Hej och välkomna till Investor Update. Idag med Maha Energy, som i morse släppte sin Q1-rapport för 2025. Mahas nya vd, Roberto Marchiori, kommer på länk att presentera resultatet och aktuella händelser under det gångna kvartalet. Ni som tittar live kan som vanligt interagera med management och ställa frågor direkt. Det gör ni då i toppchatten, och vi kommer att hantera frågorna efter själva presentationen. Presentationen kommer nu att fortsätta på engelska. Roberto, nice to see you again. How are things? I'm good. How are you, Carlo? Excellent. Roberto, we've had another busy quarter, please. Walk us through your presentation. Okay, thank you very much. And first, I would like to thank everyone. It's a pleasure to be here with you. So here we have our Q1 main highlights, starting on the portfolio highlights and starting with Brava. We reached during the first quarter of this year around 21,000 barrels of oil equivalent per day production. And going forward in April, Atlanta, which is one of the main assets offshore, which I'm going to explain later, made two new wells and increased their production even more, reaching up to 82,000 barrels a day. Very positive news on Brava, which I'm going to explain later. On the Illinois-U.S. side, we have the stable production, production around 300 barrels a day. And we reached our lowest OpEx per barrel of $15 a barrel if you compare the last four quarters. Very good and positive news regarding operational side. And in Venezuela, PetroUrdaneta, we concluded our business plan, which is basically an update on the old business plan. And we see huge and very attractive potential upside there. And mainly, we will have 84 million barrels of oil and 167 million cubic feet of gas. So there's huge potential in terms of the asset. And in the financial aspects, we collected $4.4 million by the earnout receipts from PetroRecôncavo and also around $200,000 from the Bolivian gas pipeline, which represents around 18% yield, which is also very positive news on this small investment. On the financial highlights from Maha itself, we have a $1.1 million netback and represented also $2.1 million EBITDA in the period. And we ended up the quarter with a very strong balance sheet and capital structure. We have more than $106 million in cash plus liquid investments. Also, we are a debt-free company. We show here a pretty strong quarter. We are continually focused on building this high-performance portfolio in order to deliver value to our shareholders going forward. Going to Venezuela, as I mentioned in the previous slide, PetroUrdaneta business plan was updated during Q2. We have our license period until October 2036, and we can produce in this new business plan around 112 million barrels of oil equivalent. That means 84 million barrels of oil. The difference is this 167 billion cubic feet of gas. We are going to work with around 150 wells. It's a very pulverized and not concentrated wells. We expect to increase production from 1,000 barrels as of today and reach the peak production of around 4,000 barrels a day of oil equivalent, so oil and gas. And the main assumption behind is we are going to work with several new technologies. We are basically changing the lifting methods on these existing wells. So basically, we are going to use ESP instead of gas lifting only, which is the technology they have currently. And we will boost a lot, and we will have a lot of associated gas during all these projects going forward. So here we have a huge potential growth. So we are ramping up production from 1,000-40,000 barrels with a very disciplined capital allocation. So we are doing all the investments with a very disciplined approach in order to deploy minimum Capex going forward and use newest technologies available in the region. And here, the next steps on Venezuela, basically, as I mentioned, we concluded the first step, which was these technical discussions and updating the business plan. That was concluded in May, this month. And now we are basically waiting for authorizations and also the negotiations of all this set of contracts targeting the same framework agreement as Chevron and the other important companies have in Venezuela to operate all these fields. And of course, we are going to monitor all this U.S. policy regarding Venezuela and this waiting process, of course, with a very limited cost approach in order to avoid expending lots of money until we have more clarity on these political situations. And now moving on to Brava, our major investment. So Brava, updates regarding Q1, the important message here is they are moving in the right direction. So if you look here in the first chart, in the previous quarter, Q4 last year, they were with the offshore business halted with several reasons. But in the end of December, they plugged in Atlanta first oil. They also restarted Papa-Terra, and they reached an average of Q1 2025 for around 21,000 barrels a day, which is very impressive, an 80% increase. And then in April, after Atlanta, which was only two wells in December, plugged two wells now in April, and they increased even more, reaching up to 82,000 barrels a day. And going forward, they expect to plug additionally two wells. So Atlanta will end up with six wells until June. And this production is expected to increase even more going forward. So that's it. We have very strong cash flow generation and the leveraging figures. So solid financials. Brava delivered almost $500 million in revenue, $182 million EBITDA, and converting almost 100% of their EBITDA into operational cash flow of around $166 million. Also, it's important to note Brava already completed the offshore Capex. Atlanta already made all the investments. It's expected more positive free cash flow going forward, mainly due to these conclusions. The onshore side of the business, they are optimizing optimization strategies in order to reduce its Capex on the onshore part of the business, considering this new oil low prices environment. The leveraging strategy is being achieved. They are moving in the right direction, and this will be implemented by growing production, optimized Capex, and reducing costs going forward. They are in the right track. The next slide, I want to show a little bit on the Brava current valuation. So in this chart, it's easy to see a very significant value gap in the stock price, which was mainly driven by this offshore downtime in the last quarter and also the current Brent price. So if you see in the chart, Brava is in the all-time high production pro forma, considering all the merger with Enauta, but they are almost in the lowest prices ever. So this shows us there's still a lot of upside on this position. And here, in the next slide, I want to introduce you also, if you compare Maha's, including also our indirect share from Brava's production, so if you compare our current indirect production, with our peak production in 2022, we are reaching almost our peak production, but we are trading almost with 70% discount on Maha's share price. So this is also confirming that Maha has a lot of potential upside on valuation as well. Going to Illinois, here we have basically after last year's drilling program, we keep sustaining our production almost in a flat curve. Of course, we present a natural decline if you compare Q4 to Q1 now, but this is normal to unconventional wells in the region. And we presented also a netback of $1.1 million, which represents $39 per barrel netback metric, which is almost one of our highest netbacks in terms of operational performance. This is also linked to our cost-saving initiatives. So we are basically targeting investments and activities that present returns higher than 25%. And going forward, after this quarter, we are also following all the price rebounds. We are going to evaluate and see which type of projects and activities can present us returns higher than this 35% IRRs. We are focusing now on high-return projects in the Illinois Basin. Moving on here to financial highlights, talking about a little bit on production and revenue. Production, as I mentioned before, we faced this natural decline on the Illinois Basin after completing the program last year. The revenue also declined, mainly because if you compare to last Q1 2024, also because of the price environment, which has declined the average of WTI. The production expenses here, we have this very good news. We reached $15 Opex per barrel, which is the lowest in the last five quarters, mainly explained by these new cost control efforts that we are doing with the team in the region. And we reached this operating netback of around $1.1 million, representing a very stable and nice cash flow generation with this asset. Going to EBITDA, in the quarter, we have a very strong EBITDA of $2.1 million approximately, mainly explained by the earnout of $4.4 million collected from PetroRecôncavo. And we ended the quarter with a net result of around $6 million, also supported by the unrealized gain on Brava shares of around $5 million during the quarter. And here, talking about CapEx and balance sheet, basically, we have very small CapEx, limited CapEx, because we are, as I mentioned, focusing on these high-return projects. And Brava share has performed in U.S. dollars. So if you convert the share price into dollars and make the performance analysis during the quarter, we have this 6.4% increase. So we end up with this robust cash and liquid investment position of $106 million, zero debt, and we have total assets of around $136 million and $138 million equity, showing a very strong balance sheet. Going to the cash flow overview, so we started the quarter, or we ended up the last quarter with around $97 million of cash and liquid investment, being $87.5 million in liquid investments and around $10 million in cash. And we ended up this quarter of Q1 with $106 million of cash and liquid investment, being $9.1 million in liquid investment and around $15 million in cash. This is mainly explained by the $4.4 million earnout and also unrealized gain on Brava shares of around $5 million increase in our cash position. Here, going to our strategy going forward. I think we mentioned this during March. We are now very focused on cost reduction initiatives. We already implemented part of them. If you look, management and our internal team has been downsized. I'm accumulating the functions and positions of CEO and CFO in order to save costs. We are already cleaning up corporate structures, so reducing legal entities in order to generate savings going forward. Also this approach of very limited costs associated with these Venezuela projects. Going forward, we are starting these contract negotiations with PDVSA, basically all the set of framework legal documents targeting the similar agreements that Chevron has and the other IOCs. Meanwhile, we are waiting for OOFAC license and other necessary approvals to move forward. Of course, we are still very active, as we are also mentioned in this new business plan for sourcing and trying to find very attractive new opportunities in the energy, oil, and gas and minerals space. With that, build a very high-performance portfolio in order to generate value to our shareholders. Now I conclude here the presentation, Carlo. Thank you very much. Thank you, Roberto. As always, we received a lot of questions ahead, and there are a couple of questions coming in here. I just thought that I shall try to tackle them in an orderly fashion. As per 19th of March, Maha would focus on financial investments in the energy and minerals industries with a reduced cost base, as you mentioned. There is a question here. Would you be looking into investing in minerals as well? Yeah, sure. We have in our shareholder base, our two major shareholders have a very attractive and solid track record on the mineral space. So we are also very keen on trying to do business on the mineral space as well because we see a lot of opportunities in this sector. Yeah, thank you for that. I felt like we had some problem there with the noise. But isn't Illinois the only netback operator here? A netback pay operator, I should say. Yes, as we speak, we have our main operational asset, Illinois Basin. And of course, Illinois, it's a very attractive project. We are very happy with Alan and our team there. They are doing a fantastic job. Now we are trying to give cost control there as well and focusing even in this low oil price environment to look for good projects within the basin to unlock value there with higher IRRs above 25%. So we are postponing a little bit our new program so we can have better oil prices and also identify the best alternatives there during the year. And I have another technical question here. And then how can production in Brava be counted as Maha production? Well, actually, we are just showing this on a pro forma basis. So basically, we just have this indirect share. This is not our share, but we are following in terms of governance the company. So we are trying to support them in order to start the leverage of the company and paying dividends going forward. So the way we are going to have this oil is by collecting dividends going forward. And if we look at the balance sheet here, the company is virtually debt-free. And the Brava Holding being booked as a short-term asset, as I understand it, then it's classified as being liquidated within a year, giving you some opportunities here. And we have some question here. Why doesn't the company buyback shares more aggressively? And to that, I would say that you bought back some, what, 1.2 million here in this quarter. So what's going on with the share buy back program, I guess the question would be. Okay, perfect. So just before I will start talking about Brava shares accounting in the short term, this is just an accounting perspective because it's easily and there's a very high liquidity on the shares. So we could easily sell it in the market. That's not our goal. That's not what we're willing to do. But this is just accounting classification. And this is why we call it liquid investment. And talking about buyback, we are always looking to buy. As we showed in previous slides, we don't believe that Maha price is being properly reflected. But sometimes, with all this mission to look for other opportunities and also with blackout periods regarding financial statements, we are not able to buy the whole year shares in the market. So sometimes we have some restrictions, but of course, we are going to discuss this also in the next general meeting in order to approve and renew the program. Thank you for that. And we have some question here regarding dividend from Brava during 2025. And I'd like to add on to that. Q1 production in Brava was up 80% and mainly due to streams coming on. And you said moving in the right direction. So how would you like us in the market to interpret that? To continue with a substantial increase? Or is this the level that we should see, which is a hefty one? I think first we expect the production profile to increase even more. As I mentioned before, Atlanta will plug in two new wells during June or in the second semester. So this will boost even more the production above 90,000 barrels a day, if not more. And there's also this impact on the oil price, which is unpredictable, as we know. But even though you can see a lot of potential in the share price of the company, if you compare with peers, so if you compare to PetroRecôncavo, PetroRio, you can easily see they are trading below market multiples. So we see a lot of potential on this position. And I will continue with viewers' questions regarding Brava here. And I will connect that with one of your themes with this quarter, which is cost saving and cost control. Are you expecting further cash consumption this quarter for Brava when it looks to that investment? No, I think now we are being very cost control oriented. We expect this to reduce significantly going forward. So as I mentioned, we reduce management team, we reduce our internal team. So the idea is to reduce our G&A going forward very significantly. In general, when it comes to SG&A here, would you have, let's say, a percentage cut going forward for the full year? Could you elaborate a little bit on that? I think we expect around at least 50% reduction. But of course, we are going to work and do everything in a proper way. And if you analyze, I think 2026 will be a cleaner version of the G&A going forward. And then obviously, Venezuela, you mentioned that you have a limited costs and you are reviewing the costs here. And we have one viewer saying, don't you want to sell the project? No, I think Venezuela, even though we have this bumpy road, if I say so, right, considering all these aspects between the U.S. and Venezuela, we always knew that. That's why we created this financial structure of a call option to have a very limited investment in the beginning. Then we create this upside scenario. Venezuela, as we know, has the largest reserves in the world. There's huge potential there. If everything goes well in terms of exercising and moving on of the project, I think we have several potential alternatives even to bring some partners to act as operators, maybe some farm out to create and bring a new partner. Everything going well, we can work in different alternatives that could bring even more value to Maha. Basically, you have an investment and you have that in control. If it works out, it will be swell. Maybe I was unclear because I thought I had a question about dividend from Brava. Although this is the first quarter, do you have any expectations for the contribution there during 2025? The company didn't say nothing so far, so as I know, they are not telling nothing yet to the market, but what we know, they are in the right path for the leveraging, so that means there will be room for shareholder distribution, but that's not something that we already know, and if we combine here, let's say the cost control with Venezuela, a balance sheet virtually debt-free and contribution from Brava, and also a mandate to, well, let's say liquidate it, are you looking for other opportunities? And if so, where? We are looking for other opportunities basically in Latin America or America as a whole, and as you mentioned, we have this solid balance sheet. We can find alternatives so we can create new transactions. As I mentioned, the idea is to create a portfolio with high-performance investments. In a way, we can bring value distribution for our shareholders in the future. And we have yet another technical question here, Papa-Terra. And it's the lifting cost around $37. What actions are taken or will be taken in order to reduce it? Do you have any specific target? Yeah, the company mentioned in their release, they are expecting to reduce this by adding new wells. So the production will increase and the cost will be fixed. So they expect this to reach maybe low high two digits lifting cost, maybe one high digit lifting cost. We expect around it. And we have a question here regarding a target investment rate on return here. And obviously, as you stated here, you are open to looking at other investments. But obviously, you won't be able to point them out, I guess. But could you give us a ballpark what kind of IRR you would be looking for? And obviously, and as you said, you are open to other sectors than just oil. Am I right? Yeah, no, for sure. Yeah, for sure. I cannot comment on specific projects. What can I say? We are open to look for these other sectors such as oil and gas, energy, minerals. We have several opportunities in Brazil and Latin America as a whole. So we are very alert and try to find that. I think the idea here is to use almost the same approach or the same financial structures that we did in PetroUrdaneta, where we try to find a very limited investment at the beginning and create mechanisms of paying across the time so we can protect our money and boost our returns. The idea and target IRRs is above 25% in dollars. Of course, can be higher. Depending on the sectors, we can have some sort of discussions, but this is the ballpark of return rates of targeting. Yeah. Okay. I guess that the big question here between share buyback and acquisition is something that the board and perhaps the AGM will discuss. Yeah, for sure. We are proposing to renew it for next year. This will be decided on the AGM next week. Yeah. And I will close, well, I will finish off here with a couple of, let's say, technical financials discussions. And you mentioned this in your presentation, but if you could just walk us through that. The rise in the Brava stock price has boosted the net income. But that is a transactional result. So how shall we look at that? And if the share price obviously will be volatile, what happened? What can we expect for the next quarter, so to speak? Yeah, we can expect volatility for sure. In April, we have the impact on oil prices, as everyone knows. So we can expect volatility going forward. But of course, as I mentioned, in June, they will increase even more their production. I think even May, end of May, which you can see in the first weeks of June, we can see an even better production profile in the May average. So I think we expect volatility. But as I showed to you guys, we are almost in the lowest price ever. So we are still pretty confident that the share will increase even more if Brava performs well, which we believe. Yeah. So basically, the net present value will increase and decrease in conjunction with the share price, which is exactly. And just to remind everyone, the next news flow that we know from you, that will be the AGM. And when is that? It's on the 27th, next Tuesday. So I will be there with our board members and Barbara, our CLO. So I hope to see our shareholders there. Okay. All right, Roberto, thank you for that. Very interesting and hectic time for you, doubling on two shares. So we wish you the best of luck and looking forward to see you again. Thank you. Thank you, Carlo. Very nice to talk to you again. Bye. And thank you, everyone.