Good day, ladies and gentlemen. Welcome to Brava Energia's earnings conference call Good day, ladies and gentlemen. Welcome to Brava Energia's earnings conference call to discuss the fourth quarter 2024 results. The presentation and comments on the results will be made by the company's Chief Executive Officer, Décio Oddone, and other management officers. We would like to point out that simultaneous interpreting is available on the platform. To access it, simply click on the interpretation button at the bottom of the screen and choose your preferred language. This conference call is being recorded and will be available on the company's investor relations website at ri.bravaenergia.com, as will the presentation that we will share here. We would like to inform you that all participants will be in listen-only mode during the presentation, after which we will begin the question-and-answer session when further instructions to participate will be provided. Before proceeding, we take this opportunity to advise that forward-looking statements are based on the beliefs and assumptions of Brava Energia's management and current information available to the company. Forward-looking statements may involve risks and uncertainties since they relate to future events and therefore depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic environment, market segments, and other factors could cause results to differ materially from those expressed in such forward-looking statements. We will now begin the presentation, giving the floor to Mr. Décio Oddone. Mr. Oddone, please go ahead. Good afternoon to all. We start this presentation of our earnings with the video "Conquering Atlanta." We made it available now on YouTube, and I invite you all to watch it. If you have not watched it, please do. Before we begin the presentation of our results, I would like to make some comments. We have not spoken a lot in recent months. Our team has been focusing on operating deliveries for the company, and we have been delivering a lot, which I think now is a timely moment to share some ideas with our investors. This is the first quarter in which we report the combined company. We had reported Q3 2024, and that quarter was a partial version because in July of 2024, both companies, Enauta and 3R, were still operating independently. Although Q4 is the first one, it brings a snapshot of the past. The results we are bringing do not reflect the current moment of the company, nor the future of the company, because it translates a moment where we had a shutdown in Papa-Terra and the transition from the early production system to full development of Atlanta. That made the offshore production of the company to be well below what was expected, impacting cash generation and EBITDA for the quarter. In Q4 2024, we progressed in integrating the teams and completed the short, mid, and long-term integration of the company. In this work, we identified that only 5% of production was concentrated in half of our concessions, which required allocation of human capital and resources, which was unproportional to the results we were obtaining. Thus, in order to concentrate efforts on our main assets, the ones that are more profitable, we decided to sell some smaller fields. The announcement of this portfolio optimization process happened at a moment where we were facing operating difficulties at Atlanta and Papa-Terra. We got some manifestations of interest by banks and potential buyers interested in more relevant assets of our portfolio, namely our onshore fields. We have an obligation of assessing business alternatives suggested to us. Even knowing that the value of onshore assets, particularly those located in Rio Grande do Norte, leveraged by operating and financial synergies coming from the deal between Enauta and 3R, the management of the company started a process for these possible offerings to materialize so that we could assess them pragmatically and more in depth as the market was provoking us. As a result of that, we received unbinding offers for the totality of onshore assets of the company. We decided, given the strategic importance and the benefit brought by the synergies, not to move forward regarding negotiations of our Rio Grande do Norte assets, but to proceed with the Bahia ones. The rationale here is the same. Any deal will only go forward if we get an offering that will give us the right value for the assets. Considering the merger of the companies, all of these events influenced the market perception of the company and our share performance. The quarter was not summarized in just that. It was not just that. We had a lot of other things happening in Q4. We started capturing the merger synergies. We proceeded with the integrity campaign for Papa-Terra facilities, and we resumed production in the end of December as planned when production was stopped. We put into operation FPSO Atlanta, and that was the first deepwater oil production project conducted from the start by a Brazilian company. This was done on time, on budget, which is not very common for such a large, complex project. Mega projects with investments above $500 million, 98% of them go beyond budget and extend beyond the timeframe. That was not the case of Atlanta Field. At the very end of last year, we completed the acquisition of 23% of BC-10, a Parque das Conchas operated by Shell. It is now part of our portfolio. We took the first steps to optimize the portfolios defined in the strategic planning. We sold 11 low production concessions. We forged a partnership for gas infrastructure in Rio Grande do Norte. We advanced in the integrity campaign of the facilities for mid and downstream, and we revisited our model of selling byproduct and acquiring and buying oil. We signed more long-term contracts with some distributors. Also important, we changed the strategy and management of our onshore business. We completed most of the investments in improving the integrity of the assets in Rio Grande do Norte, in Bahia, and in Sierra. We started focusing on projects that require fewer investments, particularly for tertiary recovery. On onshore, we increased the efficiency of CapEx. For example, we reduced by almost half the number of rigs that we use. We are just focusing on projects with a profitability above 15% with a robust return for that kind of asset, which are less capital intensive with a shorter maturation. We reduced costs. We continue to reduce onshore costs. In February, we achieved a record production onshore, especially in Bahia. Never did we produce so much, and we increased the EBITDA per barrel produced. This is a metric that we and the management want to monitor looking forward. We want to monitor this up close in offshore. In addition to resuming production in Papa-Terra and starting production at FPSO Atlanta, we approved the second phase for Atlanta and the new wells for Papa-Terra. We had mentioned that we were going to do this in Q1 2025, and we did in Q4. These have a return well above 25% per annum, which is our goal for sea investments. We signed new contracts evaluating production of oil at Atlanta, and we started fiscal optimizations and liability management efforts that we need to have in place to capture synergies and gradually reduce the cost of our debt. In February, we received good news. We hit a record production, almost 74,000 bbl of oil equivalent, and we are preparing to produce more than 80,000 with the new wells opening at Papa-Terra and Atlanta and concluding the work we are doing at the FPSO of both fields. We expect to have better results and also the return of production at Manati. From August to December 2024, in the period where we operated as an integrated company, variable compensation of the officers was zero. Bonus for short-term results was zero. The retention program with the shares that have been approved by the shareholders' meeting was rolled over to 2025, subject to performance. We implemented a new culture, a culture that recognizes performance and that stimulates meritocracy. These assumptions were adopted in the design of the compensation package of the officers that we approved recently at the board. For 2025, the management compensation will be detailed in the next shareholders' meeting, and it is in line with our culture. We have monthly salaries below market average and a compensation which is highly result-dependent and dependent on unlocking share value. In my case, it gets to almost 90% of my compensation. Of the total compensation, 40% corresponds to a short-term bonus, which could be zero, as was the case in 2024, and 30% of the share program for 2025 with an exercise price above the current values. The remaining 10% refer to the share program of 2024 with also a tech price superior to the current share price. The company has a clear strategy. We are pursuing the strategy. We believe in the merit of a diversified portfolio, one balanced portfolio. We believe in scale. A company has to produce more than 80,000 bbl of oil equivalent daily. We believe that an oil company should operate with lower leverage, ideally 1x- 1.25x EBITDA. Past the ramp-up phase of production, we will operate with low leverage, remunerating our shareholders and preserving our growth capacity. Operational results are starting to appear. Production is increasing. Atlanta will have one of the most competitive lifting costs in the industry. Our onshore and offshore costs are dropping. Synergies are being captured. As we have crossed the most CapEx-intensive phase and will benefit from production increase now, we are starting now a phase of greater cash generation. Leverage, as of now, tends to drop quickly. As our creditors agreed with a change in the calculation of the indebtedness indicators, variations will be less volatile and less dependent on the foreign exchange. As mentioned, we are implementing a culture that values people's contribution, a culture that strengthens meritocracy and encourages the sense of ownership of our employees. Today, officers are shareholders of the company. I am a shareholder of the company. More than that, most of my personal assets are in Brava shares. Never have I sold a share. As of 2025, part of the bonus of all of the employees might be converted into company shares with a matching for the company. The goal with this measure is that all employees will become shareholders of the company and develop the attitude and behavior of being an owner. With this, we're building a robust, efficient, and pragmatic company with employees aligned with the shareholders in the permanent pursuit for better results, as we are going to start seeing now. I am convinced that the coming quarters will continue to show that. Thank you very much for the initial part, for these initial comments, and let's start with the presentation. Please go back one slide. There. In the first full quarter of the company, we can see the evolution of production, 74,000 bbl of oil equivalent daily, average daily production in February 2025, and a robust EBITDA and cost reductions. I think that these are the take-home messages of the company associated with a robust cash position. Papa-Terra, we're in production, we started Atlanta, and we started with Parque das Conchas. We closed the Parque das Conchas deal. Next slide, please. This shows a little bit of our portfolio. What we see is a robust increase in productions, as I have mentioned, in February of 2025. We have CapEx efficiency directed to higher return assets, synergies being captured, deleveraging, which is starting to accelerate now, and a set of assets and projects with low regulatory exposure. In 2024, we had greater regulatory exposure, needing authorizations to conduct our operations. Since we have obtained almost all of the necessary authorizations for our investment program in 2025, our exposure to regulatory approvals is much limited. At the same time, we had significant improvement in the amount of licenses we obtained in Rio Grande do Norte for our operations. This is unlocking a lot of activities onshore of the Potiguar Basin. Here, the slide shows the governance structure and our management as announced recently. We are replacing Mastrangelo by Carlos Travassos. This was a scheduled replacement with a transition period. In the next shareholders' meeting on April 24th, Mastrangelo will leave and Carlos Travassos will take over. He's highly seasoned and he will take over as Offshore COO. He has been working with us since January, so he's already very much integrated with the whole team and with our partners. Next. Here we have the highlights of the operation. We can see that the combined company and now the + 3. Last year, we started with the production of about 70,000 bbl produced daily. We had a gradual reduction given the operating efficiencies offshore until Q4, but we already see production resuming, particularly in January and February. Now in March, we are working on the two FPSOs at Atlanta and Papa-Terra so that we can connect two more wells, two more in Atlanta, three more in Papa-Terra, so that we can have a ramp-up of production in the coming weeks and months for the company. These are the main triggers for us to improve our earnings in Q1 2025. Now we have the part of the presentation covering offshore activities. I will ask Mastrangelo to lead this part. Thank you, Emanuela Delucchi. I would like to take this moment, since this is my last earnings conference call, to say that this was an agreed decision. I had already intended to return to the United States. I have been living there for more than 20 years. What I can say is that I am very proud of the team that I was working with. I'm still working with this team. I have a lot to deliver until the end of April. With the merger between Enauta and 3R, this is not a new Enauta and a new 3R. I can say that this is a first-line team, the best that we had at Enauta and the best we had at 3R. We have the very, very best. I am very, very proud of this team. You probably saw the results in very little time in the last, in the previous earnings conference call. I participated with a number of goals to be delivered by the end of 2024. Of course, the team delivered them all. They delivered everything that we promised. Carlos Travassos will take over my role on April 24th. He's very experienced. He started to work in the industry just like I did, just like Delucchi did at the wellhead, at the shop floor. He knows what happens out there. It's not just an office work. He's somebody with a vast experience. I have more than 40 years in this industry. He has many, many years in this industry as well. He's somebody that I am very proud to be handing over to. I am sure that he will continue the good work. He has been working with me side by side since the end of January. This is not going to be a smooth handover. It's going to be a hands-on transition. I've been visiting all offshore assets with him a few days ago. I was in Peruá with him. We were in Atlanta. I will be visiting Papa-Terra. We are talking with all of the employees that are at the front line because our deliveries come from our people. Mobilizing everyone is what helps us deliver the results as we expect. I'm also a shareholder of the company. I believe in the company. That is how we will continue to work together. All right. Let us now focus on the slide. As you can see, in our last earnings conference call, Q3 2024, we said that we were working on structuring the growth of the offshore operation, the offshore portfolio. It was a conscious decision to start preparing particularly Papa-Terra to grow. We can think about Papa-Terra of the future if we did not focus on Papa-Terra now. We decided to work to structure our facilities to foster growth. We also said that we were going to resume production at year-end. We did for Atlanta. We transitioned the early production system to full development. I will go back to Atlanta in a minute, but the results are showing now in January, February, and that is what we expect to see from now onward in terms of growth. I will speak about the other fields one by one in a minute. All right. Let's start with Atlanta. I've said a lot about Atlanta, but this is an oil field that I am always impressed with, with its ability to deliver results. Atlanta requires a production system that relies on pumping. What did we do? We installed a robust system sized to work throughout the lifespan of the project without those intermediate shutdowns. We have a system that does not require water injection wells because it has a fantastic aquifer that maintains pressure. Compared with the development of a field that requires injection or injectors, they account for half of the drilling so that we can produce oil. Here, we do not have the investments to re-inject water. This is a field that has produced more than 30 million bbl in a system that was an early production system. It was there to give us more information about the field, to remove risks of the full development. The results are very pleasing. Our production curves, the response of the field, remain exactly as we had predicted according to our models. Atlanta Field is performing really well. Primarily the reservoir, which is what matters, but also with the full development system, we are seeing a performance of the system as a whole, which is even exceeding our estimates because we had an average for the industry with an initial percentage of preparation and adjustments to the plant. The field is performing even better than the usual. You probably saw the production curve in January and February. Now in March, we will have new wells coming online in a matter of a couple of weeks. We have made all of the adjustments needed. There was probably a slight reduction in production because we took the opportunity to run all of the necessary tests. Atlanta Field is keeping up, as Décio mentioned. We are the first independent company developing and executing on this project because we executed the project below the budget initially approved in 2022 because we were able to capture some synergies to reduce activities, mainly during installation. With that, we expect to have a final disbursement for the project in a couple of months that will be lower than what was originally approved in the budget. That is very rare to happen in such a big project. We now have a partner, Westlake. They came in with 20% stake, and they are giving us full support so that we can move on with the next stages. I think we have another one. Very soon, I will talk about the new wells, and then I will return to that subject. This slide only shows the change in scale. We started with a temporary system. We were in production for six and a half years. The oil storage capacity was 480,000 bbl, and this required frequent uploadings. I mean, 30,000 bbl a day would mean every five days. In the case of a plant, that is a unit that, as I was saying, has to be ready to produce and treat water. They already come with 150,000 bbl of water a day with treatment capacity. Therefore, we are ready to start growing the production in this field. Our schedule, I think in our last earnings release call, I said that it should be concluded by the end of this quarter, and we are now concluding at the end of this quarter as promised. As we speak, people are already getting ready to connect the last line of the wells. After that, two more weeks or maybe a little bit over that, we started commissioning for the next one. We are at the final weeks. Going forward, maybe by the end of this semester, we have two more wells. I can say therefore that it's part of our schedule. We are on time. Moreover, we do not need any additional equipment because we already have everything. We have the license to make the connection, to open the wells, I mean, to spread the well. We have connections and lines. The only thing that is missing, I mean, it's just a regular installation sequence just to conclude that final stage of the well. Today, production is quite stable. It's around 26,000. If you look at the numbers, we're just waiting for the production of the next two wells, I mean, close to what they were producing before. Further on, until the end of this half year, the production that will come from the two remaining wells. Everything is according to schedule in terms of our production startup. After I talk about Papa-Terra, I will talk about the tieback wells. I mean, two new wells. There will be the seventh and eighth wells. Next slide, please. One more. Okay. Now let's talk about Papa-Terra. Papa-Terra has to do with the conversation we had last time. We had to build the basis for our growth. This is what we did. We started production. Today, what are we doing in Papa-Terra? We are getting ready for getting prepared for the entry of three new wells. There were three wells in the pipeline. We are now upgrading the heating system. Why is that necessary? Because this is heavy oil. You need more heating capacity to support the need coming from these three additional wells. Likewise, we will have to do the upgrade in terms of stabilizing energy supply. In a few more weeks, we will be able to start up three new wells in addition to the production we posted in February. From then on, as I said way back then, Papa-Terra is a field with 2 million bbl in place, I mean, in the reservoir. To extract the oil from the wells, which we call to increase the recovery factor, you have to start working to optimize water injection and other things. This is what we are already doing. That is why I wanted to talk about it right now. We already started the section of four new wells, two in Atlanta and two in Papa-Terra. I am talking about both because this is an integrated campaign. It is part of the synergy. We could not do that integrated campaign if it were not for this combination of our portfolio in terms of the projects. With that, we can optimize. The contract can be longer for the drilling of the four wells, and we could still have the option of an additional one. With that, we already have all of the necessary material and equipment. Everything is already in place. I think during last year's call, I said that this would be in the first half of the year, but we were able to anticipate it. We did the final investment decision, the FID that occurred in February or last month. What do I mean by that? It means that we already have a project with enough maturity to allow us to say that we can start hiring. I mean, not hiring without making sure that the license is in place or that the equipment will be delivered in time. This was the final analysis of the final investment decision, and this was made last month. The receival of the rig that is supposed to be in September of this year, meaning that in a few more months, we will be receiving the contracted rig, which is Lone Star from Constellation. Two contracts have been already signed. The agreements were signed right after the sanction or the approval by the board. We already signed all of the contracts, and this is very important. 80% of the total CapEx have been committed just to eliminate the risks from the project, risks of any kind of pricing changes. What has not been signed is because it depends on the final approval or a detail that we will spend and the age of the project. This does not compromise the delivery of the project. The project should be delivered on time. We are referring to the four wells, two wells in Atlanta and two wells in Papa-Terra. We intend to start with Papa-Terra. I mean, the time between the end of drilling and the production, the ramp-up of production, it is in place because we are taking advantage of existing lines. This is an integrated campaign. It goes from one to the other alternatively. I mean, the vessel that will lay the pipes is the same. This is something that allows us to have this advantage or to have this synergy in terms of our offshore activities. This is one thing, and then I can go back to that. Before I talk about the non-operated wells, we have Peruá. It works like clockwork. Operating cost is fine. And our Papa-Terra costs here, we have a lot of upside, lots of things to improve in terms of cost reduction of our lifting cost. Once the Atlanta wells get into production, I mean, if you remove freight, which is a standard in the industry to calculate lifting cost, this is our lifting cost for Atlanta, we are turning this activity highly profitable. In the non-operated fields, and maybe I can refer to BC-10, we have Manati. Our expectation is to resume production this month. The operating company, I mean, we are on the back seat, but the operating company said that by the end of the month, they will start operations. We already have the license to resume Manati's operation. I mean, Parque das Conchas, BC-10, which Shell, the closing occurred at the end of last year with 23% stake. What I can say is that this has many similarities to our DNA. Considering our expertise, I mean, both fields have heavy oil. They rely on deepwater pumps or pumps that are subsea. Yesterday, we concluded another offload with Shell. We did a co-loading together with Parque das Conchas. What would that be? The shuttle tank, the shuttle tank that takes the oil. They took half of the space available in the vessel, and they go to Atlanta and took the other half. Therefore, there was a lot of added value in the portfolio, including that field that is not operated by us. I think there's another slide. Now I'll turn the floor to Alison to talk about the onshore fields. The fourth quarter, we already see some of the results stemming from the actions we are putting in place. We see production and cost improvement, CapEx improvement, and also improvements in our facilities. This year, in February, as mentioned before, we reached record production, record onshore production in the history of Brava in June and June 2023. At Recôncavo, we reached the highest level of production in the field. Since 2016, almost 10 years have gone by. Now we were able to reach a record production that was successful work done by our team. Now, speaking about Recôncavo, here, there was a reduction in OpEx stemming from several actions of cost optimization. We made important changes to our maintenance and production agreement. We also had reductions in the workover of the wells, engineering, production, reservoir, and rigs. Therefore, we are selecting the wells and tasks to be executed to reduce OpEx. Décio also said that we are coming to completion in some of our integrity campaigns. The major integrity costs are coming to an end. Therefore, this is reducing our lifting cost. There are still many things to be done in order to continue in our path to reduce costs. Still talking about production in that basin, this increase in production that we mentioned stemmed from the drilling campaign of six times in our compression system that feeds our system. This was also due to improvements in the producing wells in addition to a better reliability of our systems. Now, speaking about Potiguar, we were able to increase production by the response that we managed with the extra heavy oil field as a result of the drilling campaign and also improvements in the water injection in that basin. Next slide. We continue to work according to the plan that we showed to you last quarter, improving capital utilization. We are optimizing the management process of water. At the same time, we are moving on with the oil recovery projects to improve oil recovery. Now, in relation to improvements in CapEx utilization, we reduced substantially the number of rigs. We went from 24 rigs last year to 13 rigs at the moment. We also made substantial reductions in the timing of our drilling campaigns. If you compare to the previous operator in the Sierra field, that's the photo you see on the left-hand side of the screen. These are wells that go to deep sea. In the previous operator, they would drill in 160 days. Now we are doing it on average 38 days per well. Also, very shallow wells, about 300 m-400 m in depth. I mean, we used to drill in 2.4 days. Now we are drilling in only 1.8 days. As of August, we will introduce a casing drilling system and this will allow us to reduce that timing to 1.2 days. All of these operating improvements are very significant to the projects. In the past, we had several inefficiencies in terms of CapEx use. That stemmed from environmental license. Thanks to a great alignment that we had with the regulatory agencies, now we went from 7.8 licenses a month as an average last year, 7.8 licenses- 17 licenses in the first two months of the year. I mean, licenses per month. In the year 2025, and comparing to the first two months of last year, there were only two licenses per month. Now we have 17 licenses a month. We are working towards reaching 20 licenses a month. This will certainly allow us to increase efficiency and better standby resources. Now, steam project, everything is running according to plan. I mean, the steam equipment already arrived in Brazil. Some are already installed, and some others will come by the end of the year. Obviously, this will increase steam generation. We are not only working in the quality of steam injected, but also the quality of the steam that is injected. Steam is sold in parcels. In 1993, the average was 34%. Currently, that number is up to 63%. With the new steam generator, that will reach 82%. It means that we still have room to improve the sufficiency, but we already did some very important work. Finally, speaking about EOR, the enhanced oil recovery, we are launching our first project of nitrogen injection. The project would be deployed in the Fazenda Belém, which is our oil field. The pilot product consists of injection of nitrogen and sulfactants in the wells in these fields. In the world, this is a very commonly used technology. I mean, when you have heavy oil, you work in four things: heating, which is something that has been done by the previous operator, nitrogen, surfactants, and vertical or horizontal drilling of wells. We are working to drill horizontally and vertically as well. We are using the best polymer technology in the world. It's a proven technology. We will run a pilot project. We will do the de-risking of the technology, and then we can probably go into full development. In the oil fields that are not so heavy fields, we signed this month an MOU with a supplier to deploy polymer injection in the Salina and Campo Amaro fields. We are working to start injecting polymers at the most in the first half of next year. I mean, the purpose of this technology, I mean, just like nitrogen, after the initial de-risking, we do the full development. It's very important that these two projects, nitrogen and polymers, will probably have a minimum use of CapEx, which also is very good for efficiency. In summary, Recôncavo, we are making enhancements in costs, etc. We still have a possibility to increase gas. We will focus on improving production and costs. We will continue with the drilling campaign, steam injection, water, and EOR project. We also want to constantly focus on improving CapEx, improving the integrity, and improving our overall operation. Next slide. Thank you, Barry. Let us now start about the commercial results and the agenda looking forward. The charts on the slideshow are consistent results amidst a period of growth, price volatility, and operational volatility of the company with part of the explanations made with the offshore environment. I would like to highlight three main points regarding oil. This quarter, we completed the offtake contracts for Atlanta Partnership with Shell and Trafigura. The new contracts have a new trading format for Brava. Atlanta price is associated with the end markets, Southeast Asia, and for low sulfur oil. This allows us to share the benefits associated with cargo sharing, as Methanon Jalou mentioned. Logistics optimization and improvement in the quality of the product delivered to the end market. These can bring us sharing of gains for Brava in addition to mitigating risks and accelerating the cash cycle of the company. We see the ability of storage at the new FPSO as a positive element, adding value to similar cargoes, meeting market needs, as he illustrated, our share in Parque das Conchas and products with a final spec that we produce at Potiguar Refinery and what other refineries in Brazil export. Second point, still on oil. There is a new trading format for purchasing oil in Potiguar. This was signed in February. This is a different partnership with PetroRecôncavo and other producers at the basin. Objectively, this leads to a 20%-30% increase in the discount in the purchase of oil compared to Brent. The counterpart is the fluctuation of margins in jet fuel and diesel S500. The partnership also involves co-investment of the producers, insured storage, improvement of transportation modes to optimize the growth of flow expected for 2026 at the basin. This is a new contract model. It's a 24-month partnership, and we are very happy with the results so far. Third point, we end, we start Q2 2025 aiming at the restructuring of trading of our ship, Paquita's Conchas. The end of our partnership with Raízen for the selling of bunker domestically and abroad, and the negotiation of a new selling cycle for Papa-Terra oil, now reflecting the investments made to improve logistics of the platform, which now has its full storage capacity and a new offloading system. In natural gas, the company developed an area dedicated to natural gas. We improved our trading strategy with new sales contracts to Bahiagás and corporate clients and others, in addition to signing a longer contract, a three-year contract with Congás. This is the NTS system of distribution. Gas contracts signed with PetroRecôncavo with differentiated conditions at Potiguar, in addition to gas procurement contracts. The focus, in our opinion, will be that in the midterm, the company will benefit from its gas fields, the integrated processing infrastructure, the geographic position of the portfolio with increased production, a number of access points, improving margin, and delivery to our main customers. Here, one of the main points associated with our thesis and the business combination of 3R and now leading to the creation of Brava Energia. In these five months since the creation of the company, several teams delivered many synergies identified in the action plan. We estimate that in terms of present value, by year-end 2024, we obtained more than 30% of the total estimated synergies with the business combination. We expect to fully deliver these synergies captured along 2025. There will be a growing impact on the operating and financial results of the company. It is worth highlighting here that among the main activities, during that period, we had the ownership restructuring of the holding. We finalized many of the subsidiaries. This is an ongoing process to be finished by mid-2025. Secondly, a broad liability management program with the prepayment of debt, issuance of debt, and some commitments that will allow us to reduce the average cost of debt, lengthening the maturity of the debt. We also delivered a deep reorg, reducing headcount, unifying systems of the company, in addition to improving some activities that are ongoing. We did a broad review of the whole structure of guarantees and insurance. Operationally, we reduced the redundancies in the offshore logistics, supply of inputs and provisions, as well as, as you mentioned, the decision to invest in new offshore wells with an integrated campaign for new wells in Atlanta and Papa-Terra. Now I turn the floor to Pizarro for the financial highlights. Thank you, Pedro. Good afternoon, everyone. We have now the financial highlights for Q4 and the full year 2024. For a comparative basis, we'll present non-audited pro forma results, as if the Enauta merger with the company had happened in the beginning of the year. Let's start with the net revenues of the company. We achieved about BRL 10 billion in 2024, almost BRL 2 billion in Q4. In upstream, revenues were BRL 1.3 billion, and in midstream, BRL 1.5 billion, BRL 860 million being eliminations or intercompany eliminations. The biggest impacts on revenues are related to Papa-Terra project and Atlanta project, as mentioned by Décio and Mastrangelo. These two fields have resumed production in the beginning of 2025. On the next slide, we have net revenues for upstream broken down by onshore and offshore. Shown stability of revenues from onshore fields, even with a reduction of Brent price during the year. In 2024, about 90% of upstream revenues came from oil, 10% from gas. Of the total, 46% came from Potiguar cluster, 10% in Bahia, totaling 56% of onshore fields, 25% in Atlanta, 13% Papa-Terra, 6% in Peruá and other fields. Manati also had a maintenance shutdown performed by Petrobras during most of the year. On the next slide, we have adjusted EBITDA for the company. Given the operating restrictions at Papa-Terra, Manati, and the replacement of the FPSO at Atlanta, we had a declining trend in EBITDA throughout 2024, which followed production reduction. However, we have resumed production levels very close to Q1 2024, where we achieved $251 million in just one quarter. I'd like to highlight onshore EBITDA, which was quite substantial. We can see here the results. If we analyze jointly onshore EBITDA midstream, allocating 50% of corporate costs, we achieved about $34 per barrel for our onshore production. In other words, among the most well-positioned in Latin America. In offshore, we could see the real potential of cash generation and the EBITDA of our combined offshore portfolio starting in Q1 2025. On the next slide, we present the lifting cost of the company with and without chartering effects. Positive highlight for the onshore lifting cost at levels below $17 per barrel as a result of production increment of onshore fields, reduction of costs mainly in Bahia. I'd like to remind you that a good part of our logistics and costs and onshore offloading pipelines is included in the lifting cost, which is not the case of our peers in Latin America. For offshore, with the new wells of Atlanta coming online and resumption of production at other wells at Papa-Terra, lifting cost per barrel tends to be more efficient compared to the 2024 average. On the next slide, we have our CapEx broken down by activity, and this time also breaking down onshore midstream from offshore. What matters here, what is important to highlight, is that a number of investments made in 2024, both in integrity recovery onshore and offshore, and in the full development of Atlanta, will not be repeated, at least not in the same order of magnitude in 2025. On the right, the pie chart considering the current working interest of Atlanta. Total CapEx in 2024 was about $870 million in offshore, a total volume of $540 million. 70% of these $540 million linked to the Atlanta project, the replacement of the FPSO, as well as the whole drilling campaign and connection of the new wells. For onshore plus midstream, total volume of investments was $333 million, $140 million of those in facilities, including investments in steam generators and integrity recovery. On the next slide, we have the company's capital structure. We ended 2024 with approximately $1 billion in our cash position and about $1.55 billion in financial net debt. If we add all the earnings of the company, deferred payments linked to the acquisitions, total net debt is $1.9 billion. Of note is that we have $402 million in receivables from Enson, which will be paid during the chartering contract for FPSO Atlanta. Even with an EBITDA that was substantially impacted in Q3 and mainly in Q4, the company's leverage calculated in dollars was close to 2.8x. I would like to remind you that this is just looking at the last 12 months. On the next slide, we have cash flow and the position of oil byproducts. Operational cash flow was impacted by a reduction of production of onshore assets, in addition to delinquency of NTE, which is the partner at Papa-Terra, and the owners for BRL 526 million. The company remains with a very healthy cash position, as I mentioned, of $ 1 billion. As required by products and other, we have $170,000 NDF derivatives and many other contracts in the collar format with a floor of $58. We resumed our hedging strategy, trying to protect the breakeven of the company mainly in the coming months. We currently have $1.7 million NDF contracts at $72, which protects the company from instabilities regarding the current level, and these contracts are concentrated in the next six months. I'll turn the floor back to Décio for his final statements. I'll try to be brief because this is getting very long, but I would like to stress that we promised to deliver some operational events in Q4 2024, and we did. We did deliver. We are getting prepared to deliver a production increase at Atlanta and at Papa-Terra in the short term. We will continue our goal to capture as many synergies as we can. We will continue to optimize our portfolio to concentrate on our most productive assets. We will continue this journey onshore and generating cash per barrel, both onshore and offshore. We are in a positive trajectory with Atlanta, and we will continue in this relentless effort to create a culture of meritocracy, recognition, and respect for earnings, which will make us deliver better and better results for our shareholders. With this, we are going to close the formal presentation. I'd like to thank you for your patience. This was a very long presentation, but we are here to answer your questions. Thank you. We will now begin the question and answer session. If you want to ask a question, please click on the Q&A button at the bottom of your screen and type in your question. To ask questions live, click on the same icon and enter your name and company, or click on Raise Your Hand. Please wait as we collect the questions. First question from Mr. Rodrigo Almeida with Santander. Rodrigo, your microphone is enabled. Go ahead. Good afternoon to everyone. I think I'll start with three questions. I'd like to speak about liability management. If I'm not mistaken, you have an opportunity to make some extraordinary amortizations. When we look at our interactions with the fixed income investors, they're very interested, and they have been interested in your business case. I'd like to know how you're interacting with this market, what are your plans now for the coming months regarding extraordinary amortizations and possible issuances that can somehow bring benefits for you in terms of the cost of debt. On that same topic, Décio, do you have any visibility regarding any news about the Enson receivables? Second question is about Papa-Terra. Perhaps you are more specifically indirect in terms of the possibility of gas generation and electricity. We know that there is a high energy consumption need. Any costs related to that? Do we intend to operate the FPSO? I don't know exactly the details of your contract, but could there be any OpEx and cost upside at Papa-Terra? Any news about the oil price, price of oil from Papa-Terra? The third topic is more detail on onshore. We spoke a little about the steam generation project. When should we have the full effect of the steam injection project? What are your main focus of drilling at Potiguar? What are the main fields and wells you're focusing on along 2025? What should be the lifting cost for onshore in the coming quarters? I think that these are my questions. Thank you, Rodrigo. Yes, we have a number of initiatives related to liability management. I will turn the floor to Pizarro so he can detail those. Likewise for Papa-Terra. We want to improve the efficiency at Papa-Terra. We have a number of ideas, a number of things in our pipeline in that direction, and I'll ask Mastrangelo to complement that. We will answer onshore. Let's start with Pizarro on liability management. Thank you, Rodrigo. As regards liability management, I'd like to remind you we have two big debts that can be prepaid this year. Fortunately, the most expensive two of our portfolio of debt, those $500 million that were obtained for the acquisition of Potiguar cluster, which is not the bond, the other $500 million that exchanged the venture. It can be prepaid as of June of this year. Also, of the ventures that we have issued, the most expensive one can also be prepaid this year. This is exactly because of that we are monitoring up close, both the domestic market and the international market. Here we have opportunities in both. We also have a very robust cash position, as I mentioned, in Q4. We not necessarily prepay and issue other instruments as big as. Our goal is to reduce the average cost of debt of the company and partially reduce the size of the company's gross debt with cash generation and also using part of the cash that we currently have in-house. This is the liability management scenario. As you said it yourself, we also have quite a relevant receivable of $400 million from Enson. We are studying alternatives regarding that. Our goal is not to have this receivable beforehand at a rate that is very far from our average cost of debt. Obviously here we are very focused on the financial structuring that will bring us a substantial part of that amount as a cash equivalent for the company. I think that I can turn the floor to Mastrangelo to speak about Papa-Terra. Hello, Rodrigo. Thank you for the question. You touched on the points that I had mentioned before. Papa-Terra has many upsides: usage of gas, minimizing the use of diesel, and you even mentioned operating the FPSO. This negotiation is underway. It is our intention to go for the low-hanging fruits to get immediate gains in our operating efficiency. I'll take this moment since you kind of raised the gas topic. At Atlanta, in our license, in our operating license, we already have the possibility of using crude oil, the oil produced as fuel. This might sound too simple, but we do sell oil as fuel oil, as Pedro mentioned, so we could immediately use it on board. The intention at Atlanta is to prioritize gas, and perhaps if needed, we can use crude oil. Both points that you mentioned, they are being worked on. I turn the floor to Barrio. Rodrigo, you asked about onshore. Our production for the year is expected to increase slightly. We are not expecting a substantial increase in production. We have focused, as we said since the beginning, on optimizing our investments and our CapEx. That is why we are reducing the rigs from 23 rigs last year to 13 rigs this year. Our production outlook will post a slight increase by year-end. Steam injection, which is centered in our heavy oil field, is about 8,000 bbl per day. Steam injection will reduce the natural decline of the field. When we got Potiguar cluster and we had the lack of steam, we could see what is mentioned in the theory. We could experience the strong decline of the fields, 40%-60% of annual decline. With steam injection, we could increase substantially the decline rate and the lifting cost because gas has a cost, but it brings an increase in production. If we do not inject steam, the cooling of the field will lead to such a great loss of production that the fixed costs will have a very important weight in the lifting cost. The lifting cost has to improve with steam injection. Thank you, Rodrigo. Oh, if I may ask a follow-up question regarding trading of Papa-Terra oil. I think you mentioned an offloading, something that was left. Could you access a new market? Anything on that? That would be much appreciated. We are working on that. Our first offload from Papa-Terra was exceptional. It was worked independently from the Petrobras contract to run some tests in the exports market and to include oil volumes that were part of the ballast of the platform. That was an exceptional offload. It worked as a test for several topics related to future trading of production from the field, but that was an exceptional offload. We worked in partnership with other local and international players. As I mentioned in the presentation today, we have a trading contract from Papa-Terra to Petrobras, and we are working on a new strategy for renewal, aiming to improve the profitability of the contract after investments that were made to improve logistics of the platform. It was very inefficient. The platform could do just small batches, small batches. That required some dynamic positioning vessels, and these are scarce resources in the market, and that hindered the profitability of the operation. We expect to work with a new concept starting in Q3 of 2025. Perfect. Thank you. Our next question is from Luiz Carvalho with BTG. Mr. Carvalho, your microphone is on. Hello, Décio, Mastrangelo, Boedi, Pedro, Pizarro. Thank you for your time and for being so transparent. If you allow me, I have three topics. In your initial remark, you talked about the fact that this adjustment in the compensation program or alignment, certainly Brava, is the result of two companies that probably have different cultures. Therefore, I would like you to please tell me a bit more about this compensation model. I mean, I know you said something about it, but if you could give me a little bit more details, that will be very much appreciated. The second question is, at the moment of the deal between 3R and Enauta, much was said about synergies. Reading your release in some points, and I think you also mentioned that during this presentation, you talk about synergies, and you also mentioned a few points. For us, it would be really useful if you could quantify things a bit more. Where do we stand in that path towards reaching $1 billion in synergies? How much has been captured and how much do you intend to capture in 2025 and 2026? Finally, Décio, if you could tell me a bit more about the portfolio recycling, if you can call it that. You have different assets, and certainly this generates a lot of opportunities for the company. I would just like to learn your view about how you look at the company as a whole. You talk about onshore, you're negotiating still a few things, but what could you do about the asset as a whole? Would it make sense to sell it now that Atlanta is about to start? Maybe you could do that or do something with your stakes. If you could talk a little bit more about your portfolio, that would be appreciated. I'm glad to hear that you're still following us. Okay, let's talk about the compensation part of the question. The board has approved, and we will have a better disclosure in our general meeting of 2025. We just approved a new compensation model for the company. This new model contemplates for managers, I mean, monthly wages below the market, but compensation would be very much linked to performance, cash generation, and the appreciation of the shares. In my case, the variable part of the compensation reaches almost 90%. In the case of the employees, what we are doing is the fact that the model we have says that employees can take part of their annual bonus, I mean, 50% of their annual bonus, and they could acquire shares of the company. In this case, the company matches that, meaning that that stays in the company for three years in terms of what they acquired and what the company matched up. With that, employees become partners of the company, and that's why they have a vested interest in growing the company. Once they buy part of the bonus in shares and match by the company, they can certainly become a shareholder. It is like a pendulum movement coming from both sides. In some other cases, we also offer stock option programs. In the case of earnouts, we have some executives at the company that also carry shares of the company in their portfolios. This is very important to promote a better alignment, especially in a company that has no controlling officer. We see that there are a lot of people interested in our success. Now, referring to portfolio recycling, I think I already talked about that. We develop an initial planning job, and this led to 130 alignment activities in different areas of the company. I mean, not only do you have to do something about cost, OpEx, CapEx, and development, you have to have a culture. This culture involves processes, communication, management, and everything aligned in the same direction. This whole set of initiatives that we evaluated contemplates, among others, the optimization of our portfolio. I said 130 actions. We have a large number of concessions and with low production. I'll give you an example. We just sold 11 concessions with total production of 250 bbl. Typically, we should concentrate our resources in the most productive assets and the assets with higher profitability. I mean, we still have a lot more to do. We still have to clean up the portfolio further, and let's see how the process will evolve. I mean, for the assets, for the sale of assets in Bahia. We intend to move forward with this process of improving our portfolio. We also had a partnership with PetroRecôncavo in Rio Grande do Norte, meaning that with that, we are improving portfolio management, and this is the objective for us throughout the year. You also mentioned synergies. We've been capturing synergies. I mean, the questions you ask are the same questions our board members ask us all the time. We are working hard towards that. We already gave you a small idea of our synergies, but I'll ask Pizarro to add something, especially in regards to synergies related to liability management. Luiz, I think Pedro referred to about 30% of the target, about $1 billion. This has been deployed. It does not mean that it has already been materialized in terms of cash or contract reduction, but what it means is that from the potential of what could be implemented, 30% has been addressed or signed. Let me give you an example. Initially, the $500 million that we raised through the bond, all of the financial expenses were concentrated at 3R Potiguar. Today, all of this financial expense is concentrated in areas where we profit the most: Enauta Energia and in the future, the holding once we incorporate Atlanta. I mean, now referring to a second example, the merger of Enauta Energia, it is a subsequent obligation of agreements from the past that occur at the moment of the merge. The intention is that Atlanta will become an asset from the holding using about 700 million bbl of tax losses that we have. If we compare that to the base scenario, which was 3R separate, we would use this tax loss right after, only after 3R. Therefore, we have a delta that accelerates the tax loss. I mean, these are just two examples, but there is yet a third example, which is the foreign exchange venture issued by BTG, which currently is located at 3R. Once we did the recycling and the liability management, we will no longer issue that at 3R Potiguar. We will do that either at the holding or at some of the subsidiaries that have offshore assets. Obviously, this brings huge benefits. I would only give you one more example. When we look at our onshore portfolio and our offshore portfolio, I said before that our onshore portfolio is one of the most profitable ones in Latin America. I think it's one of the most, if not the most, if you look at the number of bbl. Decio also said that we have a big magnifying lens there. Just look at there in the Brent discount. The ideal thing is to look at that EBITDA number per barrel. It is precisely in the onshore portfolio that we have Sudani. This combination of Sudani plus EBITDA per barrel, which is very competitive, gives us a free cash flow in the last operating line. Once again, one of the best, if not the best in Latin America. In areas where our profitability is higher of EBITDA per barrel, I mean, offshore barrels, especially in Atlanta, the effect will be most concentrated in terms of our financial expenses. I just tried to quantify some financial aspects that are the most relevant ones in terms of that $1 billion synergy. I mean, we already made some initiatives, Pizarro was saying that, but we'll capture that in a timeline. The same thing goes for operating synergies. Both CapEx in our campaign that we just hired for the two Papa-Terra and Atlanta wells that they would not be done if the companies were separated, and also operating synergies that we have in the field. You also asked me whether selling an additional stake of Atlanta is in our radar. The answer to that question is no. Okay, thank you very much. It is very clear. I am very pleased to see your explanation about compensation. Thank you, and have a good afternoon. Our next question comes from Bruno Montanari from Morgan Stanley. Your microphone is on. Thank you for taking my question. I have a follow-up and two other questions. Going back to the sale of assets in Bahia, could you tell me if the level of interest after the streamlining of the area increased or decreased? What about engagement? Most importantly, what is your timing expectation for the conclusion of the process? My second question is about BC-10. If the opportunity arises, would you like to increase the effect or maybe eventually become the operator of the block in the mid and long range? My last question is, I think 2025 is a transition year in your balance sheet. There will be a very strong de-leveraging throughout the year between now and 2026. Thinking about 2026, what would be the main use of cash? The company will become a very strong cash generator. I just want to understand where shareholders' compensation fits in or if there is any covenant that prevents you from paying dividends and until when. Thank you, Bruno. Sale of assets. We already mentioned that we hope to have some binding propositions in the midst of April. This is all I can tell you. BC-10 is a new asset. It's not in the market, but if it is, we will just look at it. The use of cash today, we have in some of our debentures some limitations for buyback and for dividends. The purpose here is to work with a healthy leverage level, allowing us to remunerate our shareholders and at the same time being able to grow. There are several new opportunities in our portfolio, and our profitability is high. Within due time, we want to look at that closely once we do the recovery in Papa-Terra. Do you have any other comments in terms of debenture limitations? Limitations that we have, I mean, the dividend payout and share buyback is allowed for leverages below 1.5 during 2023. After the year 2023, the share buyback increases to 1.75. No, after 2025, that level increases to 1.75. But as Décio was saying, the leverage target of the company is close to 1.25, which is feasible for 2026. Throughout 2025, once we clean the quarters of 2024, our leverage level is controlled and adequate in 2026. It's very feasible to reach that level. I mean, without focusing on all the projects already approved, like FID of the two Atlanta and Papa-Terra wells that have very high profitability. We will bring production without adding costs to the assets. Atlanta's FPSO and Papa-Terra already have a predetermined fixed cost. Here, we would add, I mean, 20,000 bbl to our stake, and then we would do just marginal CapEx. It's precisely this kind of mentality that we have for offshore, allowing us to increase production gradually without having, I mean, a very fast pace of growth, but we will also release dividends in a very intense way in the next three years. The company has this capacity of paying out dividends, maintaining low leverage without leaving away the great projects we have. I gave you the example of offshore, but it's the same thing. We're just selecting the best projects that have good profitability. Décio said as of 2015, but in fact, the projects we are selecting are projects of 2030, 2035, or 2025 in cases where we want to approve a different region, but the target is, I mean, 2030 in terms of magnitude, in order of magnitude. This is an overview of what we intend to do in terms of cash utilization. Very clear. Thank you. Next question from Tasso Vasconcellos with UBS. Go ahead, sir. Hello. Good afternoon, Décio and the other officers. Thank you for taking my questions. I'd like to go back to the outlook of offshore fields at Atlanta. Since the connection of the two wells, production seems to be normalized and flowing quite well. I'd like to get an update of the expected production for the two wells that should be connected in April, and also for Papa-Terra. The company is making some adjustments in the wells because of the gas production, and this has been a bit discussed here. These adjustments tend to increase production in the coming months. I'd like to get an update of when all of these adjustments at Papa-Terra should be completed and what is the expected level of production at the field after these adjustments. Because I think that these two fields, together with the resumption of Manati, is the main path for the company to get close to perhaps 100,000 bbl of the company's working interest. I would like to have an update, please. Second question going to M&A at the Recôncavo Basin. You acquired two assets, Recôncavo and Rio Ventura, for close to $350 million. According to the certification, there was no great change in the volume of reserves. One year it increased a bit, the other year it increased a bit, but comparing the most recent certification with the first one, the variation was less than 10%. During that time, a lot of investments were made to the assets. The question is to Pizarro. I'd like to get an update from you regarding what was the total amount invested in those Bahia assets from the beginning, and if possible, a breakdown of the investment. What was made in infrastructure and improvement, structural improvement, and what was in reserves development? These are my questions. Thank you very much. Thank you, Tasso. Regarding the offshore fields, the two fields that will start operating at Atlanta and the three new wells at Papa-Terra are wells that produced before. We kind of know the wells' performance, and our expectations are based on that. I'll ask Mastrangelo to give you more detail on that. Okay, Tasso. Like I said, we're finishing the connection of the wells. From today to tomorrow, the last line will be ready. We expect to start production in the coming weeks, perhaps in the first week of April. Level of flow, the wells that were the highest producing wells in the early production system, wells four and five in the early production system, they got to close to 14,000. Now we are going to see the combined production. The wells producing today are quite stable, as you said. In the case of Papa-Terra, equally in the coming weeks, hopefully in the beginning of April, we should have these extra three wells coming online. Individually, in the past, they produced altogether close to 5,000. This is just to give you an order of magnitude, okay? For Manati, like I said, the operator by the end of the month, the operator will be resuming production. As for M&As, the value we see is how much we paid in the past, the reference number, but we always look forward. I'll turn the floor to Pizarro to give you more data that you asked about. Very soon, in the coming days, Tasso, we will be releasing our new reserves certification report. It It will be very updated. We're going to have many more details. We have invested $40-$45 million in the assets in Bahia. When we took over the Recôncavo cluster, we were already operating Rio Ventura. Both assets combined were close to 5,200 bbl of oil equivalent, as Boeri mentioned, and now we achieved a peak of production operated by Brava in Bahia, reflecting the 2016 production. We are close to 9,500 bbl being produced in Bahia. A part of that production is gas that we reinject. We are working together with Pedro's team, Boeri's team, and Pedro's team working together to monetize this additional gas. It's a big leap in production. Primarily in the recovery of integrity of these assets. A good part of this financial volume was invested in integrity recovery. We still have some low-hanging fruits in the assets, which are not related to the drilling campaign, which are related to monetization of gas, which is the example I mentioned. We are at a moment of a competitive process. We avoid talking about numbers, valuation, potential. We are just stressing that the Bahia asset, although it's not that relevant in the combined portfolio of both companies, 3R and Enauta, it does have a significant value with a production level which is rather high. Let me add, Pizarro spoke about the reserves certification. Before you ask, we're going to have the reserves certificate by the end of the month. We received a first draft, and there was no significant change in the report. Okay? Super clear. Thank you very much. Next question from Leonardo Marcondes with Bank of America. Mr. Marcondes, go ahead. Hello. Good afternoon, everyone. Thank you for taking my questions. I'd like to ask three questions. Two questions that are more complex, and one is a follow-up question. My first question is about the integrated drilling campaign at Atlanta, Papa-Terra, and perhaps Peruá. In the advisory, you talked about $200 million, but we understand that this campaign should require more CapEx than that. I would like to know if you could give us more color on what you expect the CapEx to be in this integrated campaign and what you are estimating in terms of production at some of the wells. My second question is about the oil sales contract with Shell for the Atlanta Oil. If you could tell us more about this contract, if it's similar to the previous one, which was very close to Brent price, or any different characteristics in this contract. A quick follow-up question regarding dividends and leverage. Leverage that you will consider for the payment of dividends in dollars, which is the same as the new covenant. Correct? These are my three questions. Thank you. All right. Regarding the integrated campaign, we released a material fact that stated that we had contracted some equipment and services amounted to the amount you mentioned. We said that we were going to have an FID, the final investment decision, this half year. That's what we do when we have certainty regarding the costs and the contracts we are going to sign. 85%-90% of the costs are insured, guaranteed. This is what leads to the total cost of the campaigns. Which are very efficient and productive because we have just tiebacks. We do not have to have any new production unit. Pizarro mentioned that. I will ask him to detail that some more for you. Leonardo, let me remind you, we have 80% in Atlanta. Currently, 62.5% stake of Papa-Terra. Four wells as Décio mentioned. These are tiebacks. Almost no investment in the plants and the facilities to integrate, to connect these wells. Part of the equipment for Papa-Terra had been already acquired. We have about $400 million, which is the working interest of our company for these four wells. If we look at productivity, you just have to look at what we have in the reserves certification. For the working interest of the company, this should be close to 20,000 bbl. If we compare productivity, CapEx size with other projects of offshore companies which are listed, we are among the best projects exactly for the reason I mentioned. That is production that will start, that will be brought to us with no extra operating costs. That is why it was not difficult to have full alignment between the management and the board of directors for immediate approval of these projects. This is the reason why Mr. Angelo did everything in his power to accelerate the FID. We had a lot of certainty regarding all of the subcontractors that are relevant so that we could conduct the campaign in a well-planned and successful way. Regarding the Atlanta contract, Pedro, you can add to that. Leonardo, thank you for the question. The contract signed recently with Shell is very different than the previous contract. Shell has been a partner at Atlanta for many, many years, selling produced volume since the early production system during about seven years of the early production system. They are a very relevant player in trading low sulfur oil, particularly in the southeastern market, in addition to being a relevant player in integrated and seamless logistics for offloading of oil in Brazil. It is kind of hard to precise the spreads and to compare with what we had before in terms of trading solution. Because previously, we had a commercial condition that was agreed upon regarding the brand. As I said in my part of the presentation, we are cutting the price of the product in the end product for the low sulfur MGO in the southeastern market, with a number of nuances regarding the flexibility of combining offloads, combining products, where we have a co-participation of the gains coming from these operations. This is a contract that will include a little more volatility in profitability compared to Brent oscillation over time. In our view, it will be better over time compared to what we had before. Pedro, let me add to that. Leonardo, if we look at the company portfolio, Atlanta compared to the Brent, because it is low sulfur oil, perhaps there is greater volatility vis-à-vis to the Brent, it is expected that on average, that discount will be low. Potentially, in some moments, it might even carry a certain premium. Oil from Potiguar, the second big project producing oil, when we think about the final profitability, post midstream, this also represents a very low discount vis-à-vis the Brent. The Bahia oil, exactly because it is a very light oil and also low sulfur oil, it has a low discount. With the exception of what we have in the portfolio that does not have extremely low discount, would be Papa-Terra and our stake in BC-10. There are some improvements there. With the blend of products that the company has, we end up having an average discount vis-à-vis the Brent, which is very low. That is why our lifting cost might not be the best among listed companies, but the blend of the company, considering all components, so we can have break-even, EBITDA generation, or EBITDA per barrel, which is what we are monitoring up close, all of that ends up being very competitive. I just wanted to underscore that. Of course, this is very much led by Atlanta, but also by Potiguar if we look at the company in an integrated way. Pedro has a task of lowering this discount that we have for Papa-Terra and Parque das Conchas. Yes, Leonardo, we work with dollars. Very clear. Thank you very much. Our next question from Bruno Amorim with Goldman Sachs. Your microphone is on, sir. You may proceed. Good afternoon. Thank you for allowing me to ask a question. I just have a follow-up on Pizarro's comments about the possibility of dividend payout in the coming years. First of all, do you understand that the leverage to be delivered this year, which is higher than last year because this year your EBITDA is more normalized, whether the target, if this is a target leverage for this year or this is probably stemming from the cash generation of the company? My second question, I just want to get a big picture about the company's cash generation profile for this year and next. This year, probably envisioning a production of 80,000 bbl a day. Would it make sense to think about an EBITDA close to $1 billion? This will lead to a cash generation that is relatively low. You wouldn't be, you know, still be single digital in cash flow yield. This would be the best proxy of what would be dividend throughout the year. I know that you do not give any guidance. I just want to try, I'm just trying to validate my rationale. Pizarro, over to you, because you have to report to CBM or the Brazilian SEC. Bruno, thank you for your questions. I have to be very careful because we do not give guidance. The company, I mean, has restrictions, there are some instruments because, as we said, these instruments limit leverage to 1.5 at the most to allow for dividends, except for the mandatory minimum, which is 25% of the profits. Eventually, in 2025, we do have a potential and 25% of the profits of a company, just like you said, may have an EBITDA at that level. It comes in a year where the exchange rate was 6.19, and today the exchange rate is much lower, and our debt is denominated in US dollars. The financial effect, if the exchange rate remains at that level, is positive. Therefore, we see the possibility of paying the minimum mandatory payout. That is relevant. Having said that, I think the most important thing is to look back. In 2024, in the first quarter, we had $251 million of EBITDA. In one quarter, with production at 72,000 bbl. From then on, brand prices were down a bit. However, the expected production is higher. Therefore, your estimate is very much in line, especially if we look at the history of the company in the first quarter of 2024. As mentioned before, we intend to keep CapEx close to $500 million. This will allow for increased production year on year throughout the next three years. However, cash generation would be, I mean, in the last line after CapEx will be positive. Positive this year, potentially even more positive in 2026, and even more in 2027. This is a trajectory that we anticipate and what we've been discussing with the board. It is also what allows the company to reach 100,000 bbl and even more starting in 2027, especially with the four new wells in Papa-Terra and Atlanta with the capacity to pay out dividends with low leverage. It is just a combination of factors. Thank you very much. I just have a very quick follow-up. In regards to growth, this year, obviously, you'll have the normalization of Papa-Terra's production, Atlanta's ramp-up. In the next coming years, where do you see growth coming from? I mean, these four wells, we have two wells in Papa-Terra and two in Atlanta. They will bear an effect in the last quarter of 2026. We come in the beginning of 2027 with these four wells in operation. This more than compensates for any decline in 2025. In the first quarters of 2026, 2027, which is already in place without exceeding that CapEx level I mentioned, we do have the potential to reach a much more relevant number in terms of barrels, in terms of what has been contracted. I mean, we've been here for almost two hours, and we still have questions posted in the chat. I'm looking at that, most part of the questions repeat one another. One question is about expected CapEx for the next few years. I would say that we went through that acute phase of the huge CapEx, especially in Atlanta. I think we should consider a much, I mean, a better-behaved CapEx. I'm not going to repeat the level of CapEx we had when we still were working on the full development system. The last question is about our current cost of debt. This would be the last question. Perfect. Just something regarding the CapEx of our total CapEx. If we did not consider the 20% that we sold to Westlake in Atlanta, we are talking about a level of CapEx in 2024 of $800 million, of which about $400 million is the full development of Atlanta, which will not be repeated in that order of magnitude in 2025. The same thing applies to Papa-Terra integrity, onshore integrity, the reduction in the number of rigs. That is why we're kind of reducing this intensive CapEx of the company to start now a moment where both onshore and offshore CapEx is a lot more related to expansion rather than related to integrity recovery or deployment of a large project like Atlanta. The last question about the cost of debt. When we look at the cost of our dollarized instruments, the latest debentures that were swapped at a rate of close to 7% and our obligations with Petrobras, in our case, with Qatar at BC-10, we have a cost of debt close to 8.5% in dollars, equivalent in dollars. The two most expensive instruments can be prepaid this year and eventually issue new debts. The trend is that the cost of debt, the trend is that the cost of debt is declining. This is what we can tell you so far. Thank you very much. I would like to thank everyone for joining us. This was a long call, but there was a reason. We had a lot of things happening. For four months, we did not have the earnings call. The next one will be very short. It will be in mid-May. We are talking about 50 days from now. Hopefully, the next one will be shorter. We will be able to do a follow-up of some things that we spoke about here. Thank you very much for joining us today. I will see you next time. Thank you.