Financial Data and Key Metrics Changes - Underlying NPAT for the half was US$45 million, 61% lower than the prior corresponding period, largely due to weaker global oil prices and lower sales volumes [2][4] - Revenue decreased to US$308 million from US$409 million in the prior year, reflecting lower sales volumes and average realized prices [11][12] - Net debt at the end of the half was US$238 million, with liquidity remaining strong at US$452 million [3][4] Business Line Data and Key Metrics Changes - Production in the first half of 2025 was about 200,000 barrels of oil equivalent higher than in 2024, primarily due to improved performance at the Bahuna project [10] - The Bahuna project production was 3.9 million barrels of oil, ahead of expectations, with FPSO efficiency at 94.5% [21] - Hudat delivered 5.6 million barrels gross of oil equivalent, with production guidance narrowed to 2.4 million to 2.7 million barrels of oil equivalent for the full year [30] Market Data and Key Metrics Changes - The company experienced a decline in sales volumes, offloading seven cargoes in the first half of 2025 compared to eight in the same period of 2024 [12] - Transportation costs fell slightly to US$10.2 million, while production costs increased by US$3 million to US$71.8 million [12][13] Company Strategy and Development Direction - The company is focused on safe and reliable operations, completing the Bowner FPSO transaction, and progressing organic growth projects at Neon and Hudat while maintaining strong capital discipline [2] - The acquisition of the Bona FPSO is expected to lower costs and extend its economic life, increasing the remaining project reserves base to 52.7 million barrels [3][27] - The company is working towards taking full operatorship of the FPSO by the end of 2026 [3][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the safety performance is gradually improving, with no lost time incidents reported [8] - The company anticipates net debt to decrease through 2025, positioning it well to fund upcoming final investment decisions [18] - Management expressed optimism about the potential for extending the concession for the Bona field beyond 2039 [65] Other Important Information - The company returned US$53 million to shareholders through dividends and buybacks during the half [4][17] - A significant increase in 2P reserves at the Bona project was confirmed, with a 45% increase to 52.7 million barrels [27] - The company is relocating several corporate head office roles from Melbourne to Houston and Rio de Janeiro to simplify its structure and increase efficiency [35] Q&A Session All Questions and Answers Question: Can you share insights on the Bayuna production outlook? - Management indicated that the decline rates are stabilizing around 10%, which is an improvement from previous rates, and they expect to extend the economic life of the field [38][40] Question: How are you thinking about D&A for Bayuna going forward? - Management noted that the overall provision for abandonment has increased slightly, but the trajectory is shallower due to the extended life of the reserves [41][42] Question: Will there be any step changes beyond the 10% decline? - Management confirmed that they will continue to monitor the field closely and anticipate future campaigns for pump replacements as needed [47][48] Question: Can you discuss the ESP repair at SPS 92? - Management stated that they are assessing the situation and may consider preemptively replacing the PRA2 pump during the same intervention [54][56] Question: What is the expected flow rate at Houdat East? - Management indicated that while firm numbers are not yet available, they anticipate it will be many thousands of BOEs a day once the final investment decision is made [86][87]

Financial Data and Key Metrics Changes - Underlying NPAT for the half was $45 million, 61% lower than the prior corresponding period, largely due to weaker global oil prices and lower sales volumes [2][4] - Revenue decreased to $308 million from $409 million in the prior year, reflecting lower sales volumes and average realized prices [10][12] - Net debt at the end of the half was $238 million, with liquidity remaining strong at $452 million [3][4] Business Line Data and Key Metrics Changes - Production in 2025 was approximately 200,000 barrels of oil equivalent higher than in 2024, primarily due to improved performance at the Bahuna project [9] - The Bahuna project produced 3.9 million barrels of oil in the first half of 2025, exceeding expectations [20] - Hudat delivered 5.6 million barrels gross of oil equivalent in the first half, with production guidance narrowed to 2.4 million to 2.7 million barrels of oil equivalent for the full year [29] Market Data and Key Metrics Changes - The company experienced a decline in sales volumes, with seven cargoes offloaded in the first half of 2025 compared to eight in the same period of 2024 [11] - Transportation costs fell slightly to $10.2 million, while production costs increased by $3 million to $71.8 million [12] Company Strategy and Development Direction - The company is focused on ensuring safe and reliable operations, completing the Bowner FPSO transaction, and progressing organic growth projects at Neon and Hudat [2] - The acquisition of the Bona FPSO is expected to lower costs and extend its economic life until 2039, increasing the remaining project reserves to 52.7 million barrels [3][26] - The company is working towards taking full operatorship of the FPSO by the end of 2026 [3][25] Management's Comments on Operating Environment and Future Outlook - Management noted that the electrical fault at the SPS 92 well has impacted production rates, but they expect to stabilize flow rates in the coming weeks [21] - The company anticipates a decrease in net debt through 2025, positioning it well for upcoming final investment decisions [17] - Management expressed confidence in achieving annual savings of $30 million to $40 million once full operatorship of the FPSO is assumed [24] Other Important Information - The company returned $53 million to shareholders through dividends and buybacks during the half [4] - A transition services agreement has been signed with Altira and Oceane to support the handover of FPSO operations [25] Q&A Session Summary Question: What is the production outlook for Bayuna? - Management indicated that the decline rates are stabilizing around 10%, leading to an increase in reserves and extending the economic life of the field [37][38] Question: How will depreciation and abandonment costs change? - Management noted that the abandonment provision has increased but will be spread over a longer period, resulting in a shallower trajectory for depreciation [39][40] Question: Are there risks associated with the reserve increase? - Management confirmed that the recovery factor is improving, and they anticipate higher recovery factors over time due to the nature of the reservoir [72][74] Question: What are the key vulnerabilities in FPSO operations? - Management highlighted ongoing maintenance needs for pipework and gas compression capabilities as areas of vulnerability that are being addressed [78][80]