Good morning, everyone. I thank you very much for waiting until we opened up. I am Marilia Nogueira. I take care of the investors department. This is your first quarter of 2025. Presentation will be presented by José Firmo, and then Rafael Procaci. And then we are going to have a Q&A session with our executive board. We kindly ask the questions to be sent to PERR along with the name so that we can read all the questions in the end. Microphones are not going to be allowed. This is going to be broadcast over the internet, and then it's going to be available on our investors relations website. We once again would like to say that all the declarations in regard to the business plan, forward-looking statements, they are based only on statements that denote forecasting projection, and they indicate or imply future results to a certain extent. They are not a guarantee of any development or performance, and they involve risk. You may have the floor now. Good morning, and good morning, everyone. Thank you for attending our first quarter meeting of 2025. This was a quarter that brought growth in production, resilience, our operational capability, and also concerning boldness in regard to all of the value concerning the company. In terms of finance, we broke another record on the net revenue with an increase in 16% over the same period last year and 2% when comparing to the previous quarter. With an increment in the lifting cost and the adjusted net income, we adjusted this to more than $500 million, reflecting 25% when compared to 4Q 2024. The free cash generation was of BRL 207 million, 45% larger than the previous quarter. As a result, with this incredible cash generation, we announced that we have a distribution of BRL 263 million to our shareholders, that meaning BRL 0.90 per share with a yield of minus 7%. In regard to the acquisition payments, it was completed over with $34 million. This is going to be the last installment paid. With this milestone, we are now in this very unique position with cash generation. The average production was over around 6.63 m, and we ended April with a productivity of 27.8 barrels per day, representing our fourth month in a row with growth in our production. As a result, on our preparation ongoing drilling program, we have now eight additional posts at six producers and two injectors. In March, we presented BRL 183 million in reservation to 2P, representing 1.7-fold with a cost of development of $6.7 per BOE and the past PDP/2P relation in 34%. As mentioned before, April was the best. It was the fourth month in a row in which we increased our production. We now have an amount of 27.7 barrels per day. This is a result of the workovers along with the drilling production that was announced last year. We have drilled 18 sites. Twelve are already under operation, and six are still in the completion phase. We have concluded the third deep drilling of PetroReconcavo, and we have set a new record in depth, getting to 3,630 meters deep. All of these deep wells are now under the test and economic evaluation process. This evaluation is important so that we understand the economic potential and so that the reservoir teams can define the new horizons for the news plan. I will now give the floor to Rafael so that he can detail the rest of the presentation. Thank you, Firmo. Good morning, everyone. In the first quarter of 2025, we had the net revenue of BRL 861 million, an increase of 2% when comparing to the previous quarter. This was leveraged especially because of the increase in the natural gas production and NDF. The crude oil net revenue was a little bit harmed in regard to the stock in the state of Rio Grande do Norte due to yield operation at Cara Camarão, with an impact of around BRL 20 million in the quarter. In regard to gas, we had an increase in the volume of sale, which was backed up by the third-party gas billing in the quarter. I would like to emphasize that our sales contract of dry gas and GLP, they are 81% of the natural gas provision of the company. They have fixed price clauses in their contracts with max and minimum prices, and they are used at natural gas, which ensures predictability in the price branch. Another important factor is that in January, we hired new petrol heads with around 400 barrels a day for the second and the third quarter, which corresponds to around 25% of the crude oil production. If we combine the gas and heads of crude oil, we have the volume of around 50% of the production hedged, which is projected from the future variations in the next quarters. Now, in regard to costs, in this quarter, we had a reduction in the lifting cost of around 4%, getting to below $14 a barrel. This is due especially to the increment in production and cost reduction after we managed to work on the production resilience and with some actions taken in the last semester of 2024. In regard to royalties, we had an increase in 11%, and that happened due to the increase in production in the Tiê field with an increase in gas and reference prices and also due to the reference price increase in that period that is concerning prices. The missing costs, considering also the third-party gas, consistently show some reduction driven by optimization and efficiency in San Joaquin and the optimization of transportation contracts, causing a decrease of 20% of all the prices we had in the past. In regard to general expenses, we ensure we have had 8% reduction, especially in the first quarter of 2025 when comparing to the previous quarter. Our EBITDA of BRL 424 million was 5% larger than the one in the previous quarter, getting to 49.2% with a reflect in an increment in our revenue and improvement in our costs, as explained before. Based on the results in the previous quarter and the recent changes in the crude oil market, we have an approximate break-even net cost per BOE in the margin. The average net back for the quarter considers the mix of the products within the company. In this quarter, it was around 60% oil and 40% natural gas. The difference between this net back and the net revenue and the difference of amounts and values in the prices we have reflects the differences that are facing situations concerning the contracts that we have in place. Among them are the lifting cost of $13.9, an SG&A of BRL 3.9, and midstream of BRL 8.0, and royalties BRL 4.8 in dollars, I mean, which is around $28 per barrel with a margin of $33.1 as a margin. The total CapEx for the trimester was BRL 249 million, which reflects a reduction of 29% in comparison to the previous quarter. BRL 222 million were invested in our reserves, representing 89% of the CapEx over the period. Also, in the period, we are working well with our drilling processes. We invested BRL 93 million in perforation and drilling, and some of them are still awaiting confirmation for the investment. In regard to the workover, we have invested BRL 82 million with 51 projects, a reduction in comparison to the previous quarter, and that is due to larger intervention on repairing with the feedback and log of production, as well as the initial completion of the first wells that were perforated in the quarter. Total was BRL 47 million in investments versus what we had in the previous quarter, with a larger demand for the resources, considering that most of it was done in the previous quarter. This was another quarter with a lot of consistent cash generation. We have managed to pay for all of the CapEx acceleratedly, and we paid all of the worn-outs in Miranga and Tiê, allowing for some stability. The free cash flow for the company, which corresponds to the deductions, the cash flow from operations net of disposals of property, plants, and equipment, showed an increase of 45% in comparison to the previous quarter. With this, we announced that we have very good dividends being paid to the shareholders. We are committed to evaluating every quarter how much we are generating in cash, the shareholder returns, and future scenarios. We bring all of the positioning to the board. We have opted to pay more than BRL 260 million, representing BRL 0.90 per share and a dividend yield of this distribution of around 7%. The capital structure of this company is even bolder and stronger. The net debt and in leverage, the net debt of BRL 1.1 billion in our 1Q 2025 and 0.62-fold in the net debt over EBITDA for the last 12 months. This positive evolution was due to a combination of factors: the growth in the EBITDA in the last 12 months and the reduction in the gross debt with the decrease in the amount of dollar in the last quarter, in the last semester, and the payment of some assets. According to what we see in the future, there should be no trigger in the other potential burnout for Tiê in Brazil. Also, due to this reduced leverage, the average cost of debt is 6.7% per annum and a debt duration of four years. The first debt amortization should occur only in 2028. I will now give the floor back to Firmo. Thank you, Rafael. As we could all see, in the last five weeks, the crude oil sector is under a cycle that we are aware of, and they cause very unexpected costs and price variation. When we consider a resilient operation, a long-lasting operation, we need to be ready to operate in adverse scenarios. The results for this quarter show that we are healthy. We have a healthy balance sheet and low leverage. We are a market reference. We have all of the tools to remain being the benchmark in the market for Brazil. We have strong cash generation, even though we do not have a favorable scenario like the one that we faced in the last few days. I will now give the floor to Marilia so that we can start our Q&A. Thank you, Firmo. We are now going to start our Q&A, and I kindly ask you to please use the Q&A icon. There is some identification on it on the upper portion of your screen. The first question is from Tasos from UBS. Can you share a little bit what you think about the expectations for the production next year and year-to-date, considering that the year-to-date numbers are challenging? I'd like to know what you can give as an overview in detail of the projects that you've developed now and what you envision for 2025, considering this branch scenario and if this branch scenario can change your plans. Thank you. Tasio. Thank you for your question. Let's break this into parts. In regard to production, our expectations in regard to growth in production, I can say that from the very beginning, from the very event that we had in São Paulo at the beginning of the year, the idea would be to get to a double-digit growth on average for 2025. This is still our goal. Of course, this goal demands for a production that we are having now and something similar for the next month. This is still our goal for the year. Our development plans were obviously reassessed and reevaluated with the board of directors. Now, in view of everything that happened in the last five weeks, and they've been kept, our operational capacity and the way we operate according to what is happening and still in adverse conditions and with what we already know today with the levels of the oil price today, of course, they can be under maintenance of our plant. Of course, the nice-to-have and any cost or expenditures we may have that can be below the expected. If we can control this for the next two months specifically so that we can understand the movements of this market this year, we can say that we have already started doing this. There is a mix on the plant maintenance concerning investment along with our criteria's observation for the next two months, considering the expenditures and investments we may suspend if case is, so that we can better understand the branch curve for 2025. The plans remain the same, which is to finish the development of Tiê. This is what we started last year, and we had a lot of success at doing this. Of course, delivering 100% of the workovers. This is an important challenge to balance everything and all of the activities to keep the curve for the year. Of course, sowing the seeds for the future in regard to the deep wells and the horizontal wells because these are part of our plan for the year. The plan is very much in line with what we expected. The results of the plans, of course, are not absolutely predictable unless they are 100% implemented. Our expectations seem to be working, and they are going according to plan, at least for the last 24 months. We do have a challenge to keep pace and continue the same way. Thank you. Second question would be from Vicente from Bradesco. Tiê is really successful. I would like to know when you're going to start for a second campaign for drilling. When would the company make a decision for an eventual, even third campaign for drilling? I would like to know about the product licensing for Tiê, an update. Okay. In regard to a Tiê campaign of drilling, let's name it differently. Let's say field development project instead. Is that okay? Last year, we approved a development project for Tiê that aimed at starting some new drilling on some sites to evaluate how the result would occur. After that, start a phase II for that development project, which is what we are doing exactly now as we speak. Phase I was already implemented successfully. Phase II is starting to be implemented. The last wells are going to be ready in the next few months. We are going to have full throttle phase II. Phase III is still being evaluated, and it's not 100% approved. We are still going to be very careful with what we have as results for phase II so that we can understand what's happening for phase III. Phase II in Tiê should be ending this year. Phase III is still under evaluation. I believe this is the question you asked. Instead of saying campaign for perforation or drilling, we have to call it. Hafa from Safra, you have the next question. I would like to know about the next workover's probe. Is this going to be a backup for a longer time, or is this going to be a continuous operation? Are you going to deliver with this probe, or are you going to use third-party probing? Will you still use this as a backup, or is this going to be your own? We have a probe, but it's not a complete probe. This was a strategy that we developed last year. The purpose was the following. Considering we have a large number of probes, they have some inspection; they have to undergo inspection moments. They are idle at that moment. The best way would have movable probes so that this could be a kit that could be used while the other probes are idle. This would not be a problem. This would reduce maintenance time. This was a strategy that we developed, and it has just been implemented this year. We have already reduced the time for maintenance for the workover probes with this strategy. We have a growth in our fleet, and this happened with the hiring of third-party probes. We are hiring for more so that we can meet the expectations of our operation. Apart from that, we are also evaluating whether we include more drills and more probes in our strategy. Have another backup probe and turn this into a probe kit. I know I got into a lot of detail, but this is what we are planning for now. The hiring of personnel, for example, when we create a new probe kit for the workover, we have to also understand whether we need to hire more people to operate that. The backup probe does not have a team because it only replaces the ones that are usually in operation. I know I went into a lot of detail, but I think I answered the question. Still, in regard to the rest of the question from, I would like to know what was removed from Bahia. I would like to know if this is a strategy. Would you like to have more logistic access in the region that is in Bahia? Would you have to have more investment in the area to do so? If I understood this correctly, was this in concern to logistic solution? Let's try to break this question into two parts. Last year, we identified the need, and we have implemented an initiative of materially changing our flexibility and also our production distribution capability. That is for crude oil. This was something we learned a lot within the process. We had some difficulties with equipment back then. The company decided to look for alternatives to distribute in Rio Grande do Norte and in Bahia. In Rio Grande do Norte, we announced PCE. In Bahia, we announced a possible different route for distribution at Bahia de Todos os Santos using Ultrapar. Of course, there are other alternatives for Bahia, and we are still developing this. These alternatives, there is no silver bullet or a short-term solution. There is a plan to overcome this logistics challenge so that we can, in the end, meet all of the requirements, which would be to at least distribute our product using two routes with two clusters. That would be the goal. The possible acquisition of assets in Bahia concerning logistics, it would be much more than this. This would not only encompass logistics. This would encompass more. Of course, logistics was only part of the solution, but this would not be the main objective of this change. This would not change much, everything that we were doing already. This would be done very independently. The implementation of pilot projects that may become long-lasting solutions for Rio Grande do Norte and for Bahia would be part of our plan. João, would you like to make any comments on this? Yes, Firmo. I would say that regardless of working with solutions and alternatives and with the decisions on BR Distribuidora, it does not mean that we are not looking for other solutions along with them, looking for possibilities to optimize these logistics structures. Having this independence is important for PetroReconcavo, but BR Distribuidora and PetroReconcavo will always look into having the best solution and the least costly solution, maybe with an M&A or some sort of partnership. This is what we have been looking into these days, especially when we talk about the crude oil, because, of course, this is different with natural gas. Although we are close and use the structure of the onshore with the different players that are located in the same areas as we are. Yes, you also remind me that it's important to emphasize that with the discussion of Bravo and Rio Grande do Norte, we have managed to get to some improvement from a logistics perspective with upgrades per car and an increase in capacity of storage. This has already brought some good effects. In January, when Bravo had to stop in the refinery, we have managed, which was different from 2023 December, we have managed to keep production. The production was still working, even when the refinery was yield for more than three weeks. Some of these logistic upgrades are already bringing some results, and they are already showing some effects for this quarter. Excellent. Next question is from Gabriel Citi. How does the price of oil change the allocation of money, dividends, and leverage levels for the company? Rafael, I'll ask you to answer this question, but I have to say that last year on the board, we've agreed on a structure that is very transparent, very clear, and with a very clear objective of observing and maintaining flexibility for the company all the time, considering that these onshore opportunities are still junior, let's just use this word because I think most people know it, and very difficult to predict. Our decision with the board was, let's keep flexibility on capital allocation. I think this is the best strategy. The strategy would be to keep the company flexible. This is why every now and then we gather at the board of directors to discuss whether this is to be kept or changed. This is how we play any return of investment to the shareholders. To the market, what is valid is that our strategy is to keep flexible and reassess whenever needed how to allocate capital. I would like to add to it, of course, we have undergone many different cycles with the oil, but we have a few things that affect the company directly. For example, when the price drops dramatically, some of the projects become just less attractive. To this moment, close to $60, I do not think that many other projects are not attractive or non-viable to date. We do not have this effect to this extent with our product today. This is still attractive. Of course, if the price drops, it is going to affect the cash flow of the company. Of course, there are several protections, and this impact may be less to PetroReconcavo than to any other company because of our flexibility. Of course, sometimes we have to adjust the CapEx to ensure the distribution of amounts. Of course, this is part of our plan, and this is part of our strategy every semester, and this is revisited every quarter. $60 per barrel is still a very good level, considering we generate a lot of free cash in the period, which allows for these many possibilities, the investments and profit distribution. This is reassessed every semester. Perfect. Next question is from Leonardo from Bank of America. Could you please update on the negotiations with BR Distribuidora for their infrastructure at Marais? I think this is a path that is being pursued from the moment we started with the signature of the MoU. We have some technical challenges ahead because it's an integrated system. It was created in an integrated fashion. We have to ensure that this transaction is going to protect all parties. This has to be very well put and built so that we succeed. The expectation is that we have resolution the fastest way possible. Of course, within our ability to generate a very good JV that may work in the long term, which is also including a systemic improvement for BR Distribuidora, PetroReconcavo, and other possible players that may use this infrastructure in the future. Would you like to add to it, João? No, Firmo. I think you've put this very well. Thank you. One more question from Gabriel Citi. Have you changed the way you think of your policy on head? In this volatile scenario, do you think that the company could increase the hedge levels of the company and the operation? I think that the hedge strategy for the company is proving itself to be, again, very correct. We have made some decisions in the past due to our need, especially because of our debt. Our strategy today is protecting the company. I do not see any changes to come. Yes. I do not think there is any change in strategy in general. We have gone through and finished with a phase in which leverage was larger, and we had a much broader hedge program. As we grew with gas and we have become more relevant, we have a policy of testing stress scenarios considering a low season for crude oil and restructuring our debt last year, extending deadlines. I can say that we are in a very comfortable position in a way that we do not have to plan for any hedging for now. Just to add, in regard to oil, the volume of hedging, we do not see any change in our strategy to date. Next question is for lifting costs. Questions from Leonardo Bank of America and Link from BTG. We see a reduction in cost quarter- over- quarter. Could you elaborate a little bit more on this, considering that the company could implement the change in productions for the year? Where do you think that the lifting cost can get to by the end of the year? The PetroReconcavo lifting cost has undergone an evaluation in the second semester last year. As managers, we have decided to invest in operational resilience so that we can be capable of delivering everything that we have committed to. We decided that there was need for a bolder investment in our resilience. Obviously, this is an effort that is specifically intemporal for this period, but it is not permanent. The objective is, as we understand the real effects of this expenditure, we are going to adjust this daily. Of course, this is very cautious work of risk and reward that we do with the lifting cost. Our perspective for the lifting cost is challenged to be reduced all the time. With a lot of transparency, especially on a month-to-month view, we need to ensure that we are delivering maximum uptime with our production. This is our philosophy. The reduction in this quarter indicates that most of what we did is already showing results. We still have work to do. I don't want to bring you to any level of expectations concerning the lifting cost for this short-term period because we still have a lot to assess, a lot to evaluate. We have invested a lot in electric resilience, for example, and they are going to be tested during the period of heavy rain that has just started and will remain for a few months now. We have seen some material improvement in the electric resilience, but we still have to test it more. There are other resiliences in regard to the distribution of our product. One of the main factors for the lifting cost, which is taxes and the fiscal. Last year, we set Troy, myself, Dennys to assess for the possibility for a new methodology to address the well repairing. We create a business unit that has the purpose of looking into holistically in the long term to increase the life of the wells so that we can have better effect. We now start to see some results in the semester, but of course, the result will be in the long term. Anyone would like to add to it? Yes, Firmo. I think you've covered it well. I think we are now creating this way of managing the wells. It's a very good partnership with RCO and operations and production. As you said, this is a very holistic point of view. We are working with the reservoir engineering, production altogether, RCO execution, and even the materials and supply teams. We want to become a center of excellence. As explained with the event with the investors in May, we want to turn this management of well repairability. We want to eliminate the premature fouls on the wells. We see some significant improvement. Of course, this is representing a reduction in our production backlog. We want to cause an impact in the lifting cost with this. We started last year. It is gaining maturity in the first quarter. We see some improvement, and I believe this is going to be a success. Okay. Making promises for the lifting cost is hard. Firmo, I think you've characterized it well. We are in line, and this is also always a challenge in this field because we have to keep this mature to understand if we are on the right track with this, with this high-efficiency group, to tackle the cost impact, having this more available to be reduced. Thank you, Troy. Next question is from Rodrigo from Santander. We have an expressive drop in development CapEx all the way down to BRL 202 million, even though we had a very intense activity in drilling. I would like to understand this disparity in CapEx and would like to understand when we look in the future, especially with the reserves. I am trying to understand when you say disparity. Last year, we had a strategy of interrupting drilling right in the middle of the year in the second and third quarter. We got back to heavy drilling in the fourth quarter and with a very strong workover campaign. At the beginning of the semester, we are keeping this. We are doing this. That, of course, depends on the type of drilling that you work on. The average of investment was exactly at the levels we had envisioned. Three probes. The workover was a little bit lower than expected, but still we have the possibility for increasing it for the next quarters. Materially speaking, it has not changed as far as investments are concerned. The CapEx is different in that way. As you see, and as you see, we have been discussing our CapEx is between the CapEx of the certification curve and 1P and 2P because the methodology of the capital allocation for reserves this year is well-defined in their buckets, as we can say, in different buckets. One bucket for the workover, which is very well-defined, and Dennys and the RSO team are working hard to deliver the 100% CapEx for this. We have a drilling campaign that during the year will be divided into conventional drilling, the ones that we had planned, and two different buckets, deep drilling and horizontal drilling, which are two different buckets we call seeds for the future. The deep wells that have been drilled are now starting to get into their evaluation phase. This evaluation phase is important because when we drill in different areas, what we have to do is to ensure that we are going to extract maximum information possible for that specific scenario. It's not like in Tiê when we drill and you know exactly what you want the drill to operate like. You know how much you're going to have with this. You know how they get into completion and then production. The time between the end of drilling and the operation in Tiê is invariably smaller than the drilling of the other sites. We have to use what we learned with the first and second drilling to understand what we are going to do with the rest, to understand the best methodology. We have these different buckets. We also have the horizontal buckets of drilling because we are going to start in the second semester. In general lines, I can say that maybe the difference that you see and the difference that you notice is because we operated in Tiê in a predictable way. We started in August, and we have been drilling second phase now for Tiê. In general lines, the CapEx, the operation, and the workover are very much aligned with what we planned for the year so that we can deliver the production curve that we envisioned for the company. Next question is for Eric BBA Itau. This semester had a subtle advancement with our storage due to the acceleration of the workover drilling. What can we expect with this line for the coming year? Of course, this is a timely effect. We have reduced BRL 100 million in inventory last year, and the company is focused on it. We had a small increase in the semester. It has to do with ensuring that we have all of the required equipment for the campaign for the year. If you remember, we put a lot of planning to it as the basis, the foundation for the future. One of the things that we wanted to do was to understand the program early to ensure that everything that was required for the program, not only materially speaking, but everything else would be available for the program to be executed. This is only for this short period. The expectations for this year, which is different from last year, we said we would reduce 70%. We would like to still reduce our inventory without stipulating a number because we still have a lot of variations. We want to have flexibility. That really depends on what we are going to do for the last quarter of the year, which is what is going to change this effect. Okay? Okay. Moving forward. Could you please talk a little bit more about your drill results in Periba? Is there any focus on the perforation there and how many meters a day are you reaching? We had two in Periba and one in Jacuípe. Each of them has shown the seismic interpretation that we had. We found the horizons we were looking for. This is the first characteristic when we are drilling, especially when we are drilling somewhere new to us. We have some experience. It's much more of an appraisal thing than anything else. Of course, it's important that we validate and reinterpret the seismic evaluation. We have found our horizons, and we are now in the process of assessment. We are now assessing the first horizon of the first well in Periba. We are going to start assessing the first horizon in Jacuípe in the next week, as we can see it. We are going to keep on assessing to better define what the best methodology is and what are the layers with best economic potential. After this, we decide on the next wave of drilling. Of course, there is one priority here, which is to understand very well, not of the well, but the economicity of each of these reservoirs to understand what it is going to be like after the assessment we are going to run for the next months. I think that, of course, we have to assess this well. The question was concerning the stages for drilling, and I think that maybe Dennys can comment on this better. From my own perspective, I believe this is advancing well with our efficiency, and specifically the deep wells in which we are optimizing several technical aspects of the drilling of this well. I think that we are heading towards efficiency here. Would you like to add to it, Dennys? For these first wells, the main purpose would be to have competent wells within the expectations we have for the wells. As a strategy, I believe that the company would reach different levels of depth, having very well-competent wells, and that means they will meet the targets. They are going to be built in a way that you are not going to have any interruptions or any yield moments to have any root deviation that may cause an increase in price. We have mentioned this before. We were very much able to prove that we are on the right track, and we believe we have the best drilling onshore company, considering all of the difficulties that we see onshore today. We have advanced really well. I think that from the efficiency perspective, we saw some efficiency being proven in Tiê. It was very well comparable when we saw two wells there being drilled. Now, I think that it's too early for us to talk about the deep wells because we are building on different sites. Periba's is different from the first one, the second one, and Jacuípe is different as well. I think it's too early to talk about efficiency, but I believe that Troy said it well. When we brought the probe, the wells were drilled in months. We want to do this in weeks. It is far from what we wanted it to happen. I think that Dennys can elaborate on that a little bit more. Dennys, if you could mention anything. Yes. It's 100% aligned. I think we are still in that efficacy assessment. Just to give you an overview and a little bit more of information, yes, we've been improving efficiency because when you compare Periba 20, we understand that this started on a side track. We started to 3,560 in depth. We started at the same level, and it took us the same time. We increased our efficiency, and we drilled faster for the second. We broke the record of PR 14 with the penetration rate perforating more than 500 meters. Of course, we are far from the goal that we have put to ourselves. Yes, we are gaining efficiency. This is only the beginning of our learning curve for Periba. Perfect. This is our last question. Considering we do not have any imminent M&A in the short term, the company leverage is lower, and the CapEx peak has already been reached recently. Does the company have more space for paying any dividends this year? I will get back to our capital allocation framework, the M&A on the onshore, especially the opportunities that I see that could happen. I believe that the Brazilian onshore is heading towards the best because the best is yet to come. The systemic efficiency for the onshore could be either through a direct acquisition of an asset or a company or through a partnership, JVs, farm in, farm out, because I believe these are the ongoing discussions all the time with any players that you can talk to. These opportunities, they will still exist. We do not know if this is going to happen in the end of the year, the beginning of next year, but what PetroReconcavo did and will keep on doing, at least for now, is to keep on being flexible. We are going to generate cash for the next quarter, the next quarters, I'd say. We are going to evaluate all of the opportunities either through M&A or through an acceleration in our reserve or even going heavier on the mainstream gas investments. Then we will decide on the capital allocation and then announce it. This is the flexibility we want to have. From a perspective, considering potential, no doubt that with the generation of cash and the margin that we have today, with the cost control that we see, and with good oil price the way we have today, we do not have heavy financial commitments to meet. We are definitely going to have some free cash. What we are going to do with this free cash is going to be directly connected to the opportunities that the company has of capital allocation. Capital allocation is the most strategic discussion we are having with the board today. Of course, this is the question that is well organized, well structured in the structure and framework that we have. We are going to have to see our performances in the future, in the short term, to see the potential that we have. Of course, the cash generation says that we are in a different level when we compare the cash generation from last year's. We are showing this every day with our performance, especially in the first quarter of this year. Perfect. I think we are now wrapping up with the Q&A. Thank you. I would like to thank everyone for attending. This is the end of the call of the first call for the first quarter of 2025. We are still here for any questions or concerns you may have. Thank you very much.