Canacol Energy Ltd.

Good day, and welcome to the Canacol Energy First Quarter 2025 Financial Result Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. If you would like to ask a question, you may submit one on the webcast portal. At this time, I would like to turn the conference over to Carolina Orozco, Vice President of Investor Relations. Please go ahead, ma'am.

Good morning and welcome to Canacol's first quarter financial results conference call. This is Carolina Orozco, Vice President of Investor Relations. I am with Mr. Charles Gamba, President and Chief Executive Officer, and Mr. Jason Bednar, Chief Financial Officer. Before we begin, it is important to mention that the comments on this call by Canacol Senior Management can include projections of the corporation's future performance. These projections neither constitute any commitment as to future results nor take into account risks or uncertainties that could materialize. As a result, CannaCall assumes no responsibility in the event that future results are different from the projection shared on this conference call. Please note that all finance figures on this call are denominated in US dollars. We will begin the presentation with our president and CEO, Mr. Charles Gamba, who will summarize highlights for the corporation for the first quarter of 2025. Mr. Jason Bednar, our CFO, will then discuss financial highlights. Mr. Gamba will close with a discussion of the corporation's outlook for the remainder of 2025. At the end, we will have a Q&A session. I will now turn over the call to Mr. Charles Gamba, President and CEO of Canacol Energy.

Thanks, Carolina, and welcome, everyone, to Canacol's first quarter 2025 conference call. We're pleased to report a strong and profitable first quarter supported by favorable commodity price environments, a solid commercial strategy, and our continued focus on cost control and financial discipline. These factors enable us to maintain robust and stable operating margins, demonstrating the strength and efficiency of our business. In the first quarter of 25, we achieved an average realized natural gas price of $7.23 per million cubic feet per day net of transportation costs. Operating netbacks for natural gas rose 12% year over year to $5.48 per million cubic feet. While average realized sales of 135.5 million cubic feet per day for natural gas and oil, we kept operating expenses low at 50 cents, allowing us to maintain a strong operational margin of 76% and supporting our continued strong financial performance. Importantly, natural gas sales volumes remain in line to meet our full year guidance range of between 140 and 153 million cubic feet per day. Net income grew to $31.8 million compared to $3.7 million in the same quarter last year. This increase was primarily driven by stronger operating netbacks and a $19.5 million deferred tax recovery. Our financial position remains strong with quarter end cash of $79 million unchanged from our year end 2024 balance. Additionally, our leverage ratio stood at 2.3, a notable improvement from 2.91 in the same period last year. That remains well within our 3.5 maintenance covenant threshold. Operationally, during the first quarter, we drilled a total of four wells. three successful development and evaluation wells, which all encountered gas and have all been tied into production. We also drilled the Chibigi 1 exploration well, which encountered non-commercial volumes of gas. At Natia II, we found approximately 550 feet of gas-charged sandstones within the Porqueros formations with pressures of up to 13,500 psi. The well subsequently encountered difficulties while running casing and had to be temporarily suspended. Operations resumed last week to continue to drill the primary Cienaga de Oro target to a total planned depth of 16,500 feet. Upon completion of drilling, open-hole and encased-hole logs will be run across the CDO and Porqueiro, and production tests will subsequently be conducted across any potential gas-producing intervals. I'm also pleased to share that Caneco has recently received the highest ESG performance rating from ISS, a leading provider of sustainability assessments for the global oil and gas industry. This recognition places us significantly ahead of the sector average in areas such as climate protection and energy transition. Our commitment to clean natural gas production The ongoing reduction of venting and fugitive emissions and our rigorous monitoring of water resources were key factors in this achievement. In addition to the ISS rating, we've earned top ESG scores across several recognized international agencies. S&P Global awarded us 75 points in its Corporate Sustainability Assessment, CSA, ranking Caneco in the top 10% of global oil and gas peers, and securing our second consecutive inclusion in its sustainability yearbook. Sustainalytics rated us 24.4, placing us in the top 4% of 301 global oil and gas producers. MSCI reaffirmed our A rating for the second consecutive year, and CDP awarded us a B for both climate change and our first year of assessment for water security. Additionally, ISS governance scored us three for governance, one for environment, and one for social, all of which are better than the industry average. These outstanding results are a direct reflection of our more than a decade of hard work and dedication to embedding the highest ESG standards into our corporate strategy. They demonstrate our commitment to advancing a cleaner, more sustainable, and responsible energy future. I'll now turn the presentation over to Jason Bednar, our CFO, who will discuss our 2005 first quarter financial results.