2025 results, I talked extensively about the impact technologies having on our business.

我們假設該領域的衰減率約為 20%。今年迄今為止，我們的表現比這更好，因為空置率替換率達到了 130%，這是一個關鍵的績效指標。在 2025 年第二季業績報告中，我詳細闡述了科技對我們業務的影響。

And in Ghana, we're already seeing the positive impacts of the 40 seismic shot last year. The improved imaging gives us increased confidence in the performance potential of the asset and The year-to-date performance has been very consistent with our modeling.

在加納，我們已經看到了去年進行的 40 次地震勘探的正面影響。改進後的成像技術使我們對該資產的性能潛力更有信心，今年迄今為止的性能與我們的模型非常一致。

We look forward to integrating the OBN data with the 40 NAS data to help select the best well locations for the '27, '28 drilling program as well as optimize water injection to manage future decline. With the license extension, the partnership is now starting to plan the long-term investment in the fields.

我們期待將 OBN 數據與 40 NAS 數據整合起來，以幫助選擇 2027 年和 2028 年鑽井計劃的最佳井位，並優化注水以控制未來的產量下降。隨著許可證的延期，該合作方現在開始計劃對這些領域進行長期投資。

As we mentioned on previous earnings calls, Kosmos has been a strong advocate of regular drilling to maximize the value of a midlife field like Jubilee, a position which was echoed by the operator in their recent trading update.

正如我們在先前的財報電話會議上提到的，Kosmos 一直大力倡導定期鑽探，以最大限度地提高像 Jubilee 這樣的中期油田的價值，這一立場也得到了運營商在最近的交易更新中的重申。

So in summary, there's been a lot of progress in Ghana year-to-date with an active program for the remainder of the year, we should see higher production from new wells and as partnership aligned to invest in the future. Turning to Slide 9.

總而言之，今年迄今為止，加納取得了很大進展，並且在今年餘下的時間裡，我們將積極推進相關計劃，我們應該會看到新井產量更高，並且合作夥伴關係將共同投資未來。翻到第9張投影片。

At GTA, we've also seen a lot of progress. In the fourth quarter, the partnership listed 8 gross LNG cargoes with 18.5 for the full year. We also lifted the first gross condensate cargo in the fourth quarter at a small discount of brands, another important revenue stream for the project.

在 GTA 方面，我們也看到了很大的進步。第四季度，該合夥企業共交付了 8 批液化天然氣貨物，全年交付量為 18.5 批。第四季度，我們也以略低於品牌價的價格提走了第一批凝析油貨物，這是該專案的另一個重要收入來源。

Production ramped up steadily in the fourth quarter, averaging the FLNG nameplate volume of 2.7 million tonnes per annum equivalent throughout December and on several occasions, reaching record levels of around 3 million tonnes per annum equivalent.

第四季產量穩定提升，12 月平均 FLNG 額定產量為每年 270 萬噸當量，並且多次達到每年約 300 萬噸當量的創紀錄水準。

So far this year, this good performance has continued with production around 2.9 million tonnes per annum equivalent year-to-date, partly benefiting from the cooler seasonal weather. We are targeting 32 to 36 gross LNG cargoes and an additional three gross condensate cargoes in 2026. On costs, we expect operating costs to be lower year-on-year, targeting a reduction in OpEx for MMBtu of over 50%.

今年迄今為止，這一良好表現仍在繼續，年產量約為 290 萬噸，部分原因是由於較為涼爽的季節性天氣。我們的目標是在 2026 年實現 32 至 36 船液化天然氣總裝船量和 3 船凝析油總裝船量。在成本方面，我們預計營運成本將逐年降低，目標是使每百萬英熱單位的營運支出減少 50% 以上。

This reflects lower costs, including the FPSO refinancing that was completed in January, alongside the higher production volumes. As (inaudible) as said in their results last week, they are working with the partnership to develop value-enhancing initiatives for the project, including FLNG operational efficiencies and debottlenecking of the LNG production capacity.

這反映了成本降低，包括 1 月完成的 FPSO 再融資，以及更高的產量。正如他們上週在結果中所說（聽不清楚），他們正與合作夥伴共同製定提升專案價值的舉措，包括提高 FLNG 的營運效率和消除 LNG 生產能力的瓶頸。

Production should continue to rise and unit cost should fall as we move forward with Phase 1 plus. We expect to agree heads of terms for domestic gas sales in 2026 and Senegal is expected to commence construction of the domestic gas pipeline network next quarter.

隨著第一階段及後續階段的推進，產量應該會持續成長，單位成本應該會下降。我們預計將於 2026 年就國內天然氣銷售達成初步協議，塞內加爾預計將於下個季度開始建設國內天然氣管道網路。

The chart on the right shows the significant drop expected in OpEx per MMBtu as the higher volumes and cost reductions come through in 2026 as well as the impact of Phase 1 plus. We've shown volumes of 630 million standard cubic feet per day for LNG export and domestic gas, that is what the FPSO is capable of doing today without any costs required to debottleneck the infrastructure.

右側圖表顯示，隨著 2026 年銷售量增加和成本降低，每百萬英熱單位的營運支出預計將大幅下降，同時第一階段及後續措施的影響也將顯現。我們已經證明，液化天然氣出口和國內天然氣的日產量可達 6.3 億標準立方英尺，這是 FPSO 目前無需任何成本來消除基礎設施瓶頸即可實現的產量。

As the descend of these government builds in multiple phases of the onshore pipelines, domestic gas needs will continue to increase, driven by demand for power and industrial use, such as fertilizer plants in various centers from San Luis in the north to the capital back out. Turning to Slide 10.

隨著政府陸上管道建設分多個階段推進，國內天然氣需求將繼續增長，這主要受電力和工業用途（例如從北部的聖路易斯到首都的各個中心的化肥廠）的需求驅動。翻到第10張投影片。

The Gulf of America, performance for the fourth quarter and the year was in line with expectations with good performance from Odd Job and Kodiak and minimal storm downtime, offset by lower winter fell performance. As we all have challenges in drilling and completions of Winterfell last year, we took an impairment on the assets in today's results following the fair value assessment with the auditors.

美洲灣第四季和全年的業績符合預期，Odd Job 和 Kodiak 表現良好，風暴造成的停工時間極少，但冬季秋季業績下滑抵消了部分損失。由於去年我們在 Winterfell 的鑽井和完工方面都遇到了挑戰，因此在與審計師進行公允價值評估後，我們在今天的業績中對資產提列了減值準備。

While there's still a lot of resource potential at Winterfell, we're working with the operator to refine the drilling program to reduce risk going forward to ensure we produce the resource in the best and most cost-effective way. Looking ahead, we have an attractive hopper of future opportunities in the Gulf of America, which we are ramping with some of the most established players in the basin.

儘管溫特菲爾礦區仍蘊藏著巨大的資源潛力，但我們正在與營運商合作，改進鑽井方案，以降低未來的風險，確保我們以最佳、最具成本效益的方式開採資源。展望未來，我們在美洲灣擁有大量極具吸引力的未來機遇，我們正在與該盆地一些最成熟的企業攜手推進這些機會。

In the outboard Wilcox, we have advanced the low-cost development plan on Tiberius with our 50-50 partner, Oxy. Kosmos is the project operator and Oxy owns and operates a Lucius host facility, so we are well aligned. We expect to take FID in the first half of 2026, with the bulk of the CapEx in '27 and '28. Post-FID, we plan to farm down our interest to around one third.

在 Wilcox 舷外機方面，我們與 50-50 的合作夥伴 Oxy 共同推進了 Tiberius 的低成本開發計劃。Kosmos是該專案的營運商，而Oxy擁有並營運Lucius主機設施，因此我們雙方的立場非常一致。我們預計在 2026 年上半年做出最終投資決定 (FID)，大部分資本支出將在 2027 年和 2028 年進行。在做出最終投資決定後，我們計劃將我們的股份減持至三分之一左右。

Also in the Gulf, we formally entered into a strategic alliance with Shell earlier this year to join the Explore the prolific North of play. As part of the partnership, Shell and Kosmos have exchange interest in multiple blocks with several high-quality prospects targeting over 400 million barrels oil equivalent gross, all within tieback distance to Shell's Appomattox facility.

此外，今年早些時候，我們在海灣地區與殼牌公司正式達成策略聯盟，共同探索富饒的北部油氣田。作為合作的一部分，殼牌和科斯莫斯公司交換了多個區塊的權益，這些區塊擁有多個高品質勘探前景，目標總儲量超過 4 億桶油當量，所有這些都在殼牌阿波馬托克斯設施的回接範圍內。

The first prospect, Trailblazer is targeting over 200 million barrels of oil equivalent gross with drilling planned for 2027. (inaudible) within our lean capital budget this year and next, Kosmos has the ability to adjust its working interest to manage our capital exposure. Neal will now take you through the financials and the progress we're making on our cost reduction targets.

第一個勘探項目 Trailblazer 的目標是總儲量超過 2 億桶油當量，計劃於 2027 年進行鑽探。 （聽不清楚）在今年和明年我們精簡的資本預算內，Kosmos 有能力調整其工作權益以管理我們的資本風險敞口。接下來，尼爾將為大家介紹財務狀況以及我們在降低成本目標方面的進展。

Thanks, Andy. Turning now to Slide 11, which looks at the financials for the fourth quarter in detail. Production was again higher sequentially due to the continued ramp-up of GTA through the quarter, achieving well in excess of the nameplate capacity in late 2025, as Andy mentioned. We ended up only lifting two cargoes from Jubilee in Q4 as a third cargo slipped into early 2026.

謝謝你，安迪。現在來看第 11 張投影片，其中詳細分析了第四季的財務狀況。正如安迪所提到的那樣，由於本季度 GTA 的持續增產，產量再次環比增長，到 2025 年底將遠遠超過標稱產能。第四季我們最終只從 Jubilee 號貨輪提運了兩批貨物，因為第三批貨物推遲到了 2026 年初。

While this has minimal impact to value, it does materially change Q4 EBITDAX and leverage. Realized price was lower sequentially, reflecting lower commodity prices, although we'd expect this to bounce back in 1Q '26 with the higher prices we've seen quarter-to-date. OpEx was higher than our expectations during the fourth quarter, largely due to higher cost in Equatorial Guinea.

雖然這對公司價值的影響微乎其微，但確實會對第四季度 EBITDAX 和槓桿率產生實質影響。實際價格環比下降，反映出大宗商品價格走低，但我們預計，隨著本季迄今價格的上漲，2026 年第一季價格將會反彈。第四季營運支出高於預期，主要是由於赤道幾內亞的成本較高。

DD&A was lower quarter-on-quarter but above our guided range due to lower sales volumes than forecast. Most other line items were in line with our forecast, with CapEx materially lower, reflecting the lower-than-expected accrual CapEx in Ghana. Turning to Slide 12. As Andy said in his opening remarks, one of the key priorities for the company as our phase of significant investment in growth comes to an end, is to reduce costs to ensure we continue to grow our margin.

由於銷售量低於預期，DD&A 環比下降，但仍高於我們預期的範圍。其他大部分項目都符合我們的預測，資本支出大幅下降，這反映了加納應計資本支出低於預期。翻到第12張投影片。正如安迪在開幕致詞中所說，隨著公司大規模投資成長階段的結束，公司面臨的關鍵優先事項之一是降低成本，以確保我們繼續提高利潤率。

In 2025, we made a lot of progress with CapEx of $290 million, a year-on-year reduction of almost 70% and the lowest since 2017. This can be seen on the chart in the top right of the slide. We expect 2026 CapEx to remain around these multiyear lows and in line with 2025 when excluding the 10 FPSO purchase in Ghana. Our focus in 2026 now turns to reducing operating costs.

2025 年，我們在資本支出方面取得了很大進展，達到 2.9 億美元，比前一年減少了近 70%，是自 2017 年以來的最低水準。這一點可以從幻燈片右上角的圖表中看到。我們預計 2026 年資本支出將保持在多年來的低點附近，如果排除在加納購買 10 艘 FPSO 的費用，則與 2025 年持平。2026年，我們的工作重點將轉向降低營運成本。

We are targeting a reduction of greater than $100 million net to Kosmos this year, which can be seen on the chart on the bottom right of the slide. The amount of targeted OpEx savings rises to around $250 million once EG is removed from the overall cost base.

我們今年的目標是為 Kosmos 減少超過 1 億美元的淨支出，這可以從幻燈片右下角的圖表中看出。如果將 EG 從總成本基礎中剔除，則目標營運支出節省將上升至約 2.5 億美元。

Our TEN and EG assets represent our highest operating cost barrels. And with the purchase of the TEN FPSO and sale of EG, we will see a significant improvement in our operating margin per barrel. This is important as we navigate a volatile price environment. On overhead, we made a lot of progress in 2025, exceeding our cost reduction target of $25 million by year-end, and we expect to benefit from the full year impact in 2026 with further savings identified.

我們的TEN和EG資產代表了我們營運成本最高的油桶。隨著 TEN FPSO 的購買和 EG 的出售，我們將看到每桶原油的營運利潤率顯著提高。這一點在應對價格波動劇烈的環境時至關重要。在管理費用方面，我們在 2025 年取得了很大進展，到年底就超額完成了 2500 萬美元的成本削減目標，我們預計 2026 年將受益於全年的影響，並確定了進一步的節省。

Turning to Slide 13, capital allocation. As I said on the previous slide, we expect full year CapEx of around $350 million, including the $40 million associated with the TEN FPSO. Around 70% of the annual CapEx is allocated to Ghana, with 5 Jubilee wells delivering expected paybacks of less than a year.

翻到第 13 張投影片，資本配置。正如我在上一張投影片中所說，我們預計全年資本支出約為 3.5 億美元，其中包括與 TEN FPSO 相關的 4,000 萬美元。年度資本支出約 70% 分配給了加納，其中 5 口 Jubilee 油井預計不到一年即可收回成本。

In the Gulf of America, around 15% of the company CapEx budget has been allocated to the Winterfell 5 well and the long lead items for Tiberius. In the Mauritania and Senegal, we expect minor CapEx during the year as we plan for GTA Phase I plus expansion and advance the associated wells required towards the end of this decade.

在美洲灣，公司資本支出預算的約 15% 已分配給 Winterfell 5 號油井和 Tiberius 的長週期項目。在茅利塔尼亞和塞內加爾，我們預計今年資本支出較小，因為我們計劃進行 GTA 第一階段以及擴建，並推進本十年末所需的配套油井建設。

In summary, we are tightly focusing our capital on near-term high-return oil projects that deliver production growth and have the flexibility to defer more capital-intensive projects until we get our debt into the right place. Turning now to Slide 14.

總而言之，我們將資本集中投入到近期高回報的石油項目中，這些項目能夠帶來產量成長，並且我們有能力推遲資本密集項目，直到我們的債務狀況達到合適的水平。現在請看第14張投影片。

As Andy said in his earlier remarks, we have been actively working to enhance the balance sheet, paying down near-term maturities, adding liquidity, increasing our hedging and reducing costs. We are pleased to have completed the $350 million Nordic bond in January, which is well supported by both existing and new investors and helps diversify our sources of finance.

正如安迪在先前的演講中所說，我們一直在積極努力改善資產負債表，償還近期到期債務，增加流動性，加大對沖力度，降低成本。我們很高興在 1 月完成了 3.5 億美元的北歐債券發行，該債券得到了現有投資者和新投資者的大力支持，並有助於我們實現融資來源多元化。

I'd like to thank everyone who participated and made this new issuance success. $250 million of the proceeds are being used to repay the 2027 notes with $100 million used to pay down the RBL facility. The charts on the right of the slide show the work we have done to address the nearest term maturities. So our focus can now turn to operational delivery and debt paydown.

我要感謝所有參與者，正是大家的共同努力才使得這次新債券發行成功。所得款項中的2.5億美元將用於償還2027年到期的債券，1億美元將用於償還RBL貸款。投影片右側的圖表顯示了我們為解決近期到期債務所做的工作。因此，我們現在可以將重點轉向營運交付和償還債務。

This year, we are targeting a debt reduction of at least 10% and have made a good start with the announcement to sell our producing assets in EG last week. Further reductions are expected through free cash flow delivery and other noncore asset sales. On the RBL, we received a leverage covenant waiver from our bank group, which covers year-end 2025 and the midyear 2026 tests.

今年，我們的目標是減少至少 10% 的債務，上週宣佈出售我們在埃及的生產資產，已經取得了良好的開端。預計未來將透過自由現金流釋放和其他非核心資產出售進一步降低成本。關於 RBL，我們從銀行集團獲得了槓桿率契約豁免，涵蓋 2025 年底和 2026 年年中測試。

This gives us runway to improve our metrics through increasing production, reducing costs and paying down debt. I'd like to thank our banks for their continued support in this process. Having made good progress on the maturity schedule, our next objective is to commence RBL extension discussions with our bank group this summer which would push out the dark blue amortization blocks on the bottom right chart as we incorporate more Ghana reserves into our borrowing base.

這為我們提供了透過提高產量、降低成本和償還債務來改善各項指標的緩衝空間。我要感謝各家銀行在過程中給予的持續支持。在到期日方面取得了良好進展後，我們的下一個目標是今年夏天與銀行集團開始討論 RBL 延期事宜，這將推動右下角圖表中深藍色攤銷塊的到期，因為我們將更多的加納儲備納入了我們的借款基礎。

All in all, a pretty active year on financing, which demonstrates our ability to access different sources of capital. We've also been active on our rolling hedging program, taking advantage of recent price strength to hedge barrels for 2027. We now have 8.5 million barrels of oil hedged for 2026 and a further 2 million barrels hedged for 2027. Post the sale of EG, we will retain our hedges, increasing our hedge exposure in 2026 to over 50%.

總而言之，今年的融資活動相當活躍，這顯示我們有能力獲得不同的資金來源。我們也積極開展滾動避險計劃，利用近期的價格強勢對 2027 年的原油進行避險。我們現在已對 2026 年的石油進行了 850 萬桶的避險，並對 2027 年的石油進行了另外 200 萬桶的避險。出售 EG 後，我們將保留我們的對沖頭寸，到 2026 年將我們的對沖敞口增加到 50% 以上。

As hedges roll off, we'll continue to add more to protect against future downside in particular, in 2027. So in summary, we're proactively tackling our level of debt and leverage with a lot of progress in 2026 so far with more to go. We're doing a lot to reduce costs further in 2026, and our capital allocation priorities are clear. With that, I'll hand it back to Andy.

隨著對沖到期，我們將繼續增加對沖，以防範未來的下行風險，尤其是在 2027 年。總而言之，我們正在積極應對債務和槓桿水平問題，2026 年至今已取得很大進展，未來還有更多工作要做。我們正在採取許多措施，以期在 2026 年進一步降低成本，我們的資本配置重點也很明確。說完，我就把它還給安迪。

Thanks, Neal. Turning now to Slide 15 to conclude today's presentation. As I stated in my opening remarks, we have three clear priorities in 2026, grow production, reduce costs and reduce debt. This slide puts some targets against those priorities. On production, we wanted to deliver a 15% production growth year-on-year, coming predominantly from our core Jubilee and GTA assets.

謝謝你，尼爾。現在翻到第15張投影片，結束今天的簡報。正如我在開場白中所說，我們在 2026 年有三個明確的優先事項：提高產量、降低成本和減少債務。這張投影片列出了一些與這些優先事項相對應的目標。在生產方面，我們希望實現年增 15%，主要來自我們的核心 Jubilee 和 GTA 資產。

Alongside that, we plan to deliver a 20% reduction in total operating costs. We expect the combination of higher production and lower costs to reduce OpEx per barrel by around 35%. That increase in margin, combined with our portfolio high grading, should allow us to reduce net debt by at least 10% with scope to do better.

同時，我們計劃將總營運成本降低 20%。我們預計產量提高和成本降低相結合，將使每桶營運成本降低約 35%。利潤率的提高，加上我們投資組合的高評級，應該能夠使我們的淨債務減少至少 10%，並且還有進一步減少的空間。

And at the same time, we're advancing our quality growth portfolio with minimal CapEx in 2026, and we retain a deep hopper of opportunities for the future. As Neal and I have highlighted in today's presentation, the team is focused on delivery, and I'm pleased with the strong start to the year.

同時，我們正在以最小的資本支出推進我們的優質成長型投資組合，並計劃在 2026 年實現這一目標，同時我們為未來保留了大量的機會。正如尼爾和我今天在演講中所強調的那樣，團隊專注於交付成果，我對今年的良好開局感到滿意。

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

謝謝。現在我想把電話交給接線員，讓她開始提問環節。

(Operator Instructions)

（操作說明）

Charles Mead, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

Yes. Good morning, Andy, I appreciate all the details you've already given us on Jubilee and in particular, I appreciate your comments as you went through that Slide 8. But in your prepared remarks, you talked a bit -- I think you used the word cannibalization of bringing new wells online and I think your operator had talked about backing out volumes.

是的。早安，安迪，我非常感謝你之前向我們提供的關於禧年的所有細節，尤其感謝你在講解第 8 張幻燈片時的評論。但在您事先準備好的演講稿中，您談到了一些內容——我想您用了“蠶食”這個詞來形容新油井投產，而且我認為您的運營商也談到了減少產量的問題。

So can you give us a sense for what your net adds will be as you bring new wells online? In other words, if you bring on a 10,000 barrel a day well, are you going to the -- is it going to be an addition of net 5 perhaps after you back out lower pressure wells?

那麼，隨著新油井的投產，您能否大致估算一下您的淨增產量是多少？換句話說，如果你新增一口日產 10,000 桶的油井，那麼——在你淘汰低壓油井之後，淨增產量是否會達到 5 桶？

Yeah. Look, yes, thanks, Charles. Look, it's not the same for every well. That's the most important thing to remember. For instance, when we brought the last well on J74, we are actually able to bring it into a new riser. So that actually relieved pressure on other wells. And actually, I think the net back out was kind of close to zero, yes.

是的。是的，謝謝你，查爾斯。你看，並不是每口井的情況都一樣。這是最重要的一點。例如，當我們把最後一口井從 J74 井移入時，我們實際上能夠把它移入一個新的立管。這樣實際上緩解了其他油井的壓力。實際上，我認為淨反彈幾乎為零，是的。

So it's not always the same. It depends on also the GOR of the well. So I think we have to be careful not to just do it by rule of thumb. But if you were to get into that conversation, all right? And you understand what I'm saying, yes. It's not always the same. Yes. All right.

所以情況並不總是相同的。這也取決於油井的氣油比。所以我認為我們必須謹慎，不能只依賴經驗法則。但如果你參與到那個話題來，好吧？是的，你明白我的意思。情況並非總是如此。是的。好的。

So -- but a rule of thumb, if you're sort of looking at a well that is coming on at 10,000 barrels a day sort of on average, you might get sort of 2,500 barrels a day back half, yes? So I think that's the way to think about it. Yes, for some, it could be slightly more clearly for a well like J74 is essentially zero yes.

所以——但根據經驗，如果你看到一口井平均每天產出 10,000 桶原油，那麼下半年你可能每天只能產出 2,500 桶原油，對吧？所以我覺得應該這樣想。是的，對於某些人來說，這可能更清楚一些，例如 J74 這樣的井基本上為零。

And again, the final point to make is that all of that is included in our forecasting. So you can model exactly what the well is doing, what the GOR is going to come on, what impact it has on the infrastructure, which riser it's coming into, et cetera, yes? So it's obviously part of the forecasting process.

最後一點需要強調的是，所有這些都包含在我們的預測之中。這樣你就可以精確地模擬油井的運作情況、氣油比（GOR）會是多少、對基礎設施的影響、它進入哪個立管等等，對嗎？所以這顯然是預測過程的一部分。

Yeah. I'll let your engineers do all that modeling. Second question I have for -- on GTA, and specifically the cargo guidance for the year. If we look at your 1Q guide, you have [9010], and I think you said you're already at six and a half. So you're maybe kind of tracking towards the high end there.

是的。建模工作就交給你們的工程師來做吧。我的第二個問題是關於GTA的，特別是關於今年的貨物運輸指引。如果我們看一下您的第一季指南，您有[9010]，而且我認為您說過您已經達到六點半了。所以你可能正在朝著高端方向發展。

But if we look at your annual guide of 32 to 36, the lower end of that annual guide excuse me, the low end of your quarterly guide tracks to the high end of your annual guide. So I'm curious, is there a turnaround baked in somewhere in the annual guide? Or is this just some of the seasonal effects that are --

但是，如果我們看一下你們的年度指導值 32 到 36，那麼年度指導值的下限（抱歉，應該是季度指導值的下限）與年度指導值的上限相對應。所以我很好奇，年度指南中是否包含扭轉局面的計畫？或者這只是某些季節性影響？--

It's seasonal, Charles, yes. So if you -- what you need to think about it is your strongest quarters are going to be quarter one and quarter four, yes. So if you sort of put those two book ends together, maybe you could sort of look at 20 from those two quarters. And then the residual, as it were is warmer weather in the summer in quarter two and quarter three, where you're going to get lower cargoes.

查爾斯，是的，這是季節性的。所以，你需要考慮的是，你業績最好的季度將是第一季和第四季度，沒錯。所以，如果你把這兩個書擋放在一起，也許你可以從這兩個四分之一的角度來看 20。然後，還有一點，那就是第二季和第三季夏季氣溫較高，屆時貨運量將會下降。

So I think that no planned turnaround. It's really the seasonal effect. And you can't sort of take the first quarter and multiply it by four. But one thing to add is that a strong start to the year, yes. And I think that's the most important part. The -- through year-to-date, we're at 2.9 million tonnes per annum from the facility, which is above its nameplate of 2.7 million tonnes.

所以我認為沒有計劃內的轉機。這其實是季節因素造成的。你不能把第一個四分之一乘以四。但需要補充一點的是，今年開局確實很強勁。我認為這是最重要的部分。截至目前，該工廠的年產量已達 290 萬噸，超過了其標稱產量 270 萬噸。

So I think the thing to take from it is the strong start to the year, it should give confidence in the overall outlook for the rest of the year.

所以我認為，今年開局強勁，這應該能增強人們對今年剩餘時間整體前景的信心。

Got it. Thanks, Annie. Great, thanks, Charles. Appreciate it.

知道了。謝謝你，安妮。太好了，謝謝你，查爾斯。謝謝。

Alexis Patrick, Goldman Sachs.

Alexis Patrick，高盛。

Hey. Good morning, team, and thank you for taking our question. If you could, could you talk more about the amended debt cover ratio that you announced this morning. How should we think about the next two periods coming up where you stand and how conversations have been going there?

嘿。早安，各位同事，感謝你們回答我們的問題。如果可以的話，您能否詳細談談您今天上午宣布的修訂後的債務覆蓋率？鑑於您的立場以及雙方的討論進展情況，我們應該如何看待接下來的兩個時期？

Yeah, Alexa. Hey. This is Neal. I'll take that. Just -- yes, so we've had a constructive conversation with the banks so far in the year and what we -- the two next periods is sort of March and September this year, which covers sort of year-end 25 and midyear '26. And so basically, the March covenant cover, the amendment essentially covers where we ended up at year-end '25.

是的，Alexa。嘿。這是尼爾。我接受。是的，今年到目前為止，我們已經與銀行進行了建設性的對話，接下來的兩個時期分別是今年的三月和九月，涵蓋了 2025 年末和 2026 年年中。因此，基本上，3 月的契約涵蓋了，該修正案基本上涵蓋了我們在 2025 年底所取得的成果。

So that's sort of covered off and basically, in midyear '26, basically the leverage covenant was raised from [three and a half to 4.25] and that basically accommodates sort of the historical over underperformance in sort of the second half of '25 as well as lower oil prices. So it works down to sort of, call it, 60-ish Brent.

所以這個問題基本上得到了解決，基本上，在 2026 年年中，槓桿率從 3.5 提高到 4.25，這基本上是為了應對 2025 年下半年的歷史性業績不佳以及較低的油價。所以最終價格大概是60左右的布蘭特原油價。

So again, we've created some cushion in there. And what we wanted to do with both us and the banks make sure that sort of we don't have to revisit it. And so it returns to normal by the end of the year. And again, based on our guidance and forecast, we should be back under sort of leverage targets by the end of the year, when you take that GTA effect ramp-up effect out of the LTM calculation.

所以，我們又在這裡留了一些緩衝空間。我們希望透過我們自身和銀行的合作，確保我們不必再重新審視這個問題。因此，到年底一切都會恢復正常。再次，根據我們的指導和預測，到年底，當從 LTM 計算中剔除 GTA 效應的成長效應時，我們應該能夠回到某種槓桿目標之下。

So again, again, I think it's something that was on sort of people's minds, so we wanted to get it addressed early, get the issue cleared out for the year. And now we've got the runway to just deliver operationally and then the results will naturally lead to the deleveraging that we talked about.

所以，我覺得這件事一直縈繞在人們心頭，所以我們希望儘早解決這個問題，在今年之前把這個問題徹底解決掉。現在我們有了足夠的資源來確保營運順利進行，然後結果自然會帶來我們之前談到的去槓桿化。

Okay. That's helpful. And then as a follow-up, I think you've talked about, cost per BOE at Tortue, declining by more than 50%. Can you help just kind of walk about the walk us through the bridge there? How much of that is just on top-line production growth versus nominal costs coming down and how should we think about it?

好的。那很有幫助。然後，作為後續討論，我想您已經談到了 Tortue 油田每桶油當量 (BOE) 的成本下降了 50% 以上。你能幫我們帶我們走過那座橋嗎？其中有多少是因為營收成長，又有多少是因為名目成本下降？我們該如何看待這個問題？

Yeah, Alexa, I'll I'll take that Andy. Yeah, it's both effects as you say. Clearly, we produced 18.5 cargos in Tortue last year. We're targeting a range of 32 to 36. The question from Charles so that the volumetric effect is obviously significant, yes.

是的，Alexa，我接受安迪的請求。是的，正如你所說，這兩種效果都有。顯然，我們去年在托爾圖島生產了 18.5 噸貨物。我們的目標範圍是 32 到 36。查爾斯的問題是，體積效應顯然是顯著的，是的。

That, combined with around a 10% overall reduction in operating costs year-on-year. Some of that is coming from operations, some of it is coming from the FPSO refinancing. The two combined give you a greater than 50% reduction on an MMBtu basis.

再加上營運成本較去年同期下降約 10%。一部分資金來自運營，一部分資金來自FPSO再融資。兩者結合起來，以百萬英熱單位 (MMBtu) 計算，可降低 50% 以上。

Thanks. We'll turn it back.

謝謝。我們會把它改回來。

David Round, Stiefel.

大衛朗德，史蒂費爾。

Great. Thanks. Can I start with Ghana, please? Because you've always talked about that being your best return on capital. But specifically, it's always been around Jubilee. So I just wonder whether the TEN FPSO purchase changes our thinking.

偉大的。謝謝。我可以先從加納開始嗎？因為你一直都說這是你獲得最佳資本回報的方式。但具體來說，它一直都與禧年有關。所以我想知道，TEN FPSO 的收購是否會改變我們的想法。

And if it does, when we could see a well or whether you're in a position to even think about that at the moment? Second one, just on Jubilee. Andy, I think you mentioned 10,000 barrels a day for a typical well. And to be fair, you guys have always been pretty consistent around that. And I think that's pretty cannibalization.

如果真能如此，我們什麼時候能看到一口井？或者說，您目前是否有能力考慮這個問題？第二張，就在禧年紀念日。安迪，我記得你說過一口普通油井每天能產1萬桶原油。公平地說，你們在這方面一直都表現得相當穩定。我認為這簡直就是自相殘殺。

But J74 is actually nicely above that level. So I'm just wondering if there is anything exceptional about that well? And any reason why we shouldn't hope for, let's say, that the next wells could also deliver at that kind of rate?

但J74其實遠高於這個水準。所以我想知道這口井有什麼特別之處嗎？那麼，我們有什麼理由不期待，比如說，下一批油井也能以同樣的產量產出石油呢？

Yeah. Okay. Thanks, David. Yes -- I'll take the 10 question first. Yes, clearly, lowering the breakeven of the asset through the FPSO purchase does create a longer economic life for the field, which is important. But the other thing that we're doing is we have short the [40] in OBN over TEN. So we're -- it's actually been focused on Jubilee first to build the drilling program for Jubilee.

是的。好的。謝謝你，大衛。好的——我先回答第10題。是的，顯然，透過購買 FPSO 降低資產的損益平衡點，確實可以延長油田的經濟壽命，這非常重要。但我們正在做的另一件事是，我們做空了 OBN 中 TEN 的 [40]。所以，我們——實際上，我們首先專注於 Jubilee 項目，為 Jubilee 項目建立鑽井計劃。

But as you look to '27 and '28, yes, I think there's a potential for a well in town on the basis of being able to bring in the enhanced seismic imaging from the NAS and the OBN and that in combination with the lower operating cost of the asset, will the economics ample be competitive against Jubilee. And that's ultimately what we're trying to do.

但展望 2027 年和 2028 年，是的，我認為在城裡開一口井是有潛力的，因為可以引入 NAS 和 OBN 的增強型地震成像技術，再加上該資產較低的運營成本，其經濟效益是否足以與 Jubilee 相媲美。而這正是我們最終想要達到的目標。

And I think I would want to reinforce the comments that we made in the script around the quality of the economics of the Jubilee wells. They're paying back last 12 wells paid back the average. That's with all the ups and downs in around nine months in the last two wells, I think closer to [6]. So it's a very strong opportunity set that we see in Jubilee.

而且我想強調我們在劇本中對 Jubilee 水井經濟品質所做的評論。他們正在償還過去12口井的平均收益。考慮到過去九個月左右兩口井的所有起伏，我認為更接近於[6].因此，我們在 Jubilee 看到了非常強勁的投資機會。

And therefore, I believe that there is a competitive well in TEN, but the work on the seismic will enable us to uncover it. Yeah. In terms of the higher rates, I think the point to note, David, is that we've gone back to the core of the field, yes, so the J72, J74 and then J75, which is the next well that we're currently completing now that will be on before the end of the quarter.

因此，我認為 TEN 中存在一口有競爭力的油井，但地震勘探工作將使我們能夠發現它。是的。關於更高的產量，David，我認為需要注意的一點是，我們已經回到了油田的核心區域，是的，也就是 J72、J74，然後是 J75，這是我們目前正在完成的下一口井，將在本季度末之前投產。

They're in the main part of the field where we know we've got good pressure support. We know we've had productive horizons. And these are fundamentally bypassed oil pockets and they are being illuminated by the seismic. So again, we want to be appropriately measured about the forecast, but I think J75, we had 40 meters of pay.

他們位於球場的主要區域，我們知道在那裡我們會得到很好的壓迫支援。我們知道我們曾經擁有富有成效的前景。這些都是先前被忽略的油藏，地震勘探正在揭示它們的存在。所以，我們希望對預測保持適當的謹慎，但我認為 J75，我們有 40 公尺的收益。

It will be a three zone completion similar to J72. So I think we're going to see J74 so we're going to -- we should see strong performance from that well. So are there more 10,000 barrels a day, well in the field? Absolutely. Yes. And I think that's the point to take away. And they come with good reserves and therefore, very strong economics.

這將是一個類似J72的三區完工計畫。所以我認為我們會看到 J74，我們應該會看到它有強勁的表現。那麼，田間實際日產量是否超過 1 萬桶？絕對地。是的。我認為這就是我們應該記住的重點。而且它們擁有良好的儲備，因此經濟實力非常強勁。

Great. Thanks Andy. Very quick one on GTA while I've got you. Yeah. Can you just remind us how anything over 2.5 million tons is priced, please? Is it along the same?

偉大的。謝謝安迪。趁你不在家，我快速問你一個關於GTA的問題。是的。請問您能否提醒一下，超過250萬噸的貨物是如何定價的？情況一樣嗎？

Yeah. Great, David. Yes, sorry I didn't mean to cut you off. Yes. No, exactly, it's [2.45]. That's what I was going to say. It's [2.45] the contract with BP. So everything that's above that is sold under that contract, yes. It's exactly the same pricing, yes.

是的。太好了，大衛。是的，對不起，我不是故意打斷你的。是的。不，沒錯，就是這樣。[2.45]我正想說這個呢。這是與 BP 簽訂的合約 [2.45]。所以，高於這個價格的一切都根據那份合約出售，是的。是的，價格完全一樣。

Okay, brilliant. Thank you.

好的，太棒了。謝謝。

Great. All right. Thanks, David.

偉大的。好的。謝謝你，大衛。

Christoffer Bachke, Clarksons Securities AS.

Christoffer Bachke，克拉克森證券有限公司。

Hi guys. This is Christopher from Clarkson, and thank you for taking my questions. First of all, congrats on an eventful quarter and some strong recent months. I have a couple of questions, so I'll just take one at a time. First question is related to the RBL, which is currently secured against Ghana, and the recently divested EEG stake.

嗨，大家好。我是克拉克森大學的克里斯托弗，感謝您回答我的問題。首先，恭喜你們度過了一個精彩的季度，以及近幾個月來的強勁業績。我有幾個問題，所以我就一個一個回答吧。第一個問題與 RBL 有關，該 RBL 目前已對加納進行擔保，並且最近剝離了 EEG 的股份。

Could you give some color on how the license extension in Ghana are affecting the borrowing base and will that extension alone replace EEG, so to say?

您能否詳細說明一下加納的許可證延期對借貸基礎的影響，以及這種延期是否會取代EEG（加納電子借貸許可證）？

Yeah. So we're -- we've just started the RBL process. Again, I think the RBL, like you said, is underpinned by the Ghana reserves in EG. We'd expect for March for both pieces still to be in there. And then as the transaction closes in Q2, then the EG portion will be -- will come out.

是的。所以我們——我們剛剛啟動了 RBL 流程。我再次認為，正如你所說，RBL 的基礎是加納在埃及的儲備。我們預計到三月這兩件商品應該還在。然後，隨著交易在第二季完成，EG 部分將會公佈。

And so again, there will be some impact in terms of the borrowing base from EG, we had at roughly plus or minus $100-ish million of impact, but we were well over collateralized from a Ghana perspective. And again, so I think net-net, you won't see much impact from EG in 1Q. But clearly, by the time we closed the asset sale in midyear. There will be an impact to the RBL as a result of that transaction.

因此，EG的借款基礎將受到一定影響，我們大約受到了1億美元左右的影響，但從加納的角度來看，我們的抵押品遠遠超過所需。所以總的來說，我認為第一季EG不會產生太大影響。但很明顯，到年中我們完成資產出售時，情況已經大不相同了。該交易將對RBL產生影響。

Thank you very much. My second question from following the EG divestment as well. How do you think about further divestments versus holding assets like Tiberius into FID? And is the portfolio now largely set for a harvest space in your view?

非常感謝。我的第二個問題也是基於對EG撤資的關注。您如何看待進一步剝離資產，還是將像 Tiberius 這樣的資產保留到 FID 中？您認為該投資組合目前是否已基本具備了收穫空間？

Yeah. maybe I'll take that, Christopher. Look, I think the key theme coming out of the -- hopefully, out of the prepared remarks and the slides is we're on a journey to create a lower-cost business. And we've talked about the -- I think where the organic portfolio as it sits today, more than $100 million of costs coming out.

嗯，也許我會接受，克里斯托弗。我認為，從準備好的發言稿和幻燈片中可以得出的關鍵主題是，我們正在努力打造一個成本更低的企業。我們已經討論過——我認為就目前有機產品組合的狀況而言，超過 1 億美元的成本正在削減。

And when you put EG onto that on a pro forma basis, it would be another probably gets you closer than aggregate to about $250 million. So really, we are building that lower-cost portfolio. And clearly, on a per BOE basis, it's a significant reduction sort of where next, it has to be things that are really sort of not core to the future where we don't see growth we see potentially higher costs.

如果將 EG 按形式計入，那麼總金額可能比 2.5 億美元更接近這個數字。所以實際上，我們正​​在建立一個成本更低的投資組合。顯然，以每桶油當量計算，這是一個相當大的降幅。接下來，必須關注那些對未來並非核心的領域，因為我們看不到成長，反而可能看到更高的成本。

And it -- and we'll continue to look at those assets. At the same time, we're redirecting the capital that we would have spent on the more mature higher cost assets we're redirecting that to growth. Clearly, the growth in this year is targeting the very strong economics in Jubilee. And then as we look out beyond into '27, '28, yes, you're right.

而且——我們將繼續關注這些資產。同時，我們將原本用於投資更成熟、成本更高的資產的資金，重新投入成長。顯然，今年的成長主要針對 Jubilee 地區非常強勁的經濟。當我們展望 2027 年、2028 年時，是的，你說得對。

Tiberius is an important growth project for us in the Gulf. So I think the messages are really are around very, very strong focus on cost to build that lower cost sustainable business. Very strong reserve base, yes? And then associated with that is rigorous allocation of capital to the highest return projects.

提比略是我們海灣地區一個重要的成長項目。所以我認為，這些資訊其實都圍繞著非常、非常重視成本，以建立成本更低、永續發展的業務。後備力量非常強大，對吧？與此相關的是嚴格把資金分配給回報最高的項目。

And with a very lean capital base in '26 to enable us to do that. So yes, there will be, I think, on the margin, some continuing trimming of the portfolio, but we've got a very strong set of core assets, and those assets will continue to deliver growth.

而且，憑藉 2026 年非常精簡的資本基礎，我們能夠做到這一點。所以，我認為，投資組合的邊緣部分會繼續進行一些調整，但我們擁有一套非常強大的核心資產，這些資產將繼續帶來成長。

My third and last question, if I may, is also related to GTA. You're guiding to more than 50% year-on-year unit cost reduction in '26, can you please help me understand what kind of the steady-state cash OpEx per MMBTU looks like at, let's say, 2.7 to 2.9 MTPA and how much of that reduction come from the FPSO refi versus kind of operational efficiencies?

如果可以的話，我的第三個也是最後一個問題也與GTA有關。您預計 2026 年單位成本將年減 50% 以上，請問在年產量為 270 萬至 290 萬噸的情況下，每百萬英熱單位的穩定現金營運支出為何？其中有多少降幅來自 FPSO 再融資，又有多少降幅來自營運效率的提升？

Yeah. So if you look at it, the big driver initially is in the step-up in volume and we have a chart in the pack that shows the absolute numbers that are on the chart on slide --

是的。所以你看，最初的主要驅動因素是銷量的成長，我們資料包裡有一張圖表，上面顯示了投影片上的絕對數字。--

But maybe if I answer the question in a different way, Christopher, when you look at sort of just the absolute cost reduction in '26 versus '25. About half of that is the FPSO refinancing and half of that is that sort of the start-up cost piece coming out. And as Andy alluded, sort of there's more to go on the operating cost from a pure perspective to pull out of the system.

但克里斯托弗，如果我換個方式回答這個問題，當你只看 2026 年與 2025 年相比的絕對成本降低額時，也許情況就不同了。其中大約一半是 FPSO 再融資，另一半是即將產生的啟動成本。正如安迪所暗示的那樣，從純粹的角度來看，營運成本還有更多可以考慮的因素，可以從系統中剝離。

And then while the changes are slightly larger than that, yes, there is a slightly increased FLNG toll just because we're pushing more volume through the [golar] vessel, and they get paid on a per molecule basis. So net-net, for those two are a little larger than 10%.

雖然變化幅度略大一些，但FLNG的通行費確實略有增加，因為我們通過[golar]船輸送的體積更大，而他們是按分子付費的。所以總的來說，這兩個因素都略大於 10%。

But when you include the FLNG higher toll, it sort of gets to around 10% on the total into '26 then you should see a further reduction into '27.

但是，如果將 FLNG 的較高通行費計算在內，到 2026 年，總通行費將達到 10% 左右，到 2027 年，通行費應該會進一步下降。

Yeah. And the actual numbers are shown here on Slide 9. But again, I think what I'd add to that, Neal, is as you sort of -- there's no required investment really to deliver up to the $630 million, which is the additional increment from the domestic gas. So as that starts to come through on Phase 1 plus, you see another step down in the net OpEx per dollar per MMBtu.

是的。實際數字顯示在第 9 張投影片上。但是，尼爾，我想補充一點，正如你所說——實際上並不需要任何投資就能實現高達 6.3 億美元的額外收入，這筆收入來自國內天然氣。因此，隨著第一階段及以後的發展，每百萬英熱單位的淨營運成本又進一步下降。

Fantastic, guys. Thank you very much.

太棒了，夥計們。非常感謝。

Great. Thanks, Christopher.

偉大的。謝謝你，克里斯多福。

Stella Cridge, Barclays.

斯特拉·克里奇，巴克萊銀行。

Hi there. Afternoon everyone. Many thanks for all the updates. There is two things if I could ask, please. And the first is on Tiberius, when you're talking about the farm done, is the idea that the new partner covers their kind of pro rata share of CapEx? Or just if you could just talk us through how that transaction might work?

你好呀。各位下午好。非常感謝您提供的所有更新資訊。如果可以的話，我想提兩個問題。首先是關於 Tiberius 的，當你在談論農場建設完成時，新合作夥伴是否應該承擔他們按比例分攤的資本支出？或者您能否簡單解釋一下這筆交易是如何進行的？

And then secondly, I was just wondering how you were thinking about the amortizations on the Shell loan? And what would be your base case for addressing those? That would be great.

其次，我想知道您是如何考慮殼牌貸款的攤提問題的？那麼，您解決這些問題的基本方案是什麼？那太好了。

Yeah. Hi, Stella, I'll take those. In terms of Tiberius, yes, when we and Oxy will both look to sort of farm down, we're about -- we're about 50-50 partners today. And the goal is to get sort of a third partner in there who's at a third, a third, a third. And so the idea is that they've clearly paid their own capital cost.

是的。嗨，史黛拉，我想要那些。就 Tiberius 而言，是的，當我們和 Oxy 都考慮縮小規模時，我們目前大約是 50-50 的合作夥伴。目標是引進第三位合夥人，他/她佔三分之一的股份。因此，他們顯然已經支付了自己的資本成本。

There's some back cost and then potentially some additional considerations. So that's sort of the structure that we're looking at post sort of FID to bring in that partner. In terms of the Gulf term loan perspective, again, I think we talked about today sort of getting net debt down by about by at least 10% in calendar year '26.

會有一些後備成本，可能還有一些其他需要考慮的因素。所以，這就是我們在做出最終投資決定（FID）後，為了引入合作夥伴而考慮的結構。就海灣地區定期貸款而言，我認為我們今天討論過，要在 2026 年將淨債務減少至少 10%。

About half of that is through sort of the EG sale and the other half is through generation of free cash flow across the business in sort of a, call it, mid-60s type oil price. And so sort of the Gulf term loan amortization is sort of -- it's a little over $50 million this year, we'd expect to pay that out of cash flow generated from the business.

其中大約一半是透過出售EG而獲得的，另一半是透過在類似60年代中期油價水平下，透過業務產生的自由現金流獲得的。因此，海灣定期貸款攤銷今年略高於 5,000 萬美元，我們預計將以業務產生的現金流量支付這筆款項。

Right. Thanks, Stella.

正確的。謝謝你，斯特拉。

Mark Wilson, Jefferies LLC .

Mark Wilson，Jefferies LLC。

Yeah. Thank you. I'd like to ask -- it's actually a follow-up for that Tiberius question. Certainly, the Gulf of America did seem the most material new information I felt from this. And so following on from that, the results talked to an FID and farm down in the first half.

是的。謝謝。我想問——這實際上是關於提比略問題的後續問題。當然，就我個人而言，我覺得美洲灣事件是這次事件中最實質的新資訊。因此，在此基礎上，結果與最終投資決定（FID）和上半年的農場縮減有關。

So we're pursuing those two situations in parallel, that would be the first question. Should we consider an FID and a farm down or things that come together, one and the same? Thank you.

所以，我們正在並行研究這兩種情況，這是第一個問題。我們應該把最終投資決定（FID）和農場關閉考慮在內，還是應該把它們看作是同一件事？謝謝。

Yeah. So Mark, I think they're more sequential. And again, we've sort of -- we're close to -- again, as operator, we've moved down the development, their FID path pretty far, and we're sort of close to getting that sanctioned, and then we'll -- and we've talked clearly talked to a number of people around the farm down will kick off a process here quite shortly.

是的。所以馬克，我認為它們更像是按順序發生的。而且，作為運營商，我們已經接近——我們已經推進了開發進程，他們的最終投資決定（FID）路徑已經走得很遠了，我們差不多快要獲得批准了，然後——我們已經和農場周圍的許多人進行了明確的交談，很快就會啟動一個流程。

And again, there's not a -- it should be fairly attractive clean project to bring in a third partner. And as you've seen, just generally in the Gulf of America, there's been a lot of interest around people participating in new developments in new cost competitive large resource projects. Again, we're not -- we think there'll be a lot of interest as we conduct a relatively short process.

再說一遍，這應該是一個相當有吸引力的乾淨項目，可以引入第三位合作夥伴。正如你所看到的，在美洲灣地區，人們對參與新的、具有成本競爭力的大型資源項目的新開發表現出了濃厚的興趣。再次聲明，我們並非——我們認為由於流程相對較短，將會引起廣泛關注。

Okay. Thank you. Okay. And then the other new information in the Gulf, is this a strategic alliance with Shell, you talked about being aligned across 10 blocks now? I would just like to know, is there anything within that quote, strategic alliance, beyond involvement in licenses? Any kind of carry or information share, etc? Thank you.

好的。謝謝。好的。還有關於海灣地區的其他新消息，這是否與殼牌公司建立了策略聯盟？您之前提到過，現在雙方在10個區塊上達成了合作？我想知道，除了參與許可證發放之外，這句話中「策略聯盟」是否還有其他含義？任何形式的攜帶或資訊共享等？謝謝。

Yeah. So Mark, I'll take that. So as you know, we've had a long, good working relationship with Shell. A few years ago, we sold them our exploration assets across the portfolio in terms of the Frontier licenses. We signed the term loan with them in the Gulf. And for a couple of years now, we've been having sort of an ongoing conversation on how we can collaborate in the Gulf.

是的。馬克，那我就收下了。如您所知，我們與殼牌公司一直保持著長期良好的合作關係。幾年前，我們根據 Frontier 許可證將我們投資組合中的勘探資產出售給了他們。我們在海灣地區與他們簽訂了定期貸款協議。近兩年來，我們一直在就如何在海灣地區合作進行持續的探討。

And clearly, they're the largest producer in the area and they have access to a bunch of infrastructure, which, as we push forward our strategy around ILX and the Gulf having access to infrastructure is clearly helpful. And so we've been discussing for some time in terms of how can we put together our capabilities to create sort of a mutual benefit for both companies.

顯然，他們是該地區最大的生產商，並且擁有大量的基礎設施，這對於我們推進圍繞 ILX 和墨西哥灣的戰略而言，顯然是有幫助的。因此，我們已經討論了一段時間，如何整合我們的能力，為兩家公司創造互利共贏的局面。

And so we agreed sort of alliance to start here around the Norphlet trend. We had some prospects, they had some prospects in and around Appomattox, so that made sense to combine and then basically work to jointly develop that infrastructure, and actually creates a good partnership where, again, I think we can use both companies' capabilities.

因此，我們達成了一種聯盟，從 Norphlet 趨勢開始。我們在阿波馬托克斯及其周邊地區有一些潛在客戶，他們也有一些潛在客戶，所以合併並共同開發基礎設施是有意義的，這實際上創造了一個良好的合作夥伴關係，我認為我們可以利用兩家公司的能力。

There's around sort of drilling and production ours on the sort of accelerated development path that create value for both companies. And so again, I think there continues to be more that we can do together, and we're happy to sort of formalize sort of the first step and continue to move things forward.

大約有幾個月的時間用於鑽探和生產，走上加速發展道路，為兩家公司創造價值。所以，我認為我們還有很多可以一起做的事情，我們很高興能夠正式踏出第一步，並繼續推進各項工作。

And, if I could add, Mark, it's not just about the license exchange. There is a commitment to drill Tiberius, which is the high rank prospect actually between us in -- and again, it's about a theme really about ILEX. So this is Norphlet, but it's ILEX around informatics, where there is outage available on the host platform there.

馬克，我還要補充一點，這不只是許可證交換的問題。我們致力於訓練 Tiberius，他是我們之間排名最高的潛力新星——再說一遍，這其實是關於 ILEX 的一個主題。所以這是 Norphlet，但它是圍繞著資訊學的 ILEX，主機平台上有服務中斷。

So no, I like the coming together actually. They've obviously got huge knowledge of Norphlet development. So being able to leverage their knowledge onto our prospects has been great. And clearly, for them, it's about finding how they sort of high grade and create a larger inventory to drill.

不，其實我很喜歡這種團結在一起的感覺。他們顯然對 Norphlet 的開發有著豐富的知識。因此，能夠利用他們的知識來幫助我們的潛在客戶，真是太好了。顯然，對他們來說，關鍵在於找到如何提高礦石品位，並創造更大的庫存以供鑽探。

So yes, lots to do now. And again, we look forward to updating you on Tiberius when we get started -- Trailblazer when we get started.

是的，現在有很多事情要做。再次重申，我們期待在 Tiberius 專案啟動後向您報告最新進展——Trailblazer 專案啟動後也會及時更新。

Yeah. Now, Trailblazer. I understand that. And then just one point, a bit of a housekeeping here. On your group production guidance, the [70 to 78], can we -- could you just let us know where EG sits in that? Is there a number?

是的。現在，開拓者。我明白了。最後還有一點，這裡需要做一些收尾工作。關於貴集團的生產指導目標（70 至 78），能否告知我們 EG 在該目標中的位置？有數字嗎？

I'll let Neal give you the exact. Thank you.

我會讓尼爾告訴你確切的答案。謝謝。

Yeah. So it is dug in the footnotes. But market -- it's about 6,000 barrels a day in the guidance on average is contributed to EG. And so again, it's in the full year guidance. What we'll do is, again, given the uncertain closing time in terms of what -- does it close exactly in 2Q, 3Q.

是的。所以它被藏在腳註裡。但市場——平均每天約有 6,000 桶的產量被 EG 貢獻出來。所以，這又體現在全年業績預期。我們將再次考慮到關閉時間的不確定性，即它究竟是在第二季還是第三季關閉。

What we've -- what we'll do is we'll reissue guidance. But we've broken out the components and the footnote there so that you can make an assumption around what that is and therefore, the impact to the full year depending on when it closes.

我們已經—我們將重新發布指導意見。但我們已經把各個組成部分和腳註都拆開了，這樣你就可以對它是什麼做出假設，從而根據它何時結束來推斷它對全年的影響。

And equally true, all the costs from EG are in the year as well, Mark, so when it's closed, we'll have -- yes, some production will come out but also some costs on cost -- chunk of costs will come out of the business.

同樣地，EG 的所有成本也都計入了這一年，Mark，所以當它關閉時，我們會——是的，一些產量會減少，但也會有一些成本的減少——一部分成本會從業務中消失。

Got it. Okay. Great. Thank you, I'll hand it over

知道了。好的。偉大的。謝謝，我會把它交給你。

Right. I appreciate it. Thank you.

正確的。謝謝。謝謝。

Thank you. And with no further questions in queue, that concludes our question-and-answer session. Thank you all for joining. You may now disconnect.

謝謝。由於沒有其他問題需要提問，我們的問答環節到此結束。感謝各位的參與。您現在可以斷開連線了。