Vermilion Energy Inc. (VET) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Vermilion Q4 2025 conference call. (Operator Instructions) This call is being recorded on Thursday, March 5, 2026. I would now like to turn the conference over to Dion Hatcher, President and CEO. Please go ahead.

女士們、先生們，早安，歡迎參加 Vermilion 2025 年第四季電話會議。（操作員指示）本次通話於2026年3月5日星期四錄音。現在我謹將會議交給總裁兼執行長迪翁·哈徹。請繼續。

Thank you. Good morning, ladies and gentlemen. I'm Dion Hatcher, President and CEO of Vermilion Energy. With me today are Lars Glemser, Vice President, CFO; Darcy Kerwin, Vice President, International HSE; Randy McQuade, Vice President, North America; Lara Conrad, Vice President, Business Development; and Travis Thorgeirson, Director of Investor Relations and Corporate Planning.

謝謝。女士們、先生們，早安。我是 Vermilion Energy 的總裁兼執行長 Dion Hatcher。今天與我一同出席的有：副總裁兼財務長 Lars Glemser；副總裁兼國際 HSE 負責人 Darcy Kerwin；副總裁兼北美負責人 Randy McQuade；副總裁兼業務發展負責人 Lara Conrad；以及投資者關係和企業規劃總監 Travis Thorgeirson。

Please refer to our advisory on forward-looking statements in our Q4 release. It describes forward-looking information, non-GAAP measures and oil and gas terms used today, and it outlines the risk factors and assumptions relevant to this discussion.

請參閱我們第四季財報中關於前瞻性聲明的說明。它描述了前瞻性資訊、非GAAP指標以及目前使用的石油和天然氣術語，並概述了與本次討論相關的風險因素和假設。

Vermillion had an impactful year, positioning ourselves as a global gas producer with top realized gas prices, lower cost structure, and a long-duration asset base capable of delivering sustainable free cash flow for decades to come.

Vermillion 度過了富有成效的一年，將自己定位為全球天然氣生產商，擁有最高的天然氣實際價格、更低的成本結構和能夠在未來幾十年內持續產生自由現金流的長期資產基礎。

In 2025, we delivered record production and marked a pivotal year in our company's history through strategic A&D activity, particularly the acquisition of the high-quality assets in our core Deep Basin area.

2025 年，我們實現了創紀錄的產量，並透過策略性併購活動，特別是收購我們核心深盆地地區的高品質資產，標誌著公司歷史上一個關鍵的年份。

And the disposition of noncore assets in Saskatchewan and the United States, our portfolio is now focused on liquids-rich gas assets in Canada and premium priced gas assets in Europe, building one of the largest plant footprints in the Deep Basin, along with our growing liquids-rich gas business in the Montney, has sharpened our operational focus.

隨著我們在薩斯喀徹溫省和美國處置了非核心資產，我們的投資組合現在專注於加拿大的富液化天然氣資產和歐洲的高價天然氣資產，在深盆地建立了規模最大的工廠之一，加上我們在蒙特尼地區不斷增長的富液化天然氣業務，使我們的營運重點更加明確。

This allows us to improve our cost structure and more importantly, higher profitability in our Canadian portfolio.

這使我們能夠改善成本結構，更重要的是，提高我們在加拿大業務的獲利能力。

In Germany, during Q1, we brought online the first well of the deep gas exploration program, Osterheide, and progress the build-out of infrastructure to facilitate the production from one of our largest European gas discoveries, Wisselshorst, which we expect to bring online by mid-2026.

在德國，第一季我們啟動了深層天然氣勘探計畫的第一口井——奧斯特海德井，並推進了基礎設施建設，以促進我們在歐洲最大的天然氣發現之一——維塞爾斯霍斯特井的生產，我們預計該井將於 2026 年年中投產。

In the Netherlands, we successfully drilled two wells with multiple prospective zones and brought them on production in Q4. The long runway of future prospects we've identified in Europe, finding and development costs of approximately CAD1.50 per Mcf, represents an opportunity for profitable organic growth in our domestic European gas business.

在荷蘭，我們成功鑽探了兩口井，其中包含多個潛在油氣層，並在第四季度投入生產。我們在歐洲發現的長期發展前景，以及每千立方英尺約 1.50 加元的勘探和開發成本，為我們在歐洲國內的天然氣業務帶來了盈利性有機增長的機會。

These core assets drove another strong quarter in Q4, both operationally and financially. Production of [121,308] BOEs per day was ahead of guidance. This was partially driven by highly productive wells in the Deep Basin, where three of the most productive gas wells in December were Vermilion-owned and operated.

這些核心資產推動了第四季度在營運和財務方面又一個強勁的季度。日產量[121,308]桶油當量超出預期。這部分是由於深盆地的高產量油井所致，12 月產量最高的三個天然氣井都是 Vermilion 公司擁有和營運的。

Production also benefited from record volumes in the Montney as well as outperformance from the Osterheide well in Germany, which had 40% higher production compared to the third quarter and generated approximately $8 million of free cash flow in Q4 alone.

蒙特尼地區的產量創歷史新高，德國奧斯特海德油井的優異表現也帶動了產量成長。該油井的產量比第三季度增長了 40%，僅在第四季度就產生了約 800 萬美元的自由現金流。

Strong realized gas pricing of $5.50 per Mcf or double the AECO benchmark was driven by our direct European gas exposure, where TTF prices averaged $15 per MMBtu in the quarter. Our realized gas prices also benefit from enhanced market diversification in Canada and a sophisticated hedging program.

強勁的自然實際價格達到每千立方英尺 5.50 美元，是 AECO 基準價格的兩倍，這主要得益於我們直接的歐洲天然氣業務，該季度 TTF 價格平均為每百萬英熱單位 15 美元。我們實際的天然氣價格也受惠於加拿大市場多元化程度的提高和完善的避險計畫。

On the operational side, we apply a continuous improvement mindset to the areas within our control, safety, production and cost management.

在營運方面，我們對可控範圍內的領域，如安全、生產和成本管理，都秉持著持續改善的理念。

I'm excited about the progress by each team across the business in Canada due to the improved operational scale, high-quality assets, our unit operating costs are now the lowest in over a decade, which improves our corporate unit costs, now the lowest since 2020.

由於營運規模的擴大和高品質資產的增加，加拿大各業務團隊的進展令我感到非常興奮。我們的單位營運成本現在是十多年來的最低水平，這改善了我們的公司單位成本，現在是 2020 年以來的最低水平。

Investments in infrastructure such as the Mica facility and development initiatives in Germany are expected to deliver an increase in excess free cash flow over the next few years.

對德國的 Mica 工廠等基礎設施和發展項目的投資預計將在未來幾年帶來更多自由現金流。

The long duration of our asset base and our commitment to disciplined capital allocation, when combined with only 153 million shares outstanding, positions Vermilion to add meaningful per share value.

我們資產基礎的長期性和我們對嚴格資本配置的承諾，再加上僅有 1.53 億股流通股，使 Vermilion 能夠大幅提升每股價值。

Moving to reserves. Vermilion's total proved plus probable, or 2P reserves, increased by 36% from the prior year, reaching 592 million BOEs.

轉入預備役。Vermilion 的探明加概算儲量（2P 儲量）比前一年增長了 36%，達到 5.92 億桶油當量。

This growth was driven by a combination of organic development and the Deep Basin acquisition, which closed in February 2025, partially offset by the divestment of the United States and Saskatchewan assets in mid-2025.

這一增長是由內生髮展和 2025 年 2 月完成的 Deep Basin 收購共同推動的，但部分被 2025 年年中剝離美國和薩斯喀徹溫省資產所抵消。

We added 86 million BOEs of proved developed producing or PDP reserves and 201 million BOEs of 2P reserves in 2025. Our average finding, development and acquisition costs, including future development costs were $14.91 per BOE for PDP and $7.71 per BOE for 2P.

2025 年，我們新增了 8,600 萬桶油當量已探明、已開發、正在生產或已投產儲量 (PDP) 和 2.01 億桶油當量 2P 儲量。我們的平均勘探、開發和收購成本（包括未來開發成本）對於 PDP 為每桶油當量 14.91 美元，對於 2P 為每桶油當量 7.71 美元。

That's a recycle ratio of 1.8 to 3.5 times, respectively. These recycle ratios highlight the capital efficiency and strong returns of our reserve additions.

這相當於分別回收了 1.8 倍和 3.5 倍。這些回收率凸顯了我們新增儲備的資本效率和強勁回報。

It's also worth noting that PDP reserves do not include any volumes or present value associated with the Wisselshorst discovery well on the Bommelsen license, whereas the 2P reserves include approximately 7 million BOE or 43 Bcf related to our 64% working interest in the initial discovery.

值得注意的是，PDP 儲量不包括與 Bommelsen 許可證上的 Wisselshorst 發現井相關的任何儲量或現值，而 2P 儲量包括與我們在初始發現中 64% 的工作權益相關的約 700 萬桶油當量或 430 億立方英尺。

We have identified up to six additional drilling locations on the Bommelsen license that currently have no 2P reserves assigned representing significant further upside for European reserves. We remain on track to spud the first two of these locations in early 2027 with long lead equipment ordered, the drilling rig secured and permitting progressing as expected.

我們在 Bommelsen 許可證上發現了多達 6 個額外的鑽井位置，目前尚未分配 2P 儲量，這意味著歐洲儲量還有很大的進一步成長空間。我們仍按計劃在 2027 年初開工建設前兩個井位，長週期設備已訂購，鑽機已到位，許可審批也按預期進行。

By applying the learnings from the previous program, we anticipate lower cost and faster cycle times resulting in these wells being on production in the second half 2028. The 2P reserve life index was 14 years, in line with our historical averages.

透過應用先前專案的經驗，我們預計成本會更低，週期會更快，從而使這些油井在 2028 年下半年投入生產。2P儲備壽命指數為14年，與我們的歷史平均值一致。

Our internal estimate is we have 1,700 drilling locations across our 1.3 million net acres of land that's in the Deep Basin and Montney, and only 23% of these are included in our year-end reserves.

根據我們內部的估計，我們在深盆地和蒙特尼地區擁有 130 萬淨英畝土地，共有 1700 個鑽井點，但其中只有 23% 計入了我們年底的儲量。

Also of note, internal estimates of initial gas employees related to exploration and development prospects in Europe are minimally included in our year-end reserves.

另外值得注意的是，與歐洲勘探和開發前景相關的初始天然氣員工的內部估計值極少計入我們的年終儲量。

We believe there's significant upside to our European gas reserves given our 1.4 million net acres land across Germany and Netherlands, combined with our track record of exploration success.

鑑於我們在德國和荷蘭擁有 140 萬淨英畝土地，加上我們以往勘探成功的記錄，我們相信我們在歐洲的天然氣儲量有很大的成長空間。

Across our portfolio, the combination of book reserves and additional internally estimated locations provide long-term visibility for future production and cash flow.

在我們的投資組合中，帳面儲量和內部估計的其他地點相結合，為未來的生產和現金流提供了長期的可視性。

Before-tax net present value of our 2P reserves discounted at 10%, using the three consultant average pricing as of Jan 1, 2026, and deducting year-end net debt, is $23 per basic share, well in excess of our current share price.

截至 2026 年 1 月 1 日，採用三位顧問的平均定價，以 10% 的折現率計算，我們的 2P 儲備稅前淨現值為每股 23 美元，遠高於我們目前的股價。

We'll now pass to Lars to discuss the Q4 results in more depth.

接下來我們將請 Lars 更深入地討論第四季業績。

Thank you, Dion. Vermilion generated $241 million of funds flow from operations in the fourth quarter. An active quarter of drilling saw $192 million invested in exploration and development capital expenditures, resulting in free cash flow of $49 million.

謝謝你，迪翁。Vermilion 在第四季營運產生的現金流為 2.41 億美元。在活躍的鑽探季度，勘探和開發資本支出投入了 1.92 億美元，產生了 4,900 萬美元的自由現金流。

Production averaged 121,308 BOE a day with a 69% weighting to natural gas. In Canada, we executed a three rig drilling program in the Deep Basin, drilling 16 and bringing on production 17 liquids-rich gas wells.

日均產量為 121,308 桶油當量，其中天然氣佔 69%。在加拿大，我們在深盆地執行了三台鑽機的鑽井計劃，鑽探了 16 口富含液體的天然氣井，並投產了 17 口。

We made the deliberate decision to defer the start-up of several highly productive wells that were drilled and completed in the third quarter into mid-Q4, allowing us to capture stronger realized gas prices and maximize returns.

我們特意決定將第三季鑽探完工的幾口高產油井的啟動時間推遲到第四季度中期，以便我們能夠獲得更強勁的天然氣實際價格，並實現收益最大化。

As Dean noted, these were some of the most prolific wells in Alberta. In the Montney, we drilled four gross and net liquids-rich gas wells, which are scheduled for completion and start-up in Q2 2026.

正如迪恩所指出的，這些是阿爾伯塔省產量最高的幾口油井。在蒙特尼地區，我們鑽探了四口總儲量和淨儲量豐富的液體天然氣井，計劃於 2026 年第二季完工並投產。

Combination of strong Deep Basin well results, the return of previously shut-in production and record Montney performance drove a significant increase in production in Canada.

深盆地油井的強勁產量、先前停產油井的恢復生產以及蒙特尼油田創紀錄的產量，共同推動了加拿大產量的大幅成長。

Normalized for disposition activity, our Q4 production was more than 5,000 BOE per day higher than in Q3 with a lower unit cost structure, improving cash flow netbacks and overall profitability of our Canadian operations.

剔除處置活動的影響，我們第四季的產量比第三季每天高出 5000 多桶油當量，單位成本結構更低，現金流淨收益和加拿大業務的整體盈利能力均有所提高。

International operations averaged 30,137 BOE per day in the fourth quarter, consistent with Q3 and new production in the Netherlands and increased gas output in Germany largely offset natural declines in Ireland, Australia and Croatia.

第四季國際業務平均日產量為 30,137 桶油當量，與第三季持平。荷蘭的新產量和德國天然氣產量的增加在很大程度上抵消了愛爾蘭、澳洲和克羅埃西亞的天然減產。

Vermilion completed and brought online two gross or 1.2 net natural gas wells in the Netherlands during the fourth quarter. We also advanced permitting and technical work in the Netherlands to facilitate the drilling of one gross or 0.5 net wells in 2026.

Vermilion 在第四季度於荷蘭完成了兩口總天然氣井（淨產量 1.2 口）的建設並投入營運。我們也在荷蘭推進了許可和技術工作，以促進在 2026 年鑽探一口總井或 0.5 口淨井。

Our approach to European development remains disciplined, leveraging our long-standing operating experience and strong regulatory relationships. In Germany, infrastructure development for the first Wisselshorst well, which is a 0.6% net ownership to Vermilion continued during the quarter, with first production expected mid-2026.

我們在歐洲的發展策略依然嚴謹，充分利用我們長期累積的營運經驗和強大的監管關係。在德國，Vermilion 持有 0.6% 淨股份的 Wisselshorst 油井第一口井的基礎設施開發在本季度繼續進行，預計將於 2026 年年中首次投產。

The Osterheide well brought on earlier in the year, saw an increase in production, averaging 10 million a day or 1,600 BOE a day for the quarter. Germany continues to be a key region for Vermilion, providing direct exposure to premium European gas markets and development upside.

今年稍早投產的奧斯特海德油井產量增加，該季度平均每天產量為 1,000 萬桶，即每天 1,600 桶油當量。德國仍然是 Vermilion 的關鍵地區，使公司能夠直接接觸到歐洲優質天然氣市場和發展潛力。

On the balance sheet, we accelerated our debt reduction during the fourth quarter by selling a portion of our ownership in Coelacanth Energy, which resulted in $42 million of incremental debt reduction and a realized gain on disposition of $12 million.

在資產負債表方面，我們在第四季度透過出售我們在腔棘魚能源公司的部分股權加快了債務削減速度，從而減少了 4,200 萬美元的額外債務，並實現了 1,200 萬美元的處置收益。

We continue to hold a 10% ownership in Coelacanth. Returning capital to shareholders remains a core priority. Our strong free cash flow generation and disciplined capital allocation provide the foundation for sustainable dividends and opportunistic share buybacks.

我們繼續持有腔棘魚公司10%的股份。向股東返還資本仍是核心優先事項。我們強勁的自由現金流產生能力和嚴謹的資本配置為可持續的股利和擇機回購股票奠定了基礎。

Our debt reduction trajectory has been accelerated with the sale of the Coelacanth shares and an increasing commodity price environment. This allows us to continue to be opportunistic in our balance of further debt reduction and returning capital to shareholders.

隨著腔棘魚股份的出售和商品價格環境的上漲，我們的債務削減進程加快了。這使我們能夠繼續靈活地平衡進一步減少債務和向股東返還資本之間的關係。

As we continue to grow our asset base and improve profitability, we are confident in our ability to deliver attractive shareholder returns over the long term. I will now pass it back to Dion.

隨著我們不斷擴大資產基礎並提高獲利能力，我們有信心在長期內為股東帶來可觀的回報。現在我把它交還給迪翁。

Thank you, Lars. Prior to my closing remarks, I want to take a moment to thank our staff in Australia. In Q1, our Wandoo platform was impacted by a Category 3 cyclone, which results in minor damage than the delay of the planned crude export lifting.

謝謝你，拉爾斯。在我作總結發言之前，我想花一點時間感謝我們在澳洲的員工。第一季度，我們的 Wandoo 平台受到 3 級颶風的影響，造成的損失比計劃中的原油出口提貨延誤造成的損失要小。

We do budget for cyclone downtime each year, and fortunately, it had been more in five years since we've had an experience of a direct storm event. Again, thank you to our staff for their hard work and commitment to safety and the lead-up during and after the cycle event.

我們每年都會為颶風造成的停工時間做預算，幸運的是，我們已經五年多沒有經歷過直接的風暴事件了。再次感謝我們的員工在自行車賽事期間及之後為保障安全所付出的辛勤努力和奉獻精神。

In addition, our team has worked very closely with the regulator on the integrity of our asset, including planned maintenance of the export system, which is already included in our budgets. In late February, we exported over 300,000 barrels of crude following the cyclone-related delay and we're in the process of restoring production on the Wandoo B platform.

此外，我們的團隊與監管機構密切合作，確保我們資產的完整性，包括出口系統的計畫維護，這些維護工作已納入我們的預算。2 月下旬，由於颶風造成的延誤，我們出口了超過 30 萬桶原油，目前正在恢復 Wandoo B 平台的生產。

So on the back of the record 2025 annual production and strong Q4, while factoring in Australia cyclone-related downtime, we are providing a Q1 outlook of 124,000 BOEs per day.

因此，在 2025 年創紀錄的年產量和強勁的第四季度業績的支撐下，同時考慮到澳洲颶風造成的停工時間，我們預測第一季日產量將達到 124,000 桶油當量。

We expect production in the first half of 2026 to be in line with recent levels with lower Q3 production reflective of the planned maintenance as outlined with our budget release. The recent run-up in global gas prices offer as a reminder, in a commodity-based business, being able to sell your product for more offers a substantial advantage.

我們預計 2026 年上半年的產量將與近期的水平持平，第三季的產量將有所下降，這反映了我們在預算發布中概述的計劃維護。最近全球天然氣價格的上漲提醒我們，在以大宗商品為基礎的產業中，能夠以更高的價格出售產品會帶來巨大的優勢。

Our unique portfolio offers direct exposure to European gas, where inventories are well below the five year averages and the current price is over $20 per MMBtu, as well as Brent crude, both of which have been impacted by recent geopolitical events.

我們獨特的投資組合可直接投資歐洲天然氣（目前庫存遠低於五年平均水平，價格超過每百萬英熱單位 20 美元）和布蘭特原油，這兩者都受到了近期地緣政治事件的影響。

In closing, it has been a very active year, high grading our portfolio and advancing major projects. Through this busy time, we have outperformed on the operational side, and that comes down to the exceptional work of our employees and contractors.

總之，今年是非常活躍的一年，我們提高了投資組合的等級，並推進了多個重大項目。在這段繁忙時期，我們在營運方面表現出色，這歸功於我們員工和承包商的出色工作。

This is an exciting time at Vermilion. The strategic road map to 2030 as outlined in our recent Investor Day multiyear plan reflects a disciplined approach to long-term profitability designed to generate meaningful per share excess free cash flow growth even under a flat commodity price environment.

對Vermilion來說，這是一個激動人心的時刻。我們在最近的投資者日多年計劃中概述的 2030 年戰略路線圖體現了對長期盈利能力的嚴謹追求，旨在即使在商品價格持平的環境下也能產生有意義的每股超額自由現金流增長。

A higher free cash flow growth will support debt reduction and increased shareholder returns. Our asset base offers longevity, capital allocation flexibility, our top [desal] realized gas price along with significant upside driven both by our operational excellence and our large resource position.

更高的自由現金流成長將有助於減少債務並提高股東回報。我們的資產基礎具有長期性、資本配置彈性、我們最高的[交易]實現天然氣價格，以及由我們卓越的營運和龐大的資源地位所驅動的巨大成長潛力。

We remain committed to operating with discipline maintaining a strong balance sheet and investing in high-return projects that drive value for our shareholders. With that, we'll now open the line for questions.

我們將繼續秉持嚴謹的經營理念，保持穩健的資產負債表，並投資於能為股東創造價值的高回報項目。接下來，我們將開放提問環節。

(Operator Instructions) Menno Hulshof with TD Cowen.

（操作說明）Menno Hulshof 與 TD Cowen。

At your Investor Day in December, you talked about material free cash flow inflection starting in 2028. And at that time, I believe you were anchoring to something close to strip gas prices and oil prices that were generally north of $70, which could now prove conservative.

在去年 12 月的投資者日上，您談到了從 2028 年開始的實質自由現金流拐點。當時，我相信你們的定價策略是基於接近當時的汽油和石油價格，這些價格通常都在 70 美元以上，現在看來可能比較保守。

So with that in mind, how would you frame free cash flow inflection in 2028 relative to what you were talking about in December?

那麼，考慮到這一點，您如何看待 2028 年的自由現金流拐點與您在 12 月所討論的內容之間的關係？

Thank you, Menno. I appreciate the question. You're right. When we went through the Investor Day, we used 7 WTI, 3.50 AECO and CAD13 for TTF and using those numbers, and to your point, the inflection is driven by the ramp-up in Germany volumes with the gas that we see coming online there.

謝謝你，門諾。感謝您的提問。你說得對。在投資者日上，我們使用了 7 美元的 WTI 原油價格、3.50 美元的 AECO 原油價格和 13 加幣的 TTF 原油價格。根據這些數字，正如您所說，拐點是由德國天然氣產量的增加所驅動的，我們看到德國的天然氣供應正在上線。

But also, of course, the Montney, where we've nearly built out the kit and we'll get our production up to 28,000 BOEs a day. And with that, we'll see the higher production, lower capital.

當然還有蒙特尼油田，我們基本上已經完成了設備的建設，我們的日產量將達到 28,000 桶油當量。這樣一來，我們將看到更高的產量和更低的資本投入。

So we were running at about $2.70 per share of excess free cash flow at that time, which was, again, based on that price hike. But maybe I'll pass it over to Lars, if you want to kind of tie that price hike to potential upside from where we are today.

所以當時我們的每股超額自由現金流約為 2.70 美元，這同樣是基於那次提價。但如果你想把這次價格上漲與我們目前所處位置的潛在上漲空間聯繫起來，也許我會把它交給 Lars。

Yeah. No, it's a good observation, Menno, in terms of the run-up here that we've seen recently. And so we've updated the slide in our slide deck. This would be slide 13. And to show what the impact of the run-up in commodity pricing is here.

是的。不，門諾，你這觀察得很仔細，確實反映了我們最近看到的這種趨勢。因此，我們更新了幻燈片中的那張幻燈片。這是第13張投影片。並在此展示大宗商品價格上漲的影響。

So we're showing FFO for 2026 around $950 million. That's a 40% increase to our excess free cash flow. Some of these near-term price moves haven't necessarily rippled through the curve yet. So that's something that we'll monitor.

因此，我們預計 2026 年的 FFO 約為 9.5 億美元。這意味著我們的自由現金流盈餘增加了 40%。這些短期價格波動中的一些尚未對整個價格曲線產生連鎖反應。所以我們會密切關注此事。

We stress the business as well as look at upside to the business on multiple price decks, but we are capturing a pretty decent portion of what we've seen here in the last week or so in terms of the commodity price run up.

我們不僅關注業務本身，還從多個價格角度審視業務的成長潛力，但就過去一周左右的大宗商品價格上漲而言，我們已經捕捉到了相當一部分趨勢。

Yeah. I mean I was just, I guess my second question ties exactly into what you were just describing, and it's a standard hedging question. Like there's a lot of backwardation. There's limited liquidity the further out you go, are you getting anything done today?

是的。我的意思是，我想我的第二個問題正好與你剛才描述的內容相關，這是一個標準的迴避性問題。就像有很多倒退現像一樣。期限越長，流動性越有限，今天能完成什麼嗎？

Are you looking to capitalize on that, capitalize is a wrong word. It's a horrible situation, but are there opportunities to hedge further? And is there a scenario where you hedge more aggressively than you have in the past?

你是想利用這一點嗎？ 「利用」這個字用得不對。情況很糟糕，但還有機會進一步對沖風險嗎？是否存在需要比以往更積極進行避險的情況？

Yeah. Menno, Lars here again. So we're about 50% hedged on European gas for 2026, 53% on oil and then 45% on North American gas. Some of the recent hedges that we've put in place, specifically on oil, have had participating structures. So calls that are, allow us to participate in this rally.

是的。我是梅諾，拉爾斯又來了。因此，我們對 2026 年歐洲天然氣進行了約 50% 的避險，對石油進行了 53% 的避險，對北美天然氣進行了 45% 的避險。我們最近實施的一些對沖策略，特別是針對石油的避險策略，都採用了參與式結構。所以，請允許我們參加這次集會。

On European gas, specifically, we have been active hedging this past week, locking in some of the price increases here. In the past, I'm not saying that this will be the playbook here, but in the past, we have taken our hedge percentage on a commodity up to 70%.

具體來說，我們上週一直在積極進行歐洲天然氣價格對沖，鎖定部分價格上漲。過去，我並不是說這會成為我們這裡的策略，但過去，我們對某種商品的對沖比例曾經高達 70%。

If you see an opportunity to lock in revenue as a result of significant price increases. So that is something that we'll continue to look at as a team.

如果你發現價格大幅上漲是鎖定收入的好機會。所以這是我們團隊會繼續關注的問題。

We will also continue to monitor periods like 2027, 2028 as well to see if some of these moves are going to be structural throughout the curve and take advantage if there is something to take advantage of.

我們將繼續關注 2027 年、2028 年等時期，看看這些走勢是否會對整個曲線產生結構性影響，如果存在可以利用的機會，我們將抓住它。

Amir Arif with ATB Capital.

Amir Arif，ATB Capital 的 Amir Arif。

Just a few quick questions. Just first on the Deep Basin well outperformance. Just curious, are you targeting more Tier 1 locations or specific zones? Or do you feel that this recent well outperformance relative to your budget or your type curve can continue through the rest of '26?

幾個簡單的問題。首先，我們來看看深盆地油井的優異表現。我很好奇，你們的目標是更多的一級城市地區還是特定的區域？或者，您是否認為最近這種相對於您的預算或預期曲線而言的優異表現可以持續到 2026 年剩餘時間？

Thanks, Amir. I'll pass it over to Randy. He can't wait to answer this question.

謝謝你，阿米爾。我把它交給蘭迪。他迫不及待地想要回答這個問題。

Yeah, thanks. So yes, this really is kind of a continuation of the positive results that we showed in the Investor Day, where we had the strong kind of IP30 rates from the second half of 2025 drill program. That's continued to perform.

嗯，謝謝。所以，是的，這確實是我們在投資者日上展示的積極成果的延續，當時我們展示了 2025 年下半年鑽探計劃的強勁 IP30 率。這種情況一直持續存在。

And then when you take the results from our current three rig program where we're currently drilling, we brought on an additional 14 wells and they've also exceeded expectations. So it's worth noting that in that well mix, we have quite a wide range of well types and production areas.

然後，看看我們目前正在進行的三個鑽井項目的成果，我們又增加了 14 口井，這些井的成果也超出了預期。因此值得注意的是，在這些井的組合中，我們有相當廣泛的井類型和生產區域。

So that really does speak to our depth of inventory. We're not, as you mentioned, it's not all Tier 1 locations. We are also drilling proof-of-concept wells. So it speaks to our depth of inventory and really the efforts of everybody on the Deep Basin teams to continue to achieve these strong results.

這確實體現了我們充足的庫存實力。正如您所提到的，我們並不是說所有地方都是一級城市。我們還在鑽探概念驗證井。這充分體現了我們充足的庫存，也真正體現了深盆地團隊所有成員為持續取得這些強勁業績所付出的努力。

Okay. So it sounds like there's a good chance for these well outperformance to continue above the type curve. Would that be a fair comment?

好的。所以聽起來這些表現優異的產品很有可能會繼續超越產業平均。這樣評價是否恰當？

Yeah. It's very, yes, based on the results to date, yes.

是的。是的，根據目前的結果來看，確實如此。

Yeah. I mean, I think we've got 40, 45 wells, Amir for the program, and we're first quarter into it, but everything we're seeing in the first quarter is encouraging. So we can provide more updates as we go.

是的。我的意思是，我認為我們已經為這個項目打了 40、45 口井，Amir，現在才第一個季度，但我們在第一季看到的一切都令人鼓舞。這樣我們就可以隨時提供更多最新消息。

But to Randy's point, I think the team is doing an excellent job with the locations they are selecting and the execution. So as we get more data, we can revisit where we are.

但正如蘭迪所說，我認為團隊在選址和執行方面都做得非常出色。隨著我們獲得更多數據，我們可以重新審視我們所處的位置。

Okay. Those are great results. The second question, just on Australia. Can you provide a little more granularity on when you expect Australian volumes to ramp back up to previous production levels?

好的。這些結果非常棒。第二個問題，只關於澳洲。您能否更具體地說明預計澳洲的產量何時才能恢復到先前的水平？

Thanks. I'll pass it to Darcy Kerwin, our VP International and just talk on Australia, the kind of plan there to kind of watch maybe a little more color on what happened, but more importantly, the plan to restore production here.

謝謝。我會把這個任務交給我們的國際副總裁達西·克爾溫，然後我們來談談澳大利亞的情況，看看那裡的計劃，或許可以更詳細地了解一下發生了什麼，但更重要的是，要談談恢復這裡生產的計劃。

Yeah. Thanks for that, Amir. I'll start by giving a bit of background on the issues that we've been having in Australia. So in December of last year, while we're performing inspection and maintenance activities on our export system, we did have a small leak on one component of that system.

是的。謝謝你，阿米爾。我先簡單介紹一下澳洲目前面臨的一些問題。所以去年 12 月，當我們對出口系統進行檢查和維護活動時，系統的一個組件出現了一個小洩漏。

Now at the time, the system was not exporting. We were isolated for maintenance. But nonetheless, we did have a release of residual crude oil from that part of the system.

當時，該系統並未進行數據導出。我們被隔離進行維護。但儘管如此，該系統的部分還是洩漏了一些殘餘原油。

We liaise pretty closely with the regulator, both with our initial spill response and then subsequent repair plans for that system. That did require an approved diving campaign to address the issue that we had. That diving campaign was completed by mid-January.

我們與監管機構保持著非常密切的聯繫，無論是最初的洩漏緊急應變，還是後續的系統修復計畫。這確實需要一項獲得批准的潛水行動來解決我們遇到的問題。那次潛水活動在一月中旬結束。

On February 6, we did receive a notice from the regulator that limited the use of this export system, kind of a standard regulator response and kind of in a situation like that. And then later that same day, we did receive their approval to complete a plan loading after we formally responded to their issued notice.

2月6日，我們收到監管機構的通知，限制了該出口系統的使用，這算是監管機構的標準回應，也是在這種情況下的慣例。當天晚些時候，在我們正式回覆他們發出的通知後，我們收到了他們的批准，可以完成計劃加載。

So in parallel to all this, we had a tropical cyclone that has been building offshore Australia, and we did have a direct hit from Category 3 tropical cyclone on the weekend of February 7. That shut in both our production operations and our export systems, which did delay an export that we had planned.

與此同時，澳洲近海正在形成一個熱帶氣旋，2 月 7 日的那個週末，我們確實遭受了 3 級熱帶氣旋的直接襲擊。這導致我們的生產營運和出口系統停擺，也延誤了我們原計劃的出口。

We've conducted the damage assessments and are completing necessary repairs at this point in order to restart production operations on [one 2P].

我們已經完成了損失評估，目前正在進行必要的維修工作，以便盡快恢復生產運作。[一 2P]。

We did manage to successfully complete an export of over 300,000 barrels last Friday, so February 27. And a little bit more longer term, we had already planned and budgeted for the replacement of portions of this export system.

上週五（2月27日），我們成功完成了超過30萬桶的出口。從長遠來看，我們已經計劃併預算了部分出口系統的更換。

And we added completed engineering received bids in 2025. We've committed to fabrication starting this year in offshore installation in 2027, and that's kind of now a formal commitment we've made to the regulator to do that.

我們還補充說，已完成的工程項目已於 2025 年收到投標。我們承諾從今年開始進行製造，並於 2027 年在海上安裝，這已經是我們對監管機構的正式承諾。

Thanks, Darcy. And then with respect to Q1, we've assumed minimum volumes, Amir, post-the Fed early step shutdown.

謝謝你，達西。至於第一季度，我們假設交易量處於最低水平，Amir，這是聯準會早期採取關閉措施後的結果。

So in our Q1, effectively, we just want to diligently give the guys some time to restart, which they're in the process of doing. So going into Q2, we expect things to be back to normal. But at this point, we want to be conservative for Q1.

所以，在第一季度，我們實際上只是想認真地給隊員們一些時間重新開始，而他們也正在這樣做。因此，進入第二季度，我們預計情況將恢復正常。但就目前而言，我們希望對第一季採取保守的預測。

Okay. So both by 2Q, you should be fully ramped back up? By the end of 2Q for sure, around there?

好的。所以到第二季度，你們應該都能完全恢復生產了吧？肯定在第二季末左右吧？

That's our plan.

這就是我們的計劃。

Okay. Sounds good. And then just one final question. Just noticed some negative technical revisions on the 1P, 2P side in both North America and international. Could you just provide a little color behind.

好的。聽起來不錯。最後一個問題。剛剛注意到北美和國際市場的 1P、2P 方面有一些負面的技術調整。能否在背景中加入一些色彩？

Just want to make sure I heard you there, Amir, negative technical revisions on the international side?

阿米爾，我只是想確認一下我是否聽清楚了，你是說國際方面有負面的技術修改嗎？

It was on both the international and the North American side, there was some negative technical revisions on 1P and 2P. So just some color around what was driving that.

國際和北美方面，1P 和 2P 都出現了一些負面的技術調整。所以，這裡簡單介紹一下導致這種情況發生的原因。

Okay. I'll pass it over to Lara, she'll take that one. Thanks.

好的。我把它交給拉拉，她會接手的。謝謝。

For sure. Thanks, Amir. So really, when we at the negative technical, this is a result of us high-grading our reserves book really primarily as a result of the M&A activity.

一定。謝謝你，阿米爾。所以實際上，當我們處於負面技術面時，這是由於我們大幅提高了儲備金帳簿的評級，而這主要是由於併購活動造成的。

So when we think about in Canada, the team in Canada under Randy have done a great job of high-grading locations, part of why we saw those great results in the Deep Basin. And so now we've shifted our reserves book to reflect that.

所以當我們想到加拿大時，蘭迪領導的加拿大團隊在選址方面做得非常出色，這也是我們在深盆地看到那些巨大成果的部分原因。因此，我們現在已經調整了儲備帳目以反映這一點。

So really, the negative technicals are because we've replaced locations with locations that we see as having better profitability. And you can really see this because when you look at the numbers, we've added 4 times as much volume through drilling extensions as we removed in our technical revisions in the Deep Basin.

所以實際上，技術指標不佳是因為我們用我們認為盈利能力更好的地點替換了之前的地點。從數據上看，這一點顯而易見：我們在深盆地透過鑽井延伸增加的產量是我們在技術修訂中移除的產量的 4 倍。

So a net positive overall, but negative from the ones that we replaced. As far as the international side of the book, we did have some minor negative technicals in the Netherlands, Germany and France. And this is really to do with, again, shifting development plans between wells as well as our capital allocation decisions.

所以整體上是淨正收益，但被替換的部分是負收益。就本書的國際發行方面而言，我們在荷蘭、德國和法國確實遇到了一些輕微的負面技術問題。這實際上與油井之間開發計劃的調整以及我們的資本分配決策有關。

Prioritizing drilling in Canada in the Deep Basin and Montney and in Germany over development opportunities in France. So just really making sure that our reserves book matches our long-term plans as an organization.

優先考慮在加拿大深盆地和蒙特尼盆地以及德國進行鑽探，而不是在法國進行開發。所以，我們真正要做的就是確保我們的儲備金帳目與我們組織的長期計畫相符。

That makes a lot of sense. So it's mostly locations that have been taking out, not really production performance on existing wells. Is that fair?

這很有道理。所以主要問題在於開採地點，而不是現有油井的生產性能。這樣公平嗎？

That's correct. Yes.

沒錯。是的。

Jeremy McCrea with BMO Capital Markets.

Jeremy McCrea，BMO資本市場。

Maybe just probably back to Lara here. Can you give me a sense of what the M&A market looks like here now? Just in terms of how many deals have you potentially looked at? Is there more deals potentially to come, you think? And then I've got one more follow-up question here as well.

或許最後還是得回到勞拉身上。您能為我介紹一下目前本地的併購市場狀況嗎？就你目前了解的交易數量而言？你認為未來是否還有更多潛在的交易？我還有一個後續問題。

Thanks, Jeremy. So just general M&A where, maybe Lara, do you want to provide a commentary there?

謝謝你，傑瑞米。那麼，就一般的併購而言，Lara，你想就此發表一些評論嗎？

For sure. We've got a really great portfolio when it comes to looking at M&A opportunities, especially on the back of the Westbrick acquisition. I think whenever you do a rejig of your portfolio, it opens up further opportunities. So I'll give the standard M&A response. We look at everything.

一定。在尋找併購機會方面，我們擁有非常優秀的投資組合，尤其是在收購 Westbrick 之後。我認為，每次調整投資組合，都會帶來更多機會。所以我會給標準的併購回應。我們會仔細查看所有方面。

And when we have something to talk to, we'll let you know. But do you think there's going to be some interesting opportunities both in Canada and in Europe. You've seen us core up the portfolio.

如果有事要跟您談，我們會通知您。但你認為在加拿大和歐洲都會有一些有趣的機會嗎？您已經看到我們對投資組合進行了核心化調整。

Vermilion has done some divests recently, which is a little bit different than historically, but we're really trying to create that focused portfolio. So M&A will be part of that when we see the right opportunities.

Vermilion 最近進行了一些資產剝離，這與以往的情況略有不同，但我們確實在努力打造一個專注的投資組合。所以，當出現合適的機會時，併購將成為其中的一部分。

Okay. And maybe just a bit more follow-up with Amir's question here earlier. When these better wells were coming out of the Deep Basin, was there anything I know you talked about like the geology looks good and you have a lot of Tier 1, but was there anything different that you did on the drill or completion design that led to the better results? Or was it just almost 100% geology?

好的。或許可以再補充一點關於 Amir 之前提出的問題。當這些更好的油井從深盆地湧現時，我知道你談到過地質情況看起來不錯，而且有很多一級油藏，但你在鑽井或完井設計方面是否做了什麼不同的事情，從而取得了更好的結果？或者說，它幾乎完全是地質學研究？

I'll just give the quick answer and pass it on to Randy, if he wants to elaborate. But no, I think it's the rock, Jeremy.

我先簡單回答一下，如果蘭迪想詳細解釋，就請他來回答。不，我覺得是那塊石頭，傑瑞米。

As you know, the history is we've developed our legacy land position over the years, and I think the teams did a great job of working that land base harder, effectively now they've got a bunch of new inventory and high quality.

如您所知，多年來我們不斷發展壯大，累積了豐富的土地資源。我認為團隊在更有效地開發利用這些土地方面做得非常出色，現在他們已經擁有了大量新的優質庫存。

And you put the, I would say, the high-performing teams of Vermilion and Westbrick together, and that brain trust has found a lot of opportunities, ability to extend wells and again, just make things happen. But I think it's really the rock quality we're seeing. But Randy, anything I missed there?

我認為，把 Vermilion 和 Westbrick 這兩支高效團隊放在一起，這個智囊團就發現了很多機會，能夠擴大油井規模，並且再次證明，他們能夠把事情做好。但我認為我們看到的真正價值在於它的搖滾品質。蘭迪，我漏掉了什麼嗎？

Yeah. The only other thing I would add is the ability that the combination of our two land bases plus all the deals we've done. We've done lots of swaps and Crown land sales that have created a bit more of land. So we're able to drill optimal locations as opposed to previous where we weren't.

是的。我唯一要補充的是，我們兩處陸地基地的結合，以及我們已經完成的所有交易，都賦予了我們強大的能力。我們進行了很多土地交換和國有土地出售，從而創造了更多的土地。因此，我們現在能夠在最佳位置鑽探，而以前我們無法做到這一點。

So I would say, on the drilling completions, nothing different than what we've done. We've continued to perform costs come in where we expect them to come in. So that's all good. It really comes down to geology and optimal from the land position.

所以，就鑽井完工而言，我想說，和我們以前的做法沒有什麼不同。我們一直按照預期的方式控製成本。那就一切都好。歸根結底，這取決於地質條件和地形的最佳條件。

Thanks, Randy.

謝謝你，蘭迪。

Dennis Fong with CIBC World Markets.

丹尼斯·方（Dennis Fong）來自加拿大帝國商業銀行世界市場部。

My first one is just around Osterheide. Obviously, that's fantastic to see the incremental uplift in terms of the production.

我的第一個目的地就在奧斯特海德附近。顯然，看到產量逐步提高，真是太好了。

As I recall, there was, I think from your Investor Day, you highlighted a little bit about infrastructure and kind of local gathering constraints. Can you talk towards, we'll call it, the durability of the higher throughput and kind of what some of the considerations happen to be?

我記得，在您的投資者日活動上，您重點談到了基礎設施和當地的聚集限制。您能否談談我們姑且稱之為高吞吐量的持久性，以及需要考慮的一些因素？

Thanks, Dennis. I mean, I'll give a quick answer and then pass it to Darcy (inaudible). But I mean I think the guys have positioned it well where we've got the well set up to be able to deliver and we've seen higher demand, which, again, probably no surprise with the situation in Europe, and it's been pretty steady here into the new year as well. But Darcy, what am I missing there?

謝謝你，丹尼斯。我的意思是，我會簡單回答一下，然後轉交給達西。（聽不清楚）但我的意思是，我認為團隊已經做好了充分的準備，能夠滿足市場需求，而且我們看到了更高的需求，考慮到歐洲的形勢，這可能並不令人意外，而且進入新的一年後，需求也一直保持穩定。但達西，我到底錯過了什麼？

Yeah. I think that covers it. I would add, Dennis, the kind of infrastructure constraints that we had assumed are probably not as negative as we assumed initially. So we expect that the production rates that we have seen as of late will continue flat kind of through 2026.

是的。我想應該就這些了。丹尼斯，我還要補充一點，我們之前假設的基礎設施限制可能沒有我們最初想像的那麼糟。因此，我們預計近期出現的生產力將持續平穩到 2026 年。

There is some day-to-day kind of market variation depending on who's buying and sending gas to different points. But overall, I think there is more capacity in that part of the system than we had assumed, and the market seems to have a desire for that gas. So we expect that, that will stay flat.

根據購買和向不同地點輸送天然氣的買家和賣家不同，市場每天都會有一些波動。但總的來說，我認為該系統的這一部分比我們之前預想的要有更大的產能，而且市場似乎對這種天然氣有需求。所以我們預計，這一數字將保持穩定。

Okay, great. And then does that also bode well then for some of the opportunities you were discussing around Wisselshorst?

好的，太好了。那麼，這是否也預示著您之前討論的關於維塞爾斯霍斯特的一些機會將會有好結果呢？

Yeah, I think it does. Now it's not a direct same kind of tie-in point, but I think we were again quite conservative on our assumptions on both the infrastructure and what the market in that area would take.

是的，我覺得是這樣。現在雖然不是直接的那種關聯點，但我認為我們再次對基礎設施和該地區的市場需求做出了相當保守的假設。

But I think directionally, it's going in the right direction. And yes, I think we hope to see the same results on kind of Wisselshorst takeaway as we've seen in Osterheide.

但我認為從方向上看，它正朝著正確的方向發展。是的，我希望在 Wisselshorst 外賣店也能看到像在 Osterheide 那樣的成功。

Great. My second question, really, we're shifting focus to the Netherlands. It's obviously great to see that you received the permits there, helping kind of confirm the timing of your drilling in the region later this year.

偉大的。我的第二個問題，實際上，我們正​​在將重點轉移到荷蘭。顯然很高興看到你們獲得了那裡的許可證，這有助於確定你們今年晚些時候在該地區進行鑽探的時間。

Maybe more broadly, can you, and obviously understanding it's still incredibly early stage, can you talk to any shifts in terms of regulatory government discussions and discussions around kind of permitting time lines.

更廣泛地說，您能否（當然，考慮到目前仍處於非常早期的階段）談談政府監管討論以及許可時間表方面的任何變化？

I know that's been, we'll call it, not point of friction, but a bit of a bottleneck in terms of the pace of activity that you guys were looking to pursue in some of these regions. How has it been shifting? How has that been evolving through time? And has there been kind of an uptick even this past week?

我知道這在某種程度上阻礙了你們在某些地區開展活動的步伐，雖然我們姑且稱之為瓶頸，而不是摩擦點。它發生了哪些變化？隨著時間的推移，它發生了怎樣的變化？過去一周是否有所回升？

I'll pass it back to Darcy to walk you through.

我會把它交還給達西，讓她告訴你。

Yeah. I think, Dennis, certainly, the messages that we're constantly trying to send out about the benefits of domestic production in Europe is maybe falling on more open years all of a sudden. So that can only be good for us. You asked specifically about regulators sticking to time lines.

是的。丹尼斯，我認為，我們一直在努力傳達的關於歐洲國內生產的好處的信息，或許突然間在一些更加開放的年份裡得到了印證。所以這對我們來說只有好處。你特別問到了監管機構是否會遵守時間表。

I think we have seen and heard commitments, especially from the Dutch regulator, about sticking to their own time lines and just kind of, we have been quite successful lately in building up a nice pipeline of opportunities both in the Netherlands and Germany.

我認為我們已經看到並聽到了各方的承諾，特別是來自荷蘭監管機構的承諾，即堅持他們自己的時間表。而且，我們最近在荷蘭和德國都成功地建立了一個良好的機會管道。

And just as a reminder, we drilled two wells in the Netherlands in Offenhausen in Q3 of last year. We discovered 16 Bcf of gas there, the F&D costs less than $1.50. And then we brought those wells on production in Q4, right? So pretty quick cycle time. We brought Aside on as planned in 2025.

再次提醒大家，去年第三季我們在荷蘭奧芬豪森鑽了兩口井。我們在那裡發現了160億立方英尺的天然氣，勘探開發成本不到1.5美元。然後我們在第四季就讓這些井投產了，對吧？所以周期時間相當短。我們按計劃於 2025 年推出了 Aside。

As you mentioned, that continues to have strong production volumes and record volumes for us in Q4. We're progressing well on Wisselshorst with gas plant installation and the pipeline tie in. We're still on schedule to start up mid this year.

正如您所提到的，該產品在第四季度繼續保持強勁的產量，並創下產量紀錄。我們在 Wisselshorst 的天然氣廠安裝和管道連接方面進展順利。我們仍按計劃將於今年年中啟動。

That's again a significant discovery with, our net share is 43 Bcf there, on plan to drill two additional wells in the Netherlands in 2026, plans to spud two more wells in Germany in early 2027. And I think probably one of the biggest differences, and you would have saw that in the Investor Day is the opportunities that we're drilling.

這又是一項重大發現，我們在那裡的淨份額為 430 億立方英尺，計劃於 2026 年在荷蘭再鑽兩口井，併計劃於 2027 年初在德國再開鑽兩口井。我認為最大的不同之處之一，也是你在投資者日上看到的，就是我們正在挖掘的機會。

They're more step-out exploration type opportunities. They're bigger if we look at kind of the last 30 wells that we drilled in Europe versus the next 30, they're kind of 2.5 times to 3 times the size of what we've drilled over what was a pretty successful decade of exploration drilling there with a 70% success rate.

它們更像是需要走出舒適圈去探索的機會。如果我們比較一下我們在歐洲最近鑽探的 30 口井和接下來的 30 口井，就會發現它們的規模更大，大約是過去十年我們在歐洲勘探鑽井所鑽井規模的 2.5 到 3 倍，而過去十年我們的勘探鑽井非常成功，成功率達到了 70%。

We'll continue to work with the regulators and the stakeholders to develop support for additional domestic gas production. We think it's a strong message. It has security of supply implications that I think people are starting to listen more and more, too.

我們將繼續與監管機構和利害關係人合作，為增加國內天然氣產量提供支援。我們認為這是一個強而有力的訊息。這關係到供應安全，我認為人們也越來越開始重視這一點了。

Josef Schachter with Schachter Energy Research.

Josef Schachter，Schachter Energy Research公司。

Congratulations on Germany and Netherlands. I'm wondering about Ireland. Have you done any more work there? And is there much opportunity to maybe do some future drilling there?

祝賀德國和荷蘭。我對愛爾蘭很有興趣。你在那邊還有其他工作嗎？那裡未來是否有許多進行鑽探的機會？

And then maybe if you can give us some idea of Croatia, if there's any further work that you're doing that might open up some opportunities in like '26 or '27 for growth in those areas.

那麼，如果您能為我們介紹一下克羅埃西亞的情況，以及您正在進行的其他工作是否能為 2026 年或 2027 年在這些領域的發展帶來一些機會，那就太好了。

Thanks, Josef. I'll just give the high level on Ireland, and Darcy, please fill in the blanks. But quick answer is, we don't see any drilling activity in Ireland. Darcy just talked about, in particular, Germany, those prospects that are 30 Bcf, they're onshore. It's a bit about 50 an Mcf to drill those from the [capital].

謝謝你，約瑟夫。我來簡單介紹一下愛爾蘭的情況，剩下的部分請達西補充。但簡單來說，我們沒有看到愛爾蘭有任何鑽探活動。Darcy 剛剛特別提到了德國，那些儲量為 300 億立方英尺的天然氣項目，它們都在陸上。從那裡鑽井大約需要 50 千立方英尺[首都]。

So what that means, Josef, also, like when we look at it from a capital allocation, we really like Germany, and it just [screams] so well.

所以，約瑟夫，這也意味著，當我們從資本配置的角度來看，我們真的很喜歡德國，它簡直太棒了。

But Ireland is a great asset, the team is optimizing its super steady and generates strong, strong free cash flow. But no plans internally to allocate capital to drilling in Ireland, just given the strong opportunities that we have in Germany, but Darcy, anything to add there?

但愛爾蘭是一筆巨大的財富，球隊正在優化其超級穩定的運營，並產生強勁的自由現金流。但公司內部並沒有計劃將資金分配給愛爾蘭的鑽探活動，只是因為我們在德國擁有強勁的發展機會。達西，你還有什麼要補充的嗎？

Yeah. I think, Josef, our focus, certainly in Ireland has been on the existing well stock that we have and making sure that, that plant is as efficient as possible and then we have the highest recoveries we can out of those wells that are currently drilled.

是的。我認為，約瑟夫，我們（在愛爾蘭）的重點一直是現有的油井庫存，確保工廠盡可能高效運轉，從而從目前鑽探的油井中獲得最高的採收率。

And then with our activity over the last couple of years here in the coring up. We are progressing the potential divestment of some of the assets in Croatia. I know we can't say a lot, but Lara, any color to add to Croatia or CEE?

然後，在過去幾年裡，我們一直在進行岩芯開採活動。我們正在推進剝離在克羅埃西亞的部分資產。我知道我們不能說太多，但是拉拉，你對克羅埃西亞或中東歐地區還有什麼補充嗎？

Yeah. I think, I mean, we announced that we'll be exiting those areas. And so for Croatia and the like specific, there are nice drilling opportunities there. And we just decided, as Dion just said, we really like Germany.

是的。我想，我的意思是，我們已經宣布將退出這些地區。因此，對於克羅埃西亞等國家來說，那裡有很多不錯的鑽探機會。正如迪翁剛才所說，我們決定，我們真的很喜歡德國。

And so you have to make tough decisions around where you're going to focus your portfolio. So from a Croatia perspective, I think there are some lovely opportunities, but there are not opportunities for us, and that's why we're divesting and focusing elsewhere.

因此，你必須在投資組合的重點方向上做出艱難的決定。所以從克羅埃西亞的角度來看，我認為有一些很好的機會，但對我們來說卻沒有機會，這就是為什麼我們要撤資並專注於其他地方的原因。

There are no further questions at this time. I will now turn the call over to Dion for closing remarks.

目前沒有其他問題了。現在我將把電話交給迪翁，請他作總結發言。

With that, thank you again for participating in our Q4 call, enjoy the rest of your day.

再次感謝您參加我們的第四季電話會議，祝您今天餘下的時間愉快。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。