Good afternoon, ladies and gentlemen. Thank you for joining the PetroTal Q3 2022 results call. Your speakers today will be CEO Manolo Zuniga-Pflucker and CFO Douglas Urch. If you would like to ask a question, please submit it via the platform, and we will do our best to answer it in the time available. I will now hand over to our speakers today. Please take it away, Manolo and Doug. Thank you so much, Jimmy Lea, and good day, everyone, and thank you for joining the PetroTal third quarter webcast, where we will provide a brief summary of our Q3 2022 operational and financial results. If anyone wants further information on the company, please see our website for additional materials. I am Manolo Zuniga-Pflucker, and I'm the President and CEO of PetroTal, and I am joined by my colleague, Doug Urch, the Executive VP and CFO. We're both now in our office in Lima, you know, taking care of all of the things to improve things for all of our shareholders. If you have clicked on the link in last evening's press release, you should hopefully have signed up to the webcast, so you may see the Slides on your screen. If you are having issues seeing them, please contact petrotal@celicourt.uk, and they will be able to assist you. Before I begin, I need to mention that there are some disclaimers towards the end of the presentation, which I would urge you to read at your own leisure. PetroTal is an onshore Peru-focused oil company and Peru's largest crude producer. As shown in Slide 2, the company is listed on London's AIM market, the Toronto Stock Exchange, and the U.S. OTC, having a market cap of approximately $460 million. We have a 100% working interest in the Bretaña oil field, which we have expanded from minimal production to over 25,000 barrels of oil per day in late June 2022, and with current production reaching over 20,000 of oil per day on November 10th and 11th of this year. As river levels normalize near Manaus, Brazil, and barges become available, the Bretaña field has 2021 year-end reserves, 2P reserves of 79 million barrels and now has 13 producing wells. All of our producing wells have paid out their initial investment, with our most recent well paying out in less than a month, and we have just reached a milestone of having produced a total of 10.5 million barrels of oil by the end of Q3 2022. PetroTal sells oil via barges to three critical sales routes as seen in our 3D country map on that same Slide 2. Our first sales priority route is via the Amazon River to a major terminal at Manaus, Brazil, which currently has a capacity of up to 16,000 barrels of oil per day with a full barge fleet and normal river levels. This route currently delivers the strongest economics. Second is our route to the nearby Iquitos refinery, where we sell around 1,500 barrels of oil per day. Lastly, we have the barge-to-pipeline route to the Port of Bayovar via the Petroperú-operated Northern Peruvian Pipeline, also known as the ONP, for up to 20,000 barrels of oil per day when it reopens after maintenance work after suffering several unintentional cuts in the last several months. We're excited to communicate details of our third quarter and walk through how we are thinking about 2022 results and the upcoming 2023 year. Also note our new logo and color scheme for the company, which embodies a fresh new look and feel as we embark on our new vision to create $2 billion of shareholder value over the next three to five years. Slide three summarizes key Q3 2022 highlights. From an operational perspective, we deliver our second-highest quarterly production to date at just over 12,200 barrels of oil per day, with sales at around the same level. During the quarter, we invested approximately $21 million focused on drilling and completing Well 13H, along with other infrastructure projects. Well 13H, which came on production in late October at around 8,000 barrels of oil per day, looks to be a strong well that will underpin the company's ability to deliver solid well results, as shown during the past two years of constant drilling operations. At current production levels, the well looks to pay out in under 60 days and will significant free cash flow contributor in 2023. The company's operating costs continue to decrease on a gross level, down 14% from the prior quarter to $10.1 million, or around $9 per barrel, driven by lower diluent and sales delivery point mix. Lastly, Petroperú exported approximately 720,000 barrels of oil to an international refiner, crystallizing for PetroTal over $64 million, including VAT, of t rue-up revenue and reducing the amount of PetroTal's oil in the ONP to 2.4 million barrels. Currently, the company is in advanced negotiations for the receipt of these funds that must balance with the recently enacted emergency decree, which dictates that Petroperú newly raised capital must be allocated for the acquisition of crude and fuels to support the needs of Peruvians in is lifted. From an ESG perspective, Slide 4 shows why the company is excited to be nearing completion of the second annual 2021 ESG report, which will be available towards the end of November. Some highlights include a peer-leading Scope 1 carbon footprint of 11.4 kg per barrel of CO2 produced from above ground field footprint of only 11 hectares. Zero spills or oil discharges in 2021, and a continued focus on the community and creation of economic enhancements through a sponsorship of critical infrastructure projects in Peru, some of which are now under case study. Slide 5 allows me to provide an update on our social trust initiative, which I am happy to report growing support from the government and extractive industries in Peru. PetroTal would like to reaffirm its willingness to finalize the signing of the addenda to the Block 95 license contract, finalizing the 2.5% social trust initiative as long as there is continued peace and no operational stoppages due to social protests. Slide 6 shows how oil export operations were impacted by lower than usual river levels in Brazil. Levels have returned to normal in Peru, though at a slower pace in Brazil than anticipated. Slide 7 then shows how we needed to reduce our operating guidance to reflect updated barging conditions to between 12,000 and 13,000 barrels of oil per day for the 2022 year, with Q4 2022 production estimated at approximately the same. Note that if all wells were open and without constraint conditions, the field production level would be well in excess of 20,000 barrels of oil per day as we showed a few days ago in the field. Reminding investors that restricting well performance does not damage the reservoir or impact any of the reserves. 2022 capital expenditures have been reduced from $110 million to around $100 million by deferring some infrastructure projects into 2023, th ereby maximizing free cash flow prior to debt service to near $200 million in 2022. On Slide 8, we show a subsurface map of the field, which nicely summarizes our development strategy at Bretaña, whereby we always drill proved locations expecting to upgrade P2 and P3 locations accordingly. As you can see, we will complete the 1P southeastern drilling campaign when Well 12H is complete. In Well 13H, the top of the Vivian was located 5 m above prognosis and could have a positive impact on oil in place and therefore reserves estimates in the year-end 2022 report. Early in 2023, we will move the rig north to drill Well 14H to potentially further upgrade reserves, though we may first drill a water disposal well shown as the 4WD well. The 2023 drilling campaign planning is well underway, and we are excited to deliver another year of operational excellence while creatively navigating the unique commercial challenges of operating in the Loreto region. Now, I would like to turn the meeting to my counterpart, Doug Urch. Our CFO will provide a brief financial update. Thank you, Manolo. I'm Doug Urch, PetroTal's CFO, and would like to start off highlighting a few select financial items from our recent press release and Q3 financial statements with visual support from Slide 9. From a balance sheet standpoint, PetroTal exited the quarter with over $93 million of total cash and is in a $76 million net surplus position, considering other working capital amounts, including short and long-term debt. Despite constrained sales levels, the company still delivered solid financial performance in the quarter on the following P&L line items. Net revenue of $84 million. Net operating income of $62 million, representing $55 per barrel. EBITDA of $58 million, representing a $51 per barrel. Free cash flow before all debt service and changes in non-cash working capital of $37 million, which equates to a 44% free cash flow margin and nearly cumulative $150 million in free cash flow year to date. Net income of $2.6 million, impacted by lower sales, a non-cash future tax provision, and derivative losses in the quarter from unfavorable movements to Brent strip at the quarter end. PetroTal generated a netback of over $55 per barrel on a contracted Brent price of approximately $97 per barrel, generating a 57% operating margin on 19 degree API heavy oil quality. Of note, this quarter was delivered all-in OpEx of around $9 per barrel. Contributing to this metric was the avoidance of all diluent blending on our Brazilian route. No ONP barging costs and continued lower fixed lifting costs in Q3 2022. Royalties for the quarter were $11.7 million, about $10 per barrel, versus $8.1 million of $6 per barrel as a result of commencement to record the 2.5% social trust, retroactive to obligations back to the beginning of 2022. PetroTal booked $2.6 million in net income for the quarter versus $84 million in Q2 2022. The Q3 2022 net income included a derivative loss of $33 million and a provision for future taxes of $8 million. In summary, we reiterate our strong balance sheet, net surplus of $75 million at quarter end, an increase of over $130 million from the 2021 year-end net debt position of $57 million. On Slide 10, cash flow. In conjunction with revised production guidance for the year, due to low river levels, we are slightly adjusting our EBITDA and free cash flow guidance down from previous levels. 2022 EBITDA is now estimated to be $271 million prior to derivative impacts and $291 million after the derivative impacts. Free cash flow before working capital and debt service adjustments is estimated to be just shy of $200 million for the year or almost $44 on a per barrel basis and only $15 million, 7.5% reduced from previous guidance. Also on Slide 10 is a cash flow waterfall chart that estimates our year-ending cash and early Q1 2023 debt reduction and expected return of capital strategy. Current estimates show the company could have enough funds at year-end to repay the bonds in February, with additional cash collected in Q1 2023 for appropriate cash buffer and a return of capital program. Slide 11 attempts to convey a long-term return of capital policy worth considering from an investor standpoint. The slide summarizes various drilling intensity scenarios and attempts to point to an optimized activity level that provides or that proves out an appropriate production plateau scenario to maximize a 10-year benefit to shareholders. I thank you for your continuous investor support. I will now turn the meeting back to Celicourt for the Q&A session. Thank you, Manolo, Doug. First question. When is the Peru pipeline expected to be online? Well, right now, I had a recent meeting while in Lima with the Chairman of Petroperú. Now they're giving guidance for some time on the first quarter of 2023. Now, what they have also impressed upon us, and I also met with the Minister and the head of Perupetro S.A., the state agency, is that the government now is committed to provide the needed safeguards to the pipeline, so it may start running without any more interruptions in the future. The reason for that is that the Talara Refinery is expected to start operating at the end of the year and with full production before the end of the first quarter. What is the outlook, sorry, for buybacks and/or dividends? The outlook is very good. As outlined in our latest investor presentation, we anticipate repaying the bonds in Q1 of 2023 and plan to initiate a robust policy shortly thereafter once we have the appropriate cash balances. Excellent work on the increase in production. However, why has management been off with near-term quarter forecasts? Well, you know, what happened in the last few months with the river levels. I spoke to the owner of the barging company that provides the barges to Novum, our trading company. He was telling me, "I've been in this business for 45 years and never seen the Amazon River this low." That is something that no one expected. You seen in the presentation, you know, this is the Amazon River. You know, it is amazing. That impacted all of us. Things are going back to normal. The wet season as it started also late. They mentioned that this is probably part of the effect of the La Niña effect, which is the opposite of El Niño. During El Niño, there is a lot of rain. During La Niña, there's usually dry spells throughout the region, different parts. This time looks like it happened on top of the Amazon. That's the main reason. Otherwise, as we mentioned in the presentation, we would have done much better. At the low end, what is the expected sold production forecast for Q1 2023? Well, you know, right now we are currently working through our 2023 budget. We have not yet finalized the numbers for the Q1 2023. Once we publish our 2023 budget, we will provide that guidance. Is management looking to buy back further bonds in Q4 2022 and Q1 2023? Relatedly, is management looking to retire debt in 2023? Yes, we have not been purchasing any of our bonds, so the first part of the question of Q4 repurchases, no. Our plan is to take advantage of the reduced call premium that starts in Q1 of 2023 and to make full repayment of the bonds in Q1 2023 when cash balances are appropriate. We do anticipate by mid-February that all debt will be satisfied. What is the $33 million derivative loss? Please, can you explain this? The derivative loss represents the change in the mark-to-market value of oil that we expect to sell in the future, mostly in the pipeline and when the pipeline reopens. It's tied to and driven by the change in the forward price of Brent oil and when it's expected to be sold. It is a non-cash item. Please, could you update us on the current situation with local groups and unrest in the area? Yes, I'll be glad to do that. In, you know, recently there were some attempt of a protest by the main indigenous group called AIDECOBAP. Fortunately, given all of the work that we do on behalf of the communities of Bretaña, where the majority of the population are very happy and excited of what we are doing, we had their support to be able to stop any challenges against us. The main reason that the AIDECOBAP people are pushing for and protested is that in the addenda to the license contract to include the concept of a 2.5% social development fund, is that they want to make sure that it refers to the right as indigenous people to be able to do that. That's something that the government is not gonna allow, given that under the Constitution of Peru, the oil in the ground is owned by all Peruvians. This is more of a private initiative from PetroTal, one that I strongly believe on, because I do believe that the local community should benefit much more than in the last 40 years, that more than 1 billion barrels have been produced and they have not benefited at all. That's where we are. I'm optimistic that we will be able to sign this addenda. We are now working on the bylaws of the actual trust fund. Once all that is complete, we will bring it to our board for approval. Thank you. On shareholder returns, will you commit to returning a set% of free cash flow to shareholders? Yes, we will target a percentage of free cash flow that is in line with some of our peers. We are currently finalizing the 2023 guidance, and we'll also incorporate some level of minimum cash balance to ensure the company always has appropriate liquidity. Please could you update us on the current levels of the river? Well, I don't have the actual data with me. That's a good question. The feedback is that they're going back to normal. For example, the tanker that comes from outside Brazil is now starting to unload oil at Manaus, which means there's a 280,000 barrel tanker is being able now to park and is loading oil. Just give you an idea that things are going back to normal as was expected a month ago. Average income per barrel in Q3 was $75 compared to $97 in the average market price. Why was there this discount? Well, majority of the sales in that quarter were through our export Brazil route, and the commercial terms of this is net of transportation. That covers all of the margin costs along the river, so hence it's deducted at that point. With revenue l owering, that re-realized revenue. On the cost side, we should see lower OpEx and transportation expense compared to other routes then. Do you have any concerns that the debt of Petroperú will never be cleared? No, I don't have any concerns about that. You can see when the government injects one and a half billion dollars of capital in the company. They're very focused on making sure that the Talara refinery works again. That oil from the jungle, it'll be one of the main feedstocks for that new refinery, so they can enhance their margins. Keep in mind that there are two blocks, 192 and Block 64, that are owned by Petroperú. If they are able to produce those, they will do much better in their margins in the refinery. I don't have any concerns. They will pay. They are going through this situation, given that the past administration was quite corrupt. I'm glad that the old administration came back, and they're fixing all of this. It's a matter of timing only. As we mentioned, we're trying to come up with a good payment plan for both sides. When will there be a quarter that is not affected by social unrest? Well, you know, as I always mention things, usually when there's conflict, even if you do sign a peace agreement, there's always skirmishes, you know, that happens in all conflicts throughout the world. I imagine that it could happen. Once the fund is established and people start seeing the benefits, by, you know, sometime maybe by mid-2023, we should have that completely done. I am proposing the idea that other blocks in the jungle of Peru also implement the same trust fund. That's why I wanna make sure that this one is properly set. I always emphasize that. Therefore bringing peace throughout and including making sure that the pipeline can work efficiently. Thank you. Is interest paid on money owed by Petroperú, and is there any opportunity for them to negotiate this amount down? Well, we're currently in discussions with Petroperú regarding the repayment terms, so we're not in a position to talk about that publicly at this point in time. I will point out, though, that, you know, the main shareholders, being the government of Petroperú, invested a billion dollars over the last few weeks as equity contribution and provided liquidity of $500 million in the form of credit lines for them. A strong shareholder base. There will be interest. Yes. That means that we cannot mention the range yet. What will the change in the management team this September give to the company? Well, there were no changes in management. The changes that perhaps you're referring to are the two new directors that joined us, Mr. Jon Harris and Mr. Luis Carranza. Both the, you know, esteemed directors, great to have them on our team. Messrs. Guidry and Ellson retired. They've been great contributors along the way. Manolo, would you consider having your own barges built to your own specs, or is this something that may be considered later on down the line? You know, we have looked at that possibility. The economics are not very attractive, especially compared to something like Bretaña. Something that I would like to highlight, for example, all of the oil that is sold via Brazil is sold FOB Bretaña. We have no liability whatsoever if there is any incident while the oil is being barged all the way to Brazil. That risk of having such a long travel time, I don't think that's something that we should do that. That's not our business. We don't know about barging. The companies that we use, they've been doing this for years. They know exactly what they're doing. Now, as we have mentioned in other presentations, we continue to increase the size of the fleet. Novum continues to contract more of that. In the future, we can ensure that we don't have to suffer as much as we did this time around. Of course, if the river dries up, there's nothing we can do, even if you have more of the size of th e fleet. Usually the way it is handled in the dry season, they fill up the barges to 70%, 60%, depending on the barge. Therefore, by having more of a fleet, you can then overcome that issue and maintain production. Let's keep in mind that we did our first export in December of 2020. We've been increasing the volumes going to Brazil, and we intend to continue doing that. I would like to have, in the future, be able to do consistently 20,000 barrels of oil per day, even in the dry season. In the third quarter, the pipeline sales were about 7,800 barrels a day of 12,300 barrels a day total. Can you identify where the remaining 4,500 barrels a day of sales went, and where the production that has not been able to go into the ONP pipeline is being held? You know, the sales allocation actually were 87% to Brazil in the quarter with the rest to Iquitos. We have not put any oil in the pipe since February when the pipeline shut down. What is the tax situation on oil production in Peru? On oil production in Peru, I mean, you'll notice that we recorded a deferred tax amount on our balance sheet this quarter. The cash tax that will be paid when the company becomes profitable is at the rate of 32% of net income. We still have net operating losses to be carried forward. Tax arising is likely going to be sometime in the latter part of 2023. What are the company's thoughts around hedging for next year? We maintain a fairly mechanical hedge policy to protect some downside. We look for opportune times to hedge, and we'll continue to manage our policy up to 25% of forecast production. How should we think about the drilling program in 2023? Similar to this year or larger or smaller? We're thinking of proposing to the board something similar. That's gonna be our objective. We're gonna be having to put a new pad. We're running out of space in the existing pad, and then that may cause some delays. Otherwise, the intent is to continue the drilling campaign as similar to this year and the prior year. With the recovery factor around 23% in the low range still for analog fields, where do you see the recovery factor capping? You know, the concept of a field like Bretaña supported by strong aquifer is the idea, as I have always said, we're building a factory to process fluids. The larger the factory, the more we can increase the recovery factor, and of course, optimizing all of the economics at the same time. That's where a lot of the planning goes. When we set up the company almost five years ago, I had promised to go from 12% to 20%-24%. Now we're hoping to go beyond that. All of the analysis is geared to that. What are the average well depletion rates? You know, I always emphasize that given that we have the electric submersible pumps in the wells, these wells produce consistently on a fluid basis. It's the oil cut because the water comes in. Initially, these wells, as you have seen, come in very strong until then the water comes in and the production starts dropping. It's sort of an asymptotic case. You can see it in our more detailed presentation where we provided all of that information. It drops. The concept that we follow, I always try to give a simple example under a factory which now looks like will not only be for 20 wells, but could be for 30 wells. We have pumps of 10,000 per well. That's 300,000. At a 5% oil cut, you are producing 15,000 barrels of oil per day. We can double the capacity to 600,000 barrels per day. At 5% or at 2%, you are at 12,000. The concept here is just managing fluids, and it is the way it is done everywhere else in the world for these strong aquifer fields with excellent reservoir quality. What are the ranges of possible CapEx budgets for next year? You know, we have mentioned before that we will expect to have something similar to this year. Some of the external issues that we have to handle usually impacts our ability to deliver fully on the proposed CapEx. Of course, we are presenting this to the board, and they need to approve that, but it'll be in the $100 million range, I believe so. What sort of announcements from Petroperú should we expect over the coming months that would give us indications that they're getting in a position to start to repay PetroTal? Well, as mentioned, over the last month, some credit has been opened for the company as a result of the $1.5 billion equity injection from the government. They are prioritizing, you know, the country fuel needs at this time and from that capital, and we will continue to discuss terms at this point in time. That was a very positive step. Revised guidance of 12-13 barrels a day implies a minimum of 14,000 barrels a day production in October and November. What gives management the confidence that this is achievable? You know, we keep track of the overall of the barges. Based on that, we have our forecast. We keep a very detailed monthly barge schedule and now we know when they're gonna be arriving. Based on that's how we set up our production schedule. You know, these barges come in convoys of totally 60,000 barrels-70,000 barrels. When those come in, then we increase production to fill them up. Once we have all of this back to normal, we will be more consistent. That won't happen until the end of the year. That's why we had to lower. Assuming no other external factors, we're very confident that we can do that. What's the current plan for Osheki? Well, we continue to do a lot of analysis. We're working on the permit. Permits in Peru, unfortunately, are taking a long time. I mentioned to both the Chairman of Perupetro S.A. and the Minister of Energy and Mines that, for example, in Block 95, we strongly believe that we can find 1, 2, maybe 3 Bretañas. I don't want to jinx it. The permit to get for seismic, it may take a couple of years more. You need to get the permit for the drilling, another couple of years. It's just crazy. They have told me that they will support us to expedite permits. Now, going back to Block 107, what we are doing is we continue to refine the geologic model, so, ideally we bring a partner. Otherwise, we will present something to the Board, and they will be satisfied that we can assume that risk because as we have shown for Osheki, it could be quite large. Are there any social plans to be implemented with Petroperú in relation to the OMP? Yes. Actually, yes. I have presented a long, long letter with our analysis to both Perupetro S.A. and Petroperú. Good thing that the current Chairman of Perupetro S.A. knows the Interim Chairman of Petroperú. They worked together in the past at Perupetro S.A. Now they have our vision that other blocks should also incorporate 2.5% as well as the pipeline, such a way that people will be more enticed to protect the pipeline than cut it just to get a few days work. Restarting the blocks, also Block 8, for example, it had been shut down for 2.5 years. Block 8 used to have 3,000 workers, and those people have had a job for a long time. I'm not blaming them for cutting because I don't know that's the case, but you can get a sense that we need to remedy this by a comprehensive plan. The 2.5%, I think it will go a long, long way. Now they are evaluating this. After my meeting with the Minister of Energy and Mines on Monday, she posted on Facebook, thanking the company and saying that they're very encouraged with our vision on this social trust. What would be management's strategy for managing CapEx during lower oil prices? Well, what we would do is we'd reduce our fixed cost quantum at the field as best we can. Fuel would be cheaper by default, and royalties would be lower by default. We would also try and optimize water on some lower rate wells, which would save power and fuel at the field level. When will the Social Trust Fund be taken to the Board? Well, as I mentioned earlier, you know, we have now a solid version, according to us, of the addendum to the license contract. We have now presented a draft of the bylaws, which are also very important, which need to be discussed at the working table. It may take a little bit of time. Only when we have both and they're in full agreement, we bring them to the board for consideration approval. Of course, I keep them abreast of all this. I'm hoping that we can do, I don't know if by year-end, but in the first quarter. I don't know if by year-end, but in the first quarter. I knew all along that this was gonna take a long time to set up, which is why when I proposed the social fund, I told the people, the local people that we will start accumulating those funds as of the beginning of the year. They feel like the fund, in essence, is established. It just needs all of the rules. We have actually used some of that money for some important projects, given their difficult situation. They're very happy what we are doing. That also helps the people be more at ease. Otherwise, they will think that we're delaying things on purpose, and we're not. We just need to make sure that this is done properly, so it can be replicated in other places. The impact is not only the Puinahua District, but all throughout Loreto, given that we move our oil through our Loreto. If there is a similar dry season next year, how do you plan to avoid a repeat of this year's barging problem? Well, as I mentioned earlier, hopefully it's not similar because the river dried out and the barging companies did not want to navigate because they didn't want their barges stuck in the sandbars. If it is, you know, not worse than usual, but not as bad as this year, having a larger fleet, it will allow us to pump in safety. That's where we are working with the trading company and the barging companies that support them to ensure that we can expand the fleet much more. At the same time trying to expedite the time it takes for the barges to unload into the mother tanker. What we are doing is trying to get tanks at the Port of Manaus, so the barges unload into the tanks, and then when the mother tanker comes in, they can quickly unload into the mother tanker, and then we can expedite the round trip of these barges. All of that will optimize things. On returning a set percentage of free cash flow to shareholders, what percentage level could we expect? Well, we will be debt-free in Q1 of 2023, so we expect it will be something meaningful that it will still allow us to be protected from a working capital perspective. We will have more detailed guidance on that when we announce our 2023 budget. Has anyone been dredging the river while it is so low, so this doesn't happen again in the future? No. Unfortunately, not. There was a plan and there was actually a tender that the government ran a couple-three years ago, but then it was not implemented. The concept was to ensure that the Amazon rivers will be able to navigate throughout. That has not been done yet. The reason was that the government wanted the barging companies to assume the cost of maintaining the routes open during the dry season. They complained that why would they need to assume that cost when a lot of the merchandise is going to Lima and other places, you know. That's why the whole thing did not fly. I'm hoping that they will again entertain this idea and do it properly. Yeah, like in the U.S., the Mississippi is maintained by the Corps of Engineers, which is paid by all Americans. Royalties were higher compared to previous quarters during Q3. What was the reason for that? Well, as mentioned in the report and in our comments, you know, in Q3, as a result of the social trust framework being formalized to the level that it's at, we've now started booking the 2.5% social trust. What you see in Q3 represents the full, you know, nine-month eligibility for the social trust now that we're booking it on our financial statements. That's what caused the change percentage-wise from quarter to quarter. Something just to explain, although the social trust is not really a royalty because it's going to a social trust, but, in essence, it's the equivalent of a royalty in the sense that when we proposed this, we wanted to use the same scheme that Perupetro S.A. has for the royalty in Article Eight of the license contract. That way, keeping it simple, it's something that is done biweekly, and then nobody will get confused. That was our concept. In essence, it's like a added royalty. What is the transport cost per barrel for the Brazilian route? Well, if you look on Slide 17 of our investor presentation, you'll see a good summary of all of the costs for the three sales routes that we have. In that table, we allocate $15 per barrel. However, we don't provide the full commercial terms since that oil that's exported through Brazil is sold on an FOB Bretaña basis. We do not have actual costs. They are paid by the purchaser and netted off of their revenue. Who are the customers of the two local refineries, and is there likely any expansion of demand there? Yeah, I'm not sure about the question. In the case of Iquitos, I think that's what you're talking about. Our oil that is 19 API gravity, they extract some of the gasoline and the diesel which is used locally. That's an old refinery, the one in Iquitos. They end up with quite a large percentage of residual oil that now they're selling to the local power company, especially given that our oil has a low sulfur, only 0.5%, and no heavy metals. I always call it, like, it's a clean oil. That's what they're doing in Iquitos. I imagine that, for example, when the oil was exported to the Pacific Coast of the U.S. in June, those are going to modern refineries, and they are cracking that oil. They're getting all type of products and which are being distributed among the Pacific Coast of the U.S. I hope I answered the question properly. Since you weren't able to produce as m uch as planned this year and since you still went ahead with the drilling campaign, should the company be able to produce some of that next year and spend less on drilling? You know, that is something that our own board always ask us about. We need to remember that the concept that we're pursuing here is one of building a large factory. That large factory requires oil wells and requires water injection facilities. From day one, we envision doing the drilling campaign, adding facilities accordingly. We may have this long plateau in the future with free cash flow for years to come. Stopping the drilling is like slowing down the buildup of the plant. That is when things may improve on prices. You may not be able to act as fast. That's always the debate. We always analyze both cases and other cases to decide what is best for all of the shareholders. When the company proposed the social fund, PetroTal asked for a 10-year extension of the contract. What was the result of that? You know, given the length to set up the social fund, I told Petro to put that concept aside once I realized that that will require a change in the hydrocarbon law. When I met with the Minister on Monday, I reminded her about the importance of giving those extra 10 years. I have always proposed the idea that oil fields, like the mines in Peru, should be all the way to the economic limit. You know, she smiled at me and said, "Okay, Manuel, we'll think about that one later." 'Cause I was mentioning to her how long it's taking for us to explore the other structures in Block 95. Having that extra time also would be very beneficial for us and our ability to invest. I continue to push that concept, but again, it's because it required a change in the law, I could not implement it together with the social fund that only requires a change in the license contract. What are the company's thoughts on barging to Pump Station 5? Well, whoever is asking this question may have spoken to Petroperú because that's what they're thinking as well. We've been having those discussions. You know, you're about 20 km away from the actual Pump Station 5. They're even looking at, should they truck the oil? Should they put a short pipe, do that? They are taking a serious look at that. Providing the proper protection for that unloading and so on. What will happen to the two-well commitment on Block 107 if the farm-out doesn't happen? Well, that's a very good question. By the way, you may see in our presentation, we always talk about how much time we have remaining. We need to always remind people that the clock is stopped while the contract is on force majeure. We have still plenty of time. The contract is still on force majeure for the next year or two. That's very good for us. You know, we are continuing to do lots of work to make sure that we will enhance the geologic chance of success, so we can attract a partner. At least make sure that the company is strong enough so it'll be willing to take this risk. Again, the upside is so high that I think it'll be something that we really need to look into. Ideally, we always bring a partner. Is the company considering adding additional storage at Bretaña to optimize production levels? You know, what we're looking at is actually adding a storage outside. As I mentioned, we're looking at tanks in Manaus, FSO. Our footprint is very small in Bretaña, which of course we are next to the Pacaya-Samiria National Reserve, so expanding with more tanks may be difficult. We may need to expand anyway. If the field continues to grow, we may need another, an extra pad in the future. The one that we're not building yet because we need a permit for the one, is gonna be inside the same 11 hectares that we are using, but we may need to do that. Having these large tanks, it will force us to invade too much of the land in the Pacaya-Samiria vicinity, and that'll be tricky. Manolo, Doug, thank you. There's no further questions at this time, so I'll hand back to you both for closing remarks. Well, I wanna thank everybody. I think this is the webcast that we have had the most questions, excellent questions. I'm very impressed about the one on Pump Station 5. Somebody, you've been paying attention to the story, and it was excellent idea, and we are already pursuing. We're pursuing other ideas as well that as time goes by, and we think that there is things that we can communicate, we will. I can assure you, as you know, the people that have followed us from the beginning, we have always tried to optimize and optimize and grow Bretaña, and then try to replicate Bretaña inside Block 95. As we're committed to do that, I think the board is committed to do that, the whole team is committed to do that. Now that we have become the largest crude oil producer, and people are paying more attention to what we do, I think the government is also paying attention to that, and even our other peers. Thank you. It's because of all your support. I appreciate all your support.