Galp Energia SGPS SA

Good morning, ladies and gentlemen. Welcome to GALP's second quarter 2024 results presentation. I will now pass the floor to Otelo Ruivu, Sustainability and Investor Relations Director. Please go ahead, sir.

Bom dia. Welcome to the Analyst Q&A session where we will delve into GALP's second quarter 2024 results. Earlier today, we distributed all relevant materials pertaining to this result. including a brief video in which our CFO, Maria João, highlighted the key points of this quarter. As such, and following the format of recent earnings calls, we will begin with a short introduction from Philippe and then promptly move to Q&A, where our executive team will be available to address your questions. Please note that during the session, we will make forward-looking statements based on current estimates. Actual results may vary due to factors which are detailed in the cautionary steps and included in our materials. Philippe, the floor is yours.

Thank you, Othello. Good morning. Q2 was another good quarter for GALP. We continued to see solid execution from the teams and, of course, from our assets. Our financial position has been further reinforced by both the solid operating cash generation and our disciplined capital allocation. Now, you know that asset rotation plays a key role in our strategy as we need to make choices on which exciting projects we have in our portfolio. So in this quarter, we completed the Angolan farm down and we announced the divestment from Area 4 in Mozambique. On Namibia, we have no news to share at this stage, other than we are preparing the first of our four new wells for Q4 this year. And yes, we're having preliminary discussions with potential partners, but you will understand there is nothing much we can say at this stage on this topic. All in all, Gallup now has unprecedented financial muscle and the resources to keep delivering long-term growth from high-return projects. Thank you. Happy to take your questions now.