Obsidian Energy Ltd (OBE) 2024 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to Obsidian Energy 2024 Annual and Special General Meeting Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Steven Lucas, President and CEO. Please go ahead.

感謝您的耐心等待。這是會議接線員。歡迎參加 Obsidian Energy 2024 年度及特別股東會電話會議。再次提醒，所有與會者均處於唯讀模式，會議正在錄音。如果您在電話會議期間需要協助，可以按星號鍵再按數字鍵呼叫接線員。現在我謹將會議交給總裁兼執行長史蒂文·盧卡斯先生。請繼續。

Thank you. Good morning to all, and thank you for joining today's call for restart. I'd like to first point out that we will refer to forward-looking information in connection with Obsidian Energy and the subject matter of today's call. By its nature, this information contains forecast assumptions and expectations about future outcomes so we remind you it is subject to the risks and uncertainties affecting every business, including ours. Please refer to the disclosure at the end of the presentation, along with our public disclosure filings available on both SEDAR plus and EDGAR systems for a full discussion of significant factors and risks that could affect Obsidian Energy or that could affect future outcomes for the Company.

謝謝。各位早安，感謝大家參加今天的重啟呼籲會議。首先我想指出，我們將在討論 Obsidian Energy 和今天電話會議的主題時提及前瞻性資訊。由於此類資訊本質上包含對未來結果的預測假設和預期，因此我們提醒您，此類資訊會受到影響所有企業（包括我們企業）的風險和不確定性的影響。請參閱簡報末尾的披露信息，以及我們在 SEDAR plus 和 EDGAR 系統上提供的公開披露文件，以全面討論可能影響 Obsidian Energy 或可能影響公司未來業績的重大因素和風險。

With that, I'd like to turn your attention to page 3 and would like to walk you through a very quick corporate overview. Our assets are world-class, and our team is experienced and delivering value for 2024, we are estimating approximately 36,000 BOE a day of production at the midpoint of our guidance.

接下來，我想請大家翻到第 3 頁，並帶大家快速了解公司概況。我們的資產是世界一流的，我們的團隊經驗豐富，正在為 2024 年創造價值，我們預計在指導價值的中點，日產量約為 36,000 桶油當量。

That translates to approximately 12% year on year growth. Our production mix is estimated to be approximately 65% oil liquids with the balance being natural gas at year end 2023 reserves on a 2P basis were approximately [194 million] barrels of oil equivalent. That translates into a reserve life index of approximately 14 years with a PDP decline rate of approximately 21%. Lastly, we have an advantaged tax pool position with approximately $2.4 billion in the year end tax pools.

這意味著同比增長約 12%。據估計，到 2023 年底，我們的產品組合中約 65% 為石油液體，其餘為天然氣；以 2P 計算的儲量約為 [1.94 億] 桶石油當量。這意味著儲備壽命指數約為 14 年，PDP 下降率約為 21%。最後，我們擁有有利的稅收資金池地位，年末稅收資金池中約有 24 億美元。

Just looking at our balance sheet, we have approximately 76.6 million shares outstanding translate into a market capitalization of approximately $905 million with $386 million net debt as of course, as of quarter end, March 31, that translates into an annualized FFO rate of approximately 1.1 times. And we would anticipate that that number will come down significantly quarter end as of June 30, given increased cash flow and debt repayment, that in summary, that translates into an enterprise value of approximately $1.3 billion.

僅從我們的資產負債表來看，截至 3 月 31 日季度末，我們約有 7,660 萬股流通股，市值約為 9.05 億美元，淨債務為 3.86 億美元，這相當於年化 FFO 比率約為 1.1 倍。我們預計，截至 6 月 30 日季度末，隨著現金流增加和債務償還，這一數字將大幅下降，總而言之，這將轉化為約 13 億美元的企業價值。

Turning to page 4, just to quickly walk you through our strategic advantages and what differentiates Obsidian Energy from its peers. There are a couple of key points, one with a top-quality assets, which which translates into a diversified portfolio of low decline oil weighted assets with approximately 14 years of reserves across both light and heavy oil production mix.

翻到第 4 頁，快速帶您了解我們的策略優勢以及 Obsidian Energy 與同業的差異。有兩個關鍵點，一是擁有優質資產，這意味著擁有多元化的低衰減石油資產組合，輕質油和重質油產量組合的儲量大約可維持 14 年。

We have a number of established core core areas which provide sustainable resource development and translates into stable production and cash flow. We have significant amount of exploration upside, which we are pursuing via our programs in both the blue-sky and the Clearwater in our Peace River play with stable finance positions and the ability to self-fund the growth profile while also providing the return of capital to shareholders, which we have aggressively done so via share buyback program last week, that technical excellence, which in the way of proven expertise and knowledge search, subsurface assets, drilling techniques and operational design that managed to improve our efficiencies and returns through capital operating cost reductions. Additionally, we're committed to strong ESG practices to improve people people's lives and minimize the environmental impact that we have in the areas that we operate.

我們擁有多個已建立的核心領域，這些領域能夠提供可持續的資源開發，並轉化為穩定的生產和現金流。我們擁有巨大的勘探潛力，我們正在透過在藍天和克利爾沃特以及和平河地區的勘探計畫來實現這一目標。我們擁有穩定的財務狀況，能夠自籌資金成長，同時也能為股東提供資本回報。上週，我們透過股票回購計畫積極地實現了這一目標。我們擁有卓越的技術，包括成熟的專業知識和知識蒐集、地下資產、鑽井技術和營運設計，這些都透過降低資本營運成本提高了我們的效率和回報。此外，我們致力於推行強有力的 ESG 實踐，以改善人們的生活，並最大限度地減少我們在營運地區對環境的影響。

Turning to page 5, our strategy is multi-pronged and can be described as follows. We have a goal of driving per-share growth via production growth, share buybacks and debt reduction. Our intent is to use our free cash flow from our light oil assets to invest in our Peace River heavy oil growth asset.

翻到第 5 頁，我們的策略是多管齊下的，可以描述如下。我們的目標是透過提高產量、回購股票和減少債務來推動每股盈餘成長。我們計劃利用輕油資產產生的自由現金流，投資我們在和平河的重油成長資產。

And we've outlined a plan to aggressively grow production to approximately 50,000 BOEs by 2026, representing a three-year CAGR of approximately 16%. And lastly, we intend to accomplish all that while maintaining prudent leverage with an estimated 2024 net debt FFO ratio of sub one times.

我們已經制定了一項計劃，力爭到 2026 年將產量大幅提高到約 50,000 桶油當量，三年複合年增長率約為 16%。最後，我們計劃在保持審慎槓桿的同時實現所有這些目標，預計 2024 年淨債務 FFO 比率將低於 1 倍。

Turning to page 6, just to focus on a number of highlights that are occurring during 2024. As previously outlined, we intend to deliver 12% production growth. We anticipate our per-share production growth will be even greater.

翻到第 6 頁，重點介紹 2024 年發生的一些重要事件。如前所述，我們計劃實現 12% 的產量成長。我們預計每股產量成長將更大。

Given our active share buyback program. We intend to generate free cash flow at the commodity price assumption that we have outlined, that will translate into stable debt levels. And we believe the cumulative impact of that, we'll only increase our production of shareholder value.

鑑於我們積極的股票回購計劃。我們計劃按照我們概述的商品價格假設產生自由現金流，這將轉化為穩定的債務水準。我們相信，這些措施的累積效應只會增加我們為股東創造的價值。

From an operational perspective, our intent is to spend approximately $345 million to $355 million in capital expenditures with an incremental $25 million, which includes an incremental approximately $25 million for exploration and appraisal.

從營運角度來看，我們計劃投入約 3.45 億美元至 3.55 億美元的資本支出，並增加 2,500 萬美元，其中包括約 2,500 萬美元的勘探和評估費用。

Our growth is weighted towards our Peace River asset. We've been actively developing and de-risking our blue are walrus Blue Sky, and we've fast tracked our development within our Dawson Clearwater play. We've drilled a number of OC. wells to further test our acreage across both formations and we'll have more to say that say about that in the second half of this year.

我們的成長主要依賴和平河資產。我們一直在積極開發和降低我們藍色海象藍天專案的風險，並且加快了我們在道森清水專案內的開發。我們已經鑽探了多口油井，以進一步測試我們在兩個地層中的油田面積，我們將在今年下半年就此發表更多評論。

From a financial perspective, we continue to reaffirm our FFO goal of approximately $400 million at our at the outlined commodity price assumptions, we repurchased and canceled approximately $3.2 million of our senior unsecured notes during the quarter.

從財務角度來看，我們繼續重申我們約 4 億美元的 FFO 目標，按照我們概述的商品價格假設，我們在本季度回購並註銷了約 320 萬美元的高級無抵押票據。

During the quarter, we also expanded our debt capacity to further enhance our liquidity via the expansion of our credit facility by approximately $20.0 million to 260 million. Additionally, over the during the quarter, we purchased and canceled approximately 1.05 million shares, spending approximately $10.5 million, and we renewed our NCIB into 2025. And with that, I'll turn it over to our CFO, Peter Scott, who will walk you through 2024 guidance straight.

本季度，我們也擴大了債務能力，透過將信貸額度增加約 2,000 萬美元至 2.6 億美元，進一步增強了流動性。此外，在本季度，我們購買並註銷了約 105 萬股股票，花費約 1,050 萬美元，並將我們的正常市場發行計畫 (NCIB) 續期至 2025 年。接下來，我將把麥克風交給我們的財務長彼得‧史考特，他將直接為大家介紹 2024 年的業績指引。

Thanks, Steve. Good morning, everybody. And yes, I'll give you a little bit more detail on our guidance here. As you can see on slide 7, on the left hand side, we're giving you some of the inputs and outputs on the right hand side, we're showing you the heavy oil and light oil, a breakdown of our business.

謝謝你，史蒂夫。大家早安。是的，我會在這裡更詳細地向您介紹我們的指導方針。如您在投影片 7 左側所見，我們向您展示了一些輸入和輸出；在右側，我們向您展示了重油和輕油，以及我們業務的細分。

So as Steve mentioned, we're looking for from the midpoint of our guidance, 12% growth in production. That's 36,000 BOEs a day, you can see the range there from 35 to 50 to 36. 750. Drawing your attention to the right, you can see that's made up of 85 hundred BOEs a day of heavy oil, 27,500 BOE BOEs a day of light oil production growth is coming primarily from the heavy oil side of our business in Peace River, but we are also growing some light oil production volumes in terms of capital expenditures, as Steve outlined, the way that's broken down to the heavy oil business is about $180 million and then about $165 million light oil business.

正如史蒂夫所提到的，我們預計產量將成長12%，這是我們預期值的中位數。那相當於每天 36,000 桶油當量，你可以看到範圍從 35 到 50 到 36.750。請看右邊，可以看到它由每天 8500 桶油當量 (BOE) 的重油和每天 27500 桶油當量 (BOE) 的輕油組成。產量成長主要來自我們在和平河的重油業務，但我們也正在增加一些輕油產量。就資本支出而言，正如史蒂夫所概述的那樣，重油業務的支出約為 1.8 億美元，輕油業務的支出約為 1.65 億美元。

The difference between the three 15 midpoint is just some other corporate capital expenditures. And in terms of the heavy oil business, it will be a net user of cash. We are investing in the heavy oil business to grow that production and reach it to a critical mass point, which will probably happen later into 2025 crossing into 2026.

這三個 15 中點之間的差異只是一些其他的公司資本支出。就重油業務而言，它將成為現金淨消耗者。我們正在投資重油業務，以提高產量並達到臨界規模，這可能會在 2025 年晚些時候或 2026 年發生。

And we're funding that with the light oil business, which you can see generate significant amount of free cash flow at the of $185 million. So translating that corporately using $75 WTI we do expect to generate $400 million of funds flow from operation and free cash flow of $27 million.

我們正在利用輕油業務來提供資金，您可以看到該業務產生了 1.85 億美元的大量自由現金流。因此，以每桶 75 美元的 WTI 原油價格計算，我們預計公司營運將產生 4 億美元的資金流和 2,700 萬美元的自由現金流。

Again, that's at a $75 WTI price that would translate into net debt at the end of the year of about $315 million or a leverage ratio of 0.8 times. So again, below that one times target that we're looking for at the end of the year. And from a sensitivity standpoint, obviously, given our oil and liquids weighting, we are pretty sensitive to WTI prices at the bottom of the chart, you can see a $1 change in WTI is almost $7 million. This is for the last nine months of the year because obviously, Q1 is already actuals.

同樣，這是在 WTI 原油價格為每桶 75 美元的情況下，到年底淨債務將約為 3.15 億美元，槓桿率為 0.8 倍。所以，再次強調，低於我們年底預期目標的1倍。從敏感性角度來看，顯然，鑑於我們對石油和液體的重視程度，我們對 WTI 原油價格非常敏感。從圖表底部可以看出，WTI 原油價格每變動 1 美元，就會造成近 700 萬美元的損失。這是指今年最後九個月的數據，因為很顯然，第一季的數據已經是實際數據了。

And you can see for the light oil differential at Edmonton, it's $4.7 million. And then for heavy oil, it's $2.4 million. So again, very sensitive to oil prices, which gives us lots of leverage to the upside in prices going forward.

你可以看到，埃德蒙頓的輕質油價差為 470 萬美元。而重油的價格是 240 萬美元。所以，再次強調，我們對油價非常敏感，這為我們未來價格上漲提供了很大的槓桿。

Just drawing to your attention to the graph on the bottom right on how our production growth through the year. Obviously, with Q1, we have grown production from Q4. We expect it to continue to grow in Q2 and that'll come down slightly in Q three as the capital spending is much lower in Q2 due to spring breakup and then start to build again in Q4 and which is reflected in that graph.

請您注意右下角的圖表，該圖表顯示了我們全年的產量成長。顯然，第一季我們的產量比第四季有所成長。我們預計第二季將繼續成長，第三季將略有下降，因為第二季由於春季解凍導致資本支出大幅減少，然後在第四季開始再次成長，這在圖表中也有所體現。

So next slide. So just looking how we're doing in Q1 specifically, as mentioned, production of 34,238 BOEs a day, obviously growing from where we were in 2022 and 2023. And you can see on the graph on the right hand side, how that production has built back from 2021 and the line on that graph shows you how it's grown per share. Capital expenditures were $114 million in the quarter, a busy quarter for us, which it traditionally is following on from Q4 as well as again with decommissioning expenditures. Again, that's due to access a winter access areas. We're being active, solid cost performance on net operating costs down from where we were previously in '22 and '23, well within our guidance.

下一張投影片。所以，具體來看我們第一季的表現，如同前面提到的，日產量為 34,238 桶油當量，顯然比 2022 年和 2023 年的水準有所增長。從右側的圖表中可以看到，該產量是如何從 2021 年恢復的，圖表上的線條顯示了每股產量的成長。本季資本支出為 1.14 億美元，對我們來說是一個繁忙的季度，因為通常情況下，第四季之後還有退役支出。再次強調，這是為了方便進入冬季通道區域。我們積極採取措施，淨營運成本表現穩健，較 2022 年和 2023 年有所下降，完全符合我們的預期。

And then looking at G&A, it is up a little bit here in Q1 at $1.77 per BOE we have been adding staff as we've been executing on our capital program. We do expect this number to come down on a per-BOE basis, as I just showed you with production continuing to grow and expect that to fall within our range that we had on the previous slide.

然後來看一般及行政費用，第一季略有上漲，達到每桶油當量 1.77 美元，我們一直在增加員工，同時也在執行我們的資本計畫。我們預計每桶油當量 (BOE) 的油耗會下降，正如我剛才向你們展示的那樣，隨著產量持續增長，預計油耗將落入我們在上一張幻燈片中提到的範圍內。

Funds flow from operation was $84.4 million, and we did were a net user of cash as expected in the quarter of $40 million plus the $10 million of buyback that did bring net debt to $386 million, which is up from year end. But again, as expected, a net debt to funds flow ratio, as Steve mentioned, of 1.1 times, both debt and leverage levels will come down as we go forward here. Q2 is a very light capital quarter and we expect it to fall with the increase in production and increasing cash flow as prices have also been stronger than where they were in Q1. And the chart on the right hand side, you can see how net debt's come down from where for 2020 and with that I'll turn it over to Jay.

經營活動產生的資金流量為 8,440 萬美元，如預期，本季我們淨消耗了 4,000 萬美元現金，加上 1,000 萬美元的股票回購，淨債務達到 3.86 億美元，比年底有所增加。但正如史蒂夫所提到的那樣，正如預期的那樣，淨債務與資金流動比率為 1.1 倍，隨著時間的推移，債務和槓桿水平都會下降。第二季資本支出非常少，我們預期隨著產量增加和現金流增加，而且價格也比第一季走強，第二季資本支出將會下降。從右側的圖表可以看出，淨債務從 2020 年到現在有所下降，接下來我將把發言權交給 Jay。

Yes.

是的。

Thank you very much, Peter. I'm Jamie Gilbert, the Senior Director of Development at Obsidian Energy is my pleasure today to speak to you all about our first half development exploration programs and also the year ahead. This first half of 2024 is the start of the ambitious three year growth plan that both Steve and Peter have been speaking to and will reference throughout the presentation today, we ran five active drilling rigs in the first half of 2024, two in our Cardium assets, Pembina and Willesden Green and three in Peace River focused on Blue Sky and Clearwater development and exploration. In January, when we presented our proposed guidance, we plan to drill 30 total wells in the first half of the year. And we are just establishing strong Clearwater production results and including the first well in seven to 13 pad, which produced an IP 33 hundred and 12 BOEs per day at 100% oil.

非常感謝你，彼得。我是 Obsidian Energy 的高級開發總監 Jamie Gilbert，今天很高興能和大家談談我們上半年的開發勘探計劃以及未來一年的計劃。2024 年上半年是史蒂夫和彼得一直在談論並將在今天的演講中提及的雄心勃勃的三年增長計劃的開始。 2024 年上半年，我們經營 5 個活躍的鑽井平台，其中 2 個位於我們的 Cardium 資產 Pembina 和 Willesden Green，3 個位於 Peace River，專注於 Blue Sky 和 ​​Clearwater 的開發和勘探。今年一月，我們提出了我們的指導方針，計劃在今年上半年總共鑽探 30 口井。我們剛剛取得了克利爾沃特油田的強勁生產成果，其中包括 7 至 13 號井場的第一口井，該井的初始日產量為 3312 桶油當量，全部為原油。

We saw these results as an opportunity to accelerate our first half activity. And as a result, we've increased our first half budget of 30 gross operated wells to an accelerated plan of 34. We will drill these four additional Clearwater wells in Dawson in the first half year and we'll have a drilling rig actively drilling Clearwater wells throughout the second quarter. We also completed at least one more Cardium well than initially planned. And the table on this slide reflects these changes.

我們認為這些結果為我們加快上半年的活動提供了機會。因此，我們將上半年的預算從 30 口總營運井增加到 34 口的加速計畫。今年上半年，我們將在道森鑽探這四口額外的克利爾沃特井，第二季我們將有一台鑽孔機積極鑽探克利爾沃特井。我們還比原計劃多完成了至少一口卡迪姆井。此投影片上的表格反映了這些變更。

Additionally, while I will speak to some of the new drilling results throughout the first quarter, it's important to note that in April alone, we have brought on 17 operated and 1.4 net non-operated wells, many of which are displaying promising early days of production, but are too early to speak to at this time. While it's early to speak, to most of these, it's worth noting that the pace of activity over the last month has been very significant.

此外，雖然我會在第一季度談談一些新的鑽井結果，但需要指出的是，僅在 4 月份，我們就新增了 17 口自營井和 1.4 口非自營井，其中許多井在生產初期就展現出良好的前景，但現在談論這些還為時過早。雖然現在下結論還為時過早，但值得注意的是，過去一個月來，這些領域的活動步伐非常顯著。

On Slide 10, front and center in our 2024 budget is the increase in the scope and scale of our investment in the Peace River heavy oil asset discovery of our walrus BlueScope field, combined with the emergence of the Clearwater play into the region is a catalyst of our three-year growth plan. If you follow closely of Sydney's journey in the asset over the past few years are increasing land position and infrastructure footprint have been apparent and it continues to expand. We have increased our development opportunities and assured capacity growth, increased facility and sales point options behind the scenes, we've stepped up with an incredibly strong technical team who've led our renewed exploration appraisal program on the assets throughout the last year. At the start of the year, we released preliminary well results of these efforts in walrus, we have just brought on our second major blue-sky pad with six wells also in cleanup. We are continuing with our vertically stacked development pilot on this pad. We showed very promising results on a 13 and 19 pad next door in Q4, with the STACK development design come significant drilling inventory reserve adds and improved capital efficiencies from the shared surface facilities will be optimizing this pad in the weeks ahead.

在第 10 張投影片中，我們 2024 年預算的重點是擴大對 Peace River 重油資產的投資範圍和規模，以及我們 Walrus BlueScope 油田的發現，再加上 Clearwater 油田在該地區的出現，是我們三年增長計劃的催化劑。如果你密切關注悉尼過去幾年的資產發展歷程，你會發現其土地儲備和基礎設施規模都在不斷擴大，而且還在持續擴張。我們增加了開發機會，確保了產能成長，在幕後增加了設施和銷售點選擇，我們組建了一支實力雄厚的技術團隊，在過去一年中領導了我們對資產的重新勘探評估計劃。今年年初，我們公佈了在海象島開展這些工作的初步井結果，我們剛剛啟動了第二個大型藍天平台，該平台有六口井正在進行清理工作。我們正在繼續在這個平台上進行垂直堆疊式開發試點專案。我們在第四季度於隔壁的 13 號和 19 號井場取得了非常令人鼓舞的成果，STACK 開發設計帶來了大量的鑽井庫存儲備增加，共享地面設施提高了資本效率，我們將在未來幾週內優化該井場。

On slide 11 in detail on our first half program, beyond the 15 of 19 six well development pad and Wallace the first 2024 results in our blue sky program come from our 80 28 pad drilled in Harmon Valley south. The two-well pad came on production in early April stepping back into portion of the reservoir that we size underperforming in the past, the wells are displaying an average IP per well IP 25 per well of 533 BOE per day or more than double our type curve expectations. We are now pivoting to plan for additional follow-up locations in the second half of the year from this pad.

在第 11 張幻燈片中，詳細介紹了我們上半年的計劃，除了 19 個井開發平台中的 15 個和 Wallace 之外，我們藍天計劃的 2024 年首批成果來自我們在 Harmon Valley 南部鑽探的 80 28 個平台。4月初，兩口井的井場開始投​​產，重新進入了我們過去認為表現不佳的油藏部分。這兩口井的平均日產量為533桶油當量，是我們預期產量曲線的兩倍以上。我們現在正調整計劃，準備在今年下半年從這個基地出發，設立更多後續地點。

Second part of our H1 activity was our exploration and appraisal appraisal programs. This starts with the five vertical oil sands evaluation wells denoted by the yellow dots on the map again, reservoir information and perspective, new areas. The program is focused on coring multiple zones in the blue, Sky and Clearwater throughout our acreage. We're very pleased with the results of this program, which delineated meaningful reservoir extensions in multiple areas of the Peace River acreage.

我們 H1 活動的第二部分是勘探和評估項目。首先，地圖上用黃點標示的五個垂直油砂評估井再次展示了儲層資訊和視角，以及新的區域。該計劃的重點是對我們整個土地上的藍色、天空和清水區域的多個區域進行核心分析。我們對該計劃的成果非常滿意，該計劃在和平河沿岸的多個區域劃定了有意義的水庫擴建方案。

The second part of our active exploration program is our Woodstock drilling, where we focus on Clearwater opportunities in our Napa acreage up in the Northeast for Woodstock well, we drilled and cored initial vertical Lake to evaluate the reservoir prior to kicking off into multi-leg horizontal well. This has the benefit of gathering key reservoir data and also optimizing horizontal placement of the future drilling well, while still providing a productivity test from a horizontal well in late February, we released the first of these results on our NAP of six to 28 pad, which displayed in IP. 15 of 210 BOE per day and 16 degree API oil before being shut in due to surface or stripping restrictions due to breakup.

我們積極勘探計畫的第二部分是伍德斯托克鑽井，我們專注於東北部納帕地區的克利爾沃特油田機會。在伍德斯托克井，我們鑽探並取芯了初始垂直湖，以評估儲層，然後再開始鑽探多腿水平井。這樣做的好處是收集關鍵的油藏數據，並優化未來鑽井的水平井位，同時還能在 2 月下旬對水平井進行產能測試。我們發布了 6 至 28 個井場的 NAP 的第一個結果，結果顯示為 IP. 15，日產量為 210 BOE，API 原油溫度為 16 度，之後由於地面或剝離限制（由於破裂）而停產。

The second well itself, Napa was unfortunately access limited before testing was complete and we'll need to re-access the pad was freezing conditions allow again later in the year.

第二個井，納帕井，很遺憾，在測試完成之前，進入該井場受到限制，我們需要在今年晚些時候，如果冰凍條件允許，再重新進入井場。

Diving into more detail on our Clearwater asset. We now have added this slide give you more detail on our Dawson area. We are currently drilling our eight Clearwater well in Dawson. And as stated before, we saw exceptional results from our South Dawson seven to 13 pad at the end of last year. So in H1 2024, we drove each of the offsetting wells to 7 to 13 one on either side. And while those wells have only been on production for six days. We are encouraged by the promising early results. At the end of H1. We will have drilled 11 wells in this acreage and proven up that difficult inventory for continuous development program on this asset going forward. At the northwest corner of the field, we drilled the orange dot OIC. well, a vertical oil sands evaluation core well. This is and there is emerging Clearwater industry activity in this area that follows along that greater Dawson trend. And we plan to follow up with horizontal producing wells later in 2024 here as well.

深入了解我們的克利爾沃特資產。我們現在新增了這張投影片，為您詳細介紹我們的道森地區。我們目前正在道森鑽探我們的第八口克利爾沃特井。正如之前所說，我們在去年年底從南道森 7 至 13 號牧場獲得了非常好的結果。因此，在 2024 年上半年，我們將每個偏移井推進 7 到 13 號井，兩側各一口。而這些油井才投產六天。我們對目前所取得的良好成果感到鼓舞。在 H1 的末尾。我們將在該地塊鑽探 11 口井，並證實該地塊蘊藏著豐富的油氣資源，以便未來繼續推進該資產的開發計畫。在油田的西北角，我們鑽探了橘色點 OIC 井，這是一口垂直油砂評估岩心井。情況確實如此，克利爾沃特地區正在興起產業活動，這與道森地區的大趨勢相符。我們計劃在 2024 年稍後也在這裡開發水平生產井。

On to Slide 13 at Peace River is our growth catalysts. Our light oil assets are the engine of the Company. Our Cardium position is the best in the basin with core acreage throughout both Pembina, Willesden Green, the heart of the Cardium, the Cardium has been around for decades. The significant book locations proved the development of these assets still has a significant runway in our growth plan. Cardium remains the foundation of our growth were strong, repeatable economic results at the bottom. The page of Viking is not currently in our 2024 plans, but we keep an entire program ready should it be needed for the eight wells we drilled at the very end of 2023, six of them made the top 15 Viking well list in at least one analyst report for February. Those wells offset the 11 wells drilled in early 2023, which identified some of the top Viking producers in the entire basin last year. If commodity prices and need present themselves, we can layer in Viking activity at any specifically on slide 14, our Cardium play our Cardium development continues to provide dependable economic results and a deep proven reserves inventory of 200 plus locations visible in the production. The purple production wedge graph is our track record of consistent three-year growth of these assets.

接下來是 Peace River 的第 13 張投影片，介紹我們的成長催化劑。我們的輕油資產是公司的引擎。我們在卡迪姆盆地佔據了最佳位置，核心面積遍布彭比納、威爾斯登格林以及卡迪姆盆地的核心。卡迪姆盆地已經存在了幾十年。這些重要的圖書位置證明，這些資產的開發在我們的成長計畫中仍然有很大的發展空間。Cardium 仍然是我們成長的基礎，底部強勁且可重複的經濟表現就是最好的證明。Viking 油田目前不在我們的 2024 年計劃中，但我們已準備好一整套方案，以備不時之需，用於我們在 2023 年底鑽探的八口井，其中六口井在至少一份 2 月份的分析師報告中進入了 Viking 油田前 15 名榜單。這些井與 2023 年初鑽探的 11 口井形成互補，這些井去年確定了整個盆地中一些頂級的維京油田生產商。如果商品價格和需求出現，我們可以將 Viking 的活動納入其中。具體來說，在第 14 頁，我們的 Cardium 專案繼續提供可靠的經濟效益，並擁有超過 200 個已探明儲量的深厚儲量，這些儲量在生產中顯而易見。紫色生產楔形圖顯示了我們這些資產連續三年持續成長的業績記錄。

As a bullet point highlights, we've completed detailed reservoir models on all of our primary Cardium assets to provide confidence on these opportunities well into the future. In the first half of this year, we drilled the 14 and 15 follow-up well to the 11 to 15 well in open Creek on the nine 17 pads. These results are highlighted on the right hand side of this page. The original 1115 was one of the top Cardium wells drilled last year and the 14 to 15 and initial results are showing very promising. Encouraging similarities. This portion of our field has not seen significant horizontal infill drilling, but a strong well has opened the door going forward and they're over 20 promising gross book locations of follow-up and open Creek as part of our light oil drilling portfolio, specifically on Slide 15 and our first half program, we are currently down for breakup and no additional drilling is taking place at this time. But we are still continuing completion operations in South Willesden Green three new pads have come on production in the Cardium in April. And we as we went into detail one of these on the 90 17 pad on the previous slide. Additionally, the two A 13 three-well pad in Crimson. So 90 10 to 321 BOE per day per well and the six and a three well pad. And Pembina has shown an IP. 10 of 366 BOE per day per well and a comparatively strong results across our entire Cardium acreage, while we always maintain strong inventory of drill-ready locations in the Cardium.

簡而言之，我們已經完成了所有主要 Cardium 資產的詳細油藏模型，以確保我們對這些機會在未來很長一段時間內充滿信心。今年上半年，我們在 Open Creek 的 9 個 17 號井場鑽探了 11 號井至 15 號井的後續井 14 號井和 15 號井。這些結果突出顯示在本頁右側。最初的 1115 號井是去年鑽探的最好的 Cardium 井之一，而 14 號井和 15 號井的初步結果也顯示出非常可喜的前景。令人鼓舞的相似之處。我們油田的這一部分還沒有進行過大量的水平加密鑽井，但一口強勁的井為未來的發展打開了大門，作為我們輕質油鑽探組合的一部分，我們有超過 20 個有希望的後續鑽井和開放溪流鑽井位置，特別是第 15 頁和我們上半年的計劃，我們目前正在進行封井作業，暫時沒有進行額外的鑽井。但我們仍在南威爾斯登格林繼續進行完井作業，4 月卡迪姆的三個新井場已投入生產。我們在上一張投影片中詳細介紹了 90 17 墊上的其中一個。此外，還有克里姆森的兩個 A 13 三井平台。所以每口井每天產量為 90 10 至 321 桶油當量，以及六口和三口井井場。Pembina 已證明其每井日產量為 366 BOE，並且在整個 Cardium 油田區域取得了相對強勁的成果，同時我們在 Cardium 油田始終保持著充足的可鑽井位置。

Additionally, we also pursue non-drilling very economic projects in our historical waterflood assets. And we successfully converted three additional injector wells in the first half of the year to reduce trucking costs and maintain our low decline. First half of 2024 has displayed strong results across all the fields and formations in our portfolio. We have a balanced exploration program with strong development results as our pace continues to increase with our growth plan. This campaign represents a strong foundation which you can build upon.

此外，我們也在歷史注水資產中尋求非鑽井但非常經濟的項目。今年上半年，我們成功改造了另外三口注水井，以降低運輸成本並維持低產量遞減率。2024 年上半年，我們投資組合中的所有領域和板塊都取得了強勁的業績。隨著我們成長計畫的推進，我們的勘探計畫穩步推進，並取得了強勁的開發成果。這次活動為你打下了堅實的基礎，你可以以此為基礎繼續發展。

With that, I'll pass back over to Peter to provide details about the value of our taxes.

接下來，我會把麥克風交還給彼得，讓他詳細介紹我們稅收的價值。

Thanks, Dave. Appreciate that. So on Slide 16, we're trying to give you some information about our tax pools, which I think is obviously a very important asset that we do have that probably not really appreciated by the market. In total, we have about $2.4 billion of tax pools. As you can see on the right hand side of those, about $1.8 billion are immediately deductible. So other words can be used to shelter our free cash flow. I think this is important because as you're probably seeing with some of our competitors, they are becoming taxable at these prices. And with these tax pools, this will allow us to shelter that free cash flow. And if you look at our three year plan, you can see we have free cash flow each year, but really building in 2026 months of the Peace River asset reaches that critical mass. And so that's important to be able to shelter that and be able to save that cash tax payments that would otherwise build.

謝謝你，戴夫。謝謝。所以在第 16 張投影片上，我們試圖向您介紹我們的稅務池，我認為這顯然是我們擁有的一項非常重要的資產，但市場可能並沒有真正認識到這一點。我們總共有大約 24 億美元的稅收資金池。如您在右側所見，其中約有 18 億美元可立即抵扣。所以可以用其他字來掩蓋我們的自由現金流。我認為這一點很重要，因為您可能已經看到，我們的一些競爭對手的產品，以這些價格來看，已經開始徵稅了。有了這些稅收優惠，我們就可以保護這部分自由現金流。如果你看我們的三年計劃，你會發現我們每年都有自由現金流，但真正意義上的建設要到 2026 年，和平河資產才能達到臨界規模。因此，能夠保護這些資產並節省原本會不斷累積的現金稅非常重要。

Just to give you I tried to contextualize it for you on a on a per-share basis. If you look on the left hand side, we're showing if we use those tax pool that either are $200 million to up to a $500 million per year rate and what that would translate into a value. We've used an 8% discount rate because the tax pools are certain and so we can use them. And so that's why we've used a lower discount rate there, but that translates into $435 to up to $559 per share. So some pretty significant share value that we get to attribute go forward as we see these cash taxes.

我只是想給你解釋一下，我試著用每股計算的方式來說明。如果你看一下左邊，我們展示瞭如果我們使用每年 2 億美元到 5 億美元的稅收資金池，這將轉化為什麼價值。我們採用了 8% 的折扣率，因為稅收資金池是確定的，所以我們可以使用它。所以這就是為什麼我們在那裡使用了較低的折現率，但這相當於每股 435 美元到 559 美元。因此，隨著這些現金稅款的繳納，我們可以將相當可觀的股票價值歸因於未來的成長。

The bottom part of the table just assumes if we were able to immediately deduct all those $1.8 billion tax pools, it comes up to about 654 a share. So needless to say, important asset that we have will be able to shelter our taxable income for many years go forward, which is a benefit for all of us.

表格的下半部分假設，如果我們能夠立即扣除所有這 18 億美元的稅收資金，那麼每股大約是 654 美元。因此，毋庸置疑，我們擁有的這項重要資產將能夠在未來多年裡保護我們的應稅收入，這對我們所有人都有好處。

So next slide, just looking at our reserves excuse me, our reserves really underpin the value of the company. What we're showing you here is the three different reserve categories proved developed, producing 1P and 2P and then at different price decks. So USWTI. $65 flat, $75 flat and $85 flat. And from that, you can see we get a range of value of $1.1 billion up to $2.8 billion in the 2P case.

那麼下一張投影片，我們來看看我們的儲備金，抱歉，我們的儲備金確實支撐著公司的價值。我們在這裡向您展示的是已證實開發的三個不同的儲備類別，分別生產 1P 和 2P，然後以不同的價格檔位。所以，美國西部原油價格分別為每桶65美元、75美元和85美元。由此可見，在 2P 情況下，價值範圍為 11 億美元至 28 億美元。

And so that will allow you to triangulate our reserve value based on perhaps a price deck that you might be looking at on the right hand side, we're translating that into our per-share value on a net basis. So taking off our debt and when you look at that, you can see on the top chart that when we when we made this graph, our share price was [$1181].

這樣一來，您就可以根據您可能在右側看到的價格表來估算我們的儲備價值，我們將該價值轉換為每股淨值。所以，扣除我們的債務後，當你查看上面的圖表時，你可以看到，當我們製作這張圖表時，我們的股價是 [$1181]。

Our PDP. valuation essentially is there or higher on a 1P base or sorry, on the 1P and certainly on a 2P basis. And then when you look at the 1P and 2P being layered on, you can see a share price underlying that anywhere from nine oh nine up to $30 per share. So suffice it to say, I think Arch, our reserve book certainly underpins the value of our share price doesn't include any of the upside that we have for all of the undeveloped inventory that's not included in our reserve.

我們的 PDP 估值基本上是 1P 或更高，或者抱歉，是 1P，當然也是 2P。然後，當你觀察疊加的 1P 和 2P 時，你會發現背後的股價在每股 909 美元到 30 美元之間。所以總而言之，我認為Arch的儲備帳簿確實支撐了我們的股價價值，但這並不包括我們所有未開發庫存（未計入儲備）所帶來的任何上漲空間。

Last point on this graph is just our growth in reserves on a volume basis as you can see with each category, we've grown those over the last three years and more importantly on a per share basis that you can see on the line graph and with that, I'll turn it back to Steve to conclude.

圖表上的最後一點就是我們按數量計算的儲備成長情況。正如你所看到的，每個類別在過去三年中都實現了成長，更重要的是，正如你在折線圖中看到的，每股盈餘也實現了成長。接下來，我將把發言權交還給史蒂夫，讓他來總結。

Thanks, Peter. I'll turn your attention to page 18 and why and why investors should investments in energy one, low-decline oil-weighted asset base with significant underlying reserves. Our strategy is focused on growing future production and per share metrics with an expectation to continue to return capital to shareholders as well as further reduce debt leverage levels.

謝謝你，彼得。我將引導大家關注第 18 頁，並解釋為什麼投資者應該投資能源領域，這是一個低衰減、以石油為主的資產基礎，擁有大量潛在儲量。我們的策略重點是提高未來的產量和每股指標，期望繼續向股東返還資本，並進一步降低債務槓桿水準。

We trade at a significant discount on both the reserve value and cash flow multiple basis when compared to our peers. We've been active with our share buyback program through our NCIB, we've purchased and canceled approximately 8% of shares outstanding between late between May of last year and May first, 2024, which translates to approximately 6.4 million shares and $60.6 million in capital expended.

與同業相比，無論從儲備價值或現金流倍數來看，我們的交易價格都存在顯著折扣。我們一直積極透過 NCIB 進行股票回購計劃，從去年 5 月下旬到 2024 年 5 月 1 日，我們購買並註銷了約 8% 的流通股，相當於約 640 萬股，資本支出約 6060 萬美元。

And we renewed our NCIB share by ship by buyback program for another year. We have significant taxable position, which allows Obsidian Energy to be a noncash taxpayer for approximately 10 years, assuming $75 WTI. And lastly, we're dedicated to making a positive difference to the environment, stakeholders and the communities where we live and work.

我們已將按船舶回購計畫的 NCIB 股份再延長一年。我們擁有大量的應稅資產，假設 WTI 價格為 75 美元，這將使 Obsidian Energy 能夠在大約 10 年內成為非現金納稅人。最後，我們致力於為我們生活和工作的環境、利害關係人和社區帶來積極的改變。

And with that, that concludes our prepared remarks, and we'll pause and we'll start the Q&A session shortly.

至此，我們的發言稿就結束了，我們稍作停頓，稍後將開始問答環節。

All right. Thank you very much, gentlemen. My name is Susan software, which I am Investor Relations for Obsidian Energy. And we will start our Q&A session. So if anybody on the web can present your questions, please submit them. But in the meantime, we will start with some questions that came in previous to today. And the first one is regarding our Q1 2024 production on several questions about the estimates in February versus average production on a little bit lower for them for a quarter of what happened to affect the production in Q1, what's the appropriate production of appropriate production now and overall, why was it lower?

好的。非常感謝各位先生。我叫Susan，是Obsidian Energy的投資人關係負責人。接下來我們將開始問答環節。所以，如果網路上有人能提出你們的問題，請提交上來。但在此之前，我們將先回答一些今天之前收到的問題。第一個問題是關於我們 2024 年第一季的產量，其中涉及幾個問題，例如 2 月的預測與平均產量相比略低，導致第一季產量下降的原因是什麼，現在合適的產量是多少，以及總體而言，為什麼產量較低？

Thanks for the question, Susan?

謝謝你的提問，蘇珊？

Yes.

是的。

So we put out our press release in February about where current production was, which was based on field estimates about 36,500. If you remember, January was very cold. We did have a negative production impact in January with wells coming on. That obviously came up in February. We didn't have many wells coming on post that timeframe. They've come on in April, as Jay has described. So production did decrease somewhat in March, and that's how we get to that average, we are expecting production to increase in Q2, as I outlined in my remarks. And again, a slight dip in Q3 and then increasing again in Q4. So obviously, with the amount of wells that we have coming on at various times of the year is what really impacts the production.

因此，我們在二月發布了新聞稿，介紹了當前的產量情況，根據現場估計，產量約為 36,500 噸。如果你還記得的話，一月非常冷。1月份，由於新油井投產，我們的產量確實受到了負面影響。這個問題顯然在二月就被提過了。在那之後，我們沒有很多新油井投入使用。正如傑伊所描述的那樣，他們是在四月加入的。因此，3 月的產量確實有所下降，這就是我們得出平均產量的原因。正如我在演講中所述，我們預計第二季的產量將會增加。第三季略有下降，第四季又回升。顯然，一年中不同時期投產的油井數量才是真正影響產量的因素。

Thank you. And we also have a question around around our three year growth plan that we announced around seven months ago. Since then, we've drilled exploration, infill and new area wells in walrus.

謝謝。我們還有一個關於我們大約七個月前公佈的三年增長計劃的問題。從那時起，我們在海象島鑽探了勘探井、加密井和新區域井。

Now at Dawson, what have we learned and how has the knowledge changed our strategy for increasing Peace River production?

現在在道森，我們學到了什麼？這些知識如何改變了我們提高和平河產量的策略？

Yes, I'm happy to take that. I think as we've outlined in our press release, that we feel confident enough to pull forward our production and our drilling activity within data center, specifically the Clearwater. And we've been limited in that regard. I'm very happy with what we're seeing a little blue sky in a broadly defined. We've got full confidence that we will achieve kind of our plan. I think it's fair to say that we're a lot more confident the ultimate potential of the asset is greater than what we've stated and we'll have more to say in the quarters to come.

是的，我很樂意接受。我認為正如我們在新聞稿中概述的那樣，我們有足夠的信心推進資料中心的生產和鑽井活動，特別是克利爾沃特資料中心。我們在這方面一直受到限制。我非常高興看到我們眼前出現了一絲藍天，這在廣義上來說就是如此。我們完全有信心能夠實現我們的計劃。我認為可以肯定地說，我們更有信心該資產的最終潛力比我們之前所說的要大得多，我們將在接下來的幾個季度公佈更多資訊。

Thank you for your questions to the financial aspects with oil prices currently exceeding projections.

感謝您就目前油價超出預期所帶來的財務問題提出疑問。

And in the $80 WTI range, how do we intend to deploy surface plus funds? Are considerations be made for dividends, stock buybacks or further expansion endeavors?

如果 WTI 原油價格在 80 美元左右，我們打算如何部署地面加資金？是否考慮分紅、股票回購或進一步擴張計劃？

Yes, from our perspective, I don't think you'll see material change in our strategy. We've been active in the way of a share buyback program. And I would anticipate that that would continue and we've been very upfront and consistent that we see better uses for our capital than paying a dividend at this juncture that may be appropriate down the line. But right here right now, we don't think it's appropriate. And as it stands, I mean, our growth plan is on the aggressive side and we don't have any intention of expanding upon it in the immediate near term.

是的，從我們的角度來看，我認為我們的策略不會發生實質變化。我們一直積極推行股票回購計畫。我預期這種情況還會持續下去，我們一直非常坦誠和一致地表示，我們認為目前支付股息比支付股息有更好的用途，雖然將來或許會合適。但就目前而言，我們認為這樣做並不合適。就目前而言，我的意思是，我們的成長計畫比較激進，而且我們近期內沒有任何擴大規模的打算。

Thank you. Following that up regarding the share buybacks, besides the semi-annual cash flow sweep requirements, will we consider dedicating 100% of free cash close to the NCIB.

謝謝。關於股票回購，除了半年一次的現金流量清掃要求外，我們是否會考慮將接近正常市場回購計畫 (NCIB) 時 100% 的自由現金投入其中？

I think the way to think about it is world, we will dedicate our free cash flow where we think we get the best bang for our buck in regards to creating shareholder value. And that so happens to be the NCIB. then so be it. But if there's other opportunities that present themselves and we're also going to consider those. But I think it's fair to say that, you know, we've proven that you know that we are serious when we say that our shares were worn are undervalued and were prepared to buy them back.

我認為應該這樣想：我們會把自由現金流投入在我們認為能為股東創造最大價值的地方。而那恰好就是NCIB。那就這樣吧。但如果出現其他機會，我們也會考慮這些機會。但我認為可以公平地說，我們已經證明，當我們說我們的股票被低估並準備回購時，我們是認真的。

Can I say that commodity prices, what is the impact of low natural gas prices on overall earnings per share for the quarter?

請問大宗商品價格方面，低天然氣價格對本季每股盈餘有何影響？

For the quarter. So on a sensitivity basis, natural gas prices are on Slide 7 of that presentation if you want to go back there. So a $0.25 change per GG. is approximately $1.5 million of funds flow from operations. And for us in the quarter, natural gas prices were probably but pretty close to our budget.

本季。因此，如果您想回顧一下，天然氣價格的敏感度分析資料在該簡報的第 7 頁。因此，每 GG 變動 0.25 美元，營運資金流約 150 萬美元。對我們來說，本季的天然氣價格可能非常接近我們的預算。

It was it wasn't a material impact on the quarter's a marginal negative. And then we've got the sensitivity on a go-forward basis outlined in the presentation. So you can make a fairly a fairly accurate and I guess on what the impact would be, albeit we have our budgeted price assumption also outlined in our guidance.

這並沒有對本季業績產生實質影響，只是略有負面影響。然後，我們在簡報中概述了未來發展的敏感度。所以你可以相當準確地預測其影響，儘管我們的預算價格假設也在指導意見中有所概述。

Thank you very much.

非常感謝。

A couple of questions. Around our Viking asset, which Jay, who responded to questions about planning to drill Viking this summer like last year and what would cause our mind do you sell or is it too late as well as you know, are we looking at to increase the production of actually up to 5,000 BOE per day?

幾個問題。圍繞著我們的 Viking 資產，Jay 回答了有關今年夏天像去年一樣鑽探 Viking 的問題，以及是什麼原因導致我們出售或為時已晚，還有你知道，我們是否正在考慮將產量提高到每天 5,000 桶油當量？

Yes. I mean, it's not too late to join the summer if we were to so choose to, um, you know, I think it's fair to say that some investors have extrapolated our intention to do so because they've seen us license wells on Friday that be a faulty observation. I think it's fair to say that we're constantly in a state of readiness regards to ensuring that we have portfolio optionality and I think right here right now, we're very happy with the results that we're getting both in our heavy oil assets as well as in the Cardium and some in a way our intention would be to not drill in the Viking.

是的。我的意思是，如果我們選擇加入夏季行列，現在還不算太晚，嗯，你知道，我認為可以公平地說，一些投資者因為看到我們週五發放了油井許可證就推斷出我們打算這樣做，但這可能是一種錯誤的觀察。我認為可以公平地說，我們始終處於隨時準備的狀態，以確保我們擁有投資組合的選擇權。我認為目前，我們對在重油資產和卡迪姆油田的成果非常滿意，在某種程度上，我們打算不在維京油田進行鑽探。

Thank you.

謝謝。

Next question is around around our Cardium assets. One investor wants to know more about the outcome of the deeper drilling initiatives undertaken in the target area council to go more. They would appreciate insights on one of Obsidian notable strength, its reserves.

下一個問題與我們的 Cardium 資產有關。一位投資者希望進一步了解目標區域委員會所進行的深層鑽探計畫的結果。他們希望了解黑曜石的一大優勢——其儲量。

Sure.

當然。

As it pertains to the deeper Cardium program. We did have a small campaign that was two-pronged in the deeper formations within the Cardium. One was just reentry recompletions of existing vertical wells that we had a very successful program. And then we did have a modest drilling campaign with a vertical well. And really what's happened within our portfolio is that the emergence of the Clearwater and the economics associated with that has really just supplanted the value proposition for how we spend our exploration dollars. So well, that still is part of our portfolio. It's part of there, and we're still going to look at optimization opportunities within that. It's just not part of our current go-forward plan in terms of exploration.

就更深層的心臟計畫而言。我們確實在心形層內部更深的地層中開展了一場小規模的雙管齊下的行動。其中一項是現有垂直井的重新進入和完井作業，我們進行了一項非常成功的計畫。然後我們進行了一次規模不大的鑽井活動，鑽了一口垂直井。而實際上，我們投資組合中發生的情況是，克利爾沃特頁岩氣的出現以及與之相關的經濟效益，已經徹底改變了我們勘探資金的使用價值主張。所以，它仍然是我們投資組合的一部分。它是其中的一部分，我們仍將在該範圍內尋找優化機會。就勘探而言，這不屬於我們目前的推進計劃。

Thank you and have a bit of a falloff in ad requests if we have any results from the Cardium wells offering, unlike camp.

謝謝。與營隊不同，如果我們從 Cardium wells 的推廣活動中取得任何成果，廣告請求量將會略有下降。

Sure.

當然。

On the PC. 11 side, which is the bulk of our non-op activity and you see from the slide presentation. We have 20 non-operated wells within PC. 11. We expect about 12 gross wells to be drilled in the year, of which we are just under 45% working interest for this year. Only one of those wells has reached a meaningful IP30 in terms of production days, but we're seeing 349 BOE a day from that first well and we're excited about some of the early indications on the next two.

在 PC 11 方面，這是我們非營運活動的大部分，正如您在幻燈片簡報中看到的那樣。我們在 PC 11 區內有 20 口非作業井。我們預計今年將鑽探約 12 口油井，其中我們今年的工作權益略低於 45%。這些井中只有一口達到了有意義的 IP30（生產天數），但我們看到這口井每天能產出 349 桶油當量，我們對接下來兩口井的一些早期跡象感到興奮。

Great. Turning to the our capital program, after spending $114 million in the first quarter and 84 K through 12. Are we expecting to revise 2020 for CapEx? And what type of CapEx are we expecting for Q2?

偉大的。再來看看我們的資本項目，第一季花費了 1.14 億美元，到 12 月花了 84,000 美元。我們是否需要修訂 2020 年的資本支出計畫？我們預計第二季會有什麼樣的資本支出？

I would not anticipate a material revision to CapEx at this juncture. But we're constantly tweaking CapEx as we make our way through the year. But I think it's fair to say that our guidance stands our initial guidance stands, and we won't really comment on Q2 specifics other than the fact that Peter has outlined that Q2 tends to be the on the seasonal low in the way of capital expense expenditures. And by extension, you should anticipate significant free cash flow generation.

我預計目前資本支出不會有實質調整。但我們會隨著時間的推移不斷調整資本支出。但我認為可以公平地說，我們的業績指引仍然有效，我們不會就第二季度的具體情況發表評論，除了彼得已經指出第二季度通常是資本支出季節性低谷之外。由此推斷，您應該預期會產生可觀的自由現金流。

Looking at our hedging book, a couple of questions around the fact that we've added some April oil hedges for swaps and collars and then May was lower. Any specific reason for starting of hedging in April in April and drop down? Is there any desire to hedge if we see $85 again?

查看我們的對沖帳簿，我們有一些疑問，因為我們增加了一些 4 月份的石油對沖，用於互換和領式選擇權，而 5 月的價格卻更低。4月開始對沖並隨後下跌有什麼具體原因嗎？如果價格再次跌至 85 美元，是否有進行對沖的意願？

Yes.

是的。

I mean, look, we're not going to comment on month-by-month activity. I think it's fair to say that we've been upfront about the fact that mid-80's is a very attractive price, and that's something that we would pursue. I think it's also fair to say that prices were not 85 bucks for May were in a backwardated market. And I think you might have gotten there for one day only in so far as if it was there for a prolonged period of time. And we missed it.

我的意思是，我們不會對每個月的具體情況發表評論。我認為可以坦誠地說，80年代中期的價格非常有吸引力，這也是我們會努力爭取的價格。我認為也可以公平地說，5 月的價格不是 85 美元，當時市場處於逆價下跌狀態。而且我認為你可能只在那裡待了一天，就好像它在那裡待了很長時間一樣。我們錯過了。

Great. Thank you.

偉大的。謝謝。

On recent Pembina wells are better than in the past, but it operates in PCU eight, 11. How many potential PCU can be added on ARM.

最近的Pembina油井比過去好，但它在PCU 8、11中運作。ARM架構上最多可以增加多少個PCU？

So on page 11 is operated by Whitecap. Obsidian operates a probably north of 20 units, actually independent that are subdivided. So there's quite a few beyond just the two. So we're constant looking at opportunities, but are because of the extent of our footprint in the area of really what we're looking at is small consolidation opportunities within Pembina, not necessarily big unit tack-ons. We own the bulk of the primary reservoir already in that asset.

所以第 11 頁是由 Whitecap 經營的。Obsidian 經營可能超過 20 個單元，這些單元實際上是獨立的，而且是細分的。所以除了這兩個之外，還有很多。因此，我們一直在尋找機會，但由於我們在該地區的業務範圍很廣，我們真正關注的是Pembina內部的小規模整合機會，而不是大型的部門擴張。我們已經擁有該資產中大部分主要儲層。

Great.

偉大的。

Thank you. And we got one question regarding compensation from Obsidian Energy and if there's plans to attract fresh talent or revise existing remuneration policies to better align with the company.

謝謝。我們也收到了 Obsidian Energy 關於薪酬的問題，以及是否有計劃吸引新人才或修改現有的薪酬政策以更好地與公司保持一致。

Yes.

是的。

And I think it's fair to say that we feel quite confident with them, the quality, technical team and as well as the other, the other facets of our organization from a human resource perspective, as we outlined earlier, we have staffed up that did translate into slightly higher G&A during this quarter. We anticipate that will come back down on a per-BOE basis as we grow production and we're feeling very confident as it relates to the quality that we have. And I'm very confident that our pay practices are in line given the very low attrition that rates that we've suffered over the last couple of years. So very comfortable in that regard.

我認為可以公平地說，我們對他們的品質、技術團隊以及我們組織的其他方面（從人力資源的角度來看）都相當有信心。正如我們之前概述的那樣，我們已經增加了人員配備，這確實導致本季的一般及行政費用略有增加。我們預計隨著產量的成長，每桶油當量的價格將會回落，而且我們對自身的產品品質非常有信心。鑑於過去幾年我們員工流動率非常低，我對我們的薪資制度非常有信心，認為它是合理的。在這方面，我感到非常舒適。

Great. Thank you. And another question is, could you shed some light on the financial ramifications stemming from the completion of the new BC West Coast Pipeline project, understanding its implications on our financial landscape would be greatly beneficial.

偉大的。謝謝。還有一個問題是，您能否闡明新的BC西海岸輸油管項目完工後可能帶來的財務影響？了解其對我們金融環境的影響將大有裨益。

Thanks.

謝謝。

Thanks for the question. Simply referring to the Trans Mountain expansion, which I think is operational now or imminently as it laid out in the presentation with sensitivities, the impact for us is really on the WCS differential, which we are expecting to narrow in Q2 one, that differential was $19.33 U.S. per barrel. Currently, I think it's trading at around $12 U.S. per barrel for us, a dollar change in WCS on an annual basis. Remember in the presentation, that's on a nine month basis on an annual basis is about 4 million. Our funds flow for operations. So where we're sitting today, that $7 change is almost about 30 million of funds flow from operations courses, production grows in the Peace River area that sensitivity, that 4 million will start to increase.

謝謝你的提問。僅就跨山輸油管擴建項目而言，我認為該項目現在已經投入運營或即將投入運營，正如演示文稿中所述，該項目也考慮到了敏感性問題。對我們而言，其影響主要體現在西海岸天然氣管道價差上，我們預計該價差將在第二季度收窄，此前該價差為每桶 19.33 美元。目前，我認為它的交易價格在我們這裡大約是每桶 12 美元，相當於 WCS 的年變動 1 美元。請記住，在簡報中，這是按九個月計算的，按年計算約為 400 萬美元。我們的營運資金流向。所以就我們目前的情況來看，這 7 美元的變化相當於營運課程中約 3000 萬美元的資金流動，隨著和平河地區產量的增長，這種敏感性，400 萬美元將開始增加。

Thank you.

謝謝。

Good.

好的。

Turning to our drilling costs, are you seeing much drilling cost reduction with the pad design you're currently using?

就鑽井成本而言，您目前使用的鑽井平台設計是否顯著降低了鑽井成本？

Yes, absolutely. Our drilling cost reductions kind of coming on twofold. One is the scale of which our operations are taking place. The more scale, we add more wells per pad. The average well cost is reducing, but also as you progress up that Clearwater learning curve, our wells are getting faster and more efficient so we're seeing that cost come down, tangibly thinking

是的，絕對的。我們的鑽井成本降低主要體現在兩個方面。一是我們業務開展的規模。規模越大，每個井場增加的井就越多。平均油井成本正在降低，而且隨著您在克利爾沃特（Clearwater）技術學習曲線上的不斷進步，我們的油井運行速度更快、效率更高，因此我們看到成本切實下降。

what is the potential impact on Afinion if Alberta's gas storage fills to its maximum capacity later?

如果阿爾伯塔省的天然氣儲存設施日後達到最大容量，會對Afinion公司造成什麼潛在影響？

Yes.

是的。

Thanks again for the question. The way we've set up our gas marketing operations, we feel confident that we would be able to still produce our gas, which means the impact to us on a production basis should be nothing or very minimal at best. And as a result of that, because of that, if that gas is associated gas, we're still able to produce all our oil. Obviously if storage fills, gas prices will go down. But we are fairly well hedged on the gas side through the summer. So we feel we're reasonably well protected on that front.

再次感謝你的提問。根據我們目前的天然氣行銷營運模式，我們有信心能夠繼續生產天然氣，這意味著對我們的生產而言，影響應該微乎其微，或者根本沒有影響。因此，如果這些天然氣是伴生氣，我們仍然能夠生產出我們所有的石油。顯然，如果儲氣庫滿了，汽油價格就會下降。但在夏季期間，我們在天然氣方面已經做了相當充分的對沖。所以我們認為在這方面我們得到了相當不錯的保障。

Thank you very much.

非常感謝。

At this point, there are no more questions being asked online or on the webcast on. Steve, would you like to fill?

目前，網路上或網路直播中已不再有任何提問。史蒂夫，你想填嗎？

Sure. Just want to thank everyone for their participation and interest in Obsidian Energy. Look forward to talking to you soon.

當然。在此衷心感謝大家對 Obsidian Energy 的參與與關注。期待盡快與您聯繫。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。