Bill Dezellem: Great. Thank you and congratulations on great operational results.
Thor Pruckl: Thank you.
Operator: We will now take some questions from email.
Al Petrie: Okay. The first question that I have got here is, bear with me one second. Can you confirm the amount of $33.3 million in foreign income taxes payable in the balance sheet corresponds to the value of the pending in payment kind — in-kind payment?
Ron Bain: Okay. I will take that one, Al. Yes, is the short answer. The foreign tax payable is accrued in the balance sheet at the effective tax rate together with a foreign income tax adjustment and that’s a discrete item where we mark-to-market the Brent pricing at the end of the period. I think, there’s a question out there in relation to the amount of barrels and is it calculated at the end of each quarter or is it pending the lifting? I mean, what we do is the calculation is made each period and it’s calculated in barrels per the PSC. The period barrels are then added to the brought forward position and if the state is no lifting in the period, the last lifting that the state took was back in Q4 2022. So it’s been about a year since the state took a lifting.
Al Petrie: Okay. And the next one I have, the lifting that was done in early October, was that just for VAALCO or the Gabonese Government or both?
Ron Bain: That lifting in October was for the Etame JV partners and not for the state. Traditionally, the state elects to lift on their own.
Al Petrie: Okay. And I think that’s all that I had.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to George Maxwell, CEO, for any closing remarks.
George Maxwell: Thank you very much. I think it’s always good as it was in Q2 to come to the end of Q3 with a strong set of results, a strong set of performance, both in the production, operational side, driven in part by higher and increasing commodity prices. As we are more than halfway through Q4, our confidence levels for that performance continuing through Q4 are very high, and as I answered one of the questions previously, we look to continue to increase cash balances through this quarter. We are starting to see some of the benefits of the diversification of our asset base, the ability to overcome slight bumps in the roads in one jurisdiction supported by the others. As Ron mentioned, we have significantly allowed and included the synergies of the amalgamation that took place in Q4 of last year and the combined operation now is one of much greater efficiency than the two independent organizations were previously, but that also presents some challenges.
As Ron mentioned, we now have completed the integration and now we have to move forward as a larger organization, that means investment in some people, it means investment in systems and processes in order to ensure we overcome some of the difficulties that we had in our reporting structure in Q1. And that plan is in place and we will move forward with a much more integrated system that facilitates, one would hope, a faster reporting position into — by midyear, third quarter 2024. I still like to thank all of our staff. This doesn’t happen just because Ron, myself and Thor are sitting here talking. It happens because we have got a couple of hundred people to work 24×7 to give us the opportunity to present these results and I’d like to thank them and I look forward to talking to you again at the 10-K.
Thank you very much.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
