“On debt recovery, we are continuing to recover our debt. We expect that by early 2027, that will be fully recovered.”

In context

“Eimear Bonner (Chief Financial Officer): Okay, Jason, I'll maybe try and hit this one. On debt recovery, we are continuing to recover our debt. We expect that by early 2027, that will be fully recovered. In terms of our JVs, today, we are operating three JVs very successfully. We've grown production over the last few years from 40,000 to 250,000. With the existing model that we have in place, we have grown the production from those three JVs 15% over the last six months to 280,000 barrels of oil per day, and we're anticipating that we will be able to grow up to 50% between now and the end of 2028. So everything with Venezuela operationally is going well and consistent with what we had communicated. With regards to the opportunities, obviously, we've been in Venezuela for 100 years. We stayed there because of the potential in the country and the assets. We love the assets — heavy oil that's there. We have a lot of experience in this space. So we are actively working with the government to look at other opportunities. We'll be disciplined. At the end of the day, the terms that we're discussing are confidential, but they have to be competitive, and they have to compete in our portfolio for capital. But I want to leave you with: we're very encouraged with where we are with Venezuela on the additional opportunities.”