So a significant premium to Brent continues to be right? Your line is open. The increase was primarily due to improved uptime on our operated oil and natural gas assets and partially offset by unplanned downtime on our non-operated oil assets. On a pro forma basis, annualizing the revised dividend, our 2020 total payout ratio would be approximately 94%. We're proud of this record of returning capital to shareholders, while still providing per share growth. Thanks very much. Yeah, thanks for the question, Lars here. Yes, so our target is to continue to delever as what you have been really for the last five years in the debt ratio from the current level of about 2x to 1.5x, that's actually we would define the target in terms of debt to cash flow. And then last question -- last question here is, just with respect to the potential installation of an NCIB, how should we think about the drill program going forward? There are no further questions at this time. I've got a couple here. Great. The second well in our planned 2019 drilling program. Perfect. We kind of recognize that large discount has an anachronism kind of related to the trust era, so when we are in the corporate era beginning in 2013, we reduced the discount to 3% and I believe we subsequently reduced it to 2% in 2016 and we eliminated the discount a little bit over a year ago. Even today with, you know, the most recent downdrift in commodity prices, it is still covered along with the full capital program even including all of the growth capex, it's covered. We recorded FFO of CAD908 million in 2019 on a capital program of CAD523 million, which translated to free cash flow generation of CAD385 million, the highest in our history. So, the company made a tremendous shift to the overall change in the sector getting those ratios down just about to 100% not quite. Yes, that is, that is basically correct. Despite five years of L-shape recovery since the commodity crash in mid-2014, we were able to take enough unit cost out of our company to bring payout ratios down to approximately 100%, while still phasing out our DRIP programs. So all those shutdowns we referred to there, they've all been resolved and no future impacts from that. Looking forward, we'll continue to focus on evaluating future facility and drilling projects and optimizing our maintenance activities. Okay. Your next question is from Mike Bokat [Phonetic] with TD Waterhouse. The fourth well, 100% interest encountered 17 feet of net pay and floated at a rate of 3.4 million cubic feet a day on test. Slides 2 and 3 in the presentation refer to our advisory on forward-looking statements. Thank you very much. We have several other corporate developments that we reported with our Q2 2019 results. And again, a more difficult question, but when you're thinking through trimming capex, I know it's not easy to do. Slide 14, United States. I think we'll complete our Q1 program, we've always pointed out that the growth component of our budget for 2020 rates comes to about 5% of our capex. Thank you. In Australia, Q2 production averaged 60 -- 6,689 barrels a day, an increase of 14% from the previous quarter due to a full quarter contribution from our two well program completed in January. The results were positively impacted by stronger oil prices and lower operating costs, which decreased 15% from the prior quarter to CAD11.04 per boe. CEE, we tied in the Mh-21 0.3 net and Battonya E-09 1.0 net wells in Hungary drilled in the second and third quarters of 2019 respectively. There is no discount on the DRIP. There isn't much 3D that has been shot. Finally, Virtu Financial LLC purchased a new stake in shares of Vermilion Energy during the second quarter worth about $120,000. Good morning, Tony. Well, yeah, Jeremy, on the question of -- I'll take the first one on the question of one on an earlier reduction in the dividend. So, we have capability to go deeper if we needed to than 15%, but the scenarios that we're modeling would put us between this roughly 5% to 15% level at this point. With the set of numbers that you've laid out, CAD50 million of excess free cash, meaning cash beyond dividends. And they've all got a different set of reasons. It's a funny thing right, because as we -- as we discuss it among the management team, while we're very well cognizant of the stock price and market reaction in as you point out at the very beginning of your question, what has been a markedly different and difficult environment for Energy Equities. I have a few questions. As you can see in the last FFO bar on the right side of the slide, at today's prices, we would be unable to fund our combined 2020 capital budget and previous dividend amount represented by the upper dash line. The first bar on the left represents our FFO estimate at the time of our budget release at the end of last October. We had a forecast that we put out when we came back at the beginning of the new year in 2020, represented at the middle of the chart for January 6. And then, I just had a follow-up question on cash taxes. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. So I think the implication is first of all, we're not going to be shut out. No problem. So essentially getting back to sustaining capex would be what you're thinking about? In Central and Eastern Europe, we commenced our 2019 drilling campaign during the second quarter, including a well drilling and completed in July, we drilled five 4.3 net exploration wells. So, what we've observed in 2020 is in a sense it's even more uncertain, because it's such a rapid adjustment to demand probably impossible and this is what the commodity markets are indicating, probably impossible for OPEC to take enough supply or supply fast enough to get to the point of having even inventories. Vermilion Energy Inc (NYSE:VET) (TSE:VET)’s stock price traded up 6.7% during trading on Monday . Yeah, thanks. The Wall Street Transcript is a completely unique resource for investors and business researchers. Any one of them is pretty significant to our unit and a combination of them of course would be very, very powerful for us. Your line is open. Slide 9, North America Q4 highlights. Anthony Marino, President and Chief Executive Officer. We have been unique among our traditional competitor group and maintaining our dividend while still providing a moderate level of growth. We're producing around the middle of the guidance range. The test rate was limited due to weather conditions. In that environment, we were confident in our ability to fund our capital program and pay our monthly dividend of CAD0.23, while still generating excess cash to reduce debt. The hedge position continues on into 2022 and 2023. Our entry into Ukraine is a natural progression of our CEE strategy. And then, just the other thing is, I mean the cash taxes were, I guess, a lot lower than we were expecting in the fourth quarter. Okay. The decrease was primarily due to the refinery impact in France CAD11 million, the timing of crude lifting in Australia CAD8 million and weaker natural gas prices in Europe and North America, CAD22 million net of realized hedging gains. And so you got a different market structure that has allowed for contango that does not exist in the oil markets where the -- really it's primarily -- the hedges are primarily the sellers. In different macro environments, we have the option to employ the NCIB. And lastly, on the ESG front, Vermillion was recently rated AA in MSCI's annual ESG rankings for 2019, which is an improvement from our A rating last year. I mean it up to the discovery of the Siberian fields around the '70s and the '80s, that was the big majority of the USSRs production, yet, it's kind of been frozen in time with respect to investment and technology and we are right next to these fields and it's not just the 18 TCF field, there is a variety of multi-TCF fields next to the license areas, of course existing fields are not part of the licenses, but the area is next to them are. It owns 80% interest in 544,500 net acres of developed land and 87% interest in 439,800 net acres of undeveloped land, and 397 net producing natural gas wells and 3,346 net producing oil wells; and 96% interest in 248,900 net acres of developed land and 92% interest in 251,800 net acres of undeveloped land in the Aquitaine and Paris Basins, and 337 net producing oil wells and 2 net producing gas wells. Now get into the country specific updates. The refinery just came on in the last week or so. Are you looking at things in that ilk? I would -- my own guess would put it kind of in the medium term. No for sure. Should we experience an even more pronounced and protracted commodity downturn due to COVID-19 or any other cause, we'll be attentive to all forms of cash outlays, focusing first on capital investment levels to protect the financial position of the company. We expect to commence drilling this well in Q4. We achieved these results despite several unexpected operational challenges during the year, including a third-party refinery outage in France and uncharacteristic weather-driven delays in Canada. This article is a transcript of this conference call produced for The Motley Fool. And that's a market structure feature that has probably restricted the longer-term prices in oil. So we have three financial covenants on that credit facility, in terms of senior debt not to exceed 3.5 times; we're 1.57 at year-end '19, and then on total debt not to exceed 4 times, 1.94. Just curious how that's looking in the context of IMO 2020? So the dividend is CAD53 million, you might have $50 million for capex left in your budget. The forward curve for European gas is in significant contango. It is there to augment the dividend and it is true, stock seems awfully low to us. We plan to employ the NCIB under appropriate market conditions and will allocate excess free cash flow beyond our dividend stream to both debt reduction and buybacks. Slide 6, Netherlands. These are high production rate, low capital cost wells, and over time they will allow our CEE unit to contribute meaningfully to the sustainability of our capital markets model. That covers it for me. We had the success already in the CEE, which in Croatia alone, we were able to produce a very significant result there in an area, I don't think that anybody had really counted on for producing meaningful production and significant cash flow and a good pricing environment at such low capital costs, and now if you think of Ukraine as extension and amplification of this, you've got an area that is amazingly hydrocarbon prone. That creates a greater risk. I just want to going to get some more insight into the Board discussion on why the dividend wasn't a bigger cut, why you wouldn't take the opportunity to do more, pay down more debt, maybe even cut the capex just to get ahead of this volatility that we all kind of see is coming here? So the DRIP started at the beginning of the trust era in '03 and it was the mode of the trust to offer a 5% discount for participants in the DRIP if they wanted to reinvest in shares of the Company. The large majority of our new reserve additions were through organic activities as we continue to enhance a recovery factor on existing assets and advanced resources to reserves in a number of our operating areas.

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