Stephane Foucaud

Stephane Foucaud of Auctus Advisors LLP inquired about the status of the Cote D'Ivoire FPSO project, asking if it was still ahead of schedule, and questioned the directional outlook for Q3 operating cash flow given several moving parts.

Answer

CEO George Maxwell confirmed the FPSO project remains ahead of schedule, with potential for accelerated spending if the trend continues. CFO Ronald Bain added that Q3 operating cash flow is expected to see a positive inflow, driven by the collection of a $19 million receivable from June and anticipated improvements in other receivables, which should offset the impact of lower sales in the quarter.

Stephane Foucaud of Auctus Advisors asked about the 2025 drilling plans for Canada and their dependency on an upcoming exploration well. He also requested a reconciliation of a production figure discrepancy in the presentation slides.

Answer

George Maxwell (executive) stated that a drilling program in Canada for 2025 is likely, with a size similar to 2024, to maintain the liquids-to-gas ratio. The success of the exploration well could cause a 'slight change in sequencing' for future wells. He attributed the minor production number discrepancy to rounding in the presentation.

Stephane Foucaud asked for the current production level excluding Ecuador, the potential resources from recent exploration wells, and clarification on a perceived write-down at the CPO-5 block.

Answer

COO Martín Terrado stated that July production was strong, near the top of the first-half average of 28,200 boe/d. CFO Jaime Caballero Uribe clarified there were no CPO-5 write-offs in 2025; the reference was to a 2024 event. Chief Exploration & Development Officer Rodrigo Dalle Fiore added that recent discoveries were promising but it was too early to quantify reserves pending further appraisal.