Earnings call transcript: Maha Energy Q4 2024 sees strong growth, zero debt

Maha Energy reported significant growth in its Q4 2024 earnings call, with a notable increase in production and revenues. The company also achieved a zero-debt status, which positions it well for future expansion, particularly in Latin America. Despite ending the quarter with a negative EBITDA of $3 million, Maha Energy recorded a positive net result of nearly $10 million, driven by an unrealized gain from BRAVA shares. According to InvestingPro data, the company maintains a healthy market capitalization of $165.44 million and has demonstrated strong revenue growth of nearly 30% over the last twelve months.

Key Takeaways

• Production increased by 130% year-over-year.
• Revenues grew over 100% compared to the previous year.
• The company achieved a zero-debt status, enhancing its financial flexibility.
• Maha Energy is focusing on expanding operations in Venezuela and other Latin American markets.
• The company is preparing for potential operations in Venezuela by mid-2025.

Company Performance

Maha Energy’s Q4 2024 performance was marked by substantial growth in production and revenue. The company reported a 130% increase in production year-over-year and more than doubled its revenues compared to the same period last year. This growth is attributed to successful drilling operations and strategic investments, particularly in Latin America. The company’s zero-debt status further strengthens its competitive position, allowing for greater financial flexibility.

Financial Highlights

• Revenue: Increased over 100% year-over-year.
• Operational netback: More than doubled compared to last year.
• EBITDA: Negative $3 million, impacted by high administrative expenses related to Venezuela preparations.
• Net result: Positive, nearly $10 million, aided by a $12.6 million unrealized gain from BRAVA shares.

Outlook & Guidance

Maha Energy is targeting operations in Venezuela by June-August 2025, with ongoing negotiations with PDVSA to establish an operating framework. The company expects a $4.4 million earnout from Petroconcavo and potential dividends of $200,000 from a Bolivian gas pipeline. Maha Energy is also pursuing an OFAC license to facilitate its Venezuela operations.

Executive Commentary

CEO Giorgio emphasized the company’s readiness to capitalize on its reservoir potential, stating, "If the oil is in the reservoirs, it’s going to come out." CFO Roberto highlighted the company’s strong financial position, noting, "We are a zero-debt company ready to boost growth." Roberto also reiterated the company’s strategic focus, saying, "We continue to look for selective opportunities in Latin America to bring more value to our shareholders."

Risks and Challenges

• High administrative expenses related to Venezuela preparations could impact profitability.
• Political and regulatory uncertainties in Venezuela may affect planned operations.
• Market volatility and fluctuating oil prices could influence financial performance.
• Dependence on successful negotiations with PDVSA and obtaining an OFAC license.

Q&A

During the earnings call, analysts inquired about the company’s high administrative expenses and ongoing share buyback program. Executives confirmed their confidence in the BRAVA portfolio and potential production capabilities. They also addressed concerns about the U.S. administration’s stance on Venezuela operations, which remains a critical factor for future growth.

Full transcript - Mahamaya Steel Industries Ltd (MAHA) Q4 2024:

Carlos, Moderator/Analyst: Cattel, Roberto, how are things in Venezuela, respectively, in Brazil?

Giorgio, CEO/Executive, Maha Energy: No, I think well, first of all, a pleasure to be here again, talking to you and to the markets. And, no. Things are very nice in in Caracas. I managed to get a cold, but it’s more spending time in meeting rooms with the way it’s on negotiating, our technical plan for the future than anything else. So, no, things are Caracas is actually very calm and nice.

Carlos, Moderator/Analyst: Okay, cool. And Roberto, we can hear you loud and clear, I guess.

Roberto, CFO/Financial Executive, Maha Energy: Yeah, no, same here at Rio. Thank you, Carlo. Thank you, everyone. It’s a pleasure to be here again with you.

Carlos, Moderator/Analyst: So without further ado, let’s go through the result. So please go ahead.

Giorgio, CEO/Executive, Maha Energy: Okay. Thank you for this, Carlos. So, I will start out as usually with an update on on where we are more operationally and, what we’re working on and then hand it over to Roberto. I apologize for for the call. I might cough a bit, but, I hope that doesn’t interrupt too much of the presentation anyway.

So if we go to the first page. So basically, I don’t want to repeat everything that we have done over the last twenty four, eighteen months. Just highlight the fact that we in the fourth quarter, realized an oil price. That meant that we could get the earnouts into Petroconcao oil deal, dollars 4,400,000.0, which is now part of our cash going forward. And of course, I’m very happy then to also announce that we have now reached the end of the discussions with PDVSA on the Mesa Technica.

What does that really mean? I’ll come back to that in a moment, but it’s a very important milestone for us. And I’m super happy to have reached that goal in a very short time compared to the plan. PDVSA thought we’d had sit until May, and we have now been able to reach this goal already by the February. To the next page.

And next one. So, this is what we are talking about, of course. And we have talked about this several times. You know where we are. We are working on La Paz and Mara.

Mesatechnica is basically a process together with Pedevesa to outline the business plan, the development plan, the redevelopment plan, you can call it many different things. And we are basically now just revised the existing one and agreed upon new profiles for gas, oil, water, production, OpEx and CapEx. There are still some small, small adjustments that are being basically checked. And they are very rigorous in their process. But the fact that we now have a combined understanding of what the field can do says a lot.

And I’m very happy with the numbers as well. What we have done over this mesa technical is to provide PDVSA with detailed information about how we think we should produce the remaining oil in these reservoirs. And they have basically bought into our story, bought into our detailed explanations. And we have gone well by well. So you see a total of more than 150 wells that have been studied and now is part of the plan.

I would have to say that, of course, we start we always start somewhere. So the first two years is about really 20 wells. 20 to 25 wells that we have identified, obviously how quickly we will get them on stream. Five of these are the ESPs that I’ve talked about that has an enormous potential that will be tested. So all this will be a two year test period before we really ramp up and further increasing the production.

But PDVSA wants to have a full presentation of the potential for the remaining time of the concession period. And that’s quite okay with us as well. It demonstrates a bit of the potential. I would say this is not a super optimistic view. I think this is actually a bit conservative on some of the single well opportunities that we see and again, in alignment with PDVSA.

So what we see is that we have, we are able here to identify resources that we can produce 90,000,000 barrels of oil in the remaining period we have and about 180,000,000,000 cubic feet of gas, which is the equivalent of another 30,000,000 barrels of oil and gas. We have estimated the top production to be approximately 40,000 barrels of oil and gas equivalents per day. And Oh, there you go, sorry. And during the first years, we will, as I said, be focused on testing and then take this decision to really ramp up and continue after the first two years. Reminding again, everybody, we are close to Chevron (NYSE:CVX) in Buscan.

We are continuing the dialogue with everybody there. But right now, what we have reached is a common understanding together with PDVSA on how to develop this field, how much resources we have here. And I’m very pleased with basically saying that the PDVSA people have understood our ideas and agree to our approach and agree to the numbers that are now in front of us. So now we have a concrete plan and this is what we’re going to deliver on going forward. So next page.

This says a bit about what is really okay, what are next steps now. We have basically now concluded on the on the Mesa Tecnica. What’s gonna happen now is that we will start up negotiations on what kind of contracts we can operate under. That would be a contract for an operating regime, how we will operate in combination with PDVSA, how we can sell the oil. We also want to sell the gas.

As you saw, gas is 30% of our products. So this has been important. We have seen, we have received positive signals on this, but signals is one thing, the concrete contract is not. So that’s why we have to do the work now going forward. And our model is, of course, that we want to have similar type of contracts as Chevron and Mora from, operates under today.

They have been very successful for for Venezuela and for the companies, and that’s our target. Then, of course, I’m probably sure there will be questions around it too. The next thing we miss is, of course, also a license from UFAC, from the Ministry for the State Department in The US. And of course, with the new administration in Washington, we have not yet been able to have any meeting and not yet been able to get any signals. We have a very close dialogue with several other partners in Washington, companies in similar position as ourselves.

So we have, in a way, good reason, I think, to actually expect that this could happen. That’s a personal note because I think we have seen the new administration being very eager to make deals, to basically try to negotiate favorable terms for Americans, American companies, and so on to do business. So that’s what we hear. That’s what we believe. But, of course, yesterday’s news from Trump makes everybody have a question.

But, well, we have seen that before, so we can continue to discuss that a bit perhaps under the q and a. But, basically, this is the way forward. We need to for us today, it doesn’t really matter much. We need to discuss and agree upon the terms with the PDVSA for operating. And we don’t see ourselves starting operating here before June, July, August, the very earliest anyway.

So that’s basically our way forward. So let’s go to the next one. And the next. So, BRAVA is also an area where I know there have been a lot of question marks. We are now, I would say, overall, that I am still focusing on the underlying values of what is in Bauer.

It’s been a very bumpy ride and I have received lots of concerns from shareholders directly to me. And I understand all of those concerns. But I will still repeat what I have said before. I do strongly believe in the underlying values of Bramha. There was uncertainties about Atlanta FPSO coming to starting up.

It now has started up and it’s working, and there will be more wells connected. They will also work. We have very limited concerns when it comes to anything on the reservoir in both of these fields and especially now Atlanta as I’m talking about. And the FPSO has already proven to work. FPSO and Papaterra had been through lots of maintenance.

There are still issues to be fixed, but also the FPSO. I’ve been there myself twice. I am very confident that this machine, call it that, the FPSO, is going to work fine. And, but there will be more more, need to to to do repairs. And the current issue they have is linked to the gas processor, the gas compressor, in order to re inject gas because they are not allowed to flare all the extra gas that they are producing.

The extra gas comes mainly because they are producing high volumes of oil. So it’s a good, in a way, a good signal, a good problem. But of course, we won’t also, the FPSO in Pappavera to deliver the full capacity volumes, which would be in the order of 20,000 barrels per day. Another thing is there’s a lot of initiatives now to hybrid the portfolio. There have been some messages already of very small transactions that are basically meaning that they are cleaning up in their portfolio.

I think this is a very good sign. I think it’s a very, it’s a thing that we have been requesting, been supporting. It means that they should focus on the important assets to deliver more value to the shareholders. So I remain very bullish on, on Bravo. It’s been a bumpy ride.

It’s not that easy to sit and say, well, it’s gonna be fine. But that’s really what I do believe. I think Atlanta, Papaterra, Portugal, these are great assets. And now we just have to expect and push also the management to stay focused, which I now think they are, on delivering these volumes to the market and increase the cash flow. Next (LON:NXT) one.

And next one again. So, Illinois, it’s going fine. We are producing a lot more now this quarter than last quarter. But this is also driven very much by exactly when we the timing of the wells and so on. But, it’s a nice operation.

We are proven to drill successful new wells, added reserves, and created an additional good cash flow for the company. Let me also say something very important here. The work we are doing in Illinois is exactly what we also will do in Venezuela. So here, we are demonstrating a very efficient operation of something that we are exactly the same type of operations we’re gonna start up in Venezuela. And I’m actually also in dialogue with the people there to see if they are flexible.

And I can assure you that we will get good support from the competence that the company is building and has built over a long time in operations in Illinois. And I think also with the current administration in Washington, that it’s an important part of being BAHA, applying to get the license in Venezuela, the fact that we have a significant operation in Illinois. So very pleased with the activity, very pleased with the wells that have been drilled, very pleased with our guys that are working there day and night to deliver these values to our shareholders. And I’m also very pleased to say that I think this is super relevant for what we are doing also in Venezuela. So, with that, I think I’ll hand it over to you, Roberto.

So, then I can sneeze a bit over here. Thank you.

Roberto, CFO/Financial Executive, Maha Energy: Thank you, Giorgio. So, going to the next slides, please, one more. So here we are showing the production revenue evolution. So as Jeju was mentioning, we increased our production around 130%, when compared to last year. Of course, you can see in the last quarter of Q4 this ramp up after the completion of the drilling program.

And also this, in terms of revenues, also have this increase on more than 100% if you compare to last year, last quarter. An increase of around 30% quarter over quarter, in spite the lower price environments. Going to the next slide, please. So here we show the production profile. We can see we have stable production, even we increase a lot in terms of the production.

So our cap OpEx are pretty stable. As we can see in terms of OpEx per barrel in dollars, so we have this decrease of around 30% in the metric. And as a consequence, we have this operating netback, in terms of dollars per barrel, and we increase our netback of more than 100% as well during, if you compare to last year. Going to the next slide, please. Here, we are showing the G and A and EBITDA, evolution.

Basically, we have our G and A, we are working hard to reduce this quarter over quarter, but of course, we have these effects of the potential M and A’s, all the legal consultancies we have during these operations and transactions we’ve made in the past. We hope this will decrease over time. So we have here, decline of around 150% if you compare to, last quarter last year. And we have end up the quarter with this EBITDA negative on $3,000,000 in last quarter, 2024. Going to the next slide, please.

Here, we have the net financial result and the net result by the quarter. Basically, we have, unrealized gain in BRAVA shares of around, dollars 12,600,000.0 affecting positively our net financial result for the quarter. And of course, impacting also positively our net result on almost $10,000,000 Going to the next slide, please. Here, we show, just a breakdown of the CapEx. So we have a minor CapEx during the quarter because we already completed the last training program.

And we end up the quarter with more than $10,000,000 in available cash. Also, we have additionally on top of that around $87,500,000 of liquid investment, which is basically Brava shares and three year of further debenture. And now we are a zero debt company. We are debt free after, prepaying the debts during the quarter to avoid addition, or higher interest expenses going forward. And here we have the chart on Brava share performance in US dollars, where basically we have a positive increase of around 18% during the quarter.

Going to the next slide, please. Here we have the cash flow breakdown. So we started the quarter with around $88,000,000 of net cash plus liquid investments, and we end up, here the last quarter of around $97,600,000 which were basically impacted by the repayment of our debts and also the unrealized gain appreciation on Brava shares. And additionally, as Jeju already mentioned, we expect to receive during the quarter, first quarter of twenty twenty five, dollars ’4 point ’4 million of the Brent earnout from Petroconcavo, and also additionally $200,000 of dividends of our Bolivian gas pipeline investment. So we will end up in a pro form a basis with more than $100,000,000 net cash plus liquid investments, boosting our capital structure and be a solid position for growing Venezuela and potentially other M and As.

So going to the next slide, please. So here we have the closing remarks. So just, again, we have a strong enhanced capital structure with more than $97,000,000 in liquid investments and cash. We will receive an important amount of $4,400,000 of earnouts. And now we have this zero debt company ready to boost growth.

And also, looking forward, as that you were mentioning, we are happy we concluded the technical discussions with PDVSA on the business plan of Petro Danietta. We also will start the negotiations with PDVSA during this quarter, the first quarter of twenty twenty five. So we are targeting the same framework agreements as Chevron and Maroporom already has. And in parallel, we will still be working with OFAC license and other approvals, so we can start operations as soon as we get it. And of course, as Gertrude also mentioned, we will be still working with Brava shareholders, so we can push this agenda to focus on the existing and most important core business, and also deleverage the company so they can be prepared to start paying dividends across the way.

And also, of course, we are always looking for selective opportunities in Latin America so we can bring more value to our shareholders. So I think that’s it. Thank you. And here we close the presentation.

Carlos, Moderator/Analyst: Well, Roberto and Kjartil, thank you. And as you can imagine, there is a lot of questions coming in, and I will try to restructure them in an orderly fashion here. So I was just going to start with a couple of questions relating to the result, and then we can jump into Papatera. And obviously, I think that the elephant in the room would be Venezuela, although I’m not so sure that we can get a proper answer on every count. But I’ll start here with the administrative expenses amounted to 2,560,000.00 in Q4 and 8,200,000.0 for the full year.

And the question here is really, what’s driving these high costs, especially considering the company is now debt free and has reduced operational activities? And then I can add one other question into this is the administrative costs seems from extraordinary consulting fees. So could you please walk us through that? And what can we expect going forward?

Giorgio, CEO/Executive, Maha Energy: Maybe I should start a bit on that and leave Roberto to potentially go through some more details. But I think the first thing I would say is that we have a solid, I don’t know whether it’s conservative. I think it’s how it’s perhaps supposed to be. But basically, all the costs linked to the work we’re doing here in Venezuela, for instance, is good at SG and A. So I’m spending most of my time here and most of our, well, Roberto will go through that.

A significant part of our cost is actually linked to the preparation due here. So in a normal sense, I would say that, you know, this should have been activated costs because it’s not really cost of running the company as it is. It’s a preparation for doing, preparation to operate a fantastic project in Venezuela. And that’s a commitment where we actually we do spend significant amounts on this. However, I think it’s not, it’s not, not more than what I think is actually I think we’re also doing that very cost affordable, but that is also linked to some of the special consultants fees because we basically have used extensive, very, very good consultants to, to be able to demonstrate this kind of mortgage, you know, going through 150 wells well by well, understanding the potential of this and changing the whole production strategy for Wencesuhrennad that has, that doesn’t come by itself, and that’s where we basically see a lot of cost.

And these costs, I understand. I’ve been actually challenging the accounting and the Roberto bit. I think this cost should have been activated because it’s part of preparing for a project. And apart from that, I think we are back to what Roberto said, we are working hard with there are also some, yeah, some old funds, put it that way, coming, you know, there’s always there’s still work going on with closing of the deal in Oman, it has proven to take some time, all of those things are actually also driving some of the costs. And, so so there’s always a bit of things that are that are linked to the history.

We try to close them out quickly, but, but it still, still kind of influence our our cost levels. So, but we do have lots of initiatives. I think Roberto has actually done already quite a lot of work on reducing the cost, and I know he’s continuing to to pursue that. So the rest assured that it’s not something we don’t think about, but something we are working very hard on. But maybe I have some more details on that, Roberto.

Roberto, CFO/Financial Executive, Maha Energy: Thank you, Jack. I think you covered the main topics. I think part of our current costs are related to Venezuela. We have a technical team there discussing all these assumptions with Jie to preparing all these business plan. And we are always focused on trying to identify new opportunities of cost savings.

So for sure, our agenda here is try to reduce this even more going forward.

Carlos, Moderator/Analyst: Thank you for that. And we have a couple of questions related to shareholder value and share buybacks. Your share buyback program was initiated in 2024, I believe, but it was only 1,500,000.0 shares repurchase. Do you plan to accelerate buybacks to support the stock? What’s the thinking there?

Giorgio, CEO/Executive, Maha Energy: Yeah, so that’s a question that always naturally come up. So, we are I can only say that this is, the program is there, and it’s not something we have canceled and we have every on the weekly basis a dialogue with the board on how we continue this program. So, yeah, so that’s basically all I can say. It’s not been canceled and you will see if we again, there has been a long period of time where we have considered not to buy and won’t go into the details of all these things behind that. I think maybe it expands by itself, but I think also now it’s not been canceled and it’s something that we are discussing every week and we just have to follow-up on that later.

Carlos, Moderator/Analyst: And could I just have a follow-up question there and try to be the devil’s advocate here? Now that the company is virtually debt free and the Brala Holding, well, as appreciated and being booked as a short term asset for Maher. And if I understand that correctly, that means that it can be liquidated within a year. Shall we see this as a possibility of building up a war chest for buying assets? And if so, is there any geographic area or is it opportunistic?

So two questions in one here.

Giorgio, CEO/Executive, Maha Energy: Okay. I think, of course, we’re optimistic. I think that’s, I think also it’s clear that, you know, our focus is Latin America. That’s why we feel we have a competitive advantage. But I think it goes without saying, our largest shareholder a private equity special situations firm.

So, of course, it lies in their blood to look at special situations. And, of course, they are pushing ideas, pushing things to us continuously. So, so, yes, I think we will be optimistic. We will we look for the values. And, and, of course, we are I mean, our biggest shareholder is basically in this to to create value for for himself.

And, and they have been, constantly also also buying, supporting, supporting the stocks, supporting the company, not buying shares. And they strongly believe in in the underlying value, strongly believe in the story we have. So, yeah. So so we continue. We have a very, very close and and good dialogue with, with, our owners and especially then the larger owner.

And, and believe me, they want to make money. They want to increase the value of the company. And of course, if there are not good enough opportunities, they will figure out, you know, other ways of doing, increasing the value, like the buyback or another ways to give this money and give this value back to the shareholders.

Carlos, Moderator/Analyst: Thank you for that. And now I’m going to be a little bit technical, and I would expose my ignorance here because I would just read the question. But so the questions are around Papa Terahal and basically 15,000 in production with 100,000 expected. Could you elaborate a little bit of that? And what shall we expect going forward?

Giorgio, CEO/Executive, Maha Energy: Yeah. Then I think I will correct your question because I think it’s then it’s not only about Papa Terra alone will not bring a Brala to 100,000 barrels. That’s a combination of Atlanta getting more new wells on stream, which is extremely important, and also the rest of the portfolio, whether you also have new investments, and of course getting the last 4,000 or 5,000 barrels on stream from from, Papa Tadamo is more, 12,000 or 8,000 barrels from Papa Terra that also come on stream. So, yes, I am very confident that this 100,000 barrels is within reach and actually, I shouldn’t say with a good margin, but I think it’s actually something we think is a bit conservative, we’ve seen delays and so on, but the reservoir is very good in both Atlanta and Papatayra. And I keep on repeating, if the oil is in the reservoirs, it’s going to come out.

And then we have the two platforms basically up and running. It’s a brand new platform in Atlanta, and I don’t expect any challenges on getting the hookup and commissioning for the next four wells. And I’m also very confident that we will see Papatera, which is in a very different shape. But again, I’ve been there myself. I’ve seen the FPSO.

I actually am very confident on the improvements that they have been able to do on the years they have operated. So yes, I do believe that 100,000 barrels will happen within this year.

Carlos, Moderator/Analyst: Okay. Thank you for that. And now a couple of questions around Venezuela. Obviously, there’s a lot of questions coming in here where the questionnaire doubt that there will be any production in Venezuela. And obviously, there will be different views here.

But if I may start by asking you a question that I believe I asked you in the last time, is that when you invest in Venezuela, you are, as I understand it, on sort of first step, second step, and third step. And what I’m driving at here would be what is the sunk cost so far? And obviously, you’re planning on investment, but you haven’t really committed yet because you’re waiting for the approval. Is that a correct statement from my part?

Giorgio, CEO/Executive, Maha Energy: Yeah. And it wasn’t a question about how much is sunk cost. But, yes, that sunk cost is everything we have spent so far. Will there be production in Mancini? Of course, there will be production in Mancini.

But I think the the question mark is is, we did today, is linked to when the US administration what will be the policy at the end of the day from the US administration? I think that’s the only believe me, I see a lot of there is a lot of work to be done here. There is a lot of things I have to agree with PDVSA about. But the fact that we now have a business plan, that we now have agreed upon what needs to be done, and I see full commitment from the Pedersen people in Pedersen, and they are basically, you know, eagerly awaiting us to get started together. So we have very strong support.

It’s been otherwise, it would be impossible to do this in six, seven weeks as we are done with the Mesotechnica. So yes, there will be production. I think it’s up to the U. S. Administration to know exactly when it’s going to start up.

And

Carlos, Moderator/Analyst: if we look at the share price, then it’s my understanding that the market hasn’t really, well, fully incorporated any major value from Venezuela. And that’s why I think it’s could be interesting to just do the expectations of future investments that has not been done yet. If we look forward then, obviously, you’re not really in the driving seat when it comes to the administration in The U. S. But what shall we expect?

What’s the time line when it comes to, let’s say, the Venezuelan authorities?

Giorgio, CEO/Executive, Maha Energy: Well, okay, okay, yes. So what’s the time line for the for our no, I’m very I’m very confident that by by April, May that we will, we will have the terms agreed upon with with how to operate and what kind of regime we’re operating in. We have been very clear about our expectations. And and, yeah, that’s my expectation really that, that I think I think it’s yeah. I think it’s, I think that’s a realistic expectation based on the on the experience we have seen.

But by all means, things could take more time. It’s it’s not easy to to cover, but that’s our plan at least. That’s what we think.

Carlos, Moderator/Analyst: So basically, there will be, let’s say, in the coming quarter, there will be more clarity and perhaps there will be more clarity on from both administrations and both jurisdictions. What would so would it be fair to say that the next flow next news flow, which you can control would be, let’s say, Papatera and and Venezuela with with the local authorities? Or is there anything else we should be looking out for that would be in your control?

Giorgio, CEO/Executive, Maha Energy: No, I think I think actually the connection of the of the new wells in Atlanta is very material, even more material than I think, the the Papatera issue is. But those two things will will add significant production to to Brava. There are some there are some initiatives I just talked about to to higher the portfolio or something. I’m I’m yeah. I’m I’m not so, kind of occupied with or I can say, with with these, these processes, but that could be something that, there there is there is some initiatives to look at, selling larger parts of the onshore or and even looking at some of the offshore things.

But, but I think the best thing for me is like just keep for my colleagues, so to speak, in Brawa, keep focus on delivering barrels and get these wells connected and the cash flow will convince everybody about the value in the company. Right.

Carlos, Moderator/Analyst: So I thank you for that and pressed for time. I think we will forward all, well, other questions to your webpage and to yourself and to the rest of the management. So with that, Chateau and Roberto, thank you so much.

Giorgio, CEO/Executive, Maha Energy: Thank you for leading this once again. Always a pleasure to start talking to you.

Carlos, Moderator/Analyst: Yes. So we’ll see you later and take care. And to all of you out there asking the questions, if you haven’t got your questions answered, please forward those to Maha Energy, and we’ll see you later. Thank you.

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