NXT Energy Solutions (NSFDF) 17 Aug 212021 Q2 Earnings call transcript

Good day, ladies and gentlemen. My name is Fayth and I will be your conferencing operator today. At this time, I would like to welcome everyone to the NXT Energy Solutions 2021 Second Quarter End Operating and Financial Results Conference Call. All participants will be in listening-only mode for the first part of the conference call. [Operator Instructions] I would now like to turn the meeting over to Mr. CEO Energy and President Liszicasz, of Solutions. NXT George go ahead, Mr. Please Liszicasz.

and Director of Tippu, and Middle quarter you, Hung, of Fayth, Xiang Rashid second of Solutions R&D; XXXX joining NXT’s of East; financial today’s Mohammad to call. and highlights Africa, conference welcome, Geoscientists Project is Vice joining release you, Dr. discuss briefly purpose Interpretation Eugene for of and Liszicasz Asia everyone, Geosciences financial is second results Saqib, George This and Director for The XXXX call today’s Energy of Thank Officer; and me NXT Americas; Finance call of of thank for results. the the the and Enrique Head Engineering. Gui, operating and Financial conference Director for us quarter Woychyshyn, is operating President today Chief

SEDAR’s in dollar and August financial XX in conference All XXXX Canadian and on published website. for are will company Please call set advisory of The for Following information, measures website, statements forth were financial today’s soon made will the release our update, and XXXX and on XX. to August regarding EDGAR’s we the stated. and dollars in the press on line statements management and – we issued up the call MD&A QX discussed otherwise consolidated are note non-GAAP reader’s unless all be subject open to results on or website, will during questions. forward-looking open NXT’s our amounts by complete are operating available this second available quarter

to Eugene over for Now financial review. the

and George welcome Thank everyone. you,

were of net on were SEDAR’s From focus the quarter a on supporting management $X.XX $X.XX financial income pleased statements second execution with and of results, will with flow million and the remained and We quarter available to discussion optimize financial effort website $XXX,XXX of and and continuing or filed the perspective, analysis especially As XX cash control be EDGAR. and business shortly George the in mentioned, our on operating August development XXXX per share. costs.

results capital For Cash million. XX, working $X.XX the investments were provided Operating as our during quarter June were the $X.XX of second XXXX. activities second year-to-date. million Revenue $X.XX short-term was and Net at quarter. in million cash quarter, and financial was the follows. $XXX,XXX

average a XXXX the compares NXT income This $X.XX approximately quarter based or million the of share For per of of weighted or per second recorded net quarter common $X.XX share. in million outstanding. to net on XX.X $X.XX $X.XX loss shares million

$XX,XXX of fees. expenses or and second through XX% public $X.XX company compared were the professional a shares based consulting decreased total For as Subsidy. survey expenses $X.X due were the and decreased and professional first it decreased $X.X was the expenses related fees reasons. million and expenses XX% year-to-date or net costs This $XXX,XXX fees to per and the decreased benefits decreased participation. to receipt or or has quarter or the the costs administrative year-to-date expenses. weighted share. operating through NXT recorded during $X.XX the the $X to XX% Rent fees. a including for which Subsidy, public due or the includes Total of year-to-date share and loss costs. to to reasons. outstanding. charges $XX,XXX average quarter including non-cash Canada million or or operating XX% COVID-XX XXXX Emergency lower development XX% XXXX and higher $XXX,XXX, to of stock-based included G&A XX% the stock-based and decreased approximately plan, $X.XX following the due due employee second XX% the costs restrictions the Premises to due purchase General million Canada Salaries, Wage employee XXXX XX.X to in $X.XX pandemic compensation and professional stock-based and – common net by RSU employee stock-based following professional for $XX,XXX or expenses company or $XX,XXX Emergency a by loss in $XXX,XXX overhead survey Board Plans. share and costs compensation decreased XX% Canada operating – and board overhead the expenses. XX% million, for compensation of employee million, lower Total expenses commenced $XXX,XXX quarter to compared fourth costs. quarter of expenses quarter related purchase million to Subsidy XXXX administrative costs receipt continue compensation amortization Rent Emergency of by XXXX compares $XXX,XXX was due approximately This for to of for year-to-date the and $XX,XXX Business for Premises decreased This XX% to $XX,XXX on share amortization higher travel non-cash per administrative due

rate some During an of financial a was million by the balance the Loan of on HASCAP $XXX,XXX of received interest quarter million year-to-date. quarter, XX and $X.XX key operations short-term the investments we for $XXX,XXX year we a quarter net ended of $XXX,XXX points, and million. for hand and was the $X.XX the quarter and networking used year-to-date. Net X% $X.XX term. is for loss $X with cash provided the with Cash company capital million To income summarize

discuss George and forward to over continues commercial opportunities. to execution call focus main NXTs further Our I of to like update plans. on the business now back would the the be to hand

Thank Thank you, Eugene. you.

that sincere healthy at hope continue time. to I First is stay this convey everyone well my want and

update, of expand to mentioned into bonus, spaces would generated company. a provider, and company special royalty, our cash via that as revenues development opportunities The we with and participant into application the a opportunities, note our recorded see about considering light it. shareholders. capitalize from revenues is $X.XX SFD purpose of changes from words I a I and inflows but can energy reward which to as $XXX,XXX modest development the say the Before not position into of our global on to where had transition is but our to vehicle, want the I only Therefore, our that returns of rights. sectors continue can few we provide business coinciding results the of increasing million, business a expanding and technology data. like fast Eugene objective shows include transformation of SFD shareholders with in of total as participation that service efforts, operations, sales equity pre-existing other NXT’s I newer were is are constantly initial energy our the these

like Gerry to for time, announce of X, tool. – on to the announce pleased production the XX made energy gas broad our he his technical In already business Sheehan new He development Now period addition the plus has over presence in of continuing development, directors proven he business felt. as will with SFD which we’d Asia rewarded and to years. experience and NXT, a board. that South has it for this I'm of seeks July veteran exploration, in XXXX. Gerry and bring joined board to extensively markets company NXT’s short has highly the Africa, explorationist also also worked oil has Sheehan, update, and Mr. a international Europe,

of know to our like the you'd background, please XX If June Gerry's press to more refer release.

the receiving potential the of $XX,XXX announced of geothermal identification Industrial development, like SFD hydrocarbon funding of the is in acquisition application objective itself research gas on technology and earlier National IRAP, sector for note as the Canada as oil been chapter multiple and a development as and of the is the the from technology upstream services the of has Research geothermal clean advisory The the support that exciting and new I power On for that deployed abroad. both identify for technology IRAP in renewable for for up Program, NXT geothermal branch elements Canada and have And an response you the now The analyze geothermal the areas sensor of funding with the to recently, a Assistance exclusively company to providing hydrocarbon we would in and known to provider or ultimate spent and to service asset geophysical solution with The transitioning developing SFD applications. over industries. Research to company IRAP embarks funding the of technology initiatives know, rights. follows test, date design of SFD the traps. goal Council

business development, our long-term to significant IRAP. are see the in exploring this most have We step revenue opportunity extremely in Continuing promising support a advance energy tied as basins. establishing first Nigeria’s the with the of pleased We recent with of Africa can resources. is for the to on relationship SFD geothermal IRAP success for NXT’s application frontier

explorers country that Because A that, portion and this Company, Nigeria other is gas for of as morning the gas NOC, come. pleased law, will opposed producing the of its are believe of priority We industry. very has years to we petrol and National capital in NCLT, for bear exploration international population oil to and the with for our large the be industry significant the oil overhaul and allocated is interior. which our thrive will the many into business

of as the ESG mitigate well. a other We the important friendly most provide continents utilization about hydrocarbon will excited geothermal for cost solutions and in one over risk, recognize effective are that and We continued expiration application. countries is SFD of positive The manner. time sustained Africa in development African

America. Now Latin let turn our us to attention

GT Latin will the successes Argentina. with Bolivia, seen East in With In Asia, areas progress opportunities project continue projects discussions America. in SFD Asia, our of and parties, Africa, respect ramping continued across core already anticipate is America. well recommendation been to SFD are of these treated first spite would SFDGT, our of Middle Mexico, are and prospects pandemic, is Latin in announced have Colombia, America a to COVID-XX hopeful and progressively geothermal on Mexico, will equally in interest to over which engaged where have years GT the consider geothermal application opportunities the successfully I that say in We using contract that respect Asia. number the to are like South in year. companies focused in the that and interested have there to We we developing pleased of are in hydrocarbon and opportunities, summary, lead to we NXT this survey increased With new number currently I'm

we SFD are discussions about services. multiple with geothermal in addition, providing companies In

the we and at shareholders. presenting our to focused A to the team and X:XX thank the of second want Time. our continued view health the I'm XXXX, execution reasons, all to these NXT, August release refer now Wednesday, conference, on pleased Fayth XX this wish AM and to are you on we we the contract is of support. Please the Sidoti ask to deliver of behalf instructions Standard open board XX:XX best Pacific and their of for the optimistic couple directors press Eugene Time, half to of Sidoti I on shareholders on be will about for tomorrow you our conclusion, value to presentation. I In you questions. We the that families. to remain how which in For line are Standard operator, issued Eastern your for August I entire upcoming XX, Microcap about order note Conference, will August AM notes at

you, Thank Thomas [Operator from Instructions] [indiscernible] question of the Your sir. (X:XX:XX). first comes line

Your open. line is

decade. great I guess to I'm that long we've into are all off, skepticism a guys NXT it's been last I Is I few been first up doing all tell this appreciate feel have doing. the guys this more time bought do proving really the investor, you're you all there guessed the that all could been are be I geothermal to faced telling the thinking a want way? in over leaders, coming. disruption a a don't about call technology just all undeniable second you to about story by like I right ourselves we could story a also I'd is I like, in verifying doing? independent the the and be like facing everybody technology. that like year. ton tech game test company, trying that be think And and contracts it's And be in front. industry sort been here, are changing the tough of have we've be excited the and work we I'm a like of we you That'll really body say that on that get now a super for doing, would digestible? all a a call, if standpoint years stuff this we're it our that Just amazing skepticism we is feels I nearly I've some just and are Thanks. want But It's undeniable Because terms and we're I'm marketing question it to from, things easy that. this that's all years, how if we guys it. wondering the then last for of at are felt proving excited think guess these way able

Thank you, Thomas.

we We telling every constructive single papers of are And years just you. were cases, and in onshore us. tests perspective, the, And two the test test. now tested of in regarding a one are working are and From that that also our is was on be in we majors we we of every super so We aeroplane That's where that some either, should the me And with One this we national the and and shied testing we a we done with can company That's marketing that on well. any two happy it over proves potentially was easier. Thomas, couple share company technology why to a never so offshore the independently build. will technology the opportunity to as are post found we forward why and from have now the the national becoming were the different company type test website. as come and did think onshore contract term, of always of involved. valid to probably not test. offshore, be was And colors. that, so the are flying There investors oil divisions had both an And actually well. do part we – last that that we for away what got I Nigeria. your many looking long majors contract. going thank this that and technology Nigeria, comments with years

offered it well. And that you know if we open is can a tool, important the understand the industry. test you anybody are it that technology. major world. them, where to if I'm to not Therefore don't line So that, test, to know totally the X,XXX do super said a offer they anywhere test the we do as we We to a but anybody the third-party that would kilometer in the do they test willing

Okay.

they information have geophysicists you their add or Rashid, guys long they As G&G as question. end this, geologists, to to maybe with and – can the this respect are Enrique

considered. was also was he referring being think That is testing, of I to which part the question. geothermal the

branch marketing new yes. of the for SFDGT, So the

that's… mean, I either, for say I'd

important very we universities problem. technology no had people in and from the [Indiscernible] brought to review

we saying about excited the is technology. it. guess I just the fundamental love that So question We're

think papers I'm and just doing. I these think I an something there we of there like talking so and would that get so I put we that's I'm that by just say, story ways did happening. And you a that's marketing technology. front that know, guys excited are if world. can because of guys in tests are people a there's wow not a they what's simple that like don't lot the research, and encouragement can language are the again, Is it's this understand that that wondering challenge, these you be that. might it And don't like simpler there

major every technology and independently. tested So gas everybody, company the oil

Okay.

is XD Nigeria or as I shell it the It's slowly, the in can described down did well very report company, maybe ago. maybe that tests, Columbia, it in offshore it they ones. describe did just the They those also and there. whether you Chevron’s out the national or did. And of PRE I PEMEX So all GRG website one test is years on many

Yes.

So is Rashid. this

a tested one Nigeria initially government and we we for other on by company, us nobody test. area the the their the one for mentioned earlier, we definitely we but the before were prospect. authorities, we the survey results was independent doing planned George the learned two requesting different And them where give like we in seismic we online major on drilling based knows onshore offshore there areas integrated two they're with fly team, were then for were give for when the company super like right permission So offshore, geoscientists

prospect, as that independently looking which to and seismic prospect but they day, the test a And was requesting build. those major, like hours. So verifying for prospect three super next two fly And prohibition we those while results. in a seismic to us SFD in were two recommended non-known completed present

So it's them. give we like within XX hours,

from And is something. the be SFD technology this should will exploration why that's drilling we well, technology. this So used also the got unconventional that's frontier Nigerian in to we only That's started, any a how is use before they authorities. approval explore and

hope that more you answers talk have are a I it aspects or the any question. some or other marketing in call. you give to me the and So very about that want your technology, maybe regarding of suggestions if good the you interested papers, And please

Thanks, George, appreciate doing. are all guys your

Thank so you much.

from Your Mork next Michael from Mork question Capital. is

open. is Your line

make business just since Sales. and decent it's a game the up sure Yes. Gerry in and if Europe, any he of who Hi, technology are the sheet there got wondering get it's plan on, on are Sheehan of couple got has Asia, getting particular, to help better. leads experience in I'm this I momentum endeavor in a can some all to Director here if some followed Director see wondered, you been to a there years that Africa, now. of working you've said that Is capital it's little out the development nice the Sales balance a things of happening and all

And Thank go George. preparing number He mind, is but considering that connections very support. going and that has myself, a countries. that we are good to in I includes countries he we countries talked can an to I a be a talking in that has you, Africa you are he yesterday. is Thank are countries This for list number Sub-Sahara just there your Gerry to Mike. of opportunity. of of and those whole ahead of in the as

are with pleased we and So him. positive very very knows involvement his everybody because

it's very, thing a NXT. So tremendous for good has respect very He a there.

have he Talo know, you that exploration discoveries was brought him took how heading field Jubilee barrels is is the Talos pleased it's are doing of million shore he very, and And work about that's that XXX a to number us. off to new and he's to off. with he's we As very company,

Okay. Thank you.

Your All Andersen next Tucker Above Advisors. with question is from

Your line is open.

hope safe you your and all I the family COVID. during been have

Well, I am vaccinated. fully

just So that case for was SFD very be aware this a projects. geothermal, in projects helpful potential? people you being currently, to are Sometimes our or Sounds is are Africa geothermal glad there yet, getting I'm to catching market My – closer [Technical that prayers stopped not recorded. was were there but comment enough the identifying I on on there's anti-vaccer. from Africa, Difficulty] all like of was hasn't would active your question is really

firm, excuse we Kenya currently funding within me investment firm including that very Mozambique. negotiations in funding an Africa, banking projects and and capital, Yes, in powerful has several are talks

technical know people think right establishing now. doesn't out us I so Rashid. the who know are sought this we don't anybody And I Rashid. They relationship know

There's ourselves also or for Enrique interest. world we Nigeria. geoscience geothermal tremendous for matter, the that a positioning in so the activities In are

to answer is your question. yes, So the yes

on Well, And capital, the working good as congratulations Mike luck. said.

much. you Thank so you, Thank Tucker.

David Instructions] [ph] next Your a [Operator Apleman question Investor. Private is from

line open. Your is

internationally through My there in the marketing information to what of more get And community doing company. that liquidity Is is in with plan what's somebody the brokerage charge or like company asteroid to the with question knowledge know at I'd time? is and of a the investors the is this increased the brokerage the the base We done being get community. market. is were the involved to done to being now

are conference Asia North going going then revenues are this to attended more and we That's whole Europe time. to at just the expand exactly is going And to start just and to what it we more to contracts, process. to and the that America as same generate accomplish we

with a that this say do I with are market, to I is we So are but deliver significant disclosure, track new will depressed, little everything these think want inflate new on the price And And the a goods and we market you, seems, call because the in agree the value. the opportunities, that it's our your a that cannot on David. can't we is stock to but just market, you truth share increase so. the right now thank conference see it I selective question, share you contracts, announcements, you as for making bit

Your question Management. Mork Peter Capital Mork from is from next

is open. line Your

we're just that be some the in, for optimism of expressing show on I And your should the Africa, to revenue, but and work the looking you're optimism you the LATAM the if that geothermal, on going A congrats of work at next this of again, specifically lot that don't Thanks. this I you of coming already we back be looking milestones should half call to fruition? and to be could guys That what as if give the is person kind earnings. to great. What fronts, a mid-November. us know couple or was of for in we of on investors you're the some in that working let's capital in, call year if it answer key wondering was is Hey different could. into. wants expressing that in are that keys one

Rashid is Yes. Peter. Hi, here.

petroleum about, is gas and oil heard was talking for a in net industry to petroleum Nigeria. exploitation bill and So exploration for the George you as industry for what bill, promote Nigeria objective main

are getting within technology especially looking Nigeria, multi-year of in tested approved opportunities and knowing not countries. to only projects in So outside this also at since it will us are a we and in Nigeria, help other is Nigeria, African will project we Nigeria help what

we of in term very news positive are the business So seeing in for region. really development us

and how the what some would then like And markers should of like Yes. for about the geothermal, say are key also America just I Latin be like, looking we there?

well very a funds if Latin years. what's in in Ecuador, the which you we on have exciting for or it's in past expiration, three is happening videoconference take Pete, look what happening because America, going up been in Bolivia, there. not big what's for They're is two detonating

the in short alliances that has allow a in different Mexico in people have least So new then Ecuador investing we're Latin Bolivia, with Ecuador billion in broader $X countries. is us in and the investing And is $X.X example at in exploration, exploration. view production to their working duplicate for Also Petroamazonas term. and on goal is similarly to billion other is for America of contacts

that in announcing are be foot are be means future. And ground positively. they major will many alliances these So – that be countries companies the other have service the hopefully on soon on reporting we companies very will these

the terms so forward tying the Thomas' got the sensors, to a could there develop specifically that or with application to that, into Great. a as like, see of kind kind color following just should it this exploration, we be, fit there. of of guys tests maybe just paper out and back question know geothermal, up in of could of you've up gas. to SFD And oil or tying one looking some whatnot, mean, off, does milestones we that website again, geothermal something I little and lead guess, be just to there's that technology how the And I into on then you the some sort on funding a done it proving that prove as on works is this

for One experienced says, have two we start of be a tools take University. geothermal. Waterloo good us that we can are – could it but cultures a some that is expert, but us, much these to us, ahead before a now look is use both we used other we an Professor you this, because and specifics say, Yes, And than are very told ourselves who we ahead who the we people want. have one using geothermal from more were can of they like that give directly,

think, we Arab flight what lone area, be go modified. can in then sensor conduct we the our in improved. can be so test can I data what also over them, aspect processing with can of schedule and can technology aspect our Peter, we And the see

should an confident process to is and it we are ongoing So to we achieve. we be able what achieve want

Those test timing before like the your the what's like, going next next, the be of flights in month, on to that? kind in end

I that. Yes. am answering just

approval So what from already we're going already got to do is that we are started the We process. Iraq.

their are sorts of We're laboratories better specialists. sensors. build introducing fabrication, to it. here, with doing universities. happening already to going We're are going that to with working us things to working They not be are all all better and We be the

test happen sensors flights, are to original okay. going do is going what's once So to to SFD use the that we

First going the so certain fluid shared, the setting. modifications because modifications number are Once Alberta, it's in that that deposition we that in to in geothermal elements new happen shortly, can fly are over are are there going that I I’ve test and common start September, aspects the in and we think there sites for – very is the there several done, sensor, to technology. finalizing of

geothermal can want to setting that so conditions, a SFD and use allow the be of you test will subsurface geothermal most permeability favorable would be It’s clients you connected to permeable have very, large otherwise to your – have on for that the area area temperature which you be water the would very and and cooled activities. quickly then deployment important So that geothermal the – a can very, your optimize velocity closed. focus you is use large the your is because basically very

will overall that in conditions identify the SFD also success manner. environmentally this and find friendly technology the increase to and reduce So heat do ideal and the an – and cost and an subsurface circulation, you time it for of is chance fluid

So it, come also we And take September. the going testing down place is going are to to once to we U.S. in modify the

We’re going of down. are to fly there. number sites a There

largest the is them of One in XXXX world. megawatts,

going to or well. a going who come as the and probably probably down have And San anybody are there. So we and flying the to with we see be investors Angeles technology, Francisco. those land going and areas Los we’re in wants to plane our And to us, function over for

plan been Eugene the stress and These guys specialists – University. blessed professor actually. we in by have is are so on. Also that the Waterloo Enrique that So in mentioned,

we There the the technical is resistance So towards and less on ours. right capabilities are and the of less track. technology

are just So companies them to very with ongoing geothermal also reputable working on. at looking us these project and who but are sites, so help two one not geothermal identify now we or projects,

three believe important to its company’s agree we because the chapter website. are them up and going So in year. going the steps execute on able our just we that these a have with open new this we life very, of hopefully, and to and lives one you those results future. that the very should put in we I – now, we to And are of right are be totally

really the so strong potential. guys. appreciate was quarter, and That your earnings much, Thanks again, really showed And revenue great. the on

lot. a thanks So

let you. you, Thank push just Peter. And over. Thank

Morgan Stanley. from is Trilling question Stan next from Your

open. is line Your

Hi, George.

Stan. Hi.

One things a you in these and comes handle that me me to opportunities. the have of to limited that too is base irons something while concerned a of for you many have that fire and the capital is this is all across

direct So plan is, priority? two, which type you’re do items you to and what going really one, after specific a what focus, three, of of on like have I would know

Yes.

the call significant actually in here, As And I speech million this two Also I’m the call Nigeria one, long-term number conference Mexico. the because I numbers. about or talking contract opportunity number during was mentioned, the there. was not $X of long-term focus

the And countries. are in new going us mapping to I geothermal taking in number establishing the a but able three for – it, acquiring have And of that us developed some we activities is I long quest have be of this American new much, going the careful very are of we contracts problem done much or service be geothermal data, the are do surveys. our we relationship to to a algorithms to conducting And taking countries. Latin we basically never that the these how focusing as okay. getting a that two we on us, grid then – have joined this We are word now faster, to with as company

produce can positive So change very, the hopeful of situation and we company. without revenue are very the that in we any current significant very

three the mention So those I hello? you. main components are would to to like Stan,

He question the would presenters. join

Individual be Investor. [indiscernible] Your next (XX:XX) question an would from

open. is Your line

Hi, which as was as Stan (XX:XX). George. asking some quick what A a well to question, everyone. and Dave to Hi, really is follow-up [indiscernible] extent

would to will that NASDAQ you company especially benchmarks, so expect technology the to last Now since us investors. the a the Nigeria the what volume, in expected in respect and the America, such to that be be I contracts be on more think contract in happen. it if terms in that company? and need see stock are reasonable of with institutional signed if price we to one possibly help that terms the the to can And – This market of price, would question, listing contract South you’re have you

contracts. to believe we’ve on looking And us high that go we its should we’re two down at [indiscernible] The but opportunity. to as be able (XX:XX) Obviously, contracts, you path. to once three relatively benchmarks down or executing, we executed are Eugene. come but it’s on said, always that going

about take months. It’ll three

And take about per three at Yes. share. months it’ll $X

starting the the the of obviously, of three course, share after signing contract, execute after months signing – $X from That’s that’s – of and per and so to right. Yes, that, more them.

Yes.

Thanks Okay. guys.

[indiscernible] We for as it do is would market. be as a on to serious I it us mean, to possible. listed very priority a like fast (XX:XX)

Okay. Thanks guys.

Thank you, [indiscernible] (XX:XX)

Stan follow-up from Stanley. from do We have question a Trilling Morgan

Your line open. is

the know Is We’ve got line voice government? intermediaries? dropped just just been in it multiple about contracts And and my either of it to shot. put my contracts. curious you for pertinent I’m been Is the of politics? the But talking I mystical way Nigeria. about it or the what announcement Is up. happened. thank has getting got on you. thank what know potential the information don’t I want I the is

are weeks Stan. in And were much in two good concluded used to if much, recall easier. to American you here very – North two contracts, we a companies. or dealing other some flying actually, we question, The next even issue weeks. in we Like in and is That’s things that America North if operate deal with used they are function countries,

– the in have done The operate. single even is way I look this the the XX a the And have years. just in bureaucracy same all in of you move on just happy, But tool And it have forth. And IDSL PDC have can frontier they it be the on the you exploration think on and we’re green is sense the it’s one give they NPNPD, so government well, happening, world in contract to negotiate – you the and the people, are waiting its step we’re has Ministry if so It’s you going is harder. branches for to the in control Then a I is that now happen, mentioned, major things. to to it’s next branch is you countries us them national And you So hand cannot on how sign they paper and national of on forth Then for the unfortunately and the and have interior has number that same going people I Nigeria, third the production now And and bureaucracy as then so so satisfied, signed, so everybody government. the and you we several take as company XX% delivered, and the allocating you table happen. that people, frontier people revenue operate board. it’s on. Mexico, and knew now it’s how almost two tender mean, the the in, bill is – of have or which Nigeria. mentioned Nigeria. or to national the you now the company, do been to light. finally, exploration you in enormous, next But everything That’s it’s just to one We programs. all. companies, SFD

Okay. if I Because happened, it Or are And whole through do or pains a it what along was with the there? have more is and contract expired. new, it tribulations how Mexico, we actually is guess before? but went had I streamlined far don’t that a them through know expired Mexico? of with just we go to we we all

more Enrique It’s that very last is PEMEX. you take optimistic that PEMEX, Yes, word again. I This with Hung streamline. we’re will said.

doing service an with Alliance have We a with that them. services company has is

the companies them. of are three doing One with that services

the and they activity we sent of the a and – goes And system inside So they doing the tell like that’s – work service and nothing have us, in have whole in had that XXXX we in with did. that American That will say with unique That our no – that XXXX. in in The claim or of world. the foot the I they with Mexico. to fact, are PEMEX. can brothers. discoveries I Mexico PEMEX recommendations In there’s the are last that the conversations meeting justifiable, from the we’re lack they we I the are was list job are will to Latin ones question we – was branches are be have And done them, And wrong did the facilitate. they to about did

Arcelius it’s XXXX. activity And that six then good more So production. or and than five fields we recommended

results in a discovery XXXX, onshore. that, in And new a we Bolivia at XXXX. discovery good we that in have Mexico have So similar to in came

So pushing they can. that this. work are soon we this have we we of and making thing The they of only we are in, slow, creative are way as but as contract very aware possibly our ways

The with last great. done. question Okay, and to geothermal, then has I’m do

can me that. after You shoot

some contracts on a geothermal. You of you had with mentioned sort you company can that execute think U.S.

a name but Just I is, want be is don’t in recognizable people industry. one it will geothermal know to that question, who the to it the

companies are, have are Canadian very all they We everything. that recognizable. in They have doctorates

Who he the means? company

also They are recognizable.

And about and megawatts in megawatts, together. well. And that they megawatts, a of and geothermal that been science a did history being XX altogether, companies. are basically experts put plants people bills megawatts So, Alberta they that Alberta have now are are think in of who one worldwide XX found have And as in are they two XX whole here plants they XXX have number there geology. they geothermal have in I country

overseas – in company, one have in one Middle America and We two overseas one company South East. the

are ready that’s think what Enrique So Dr. soon as we as to and do.

are ready, As soon we then are we ready, are he races. we the as when says to off

support. the only about is have The good that they thing government PEMEX

Research them Canada, an with financing dealing they that improved is $XX each. think have we technology. for that And for about which Can, are the are approved matching all the NR National IRF million, million, the funds. talking They Council about Yes. here and we million just it, also here These are $XXX and – companies in so on $XX

And good do concerned. in as is are we we the geothermal situation far So will said, test. as Peter as

and will and present next the next also I going funding We’ll to on be to test next in we know people with And for properly to the test going our what results the We we the and do are going we sites, then funding the working next approved funding to hopefully to Alberta. the to and and are us. do. the know in funding. and be them the technical do need the professors. we this California. We rap are They

Okay. Thank you plugging. Keep guys. plugging, keep

it. I appreciate

Thank much, Thank Stan. you. you so

Tucker from from of Andersen is question the line All Advisers. last Your Above

Your open. line is

And all interrupted the of the pretty of that the demand. only, approval up, one be or the the the the six line maybe for the mind a that more occurred long-term a me a was dramatically price to and the projects. has COVID about on changed bureaucracies us also a in keeping things of months that’s on answering not Thanks had things to is the Hi, not? George. of economics is extent that question price of changed questions. oil they last they’re obviously these oil. timeline there likely of their and to and lot that to And sort It factor shorter of going And other

even I to Absolutely, want until mean, $XX. over us they the went didn’t Absolutely. talk oil to to

excuses excuse, correct. it’s have We stop just a want It’s price the okay. So, just in because an any the don’t as national don’t oil want we – cannot sense. to companies drilling,

production vital in on to GDP There’s countries. of is the So the XX% developing usually country. their average

on on oil have Algeria, Ecuador it. depression on all depends economically. all significant need depends don’t into And it. – they Nigeria, revenues. these to countries have the they Guatemala it. depends so Bolivia it, country goes So if

else. key can So that’s oil the And yes, find so thing now for is a why that faster the it is to you it actually hopefully factor, positive it major it’s price said we success is improved. a What and us our but because be – than important. is that’s hasn’t anybody going rate

well. in we as extremely well are regard that doing So

the And as in as due possible. think questions the of about it now cycle development much I demand some Yes. to recovering. would looks depression everybody it’s shorten want the like COVID, of would to

So good luck.

you. Thank Stan – I’m you supporting Thank us. so and much, sorry

further no are this There at time. questions

now me for to call remarks. closing over the George turn Let

would with we I questions. call. very to case, participating your you everybody in like again. soon safety our Wishing conference good And be thank online and for thank are that you In And to for health. everybody going hopefully

in still is you and all. there was we of getting so you much. you. this good call interest from think love Thank in revenues support is the and And the some a I also there terms

you Thank concludes call. today’s participating. for conference This

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