Welcome everyone online. What I want to do in the next 15 or so minutes is just run through those couple of big announcements from the last few weeks regarding our exploration activities. We've just signed a rig for next year, based on a lot of recent work, we've expanded our resource base. I want to go through those in a bit more detail. First, for any new shareholders or people new to the story, I'll give a quick snapshot of who Carnarvon Energy is. We list on the ASX, an Australian oil and gas explorer and developer. We have the largest undeveloped offshore oil field project in Dorado, which is about 150 km off the coast, just north of Port Hedland. As I'll mention shortly, we're about to get back into exploration. It's been a long time between exploration campaigns. I'm very keen to get back into it. We also have a strategic position in Strike Energy, where we've invested about AUD 86 million. With our offshore oil discoveries and exploration, that holding gives us some diversification into onshore gas. Energy is critical not only to W.A., but to Australia more broadly. Our 20% shareholding in Strike gives us a foothold there. We're also financially robust. We have AUD 98 million in the bank, which is more than enough to fund our upcoming exploration program. Because of the deal we did with CPC back in 2023, we have $90 million carry for future CapEx, which gets triggered when we reach FID on Dorado. Finally, we have no debt. At the moment, our share price is trading around AUD 0.11, which means a market cap of about AUD 200 million. If you look at those numbers I've just said, that cash in the bank and that shareholding in Strike, effectively that's what we're valued at. Most of what I'm going to talk to you today, our exploration drilling, our exploration portfolio, that Dorado development, is not yet reflected in our current share price and offers tremendous upside. The Bedout Sub-basin, as I mentioned, is about 150 km north of Port Hedland, where we have a very large foothold. It can be a bit hard to see on the map. Essentially we have four very large permits. We have WA-435P and WA-437P, which lie on the western side. Carnarvon has 10% equity in each of these. We have WA-436P and WA-438P on the eastern side. Carnarvon has a 20% equity in each of these. On top of that, we have the production license, WA-46L, which has been excised from WA-437. We also have a 10% equity in that. That's where the Dorado oil field lies. Before going into individual prospects, what I want to show is where these permits sit relative to the North West Shelf. In these Bedout permits we have here, we have about 11,000 sq km. If you compare that to the Exmouth Sub-basin, that's this tiny basin here. That was the last basin that really was active some 30 years ago. Through the about 10 or 15 years of exploration drilling, they managed to find a good dozen oil fields in a range of 50 million to 100 million- 200 million barrels and one good field in Macedon, about a Tcf. Obviously, very good acreage there, you can see we're slightly larger than that. If you want to go even further and compare us to the northern Carnarvon Basin. Obviously, we're not quite as big as that, but that Carnarvon Basin, that holds significant oil and gas discoveries. Just to name a few, the Barrow Island oil field, 300 million or 400 million barrels recoverable. The massive North Rankin Gorgon field. Very significant discoveries. What the difference between the Carnarvon Basin and our Bedout Basin is that in the Carnarvon Basin, there's been 1,000 exploration wells drilled, whereas within our basin, there's been less than a dozen. Of those dozen wells we've drilled, only six of them have been drilled on very modern, high quality 3D data, and we've had four discoveries, Roc, Phoenix South, Dorado, and of course, Pavo. That equates to about a 70% success rate using modern 3D data. Modern data is the key to understanding this basin, understanding any basin, really. This basin was pretty unloved before Carnarvon's involvement. When Carnarvon picked up these blocks, that was during my tenure about 18 years ago, there was no 3D in the area at all, and really only some very sparse 2D data. 3D data is really the key to unlocking the subsurface. At that time, there'd been a couple of wells drilled that found a little bit of gas, but at Carnarvon, we had the concept that there was oil in the system, so we picked up the blocks. Since around 2011, we've invested a lot of time, money, and resources into acquiring 3D across this area. We started in 2011 with the Phoenix 3D, which covered about 1,100 sq km. On the back of this 3D data, we farmed out to Apache, and we drilled a couple of wells, a couple of discoveries in Phoenix South and Roc. On the back of that success, we acquired a larger area. We also acquired the Zeester 3D, and Zeester was acquired about the time, and that was really the backbone for the Ara prospect and some of that northern prospect that we'll talk about later. On the back of the success in and around the Phoenix South and Roc, we acquired the Capreolus in 2015. On the back of Capreolus, we drilled into Dorado, and we found the Dorado oil field, and we also found the Pavo field a bit later. We then acquired, after we had found Dorado, we acquired the Crowdin 3D and the Archer 3D, just better define what we knew about Dorado, but also allowed us to look a bit more in prospective view around that. Also we extended the Crowdin into 2021 and 2022. We took all those individual surveys and created what we call the Bedout Mega-Merge. This is a single, seamless, high quality 3D data set over a very large area. With this product, we can really start to see and understand the subsurface consistently across the basin. On the back of this Mega-Merge, we now have the confidence to commit to the drilling program, but also the ability to have a deeper look at some of these key prospects. On the back of that Bedout Mega-Merge, we've been able to unlock additional prospects in our acreage. We've got much greater clarity on the subsurface. That means that with those 130 prospects, we're now looking at about 6.2 billion barrels oil equivalent in prospective resources. This Mega-Merge covers an area of 15,000, 16,000 sq km and allows us to directly compare where we have found oil, that's in the south, Dorado and Pavo, where we're looking to find oil and gas in the north around Ara and the other prospects such as Hutton, that I'll be talking about later. Overall, we can now articulate about 17.5 Tcf of prospective gas resources and more than 3 billion barrels of prospective oil resources across those four key permits in the Bedout Sub-basin. The obvious question, having defined this level of prospectivity, is what are we doing about it? That directly leads us into that recent announcement on the upcoming drilling campaign. A couple of weeks ago, we announced that we had signed the Transocean Equinox semi-sub rig for a multi-well campaign in 2027. We've worked closely with our partner and operator, Santos. They've contracted the rig for a broader multi-well program. The slide I'm showing here refers to a snippet from Santos's recent Investor Day presentation because it shows the wells planned in that campaign. Some of the wells that Santos mentioned are outside our acreage, but they're part of the same rig program. While Santos talk about a three-well program, at least one of those wells is outside the Carnarvon-Santos CPC joint venture. Hence, we at Carnarvon talk about one firm well in our acreage and one contingent well. We're still finalizing the environmental approvals and the joint venture budgets that follow, but we remain very much on track to commence drilling from April 2027, which is only about nine months away now. If we drill one well in an area where we hold 10%, such as Ara, and one well in an area where we hold 20%, such as Hutton or Goats Eye, the total cost to Carnarvon is likely to be around AUD 20 million. This includes allowances for success case activities and weather downtime, as we are in an area that can experience cyclones. Actually, one reason we've pushed the campaign back to April is to stay largely outside the main cyclone season. With nearly AUD 100 million cash in bank, we can comfortably fund this program even under a success case. The key prospects I want to talk to today are Ara, Yuma, Hutton, and Goats Eye. These are all prospects that they're in the northern areas of our permits. They're not absolutely finalized by the joint venture yet, but based on recent discussions, they are the most likely candidates. Ara, very much to the north, is a very large prospect. One of the key reasons to drill Ara, aside from its inherent attractiveness in its size and quality, is that it is a genuine play opening test for the northern area of our acreage. On its own, Ara is an attractive prospect. It's approaching 200 million barrels of oil equivalent with a geological chance success better than one in three. Strategically, it's also important because most of our recent success has been in the southern areas where we discovered Dorado and Pavo. We know there's oil there, but Ara tests whether that success can extend into the northern areas about 80 km north. There's also an acreage management aspect to this. Exploration titles are typically held for about five years with tenure extended as you do more work. When you renew, you're required to relinquish some of the areas. Those who have followed us for some time recall that our maps used to show a lot more acreage, that's a lot more brown areas in the maps, than they do now. We've already relinquished some areas that were less prospective, the remaining acreage still covers very prospective parts of the basin. Before we face future relinquishments, maybe five or 10 years down the track, we want to have properly tested the potential in the north, and Ara is the key to that. Technically, Ara is very attractive because it has dual targets. The primary target is the Archer Formation, with reservoir characteristics similar to what we have at Dorado and Pavo. The secondary target is a Triassic Cuvier Member, a channelized system analogous to the Mungaroo Formation, and the Mungaroo hosts many large accumulations in an offshore shelf. Ara therefore tests both a known successful play type and an older but proven play type established further south. A successful outcome at either target would open up significant additional prospectivity in the surrounding area. Even with the extensive 3D data we now have, one challenge remains. We can't reliably distinguish oil from gas in these targets pre-drill. We can clearly see the reservoir and the sealing units and have good structural definition, which gives us confidence in the overall trap and reservoir present. Fluid type remains uncertain. From our perspective, we're looking for hydrocarbons. If it's gas and there's enough of it, Ara could underpin a gas hub in the area, which is currently missing. If it's oil, it'd be another Dorado scale oil discovery, which would be a fantastic result. Either way, Ara is play opening across both of its objectives. Yuma is another attractive prospect, roughly equal in size to Ara. On paper, its geological chance of success is around 15%, which might not look as strong as some of the others. The key point is that we are likely to drill Yuma only on the back of success at Ara, that's why it's been treated as a contingent well in the planned program. If Ara's successful, we would expect a significant improvement in Yuma's chance of success and its resource estimates, because Yuma will effectively test both its own structure and the extension of Ara, acting partly as an appraisal of Ara and partly as a test of Yuma itself. While the Yuma prospect straddles both the 435 and 436 permits, the up-dip section and better reservoir quality lies within the 436 permit, hence that's where we'll likely be drilling from. As with Ara, Yuma could be either oil or gas, though if you were to hold my feet to the fire within Carnarvon, our technical view is that Ara and Yuma would be more likely oil weighted. I'm sure to say we're comfortable with either outcome. Hutton is somewhat different. Hutton is a Permian play, quite distinct from the clastics. It's a Permian carbonate play, quite distinct from the clastic plays we've been discussing. By play here, I mean the rock type depositional environment we expect when we drill. While Ara and the primary targets in the south are similar to Dorado style clastics, Hutton is a carbonate buildup. Carbonates are known globally to host very significant hydrocarbon accumulations. At Hutton, we see a very large prospect with a geological chance of success around 20%. That's slightly more challenging than Ara and likely than Yuma would be following success at Ara. It offers something very different in the same campaign. A new play type in the basin. Success at Hutton promotes so much exploration potential in the surrounding area. Hutton is therefore a candidate well once we've drilled some of the more conventional prospects. We're looking to test a different style of accumulation. It remains ready to go within the broader portfolio. Similar to Hutton, Goats Eye would be a test of the Permian play. Although slightly smaller than Hutton, it has the advantage of the Permian being overlain by some shallower prospectivity in the QVA. This stacked play configuration improves the overall geological chance of success for this prospect. It would be remiss of me to talk about Carnarvon without touching on Dorado itself. Dorado has again been highlighted by Santos as a very high Internal Rate of Return project that's primed for development. It's a liquid rich, high-quality project designed to be developed in two phases. The initial phase involves a wellhead platform, half a dozen production wells tied back to an FPSO, targeting an initial production rate of some 60,000 bbl of oil per day. We unfortunately had to pause Dorado in January 2025. Given recent developments in geopolitics, issues in the Strait of Hormuz, and the resulting focus on energy security here in Australia, Dorado has moved back to the forefront as a strategic project. Santos' CEO, Kevin Gallagher, has been clear that Dorado has the potential to play a significant role in addressing energy security concerns for Australia and the region. There's a lot of noise and interest around Dorado from Santos, from ourselves, and from the broader industry. We are working through what that means in terms of timelines. The key message is that Dorado is ready to go. It remains a high IRR project with strong fundamentals. From a technical and design point of view, Dorado has the potential to re-enter FEED and then be FID-ready within a relatively short timeframe, followed by a three-year development window into first production. We are working through those details with the joint venture and will update the market as decisions are made. To summarize our position before we move to some questions, Carnarvon Energy is ready. We have a high impact offshore exploration program underpinned by the contracted Transocean Equinox rig, long lead items being secured, and updated resource estimates based on the Bedout Mega-Merge. Through the remainder of this year, we'll finalize our budgets, which we know we can fund from our strong balance sheet, and complete the remaining approvals. Early next year, the rig will mobilize with drilling targeted to commence in quarter two. At the same time, Dorado is ready to restart its development path when the joint venture confirms the way forward. Together, the exploration upside and the development potential position Carnarvon very well. We look forward to delivering on this program and updating you as we progress. Thank you, and I'll now hand over to Fiona and open for questions. Thanks so much for the update, Phil. We do have a few questions starting to come through. As a reminder, please do just type those into the Q&A box on the Zoom platform if you have any questions for Phil. We're going to start with a question from Declan, who talks about the incredible portfolio that you have and wants you to expand a little bit on the key attributes for the higher geological success at Ara, and wonders is that geophysically boosted? Thank you. Thanks, Declan. Thanks for the question. Look, Ara is a very large prospect. One of the things we have, we've such a great 3D seismic database, and we can now compare directly from across that basin. When we look at the reservoir characteristics of the primary target at Ara, that's the Archer Formation. Compare that to what we saw from a geological point of view, a geophysical point of view, the same formations further south at Dorado and Pavo. We're very confident that we're seeing the same sort of reservoir characteristics. That really boosts out, that gives us very confidence about the reservoir. Just given the size of the project or the size of the prospect and how easily that's mapped on 3D, gives us very confidence around the trap and structure. Those two together just really enhance the geological point of success, chance of success. The one thing that's missing, as I mentioned earlier, is this is drilling 40 km or 50 km further north from where we have intersected hydrocarbons before. That's the last remaining test, and the only way to test that is really through the drill rig. As far as attributes, I think the key is from what we see from the seismic really highlights that we have a really good chance of success here in this prospect. Thanks so much, Phil. The next question is around how the prospective drill targets you've talked about, how do they equate to other greenfield sites around the world, both in relation to geological certainty or uncertainty and actual outcomes post test drilling at other greenfield sites? Good question. One of the things is globally, if you're in a very wildcat area, that is you're in the middle of nowhere, there's no real way to sort of compare your prospect to something else. In a globally wildcat, they're about a one in 10 chance success. As I said earlier, given that we're in an area that we know we have hydrocarbons, they'll be a little bit further away. We know we have very similar reservoirs. We know we have very high quality 3D. Given those, that leads us to that higher chance success. As far as comparisons, I'll start with the last one I talked about, Hutton, the carbonates. This is where you got to see that, hey, Phil's a reservoir engineer, he's not a geologist. If I talk to some of my geological colleagues, when they see things like these pop-up builds for these platform carbonates, they go, "Look, I recognize this and this field." I don't have quite the fields to talk about. They said, "That field's come in line." Actually, someone just flicked me an email this morning that said they saw exactly the same thing, and it turned into a multi-hundred-million barrel field, which they got online very quickly. There's a number of really good analogs for fields such as this, and it's clearly a world-class, very well-defined, international type of prospect. Thank you so much. Would you be able to give us a sense on how Dorado has changed in the development plan over the last 12 - 24 months? A related question, what do you think it's going to require to move it forward into FEED? As far as Dorado itself, we did all the work back in 2022, 2023, 2024. Those have been around for a long time. We had a plan, 2022, 2023. We refined that in 2024 to lower the upfront CapEx to make it more affordable, kind of be like Carnarvon, and to reduce the time to first oil. The project was optimized, and we're really ready to go in 2025. From a development technical point of view, nothing's changed over the last 12 - 15 months. The project is as it was back then. The design is settled. It's ready to go. What really has changed is when we look at the external environment, and there's two parts to that. One is, this is a joint venture. We're joint venture partners with CPC and also Santos. If we look at Santos over the past few months, you would have seen a lot more reports from them. They've got two other big projects that they were developing over the last couple of years. They're now come to fruition. There was an announcement, I think it was just this week or last week, on Pikka, one of their big oil projects. That's flowing lots of oil. Then also their Barossa projects goes smoothly. Those two things says, well, that's a different environment for Santos. The other thing, of course, as I briefly mentioned, is what's really highlighted by this terrible conflict in the Middle East is that there is a challenge for Australia from a fuel security point of view. When we realize that, hey, we're not getting oil, or we're challenged to fill up our cars, that signals a challenge. Something like Dorado has really got the ability to make a big dent in our fuel security needs. I think because it's such a high-quality crude and it's such a low impurities, if I look at what that could do to the market, it could supply, it's got to be refined. But even at 60,000 bbl- 70,000 bbl a day, that's almost 1 billion barrels of diesel that we could be refining from Dorado. Thanks, Phil. A related question on FEED. Does the previous expenditure relating to past FEED campaigns remain relevant to the next FEED campaign? I'm not 100% sure on what that means, but I'll take a guess. Ultimately, the work we've done, all the pre-FEED work and all that, all culminated in a design, as I said. It's pretty settled now. What we have is that wellhead platform, number of wells, tie-in and FPSO. The work we did a couple of years ago came to a project that was less than AUD 2 billion. I think, given where we've traded, there's been a bit of inflation and stuff, so we expect that to have increased a bit more than that. We're still comfortable that should be well below AUD 2 billion. If I look at that in terms of Carnarvon, that's about AUD 200 million net to Carnarvon. As I mentioned, we've got $90 million carry that once we FID can be used to fund that. We have AUD 100 million in the bank, and we know that the quality of Dorado, it's a world-class project. The work we did previously and the communication we have with funding partners means that it can comfortably carry a large project finance. While costs may have increased slightly over the last 18 months or so since we unfortunately had to pause that project, we're still comfortable that the costs are within a range that Carnarvon can comfortably cover. Thanks, Phil. I've got a couple of slightly more technical questions here if you're willing to go here. First one. I am not a geologist, so I'll take it. What are the depths to top primary reservoir relative to Dorado, Pavo, et cetera? They're of the same order. I think Hutton is slightly different. Dorado was about 4,000 m. Pavo was slightly shallower. Roc is on the same range, about 4,000 m. Hutton's probably slightly deeper by about half, about 500 m. All within a relatively close range, so that deeper target, something like that. Thank you. The next one is, what attribute analysis have you completed on the 3D volume? What has this shown, if anything? I'm not sure I got the good slide again. Probably because I'm not a geophysicist. Look, part of the work we did as far as the Bedout Mega-Merge and taking the seismic, we did a real lot of attribute analysis. As I said, what it really showed us is that we're comfortable that we can see where the reservoir is, where it's not. We see a lot of bright spots that conform to the reservoir. We're comfortable that we've captured that. We've done a lot of work in trying to work out the fluid types. We've just never been able to nail that down. While we're comfortable that yes, we can see brighter spots, we can get to a point where it may be hydrocarbons. We just can't differentiate between oil and gas, and as I said, we're happy with either. Yeah, there's been a lot of attribute work. If I had our geoscience manager in the room, I'm sure she could talk your ears off on all the work that's been done. Maybe I'm happy to take that offline, and we can have a conversation about that. Thanks, Phil. Just a reminder, we're coming up close to time. If anyone has further questions, it'd be great if you could put them into the question box. All right, we've got a question on recent news flow, actually. Given the recent massive 92% upgrade to the Bedout Basin resource inventory and the contracting of the rig, you have significant exploration momentum. With Dorado, the FID being delayed to late 2027, 2028, how do you intend to balance the cash reserves between the upcoming exploration program and the ongoing project readiness costs? It's a great question. Look, for Carnarvon, we're probably the envy of our peers, as I've mentioned several times. We have that AUD 100 million cash in the bank. It hurts on the mortgage side, but because of interest rates rise, we've been able to get really good rates in the bank for that money. We're actually increasing our cash in bank, or that's at least paying for all our corporate costs and some of the costs we need to do to continue on our day-to-day with the joint venture. As I mentioned earlier, when we look at even if we drill two wells, one well in a 10% area, one well at 20% area, even if we have success case, even if we have some unfortunate weather downtimes, we're looking at something like an AUD 20 million campaign for those two wells, which would be obviously a fantastic result. That we can easily fund that from our cash reserves. Then because the work is essentially being done, we don't see a lot of money needed through the FEED process to get to FID. Of course, once we have FID at Dorado, we can then kick in that $90 million. That starts to come in. We can use that to fund our ongoing costs. The way that $90 million works is that for every, that's $90 million, for every $1 that we would be cash called, not only for development, but also for future exploration post-FID, 50% of that would be paid from CPC as part of that deal. Look, we're very comfortably going forward. We also know that Dorado, it is capable of great project finance. Then, of course, we do have that shareholding in Strike Energy. There is funding available as we go forward. Thanks, Phil. We're coming up close to time here. Do you have any kind of final concluding remarks that you'd like to make for the audience today? I think hopefully I said it all clearly enough in the presentation. Really, the short answer is we're ready to go, right? We're very excited about this drilling program. It's been the longest I've ever, in my whole career, not drilled a well. I think it's four or five years. I can't wait to get back to it. I think we've done enough science. We're going to be drilling the best prospects. There's some very large prospects. We're doing all the work we can, and we'll outline the small steps that we need to get to final drilling. Also watch this space for Dorado. There's no doubt that there's been a lot of noise about that. We've just got to translate that into definitive timelines. Really, we're just ready to go, and hopefully, we'll outline a lot more clarity around the timelines, et cetera, over the next months. Fantastic. Thank you so much, Phil. Thank you everyone for joining us today. That concludes today's webinar.