Philip Skolnick: Got it. Understood. Just finally, just I know in the past, recent past, you’ve said that the environmental permitting process, it’s basically been business as usual. Is that still the case?
Gary Guidry: It has. And we’ve been working very diligently with communities on blockades and other interruptions. And we’ve seen some progress, I think, is the way to say that. But in terms of permitting and environmental studies, we — it’s business as usual in Colombia and in Ecuador. We’re quite excited about our discoveries in Ecuador. As Rob mentioned, we see some real opportunity there to expand what we’re doing across the border in Ecuador as well.
Philip Skolnick: Great. Thank you.
Operator: Thank you. Our next question comes from Luke Davis with RBC. Please go ahead.
Luke Davis: Thanks. Good morning. You guys have pile of wells coming on this year. Just wondering if you can speak a little bit to the expected cadence of production volumes maybe quarterly and where you expect to exit the year at? And also, just wondering if you have any contribution expected from any of the exploration wells that are included in the program?
Ryan Ellson: Thanks Luke. Yes, I think the cadence — as Rob mentioned, we’re doing a lot of development drilling in the first half of the year. So, those will be brought on in Q2 and into Q3. So, we expect a steady ramp up for the year and extend the year around 34,000 barrels or so.
Luke Davis: Got it. And anything from those exploration wells or is that just potential upside?
Ryan Ellson: Potential upside.
Luke Davis: Yes. Okay. The only other thing I was wondering about is just buybacks, how you’re thinking about that? Is that going to be sort of a portion of free cash flow that you’re sweeping into buybacks? Do you have an aggregate target that you’re looking to hit or how are you thinking about that currently?
Ryan Ellson: Yes, we bought back 6.2%, 6.3% of our stock last year, and we have approval currently up to around 10%. So, especially when we traded at such a substantial discount to our NAV, we definitely like to max out the NCIB and then look to renew.
Luke Davis: Got it. That’s it for me. Thanks.
Ryan Ellson: Awesome. Thanks Luke.
Operator: Thank you. Our next question comes from Juan Cruz with Morgan Stanley. Please go ahead.
Juan Cruz: Hi, good morning everybody and thanks for the call. I just wanted to clarify just quickly, you guys were talking about debt levels going forward. And on the third quarter call, you had indicated to the market that you have bought back about $20 million worth of the 2025 bonds. It’s my understanding that those are still outstanding. Just wanted to see if there’s any reason for them not being canceled yet, considering your targets? If you can comment on that, that would be great.
Ryan Ellson: Yes, we hold those bonds ourselves. And the only reason why we didn’t cancel them is we want to make sure that there was no adverse impacts as far as index inclusion. So, from accounting treatment and really the economic reality is we’re holding those bonds, our debt is $580 million, and we used that to have the $300 million bonds assigned for index inclusion.
Juan Cruz: I understand. Okay. But from your perspective, there’s no intention of reselling those bonds back into the market?