Good morning, everyone and welcome to the VAALCO Second Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note today's event is being recorded. And at this time, I'd like to turn the floor over to Al Petrie, Investor Relations Coordinator. Sir, you may begin.

Thank you, operator. Good morning, everyone. And welcome to VAALCO Energy's Second Quarter 2023 Conference Call. After I cover the forward-looking statements, George Maxwell, our CEO will review key highlights along with operational results. Ron Bain, our CFO will then provide a summary financial review. George will then return for some closing comments before we take your questions. Thor Pruckl, our Chief Operating Officer is also with us today and will be available for Q&A. During our question-and-answer session, we ask you to limit your questions to one and a follow up. You can always re-enter the queue with additional questions. I'd like to point out that we posted a second quarter 2023 Supplemental Information Investor Deck on our website this morning that has additional financial analysis, comparisons and guidance that should be helpful. With that let me proceed with our forward-looking statement comments. During the course of this conference call the company will be making forward-looking statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. And those accurate results or developments may differ materially from those projected in the forward-looking statements. VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on forward-looking statements. These and other risks are described in yesterday's press release, the presentation posts on our website and in the reports we filed with the SEC including the Form 10-K. Please note that this conference call is being recorded. Let me now turn the call over to George.

Thank you, Al. Good morning, everyone and welcome to our second quarter 2023 earnings conference call. We have continued to deliver exceptional results in 2023, bolstered by expanded asset base following the TransGlobe combination. Our focus has been on optimizing production, managing our costs, optimizing our operations and allocating capital to drilling and development future growth plans. Through the execution of the strategy, we continue to generate the growth and EBITDA has allowed us to increase the dividend and buyback shares, thus increasing total shareholder returns. We paid our second quarter dividend and announced the third quarter dividend and we are on track to pay out nearly double the dividend that we paid in 2022. Additionally, to date, we have returned $15 million through a share buyback program since November 2022. And this program continues through 2023 at current pricing levels. We have also fully funded our capital program remain bank debt free and expect to build meaningful cash in the second half of 2023 to fund exciting future projects across our diverse portfolio. I would now like to point out some key highlights and accomplishments for the second quarter. We were above the high end of our production guidance and saw a quarterly increase of 7% to 19,676 NRI barrels of oil equivalent per day or 24,863 barrels on a working interest basis. This was driven by record production levels in Egypt and Canada from successful drilling programs in both areas. Additionally, we saw less declining Gabon than anticipated due to better operational uptime at are determined and operational enhancements to the new FSO. You can clearly see how we have grown when you compare second quarter production this year, the second quarter last year, we are up 114%. Sales were up 47% compared to Q1, '23 due to…

Thank you, George. Good morning, everyone. Let me begin by echoing George's comments about our continued strong operational performance as we execute our strategic plan. With the integration of the business substantially behind us, we are much better positioned today with a growing and diversified asset base than ever before in VAALCO's history. Rather than rattling off a lot of numbers and verbiage that you can review in the earnings release or 10-Q, I'll give you some high level numbers, that dive into explanations and drive us for our financial results this morning. Let's begin with production and sales, which along with realized pricing drives our revenue. Production for the second quarter was very strong above the high end of our guidance and up to 7% compared to Q1 2023. Sales for the quarter were up considerably, with all assets production performance, resulting in increased sales. And as highlighted last quarter, due to the timing of a cargo lifting in Gabon, shifting from Q1 to Q2. This was possible with greater storage and handling capacity within the FSO. We had said previously that the FSO will not only help us reduce costs, but it also allows us to have larger liftings and provides much greater flexibility when we have weather tidal events. Our strong sales led to a 36% increase in quarterly revenues are up nearly $30 million from the first quarter. Our strong volumes were partially offset by commodity pricing declines. Brent dropped about 4% quarterly, and are all pricing held up in line with the benchmark softening, with the largest reduction sequentially in Egypt. This was the result of all our Q2 Egyptian sales being sold domestically, compared with 100% export sales cargo in Q1. We were also impacted by the significant declines in natural gas liquid and…

Thanks, Ron. As you have heard this morning, we continue to have tremendous success in our 2023 and believe that the second half of the year will continue to be very strong. We have generated $130 million in adjusted EBITDAX for funding all of our CapEx quarterly dividends, and share buybacks with cash flow and cash on hand and expect to meaningfully grow our cash position in the second half of 2023 from the current level of around $50 million. We accomplished all of this with more realized commodity pricing to date in 2023, which shows our continued efforts towards capturing synergies and decreasing margin to began to positively impact 2023 results already. We're delivering on our commitment to the market and to our shareholders and we are in a solid financial position with no time debt and growing cash balance. Our strategy remains unchanged, operate efficiently, invest prudently, maximize our asset base and look for accretive opportunities. Additionally, we have remained focused on returning value to our shareholders. In Q1 2023, we nearly doubled our quarterly dividend and paid that same increased dividend in Q2 2023 and earnings the same amount for Q3. We are on track to deliver $0.25 per share annual dividend for 2023 that we promised last year. We have also continued to repurchase common shares through the buyback program approved in 2022. Through the first 10 months of the program, we have returned $15 million to shareholders and repurchased 3.1 million common shares through buyback. Our highly successful 2023 capital programs in Egypt and Canada substantially completed the lower capital spend profile in the second half of 2023 should allow us to build meaningful cash. The plans for the significant class flow generations for 2023 above our existing obligations are to build a cash reserve for future drilling campaigns and development. In addition, we will look to enhance or accelerate return to shareholders as well as evaluating potential accretive opportunities. We're working with our partners in EG on the exciting development plan for the Venus discovery on Block P, as well as evaluating locations and planning for the next drilling campaign at Etame. We're taking the successes in Egypt and Canada, and we're drilling efficiency gains and facility optimization and applying it to our next plan drilling campaign. You should see significant increase in activity in 2024 across our entire portfolio, which will continue to grow production reserves and cash flow generation. We're very excited for the future of our economy, I'm confident that we will continue to deliver superior long-term value to our shareholders. Thank you. And with that, operator, we are ready to take questions.

Ladies and gentlemen, at this time, we'll begin the question-and-answer session. [Operator Instructions] And our first question today comes from John White from ROTH Capital. Please go ahead with your question.

Good morning, and congratulations on a very strong quarter.

Thanks, John.

Sure, sure. I'm wondering, is it too early to talk about potential CapEx or range of potential CapEx associated with the 2024-2025 Gabon drilling program?

Well, I mean, what I mentioned earlier in the call is in order to solidify the CapEx position. That's why we've went out full expression of interest for the rig. We obviously have seen an increase in the day rates over the '21-'22 campaign and we've also seen much higher utilization of the jackup rigs in general in that market. So we do have, obviously preliminary numbers that we work with an estimate, both on the drilling side. One thing I think is worth pointing out for some of the positions already, we do have some long lead items in inventory. So not everything associated with the drilling campaign will be a cash cost, because we purchased that previously. But yeah, we're basically taking the next quarter John, to get the market information, pull things together both for well locations, the types of wells that we're going to drill versus accelerant step outs et cetera and then the course of that. And we'll be able to talk a lot more about that in the Q3 call.

Okay, thank you. And what are you doing in Egypt that's resulting in such a dramatic decrease in drilling times?

Good question. We've had -- and I think we when we started the integration, and I'll go back to I think the Q3 call last year, we were asked the question of what are the plans? And our plans were always to look at how we can improve the efficiency. Now that's resulted through a number of step measures. One is we've changed a number of policies and procedures there as to how we operate. Secondly, we've had a greater degree of coordination on equipment delivery. And in some cases, in the past, we've seen the rig on standby for quite a long time waiting for equipment in order to proceed. We've solved that blockage. We have had a significant change of personnel running these programs, and are focusing on both drill efficiency and completion efficiency. So it's a mixture of all three. It's not a cup of my heart with finger on any one, but the change in personnel, the coordinated effort between supply chain and drill is one of the major issues. And then obviously, making sure we have a good performing doing unit at the same time. But our levels, I mean, what's more important, yes, we've seen a step change in efficiency. Our commitment is that we can maintain that level of efficiency. Because we're confident that we can.

Thanks for all that detail. I appreciate it. And I'll pass it back to the operator.

Thank you, John.

Our next question comes from Charlie Sharp from Canaccord. Please go ahead with your question.

Thank you very much. And thanks for taking my question. And if I can echo the previous question or comments about such a good quarter, congratulations. Just two, I think fairly short questions, if I may. One, on the gasline fix on SEENT. Can you quantify what you think the impact will -- the positive impact will be in terms of costs, once that is working again? And secondly, is it too soon to have some idea about the split of Gabon wells? Will next campaign between [Indiscernible].

Okay. I'll share the first question with Ron. But on the efficiency obviously, we utilize a lot of the field gas for infield power at Etame. At certain pressure levels, the lane is bubbling. So we're trying to maintain pressure equilibrium and align right now. So it doesn't leak and also it doesn't get flooded. We're trying to -- by maintaining that equilibrium has allowed us to not immediately go and repair the line and wait for an opportunity when it does spread will be in Gabon rather than commissioning a those spread through mobilization to come to Gabon. And that reduces the cost. I'll let Ron talk about the efficiency of dam what it does for us.

Thanks, George. Charlie, yeah, with the SEENT gasline being done, we haven't got the fuel for the feedstock for the FSO at the moment, so we are burning that diesel. And that diesel is based on a bunkered cost coming in from Gabon. So A, is quite high crude pricing. Essentially, that means that we're probably burning between $500,000 and $600,000 a month more than we should be due to not having enough feed gas. So we see that dropping out effectively in Q4. We see the pipeline repair itself, basically happening in Q3. We are in a lot of discussions at this point in time and getting a suitable vessel and to perform that repair. It will require a simulation vessel and dice team. And we've got the cost of that built into Q3. What I'd say is if we look at receiving between Q3 and Q4 in relation to the project, yeah, essentially, it's about the price of it. They were burning on the diesel each month for the quarter. So essentially, if we get this done in Q3, we should see a big drop off in diesel costs in Q4. And the cost of that repair is somewhere between, we estimate at this point in time, between $2 million and $3 million.

Okay, that's great. Thank you.

And to get to your second question on the 2024 drilling program. We are -- obviously our subsurface team have been working hard on looking at the opportunities both in the Gamba and in the [Indiscernible] Dentale and in the stepping opportunities. So whilst there are quite a number of wells currently in the portfolio, the selection of the wells and the sequencing of the wells again, we'll hopefully be able to talk a lot more clarity in Q3. But as I said in my statement, least three to four well programs with a number of options.

Thank you so much.

Thanks, Charlie.

Our next question comes from Chris Wheaton from Stifel. Please go ahead with your question.

Thank you. Good morning, guys. And let me say something to say that it's great to see good operational discipline turning into really good numbers on the screen this morning. So very well done. First question for you, George. Definitely good drilling performance you seen in Egypt and Canada, where you're not tempted to maintain CapEx but do a bit more drilling and therefore accelerate that growth in production and that growth up cash flow we could see into next year. And I'm interested in why you chose to stop rather than spend that extra money you spent the money you'd originally budgeted. And then secondly, a question for Ron. If you look in absolute terms cost 2Q versus 1Q were up about $10 million. And I'm interested in breaking it down into sort of deflationary effect activity, than any one-off costs, like for example leads to the diesel burn you've identified in relation to the lack of fuel gets at Gabon. Thank you very much.

Okay, thanks, Chris. And there's a couple of, I guess, nuances. And what we said in an earlier statement, when we said our CapEx spend is almost complete. So let me talk about Egypt in the first instance. Right now we are, I think just today completing our firm program. Has it been very successful? Yes, it has. Clearly been successful, we're clearly excited by it. Are we taking a position that we will wear the rig down? Right now, we're looking at, at least up to three contingent opportunities. And that is within our CapEx guidance range. So it doesn't change our guidance that we provided. It's within the range. We contingently allowed for those wells. So yes, there is of course, we say we've completed the firm campaign. There is a very high probability that we will continue the drilling program, for at least another two to three wells in Egypt. And then we will be working up the wells for the 2024 campaign in order to arrest decline. When it comes to Canada, it's slightly different. One of the things we said in Canada, we need to look at how we can get develop the longer lateral wells and how we can make sure we have a land footprint that allows us to do that. So once we had those planned in the first half of this year, as we said the second half of this year, is looking at how we can come up with a number of drilled already 2.75 to three-mile lateral wells. And do we need to make any additional land acquisition opportunities in order to do that? So that and again, is the preparation for a 2024 campaign up in Canada?

Yeah, and Chris [Indiscernible] costs, sorry. Go ahead.

Sorry, Ron. Can I just interrupt and have just one follow up on George, just to be clear that you see your production guidance revised today? Does that include those two to three additional opportunities or those on top of what you've said on guidance?

It will be on top and does not include our existing guidance. Because these wells, I mean, we know what we're targeting. And we know we're planning for success. But we've been conservative. We've included the CapEx position within the CapEx guidance range. We have not included the production.

Very clear. Thank you, George. Sorry to interrupt you, Ron.

Not from the [Indiscernible]. The first party a question, I really like to point out on a barrel equivalent, we're actually dealing quarter to quarter. So a lot of this is volumetric driven, as you can understand. But yes, there are a couple of one-off costs, obviously in there. We pulled out the enormous cost and you can see that in those production costs, there was about $5.6 million as a one-off in relation to the waste disposal from the old FPSO. We've obviously got inventory crude adjustments, as we've sold out eight of inventory in Q2, which obviously when you look at that, that is a consequence of the highest yields and the period. And what I'd say is a range -- one-off costs really impact in Q2 for inflationary and other things like the SEENT gas pipeline. I think you would be looking at $2.5 million to $3 million Chris within there. So I thought that $2.5 million to $3 million, once the SEENT pipeline is fixed, is largely negated and removed. But we do have inflationary pressure. We have seen it as we said, many times on our marine on our boat expense on our helicopters. These contracts have seen some reasonable increases as they come to renewal.

That's great. Thank you very much.

No problem.

Our next question comes from Bill Dezellem from Tieton Capital. Please go ahead with your question.

Thank you. We have seen a number of new stories indicating that majors that are looking to divest African offshore assets. I know that you all have historically had an interest in continuing the acquisitions. I think you even have referenced that in the call here today. To what degree are you seeing a higher level of interest in divestitures and therefore more opportunity than the past ordered or is it similar to what you have been seen? Would you characterize the dynamics there please?

Okay, well, thanks, Bill. And of course, we've been seeing for the last few years that have been a focus where we, we see opportunities where there's a strategic divestiture four core areas that we focus on for growth. What we've seen more recently, and I've said for the bulk of 2023, is a significant reduction in opportunity from IOC divestitures. We talked about two of the majors, both BP and Shell have reverse policies, from divestiture to investment and growing the oil and gas positions. So whilst we have participated in quite a number of programs in 2022, and early '23 for divestiture opportunities, I can honestly say that there are a lot more rare, less opportunities than there were 12 months ago. In addition to that, we're also seeing increasing competition in our areas of focus, particularly from European oil and gas companies, and particularly in the UK, where the high tax regime at the moment in the UK is forcing the UK oil companies to spread the wings, site into Africa. And we've seen a lot of interest. So we're kind of finding it much more complex now where there's less meaningful step change opportunities and more competition. Now, that doesn't mean to say that we completely changed our focus. But before we would have an any in any quarter eight to 10, potential projects that we will be evaluating, I would say that's now probably down to four or five.

And understanding that you only need one or two to make a difference. But let me flip the question upside down if the competition is increasing to purchase. And there are fewer assets for sale. Does that lead to you all thinking about instead of being an acquirer, let someone take you take out particularly at a premium given that you're currently trading at a discount.

I mean, as a public company, the best thing we can do is also make sure that our company is operating as efficiently as it can and producing as much oil as possible to produce. As many of the callers here today know, that this company was potentially on the market a number of years ago. Are we an acquisition target? Potentially, yes. Because we operate in the areas that are becoming attractive for others. And as you say, we are trading at a discount to our current NAV. Does that change our strategy? No, I don't think it does. I think we have the capabilities both in the experience set that we have inside the company, as individuals as our core skill set for shallow water offshore and onshore production in Africa, and the contacts in the region to give ourselves an opportunity for continued growth. And you're absolutely correct, we may only have a reduced amount of opportunities that we're evaluating any one point in time. But some of those or stepped into opportunity, so you do need one or two to come through.

That's helpful. And then one additional question, please, relative to the contiguous property in Gabon with BW. What's the update on that opportunity?

Yeah, well, actually, there was quite a lot of progress and activity actually, in Q2 on that. And we had some meeting scheduled with the Ministry under partners. As you know, there's coming to the election time in Gabon right now. And there was a kind of a frenzy, can we get this over the line before the election? And everyone tried to it. Now it appears that we probably won't get it over the line before the election. But we're keen to do so at the earliest opportunity. We're very pleased that the engagement from both the TGH under partners as we commenced. And firstly, we don't talk a lot about TNH [ph] than we haven't been in the last couple of calls. And I'm quite encouraged that we will be idling that acreage with PWE towards the end of this year or beginning of next year after the elections.

Thank you for taking the questions. Congratulations on the production growth. And good luck, whether it be with an acquisition or becoming the acquirer.

Thanks, Bill.

Our next question comes from Richard Dearnley from Longport Partners. Please go ahead with your question.

Good morning. Could you explain where you are in figuring out the geology of the Dentale?

That's a good question. So as most of the listeners will be aware, we had a couple of Dentale wells last year that were, in some cases, technical successes. In another cases, the permeability was far lower than we had anticipated, given what we'd experienced previously. So we spent some time and we haven't come to a landing on this yet. And this is why it's difficult to see what the sequencing of wells and where the wells will be for the 24 drilling program. But we started to break up the Dentale between the upper Dentale, which you'll hear perhaps the terminology coming up in the future called the sub-crop Dentale and the deeper Dentale where the permeability is much, much lower. The study is about how we can effectively and efficiently extract from the deeper Dentale? And that's a study that's going to take us quite some time to understand and come to a resolution on. It's also we've still got those two Dentale wells. They are still producing albeit at low level. So we do we are getting some data from that. But right now, we're focusing on that particular study for the future. And for the drilling campaign coming up, we're focusing on the Shell or Dentale which is much higher permeability, which we do have a lot of experience. And that's -- so if we're looking at next year's drilling program, is there a possibility of a sub-crop Dentale well, yes, there is. Have we got that worked up and ready to discuss in detail? Not yet. But that's where we are with the Dentale study at the moment, Richard.

Okay, thank you.

Okay, Jamie. We've got two questions that came in from [Indiscernible] who's having some issues with his telephone line right now. So I'm going to go ahead and ask those for him. The first one is with Gabon drilling starting now sometime next year, maybe midyear, or whenever that might be. Do we see the chance for any production growth in 2024 versus 2023 for Gabon?

Okay, so obviously, as I mentioned earlier, we put the expression of interest out for the drilling unit. I also mentioned that when it comes to long lead items for the infill wells, we have the equipment. So the timing of the drilling program is dependent on the cost and the availability of the drilling unit. So if it's all subjected to when we get these cost back, and when those availabilities? Of course, it comes in, and also sorry, the sequencing of the well. So as it comes in Q2 for '24, we start drilling and the first well we drill is one of the infill wells, and the answer was absolutely correct. And we'll have a production impact in 2024. But as I say, it's designed to rig timing, and well sequencing will be the key. And again, we'll be able to talk more about that in the Q3 conference call.

Okay, great. Thanks, George. And the next one is are any of the costs that we may incur with drilling on Box G&H? Are those exploration blocks are those ring the fence? Or can those costs get included with the Etame costs?

Those costs are absolutely [Indiscernible] terms and blocks G&H will not be the same as a commercial terms in Etame. There are potential opportunities where there are accumulations that may straddle the leased line. In that case, the costs and issues will be split in accordance with unitization, but this is too early to talk about anything like that. The simple answer is the ring fencing of G&H and the costs around that will be absolutely subject to the terms and conditions that we finally negotiate on those blocks.

Okay, George, that sounds good. I'm going to turn it back to you, Jeremy.

And our next question on the audio side comes from Carter Dunlap from Dunlop Equity. Please go ahead with your question.

Hi, when you spoke to the fiscal year production number of 7%, you then went -- you then went into Q3 with puts and takes. But I didn't get -- I didn't come away understanding what the total for Q3 should be?

Actually follow that question, Carter, can you repeat it?

Sorry, you spoke to a forecast of production growth for fiscal year of 7%. And then you spoke to you started to talk about Q3 with Gabon downs, and you did puts and takes, but I don't know what the total for Q3 is for a production forecast.

Yeah, and again, it's not in the guidance process. But the Q3 guidance that we've got out there on a working interest basis is low-side 23,000 and the high-side 24,800. So effectively, a midpoint there are about 24,000 barrels. So you will see obviously Gabon continuing at this point in time to decline because we haven't got an active drilling campaign. We've got some maintenance projects on the Gabon with the optimizations worked extremely well, in the first half of the year. Certainly on Egypt, as George mentioned there, we're really coming to the end of the firm and budgeted drilling campaign. Although there are some other opportunities over and above. And we've also got a number of workovers planned in Egypt, both through Q3 and Q4 that continue to arrest decline there. So that's where we see Q3 in relation to production.

Okay, thank you.

Thank you.

And ladies and gentlemen, our next question comes from Jeff Robertson from Water Tower Research. Sir, please go ahead with your question.

Thank you. George, you've talked a lot about the capital return program between the $0.25 dividend. And I think you have about $15 million remaining on the original $30 million share repurchase authorization. When you look ahead into 2024 with the prospects for -- for the drilling campaign in Gabon and going into '25, and also ultimately spending money at EG for Venus. How do you think about the combination of the share repurchase the dividend, and making sure that you will that VAALCO can fund the capital program, but as you build cash?

So that's a good question. When we first initiated the dividend, we run the numbers on our projections through 2025, because one of the key things we wanted to do was been able to show that the dividend was affordable. And we could sustain it. We did that certain parameters, mainly. But I think it was around about $60 or $65 oil for the dividend. And we had a certain capital program included in that. When we look at, where, and that's why we've tested we're testing the market right now to see where are the capital programs going to be predominantly around the rig costs on the jackups for Gabon. And at the moment, we don't see a significant impact to that forecast for the dividend, based on our estimates of the capital program that we've got in-house. When it comes to the buyback, when that's slightly different. We initiated a buyback campaign again based on a higher oil price, I think somewhere north of 70. And we said we find that sustainable through that $30 million program at that level. And as you seen, we continue to reconfirm that position as we go through the first $30 million. When it comes to whether we will continue to extend that program. There are a number of factors that we have to consider. First and foremost, when you raises the available free cash flow to do that. And secondly, it's obviously determined, as Bill mentioned earlier, where the stock price is and whether that stock price remains depressed.

Thanks. And just a follow up. Ron, you said you all have a domestic cargo to be sold out of Egypt in the third quarter. Can you just remind me, what dictates whether cargoes in Egypt are sold into the -- I'm sorry, international cargo, who dictates or what dictates whether or not oil in Egypt is sold domestically versus going into the international market were believed to get a good exposure to a higher price.

Yes, good question again, Jeff. Yes, we have got a cargo confirmed for the end of August. That cargoes 500,000 barrels plus or minus at 10%. So we're working to that. Obviously, it's always our preference to get those expert cargoes in our PSC allows us to get those export cargoes. Now we have to work with our partner EGPC in doing that. And we do have a domestic obligation to. So you saw us fulfill that domestic obligation through Q2. But yes, we got one for Q3, and we're working at this point in time for a cargo for Q4 too. And in both cases, we would see the differential that we can achieve in getting an export cargo versus the domestic cargo can be as much as $5 per barrel. So it's certainly our preference to go down that route.

Thank you.

And ladies and gentlemen, with that, we'll be concluding our question and answer session. I'd like to turn the floor back over to George Maxwell for any closing remarks.

Thank you very much. Operator, I think, we've had some very strong indicators for performance in Q2. Those indicators weren't just driven from the performance in Q2, they were driven by the activities we commenced upon Q4 last year, when we started to restructure and reorganize the business. We're seeing it contribute to earnings profile and we see contribute to our cash flow generation, and operations and altos through the synergy efficiencies that Ron mentioned earlier, which are substantive. We are able to talk a lot more confidently on future programs in all three of our current producing areas with, with Egypt. We know we're going to have a program next year. And we'll outline that towards the end of this year. We know we'll have a program in Canada, and we've outlined the steps we're taking to get to find that program. And we know when we already starting to look at the market to execute the planning position for the program in Gabon next year. We have continued to make progress on the opportunity to go and drill in Equatorial Guinea. And again, I hope to speak more about that in Q3. We had some ministerial meetings very recently to move that project forward. We have meetings with the Egyptian Government later this month to try and progress as Ron mentioned, the Q4 cargo and confirm the cargos for 2024 so we can confirm our investment plans. So when we look at, we don't just want to be looking backwards at the performance that was achieved in Q2. Because like I said, that was contributed by all the efforts that came from Q4 and Q1 together. We also have opportunities to now talk about having the stable platform basically generating these types of returns for the company and for the shareholders formally to deal with that point forward to continue to grow the production base. I think it's been a very successful second quarter a very successful first half. What I'm more pleased about is when we went through the acquisition with TransGlobe and to some of the shareholders on this call, we had one on one discussions. We told them exactly what we plan to do with the assets we were acquiring. And we told them how we were planning to do it. And I'm very pleased to say we've realized those plans coming through in Q2. So with that, I'd like to thank everyone for the call. Thank everyone for attending. I look forward to talking to you in Q3.

Ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.