• 4Q24 production was 31,489 boe/d. Excluding Argentina (as the acquisition has not completed yet), this is ~1.4 mboe/d below our forecasts. The shortfall is primarily due to CPO-5, which experienced more blockades than anticipated, resulting in actual production of 6.4 mbbl/d compared to our expectation of 7.5 mbbl/d.
• The highlight of the 4Q24 operating update is the 50% increase in net 2P reserves at Mata Mora as of the end of June, reaching ~75 mmboe compared to 49 mmboe. We believe this co ....
