Alvopetro Energy Ltd. (ALV) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

a few administrative points before we start. We are recording today's call and there will be a replay on our website later on this afternoon. In addition, all attendees have been placed in listen-in only mode for the duration of the call. As per usual, we will have a Q&A session at the end of the presentation and you can start logging any questions now using the Q&A button that you should see on your Zoom screen. If you've dialed in by phone, you can send us any questions to socialmedia at elvopetro.com. And lastly, just before we start here, we do make various forward-looking statements and we go through non-GAAP measures throughout the presentation. And so just please review all of the cautionary statements and other disclosures that you can find at the end of our presentation, which is posted on our website and also in our most recent MD&A, which we just released yesterday. Thank you, Alison. So let's start off with our production results here. Just as a recap, if you remember, before we came on production from our Cabaret project, our pre-commercialization production guidance was basically equal to our firm sales under our Bahia gas contract at that time. and it was also equal to the unit productive capacity multiplied by our working interest in the unit. Since we started production in July of 2020, We've either met or significantly exceeded that expectation. I would say there was a considerable amount of time through 2021 through to 2023 where Bahia Gas was able to take a lot of flexible gas in addition to the firm volumes that we had committed to. In 2024, that did change a little bit. Bahia Gas had committed to their firm supply quite a ways in advance, and they did have some demand disruptions. So what we did is late in 2024, two things happened. Bahia Gas re...