Parex Resources Inc.

Good morning, my name is Krista and I'll be your conference operator today. At this time, I would like to welcome everyone to the Perixx Resources 2023 Annual Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. And if you would like to withdraw that question, press star one again. Thank you. I would now like to turn the conference over to Mike Kirsten, Senior Vice President, Capital Markets and Corporate Planning. Mike, you may begin your conference.

Good morning, everyone, and welcome to PARCS' fourth quarter 2023 conference call and webcast. My name is Mike Crichton, and on the call with me today are our President and Chief Executive Officer, Imad Moulson, our Chief Financial Officer, Sanjay Bishnoi, and our Chief Operating Officer, Eric Furlan. Please note that at any time, telephone participants on the call can press star 1 to submit a question. As a reminder, this conference call includes forward-looking statements, as well as non-GAAP and other financial measures. with the associated risks outlined in their news release and MD&A, which can be found on our website or at cdarplus.ca. Note that all amounts discussed today are in U.S. dollars, unless otherwise stated. I'll now turn the call over to Ahmad. Please go ahead.

Thank you, Mike, and good morning, everyone. Before I turn it over to Eric to discuss our recent operational and reserves results, and to Sanjay to provide the financial overview. I'd like to share some high-level commentary on our 2023 performance and how we are well-positioned for the future. I will conclude the call with some remarks on Perixx's outlay. In 2023, our assets performed well and generated record full year and fourth quarter average production, while delivering excellent safety performance throughout the year. Including share buybacks, production per share was up 12% when compared to the previous year. And over the last three years, we have been growing production per share at roughly 15% a year. And over the same period, our average return of capital employed was over 30% average. For 2023, our PDP reserves replacement ratio was 100%, and our PDP reserves life index remains approximately four years, roughly consistent with where it was over the last five years. As a conventional producer, where shorter reserve life indexes are more common compared to unconventional producers, our assets extend beyond the reserves book. and include 5.4 million net acre land position that we have acquired over the last three years. Our ongoing efforts in permitting seismic analysis and comprehensive block modeling are yielding positive results. We have doubled our portfolio in terms of prospective targets and have high graded our future opportunity pipeline. For 2024, our long-term planning incorporates lessons learned from 2023. Our guidance is robust and incorporates layers of contingency to navigate potential volatility. The midpoint production guidance we have set is achievable and has sufficient remaining contingency despite the shutdown we faced in this past month. Today, I am confident with our base production, where we are seeing the initial benefits from our water flood investments in Soca at Cabastero and Block 34. I'm optimistic about our near-term growth at Arauca and excited about leveraging the upside of our large land base through exploration and exploitation in Colombia, a country where we have a proven competitive advantage. With that, I'll invite Eric to cover our operational and reserve results.