Financial Data and Key Metrics Changes - Adjusted EBITDA reached $71.4 million with a 57% margin, broadly stable compared to the previous quarter, supported by higher volumes and steady realized prices [7] - Net income was $15.9 million compared to a net loss in the previous quarter; excluding a non-recurrent exploration write-off, net profit would have been $23.4 million [7] - Average consolidated production was 28,136 barrels of oil equivalent per day, exceeding 2025 guidance and up nearly 3% quarter over quarter [6] Business Line Data and Key Metrics Changes - In Colombia, Llanos 34 remained a key engine with continued efficiency gains across drilling and workover operations [6] - In Llanos 123, drilling operations advanced at Toritos Norte 3, and progress was made on infrastructure in Puerto Gaitán [6] - Operating costs averaged $12.5 per barrel, fully in line with 2025 guidance, with over $15 million in efficiencies captured [7] Market Data and Key Metrics Changes - The company ended the quarter with $197 million in cash and repurchased $108 million of its 2030 notes below par, generating $9.5 million in annual cash savings [8] - Approximately 62% of expected 2026 production is protected through a hedging program with three-way collars [8] Company Strategy and Development Direction - The company successfully closed the acquisition of two high-quality blocks in Vaca Muerta, Neuquén, marking a strategic entry into a promising unconventional basin [4] - The new strategic plan focuses on sustaining a resilient and high-margin base in Colombia while rapidly scaling operations in Argentina [4] - The Board approved a revised dividend program totaling approximately $6 million over the next four quarters, reflecting a commitment to strong shareholder returns [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving consolidated production targets of 42,000-46,000 barrels of oil equivalent per day by 2030, with an adjusted EBITDA of $520 million-$550 million [5] - The company is preparing to scale up operations in the newly acquired blocks in Vaca Muerta, with productivity enhancements already underway [9] - Management emphasized the importance of maintaining financial discipline and maximizing shareholder value [9] Other Important Information - The company is undergoing a certification process for reserves, aiming for over 100% reserves replacement for the year [40] - The cash disbursement for the Vaca Muerta acquisition was finalized at $115 million [42] Q&A Session Summary Question: Can you provide more color on the upcoming studies and permits for the 2026 Vaca Muerta work program? - Management confirmed that operations have already begun, with production currently around 1,100 barrels of oil equivalent per day, and plans to increase to 20,000 barrels per day by the end of next year [15][17] Question: Could you comment on the lower CapEx for this quarter and provide an update on production in the Llanos Basin? - CapEx for the third quarter was around $17.5 million, reflecting a reduction due to operating with one rig; production was 28,136 barrels of oil equivalent per day, with expectations to ramp up in the fourth quarter [26][28] Question: What are the risks related to your polymer injection project in Llanos 34? - Management stated that polymer injection is a proven technology with a solid track record, and risks are managed through phased implementation and experienced personnel [64] Question: How much do you expect the Vaca Muerta acquisition will add to your 4Q 2025 production? - The acquisition is expected to contribute approximately 1,400-1,600 barrels of oil per day for the quarter [76]