Ladies and gentlemen, thank you for standing buy and welcome to the Vermilion Energy Inc. Third Quarter 2019 Earnings Results Conference call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question and answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, Mr. Anthony Marino, President and Chief Executive Officer of Vermilion. Thank you. Please go ahead, Sir.

Good morning ladies and gentlemen. Thank you for joining us. I'm Tony Marino President and CEO of Vermilion Energy. With me today are Mike Kaluza Executive Vice President and COO; Lars Glemser Vice President and CFO; Kyle Preston Vice President of Investor Relations; and other members of our management team who may be called on during the Q&A session. We'll be referring to a PowerPoint presentation to discuss our third quarter 2019 financial and operating results and 2020 capital budget. The presentation can be found on our website under Invest with Us and Events and Presentations. Slides two and three in the presentation refer to our advisory on forward-looking statements. These advisories describe the forward-looking information non-GAAP measures and oil and gas terms referred to today and outline the risk factors and assumptions relevant to this discussion. I'll start off with an overview of our Q3 results followed by a discussion about our 2020 budget and business model. Slide four Q3 2019 Review. Our third quarter operational results were impacted by plant turnaround activity unplanned downtime weather-related delays and a moderate carryover impact from the refinery outage in France that began in the second quarter. Our Q3 production decreased by approximately 5800 boe/d or 6% from the prior quarter to 97200 boe/d. The bulk of this variance about 4300 boe/d was due to a very high level of unplanned downtime and weather delays. Although we budget for typical levels of unplanned downtime and weather conditions these factors affected our Q3 results to a much greater degree than we had expected. Despite the lower production and commodity prices we generated FFO of $216 million in the third quarter which was down 3% from the prior quarter. Our quarterly FFO benefited from hedging gains lower G&A expense and lower taxes. We have…

[Operator Instructions] And your first question comes from the line of Patrick O'Rourke from AltaCorp Capital. Your line is open.

Hey guys, just wanted to ask you a quick question on the U.S. asset and maybe the strategy here going forward in 2020. It's one of the few assets that seems to be seeing an increasing focus at the margin when you look at the percentage of capital it's seeing relative to the whole budget in 2020 versus 2019. Is this 10-well program is there going to be a geological exploratory element to it or do you guys think you have a pretty good handle on what you're doing there and it's more just moving into a bit of a development mode at this point?

Patrick, thanks for the question. The U.S. program is really one of development drilling. It is not necessarily in-field drilling. There is delineation of the Hilight Turner Pool with wells that are broadly away from the current development area so we are able to drill wells in a new reservoir that has already been delineated as being within the Turner Pool. So it's not really exploratory in nature. We think we have got good certainty on the expected results there.

Okay. And the wells that you've drilled to date at least the way they look you've got a couple that are above type curve and a few that are mainly in line with type curve so you're fairly comfortable with that type curve at this point in time?

Yes, Patrick that assessment is correct. Some are above the type curve some are in line with it and we are comfortable that the type curve or perhaps something a little bit better is deliverable out of that drilling program.

Okay, thank you.

[Operator Instructions] And there are no further questions at this time. Mr. Anthony Marino, I turn the call back over to you for some closing remarks.

Thank you again for participating in out Q3 2019 conference call. We look forward to speaking with you again after Q4 2019 results are reported in the New Year.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.