Galp Energia SGPS SA

Hello, and welcome to the analyst session, where we will delve into GALB's first quarter 2024 results. Earlier today, we distributed all relevant materials pertaining to these results, accompanied by a brief video in which Maria João highlighted the key points of the quarter. Following the format of recent earnings calls, we will begin with a short introduction from Felipe, and then promptly move to Q&A, where our executive team will be available to address your questions. Please note that during this session, we will make forward-looking statements based on current estimates. Actual results may vary due to various factors, which are detailed in the cautionary statements included in our materials. Flip, over to you.

Thank you, Otelo. Good morning, everyone. Q1 was a good quarter for us. Good momentum in the operational delivery of the teams. Our upstream, our industrial, energy management activities, they all contributed very nicely to our sound financial results. So overall, we maintain a very strong financial position to support our upstream growth and for the gradual decarbonization of our downstream assets. In Namibia, of course, we have made good progress in PEL 83, where GALP and our partners in Namibia have significantly de-risked the Mopane complex. So we have identified significant light oil columns in high-quality reservoir conditions. So the wells and the test results were quite impressive, and they have exceeded our pre-drill on the potential of the area. So we are confident that Namibia will bring another exciting growth avenue to Gulf. We are already fast tracking the next steps. We are now launching a new four-wheel campaign for both exploration and appraisal. to better understand the potential of the mopane complex. And Otello, I'll stop here. Thank you.

Thank you. Operator, can you start the Q&A, please?