Hej och hjärtligt välkomna ska ni vara till Investor Update idag med Maha Energy som i morse släppte sin helårsrapport för 2024. Vd Kjetil Solbraekke kommer på länk från Caracas i Venezuela tillsammans med Roberto Marchiori, finanschef, också han på länk men från Rio de Janeiro, presenterar resultatet och aktuella händelser under det gångna kvartalet. Ni som tittar live kan som alltid interagera med ledningen genom att ställa frågor i chattfältet. Jag föreslår att ni börjar göra det nu och jag kan se att några har gjort det också. Och ni som inte får svar på frågorna får då, eller hinner få svar på frågorna får vända till bolaget. Så med det så tänkte jag gå över till engelska. Kjetil, Roberto, how are things in Venezuela respectively in Brazil? No, I think, first of all, a pleasure to be here again talking to you and to the markets. No, things are very nice in Caracas. I managed to get a call, but it's more spending time in meeting rooms with PDVSA negotiating our technical plan for the future than anything else. No, things are, Caracas is actually very calm and nice. Okay, cool. Roberto, we can hear you loud and clear, I guess. Yeah, no, same here at Rio. Thank you, Kaarlo. Thank you, everyone. It's a pleasure to be here again with you. Without further ado, let's go through the result. Please, go ahead. Okay, thank you for this, Kaarlo. I will start out as usual with an update on where we are more operationally and what we're working on and then hand it over to Roberto. I apologize for the call. I might cough a bit, but I hope that doesn't interrupt too much of the presentation anyway. If we go to the first page. Basically, I don't want to repeat everything that we have done over the last 24, 18 months. Just highlight the fact that we in the fourth quarter realized an oil price that meant that we could get earnings linked to the PetroReconcavo deal, $4.4 million, which is now part of our cash going forward. Of course, I'm very happy then to also announce that we have now reached the end of the discussions with PDVSA on the Mesa Tecnica. What does that really mean? I'll come back to that in a moment, but it's a very important milestone for us. I'm super happy to have reached that goal in a very short time compared to the plan. PDVSA thought we had to sit until the end of May, and we have now been able to reach this goal already by the end of February. Next page. Next one. This is what we are talking about, of course. We have talked about it several times. You know where we are. We are working on La Paz and Mara. Mesa Tecnica is basically a process together with PDVSA to outline the business plan, the development plan, the redevelopment plan. You can call it many different things. We have basically now just revised the existing one and agreed upon new profiles for gas, oil, water production, OpEx and CapEx. There are still some small, small adjustments that are being basically checked. They are very rigorous in their process. The fact that we now have a combined understanding of what the field can do says a lot. I am very happy with the numbers as well. What we have done over this Mesa Tecnica is to provide PDVSA with detailed information about how we think we should produce the remaining oil in these reservoirs. They have basically bought into our story, bought into our detailed explanations. We have gone well by well. You see a total of more than 150 wells that have been studied and now is part of the plan. I would have to say that, of course, we always start somewhere. The first two years is about really 20-25 wells that we have identified and see how quickly we will get them on stream. Five of them, five of these are the ESPs that I've talked about that has an enormous potential that will be tested. All this will be a two-year test period before we really ramp up and further increase the production. PDVSA wants to have a full presentation of the potential for the remaining time of the concession period. That's quite okay with us as well. It demonstrates a bit of the potential. I would say this is not a super optimistic view. I think this is actually a bit conservative on some of the single well opportunities that we see. Again, in alignment with PDVSA. What we see is that we are able here to identify resources that we can produce, 90 million bbl of oil in the remaining period we have and about 180 billion cu ft of gas, which is the equivalent of another 30 million bbl of oil and gas. We have estimated the top production to be approximately 40,000 bbl of oil and gas equivalents per day. There you go, sorry. The first, during the first years, we will, as I said, be focused on testing and then take this decision to really ramp up and continue after the first two years. Reminding again, everybody, we are close to Chevron in Buscan. We are continuing the dialogue with everybody there. Right now, what we have reached is a common understanding together with PDVSA on how to develop this field, how much resources we have here. I am very pleased with basically saying that the PDVSA people have understood our ideas and agree to our approach and agree to the numbers that we now see in front of us. Now we have a concrete plan, and this is what we are going to deliver on going forward. Next page. This says a bit about what is really, okay, what are the next steps now? We have basically now concluded on the Mesa Tecnica. What is going to happen now is that we will start up negotiations on what kind of contracts we can operate under. There will be a contract for operating regime, how we will operate in combination with PDVSA, how we can sell the oil. We also want to sell the gas. As you saw, gas is 30% of our products. This has been important. We have seen, we have received positive signals on this, but signals is one thing. The concrete contract is not. That is why we have to do the work now going forward. Our model is, of course, that we want to have similar type of contracts as Chevron and Mora operates under today. They have been very successful for Venezuela and for the companies, and that is our target. I am sure there will be questions around it too. The next thing we miss is, of course, also a license from the UFAC, from the Ministry for the State Department in the U.S. Of course, with the new administration in Washington, we have not yet been able to have any meeting, not yet been able to get any signals. We have a very close dialogue with several other partners in Washington, companies in similar position as ourselves. We have, in a way, good reason, I think, to actually expect that this could happen. That's a personal note because I think we have seen the new administration being very eager to make deals, to basically try to negotiate favorable terms for Americans, American companies, and so on to do business. That's what we hear. That's what we believe. Of course, yesterday's news from Trump makes everybody have a question. We have seen that before, so we can continue to discuss that a bit, perhaps under the Q&A. Basically, this is the way forward. We need to, for us today, it doesn't really matter much. We need to discuss and agree upon the terms with PDVSA for operating. We don't see ourselves starting operating here before June, July, August, very earliest anyway. That's basically our way forward. Let's go to the next one. The next. Brava is also an area where I know there has been a lot of question marks. We are now, I would say overall, that I am still focusing on the underlying values of what is in Brava. It's been a very bumpy ride, and I have received lots of concerns from shareholders directly to me. I understand all of those concerns. I will still repeat what I've said before. I do strongly believe in the underlying values of Brava. There were uncertainties about Atlanta FPSO coming to starting up. It now has started up and it's working. There will be more wells connected. They will also work. We have very limited concerns when it comes to anything on the reservoir in both of these fields, and especially now Atlanta, as I'm talking about. The FPSO has already proven to work. FPSO Papa Terra had been through lots of maintenance. There are still issues to be fixed, but also the FPSO. I have been there myself twice. I am very confident that this machine, call it that, the FPSO is going to work fine. There will be more need to do repairs. The current issue they have is linked to the gas processor, the gas compressor, in order to re-inject gas because they are not allowed to flare all the extra gas that they are producing. The extra gas comes with it because they are producing high volumes of oil. It is a good, in a way, a good signal, a good problem. Of course, we want also the FPSO in Papa Terra to deliver the full capacity volumes, which would be in the order of 20,000 bbl per day. Another thing is there is a lot of initiatives now to highlight the portfolio. There have been some messages already of very small transactions that are basically meaning that they are cleaning up in their portfolio. I think this is a very good sign. I think it's a thing that we have been requesting, been supporting. It means that they should focus on the important assets to deliver more value to the shareholders. I remain very bullish on Brava. It's been a bumpy ride. It's not that easy to sit and say, well, it's going to be fine. That is really what I do believe. I think Atlanta, Papa Terra, these are great assets. Now we just have to expect and push also the management to stay focused, which I now think they are, on delivering these volumes to the market and increase the cash flow. Next one. Next one again. Illinois, it's going fine. We are producing a lot more now this quarter than last quarter. This is also driven very much by exactly when the timing of the wells and so on. It's a nice operation. We have proven to drill successful new wells, added reserves, and created an additional good cash flow for the company. Let me also say something very important here. The work we are doing in Illinois is exactly what we also will do in Venezuela. Here we are demonstrating a very efficient operation of something that we are exactly the same type of operations we're going to start up in Venezuela. I'm actually also in dialogue with the people there to see if they are flexible. I can show you that we will get good support from the competence that the company is building and has built over a long time in the operations in Illinois. I think also with the current administration in Washington, that it's an important part of being Maha applying to get the license in Venezuela. The fact that we have a significant operation in Illinois. Very pleased with the activity, very pleased with the wells that have been drilled, very pleased with our guys that are working there day and night to deliver these values to our shareholders. I'm also very pleased to say that I think this is super relevant for what we are doing also in Venezuela. With that, I think I'll hand it over to you, Roberto. Then I can sneeze a bit over here. Thank you. Thank you, Kjetil. Going to the next slides, please. One more. Here we are showing the production and revenue evolution. As Kjetil was mentioning, we increased our production around 130% when compared to last year. Of course, you can see in the last quarter of Q4, this ramp up after the completion of the drilling program. Also, in terms of revenues, we have this increase of more than 100% if you compare to last year, last quarter. An increase of around 30% quarter- over- quarter, in spite of the lower price environments. Going to the next slide, please. Here we show the production profile. We can see we have stable production, even though we increased a lot in terms of the production. Our OpEx are pretty stable. As you can see in terms of OpEx per barrel in dollars, we have this decrease of around 30% in the metric. As a consequence, we have this operating netback in terms of dollars per barrel. We increase our netback of more than 100% as well if you compare to last year. Going to the next slide, please. Here we are showing the G&A and the EBITDA evolution. Basically, we have our G&A. We are working hard to reduce this quarter- over- quarter. Of course, we have these effects of the potential M&As, all the legal consultancies we have during these operations and transactions made in the past. We hope this will decrease over time. We have here a decline of around 150% if you compare to last quarter last year. We end up the quarter with this EBITDA - $3 million in last quarter 2024. Going to the next slide, please. Here we have the net financial result and the net result by the quarter. Basically, we have unrealized gain in Brava shares of around $12.6 million affecting positively our net financial result for the quarter. Of course, impacting also positively our net result on almost $10 million. Going to the next slide, please. Here we show just a breakdown of the CapEx. We have a minor CapEx during the quarter because we already completed the last drilling program. We end up the quarter with more than $10 million in available cash. Also, we have additionally on top of that around $87.5 million of liquid investment, which is basically Brava shares and Tree of Short Adventure. Now we are a zero debt company. We are debt-free after prepaying the debt during the quarter to avoid additional or higher interest expenses going forward. Here we have the chart on Brava share performance in U.S. dollars, where basically we have a positive increase of around 18% during the quarter. Going to the next slide, please. Here we have the cash flow breakdown. We started the quarter with around $88 million of net cash plus liquid investments. We end up here the last quarter of around $97.6 million, which were basically impacted by the repayment of our debts and also the unrealized gain appreciation on Brava shares. Additionally, as Kjetil already mentioned, we expect to receive during the first quarter of 2025, $4.4 million of the Brava earn-out from PetroReconcavo and also additionally $200,000 of dividends of our Bolivian gas pipeline investment. We will end up in a proforma basis with more than $100 million net cash plus liquid investments, boosting our capital structure and be a solid position for growing Venezuela and potentially other M&As. Going to the next slide, please. Here we have the closing remarks. Just again, we have a strong enhanced capital structure with more than $97 million in liquid investments and cash. We will receive an important amount of $4.4 million of earn-outs. Now we have this zero debt company ready to boost growth. Also looking forward, as Kjetil was mentioning, we are happy we concluded the technical discussions with PDVSA on the business plan of Petro Daneta. We also will start the negotiations with PDVSA during this quarter, the first quarter of 2025. We are targeting the same framework agreements as Chevron and Murphy Oil already has. In parallel, we will still be working with OFAC license and other approvals so we can start operations as soon as we get it. Of course, as Kjetil also mentioned, we will be still working with Brava shareholders so we can push this agenda to focus on the existing and most important core business and also the leverage to company so they can be prepared to start paying dividends across the way. Of course, we are always looking for select delivery opportunities in Latin America so we can bring more value to our shareholders. I think that's it. Thank you. Here we close the presentation. Roberto and Kjetil, thank you. As you can imagine, there is a lot of questions coming in. I will try to structure them in an orderly fashion here. I was just going to start with a couple of questions related to the result, and then we can jump into Papa Terra and obviously I think that the elephant in the room would be Venezuela, although I'm not so sure that we can get a proper answer on every count. I'll start here with the administrative expenses amounted to $2.56 million in Q4 and $8.2 million for the full year. The question here is really what's driving these high costs, especially considering the company is now debt-free and has reduced operational activities. I can add one other question into this is the administrative costs seem from extraordinary consulting fees. Could you please walk us through that and what can we expect going forward? Maybe I should start a bit on that and leave Roberto to potentially go through some more details. I think the first thing I would say is that we have a somewhat, I do not know whether it is conservative, I think it is how it is perhaps supposed to be, but basically all the costs linked to the work we are doing here in Venezuela, for instance, is looked at as G&A. I am spending most of my time here. And most of our, Roberto can go through that, a significant part of our cost is actually linked to the preparation to be here. In a normal sense, I would say that this should have been activated costs because it is not really cost of running the company as it is. It is a preparation for doing preparations to operate a fantastic project in Venezuela. That is a commitment where we actually do spend significant amounts on this. However, I think it's not more than what I think is actually, I think we're also doing that very cost affordable. That is also linked to some of the special consultants fees because we basically have used extensive, very, very good consultants to be able to demonstrate this kind of volumes. Going through 150 wells, well by well, understanding the potential of this and changing the whole production strategy for Venezuela, that doesn't come by itself. That's where we basically see a lot of cost. These costs, I understand, I've been actually challenging the accounting and Roberto a bit. I think these costs should have been activated because it's part of preparing for a project. Apart from that, I think we are back to what Roberto said. We are working hard with, there are also some, yeah, some old funds, put it that way, coming. There's always, there's still work going on with closing of the deal in Oman. It has proven to take some time. All of those things are actually also driving some of the costs. There's always a bit of things that are linked to the history. We try to close them out quickly, but it still kind of influences our cost levels. We do have lots of initiatives. I think Roberto has actually done already quite a lot of work on reducing the cost. I know he's continuing to pursue that. Rest assured that it's not something we don't think about, but something we are working very hard on. Maybe you have some more details on that, Roberto. Thank you, Kjetil. I think you covered the main topics. I think part of our current costs are related to Venezuela. We have a technical team there discussing all these assumptions with JHU, preparing all this business plan. We are always focused on trying to identify new opportunities of cost savings. For sure, our agenda here is to try to reduce this even more going forward. Thank you for that. We have a couple of questions related to shareholder value and share buybacks. Your share buyback program was initiated in 2024, I believe, but it was only 1.5 million shares repurchased. Do you plan to accelerate buybacks to support the stock? What's the thinking there? Yeah, that's a question that always naturally will come up. I can only say that this is the program is there. It's not something we have canceled. We have every on a weekly basis, a dialogue with the board on how we continue this program. Yeah, that's basically all I can say. It's not been canceled. You will see if we, again, there's been a long period of time where we have considered not to buy. I won't go into the details of all these things behind that. I think maybe it explains by itself. I think also now it's not been canceled. It's something that we are discussing every week. We just have to follow up on that later. Could I just have a follow-up question there and try to be the devil's advocate here? Now that the company is virtually debt-free and the Brava Holding, well, has appreciated and is being booked as a short-term asset for Maha. If I understand that correctly, that means that it can be liquidated within a year. Shall we see this as a possibility of building up a war chest for buying assets? If so, is there any geographic area or is it opportunistic? Two questions in one here. Okay, I think, of course, we're optimistic. I think that's, I think also it's clear that our focus is Latin America. That's where we feel we have a competitive advantage. I think it goes without saying our largest shareholder is a private equity special situations fund. Of course, it lies in their blood to look at special situations. They are pushing ideas, pushing things to us continuously. Yes, I think we will be optimistic. We will look for the values. We are, I mean, our biggest shareholder is basically in this to create value for himself. They have been constantly also buying, supporting the stocks, supporting the company, not buying shares. They strongly believe in the underlying value, strongly believe in the story we have. Yeah, we continue. We have a very, very close and good dialogue with our owners and especially then the larger owner. Believe me, they want to make money. They want to increase the value of the company. Of course, if there are not good enough opportunities, they will figure out other ways of doing increasing the value, like the buyback or in other ways to give this money and give this value back to the shareholders. Thank you for that. Now I'm going to be a little bit technical and I would expose my ignorance here because I would just read a question. The questions are around Papa Terra here. Basically 15,000 in production with 100,000 expected. Could you elaborate a little bit of that and what shall we expect going forward? Yeah, I think I will correct your question because I think it's not only about Papa Terra, Papa Terra alone will not bring Brava to 100,000 bbl. That's a combination of Atlanta getting more new wells on stream, which is extremely important, and also the rest of the portfolio, where you also have new investments. Of course, getting the last 4,000 bbl-5,000 bbl on stream from Papa Terra, no, it's more, 12,000 bbl-8,000 bbl from Papa Terra that also come on stream. Yes, I am very confident that these 100,000 bbl is within reach. Actually, I shouldn't say with a good margin, but I think it's actually something we think is a bit conservative. We've seen delays and so on, but the reservoir is very good in both Atlanta and Papa Terra and I keep on repeating if the oil is in the reservoirs, it's going to come out. We have the two platforms basically up and running. It's a brand new platform in Atlanta. I don't expect any challenges on getting the hookup and commissioning for the next four wells. I'm also very confident that we will see Papa Terra, which is in a very different shape. I have been there myself. I have seen the FSO. I actually am very confident on the improvements that they have been able to do in the years they have operated. Yes, I do believe that 100,000 bbl will happen within this year. Okay, thank you for that. Now a couple of questions around Venezuela. Obviously, there's a lot of, well, questions coming in here where the questionnaire doubt that there will be any production in Venezuela. Obviously, there will be different views here. If I may start by asking you a question that I believe I asked you the last time, is that when you invest in Venezuela, you are, as I understand it, on sort of first step, second step, and third step. What I'm driving at here would be what is the sunk cost so far? Obviously, you're planning on investment, but you haven't really committed yet because you're waiting for the approval. Is that a correct statement from my part? Yeah, and it wasn't a question about how much is sunk cost. Yes, that sunk cost is everything we have spent so far. Will there be production in Venezuela? Of course, there will be production in Venezuela. I think the question mark is really today is linked to when the U.S. administration or what will be the policy at the end of the day for the U.S. administration. I think that's the only, believe me, I see a lot of, there's a lot of work to be done here. There's a lot of things I have to agree with PDVSA about. The fact that we now have a business plan, that we now have agreed upon what needs to be done, and I see full commitment from the PDVSA people in Petro Daneta. They are basically eagerly waiting us to get started together. We have very strong support. Otherwise, it would be impossible to do this in six-seven weeks as we have done with the Mesa Tecnica. Yes, there will be production. I think it's up to the U.S. administration to know exactly when it's going to start up. If we look at the share price, then it's my understanding that the market hasn't really, well, fully incorporated any major value from Venezuela. That's why I think it could be interesting to just do the expectations of future investments that have not been done yet. If we look forward, then obviously, you're not really in the driving seat when it comes to the administration in the U.S. What shall we expect? What's the timeline when it comes to, let's say, the Venezuelan authorities? Okay, okay, okay, yeah. What's the timeline for our? No, I'm very confident that by end of April, May, we will have the terms agreed upon with how to operate and what kind of regime we're operating in. We have been very clear about our expectations. Yeah, that's my expectation really. I think that's a realistic expectation based on the experience we have seen. By all means, things could take more time. It's not easy to cover. That's our plan at least. That's what we think. Basically, in the coming quarter, there will be more clarity and perhaps there will be more clarity from both administrations and both jurisdictions. Would it be fair to say that the next news flow, which you can control, would be, let's say, Papa Terra and Venezuela with the local authorities? Is there anything else we should be looking out for that would be in your control? No, I think actually the connection of the new wells in Atlanta is very material. Even more material than I think the Papa Terra issue is. Those two things will add significant production to Brava. There are some initiatives that you talked about to highlight the portfolio or something. I'm not so kind of occupied with, how can I say, with these processes. That could be something that there are some initiatives to look at selling larger parts of the onshore and even looking at some of the offshore things. I think the best thing for me is just keep, for my colleagues, so to speak, in Brava, keep focus on delivering barrels and get these wells connected. The cash flow will convince everybody about the value in the company. Right, so I thank you for that and pressed for time. I think we will forward all, well, other questions to your webpage and to yourself and to the rest of the management. With that, Kjetil and Roberto, thank you so much. Thank you for leading this once again. Always a pleasure to start talking with you. Yes, we will see you later and take care. To all of you out there asking the questions, if you have not got your questions answered, please forward those to Maha Energy. We We will see you later. Thank you.