Hi, everyone. Thanks for joining us for this Valeura Energy Webcast, where we'll talk about our 2025 results that were released just yesterday. My name is Robin Martin. I'm Valeura's Vice President of Investor Relations and Communications. Joining me on this call, Sean Guest, our CEO, Yacine Ben-Meriem, our CFO, and Greg Kulawski, our COO. We are recording the event today, March 19th, 2026, and we'll make a replay available later today through our website. In just a moment, I'm gonna hand the call over to Greg to get us started with some slides and prepared remarks. That'll be followed by Yacine and then Sean. At the end of the call, we'll also take a Q&A session. For the Q&A session, you've got two options. You can either use the Q&A feature in Teams to type a question, which I'll voice for the team to answer here, or you can press the raise your hand button in Teams, which will be a cue to me to say you'd like to ask a live question, in which case I will unmute your microphone, in turn and, give you an opportunity to do that live. Before we get started, I'll just draw your attention to Slide two, which is in the slide pack that you can see on your screen, and as I said, is also available on the website. I'll ask that you pay in particular attention the cautionary language here around forward-looking information that we may use in the course of this call. Without further ado, I will hand over to Greg and ask that you unmute your microphone, Greg. Thank you very much, Robin, and hello, everyone. Thank you for joining us. Let me first start with a summary of 2025, which I thought has been another year of strong delivery for us operationally with 23.2 thousand bbl per day of average annual average daily production, and another year of almost 200% reserves replacement. Now, we've also made some significant strategic moves in 2025, including taking FID on the redevelopment of the Wassana license, but also a farm-in deal with PTTEP on two very large pieces of exploration acreage in the Gulf of Thailand, which are close to existing infrastructure and with a line of sight to developments following discoveries and including discoveries which already exist on these blocks. Cash-wise, it was another year of strong cash generation, and we further built up our cash position, and that's really despite oil prices being lower in 2025 than they have been in prior couple of years. I'll then just zoom in into a couple of these points in the next few minutes. If you go to the next slide, Robin. Just on reserves. I n aggregate, we now have had over 200% reserves replacement over that window of three years. In total, we've added almost double the reserves we've had initially, despite having then produced most of the reserves in volume terms that were in the assets when we acquired them at the end of 2022. In 2025, the reserves replacement ratio was 192%. I would highlight that this was evaluated at a price deck used at the year-end 2025, which was significantly lower than that used at the year-end 2024. Our estimate is that had we used the price deck, the same as at year-end 2024, we would have been above 200% again, and our overall reserves life index on a 2P basis would have been around eight years, right? Of course, net asset value would also have been very significantly higher, right? That's not even talking about the elevated prices that we've been seeing in the last couple of weeks. Now, if we then move to the following slide. About 10 months ago, in May of 2025, we took a final investment decision on a major redevelopment of the Wassana license, which really allows us to develop significant volumes, which we have confirmed now in the field, which cannot be really extracted using this old model from which we're producing at the moment. The project economics, even at $60 Brent per bbl, have been very strong, and that's why we have taken that decision, which has got something like 40% IRR, payback in less than two years, and it would take our unit OpEx on the field once this production is on stream, to a range which is comparable to what we see at Nong Yao, which is our best field currently. Since we took that decision 10 months ago, execution of the project has been progressing incredibly well, you know, touch wood. As of now, we are around 56% complete on the project. The construction of the facility, which you see on this picture, is progressing significantly ahead of schedule. What we are looking at is whether there might be an opportunity to also install this platform offshore earlier and thereby be able to accelerate first oil with earlier drilling, remains to be confirmed, but it's a good opportunity to be working on. What I would also flag here is that the design of Wassana central processing platform is prepared for future satellite tie-ins because we do have already significant confirmed volumes both in the northern side of the license as well as in the southern area. While the main project is now being constructed, we are also progressing work to mature these satellite developments. This includes designing further exploration and appraisal wells for the southern area of the Wassana license to confirm volumes for the potential satellite pilot. In parallel, we are looking at engineering concepts for the pilot to truly try and leverage all of the capabilities that we have designed into the main platform and thereby minimize capital costs that would be involved in a satellite development. We're looking at things like really minimal scope wellhead platforms, and some of those platforms could, for example, be even installed by a drilling rig. Really good progress so far on this. Now if you go to the next slide, Robin, please. In these two licenses, G1 and G3, quite a lot of progress has also been achieved since we have farmed in. In particular, I would highlight two focus areas that we have identified where we are seeing a line of sight to near term developments and bringing those developments on stream. Now, one of those areas is so-called Busabong. That's sort of greenish area on the right-hand side of that picture, sort of in the middle. There, we are working with our partner PTTEP towards a FID of a gas development, you know, likely or expected really within 2026, which then would take us to first gas in 2028. Now, this development may involve something like, you have a couple of platforms, but the volumes in this area and the application for the production license for that area already envisages additional daisy chains of further platforms. Very exciting gas development areas, and that's within a close vicinity of the major Bongkot gas field where we would tie these developments in. Now, the other area where we are focusing on in the G3 license is so-called Nong Yao Northeast. If you look at this map on the left-hand side of the slide, the green areas is the existing Nong Yao field which from which we are producing. In direct vicinity of that field, you see this, a number of these sort of blobs marked one to six, which are significant prospects, you know, each of which could potentially successful warrant another satellite facility with which can then be rapidly connected to evacuate the production through Nong Yao A. Work is going on in that area to mature these prospects for exploration appraisal drilling and start working towards a development plan. Now one more thing I would flag, which is if you go to next slide, Robin. Thank you. Now this is also related to the Nong Yao production system, but a much more near-term opportunity where we've identified a way to add four additional slots on our Nong Yao A platform. This is relatively small, low cost budget of around $7 million, which gives us significant potential to add production and accelerate production within the Nong Yao field. Work is already progressing on engineering and then subsequent installation of these additional slots. We are targeting readiness in November of this year, and we can then drill new wells from these slots, you know, immediately in Q4 of this year or perhaps adjust timing as we are working through different optionalities and particularly looking at the current environment of prices and how we can capture additional value. Now, even on a kind of standard set of, if you like, screening prices we have been using, Nong Yao wells are very attractive. I mean, it is our most valuable field, and, you know, these wells would typically have a payback less than 12 months. Very, very exciting near-term opportunity that we are progressing down. Now, with that, we'll hand over to Yacine for some further comments. Thank you, Greg. Greetings, everyone. I'm pleased to kind of walk you through two parts. One, in terms of, you know, how the share price have evolved over the past couple of years, but really focusing over the last year or year- to- date, and then thereafter, I'll walk you through the financials. I guess, as you can see from the share price here on your right-hand side, I mean, I think it's the share price that we've presented to the wider market of, you know, since we did the pivot to Asia. I'd like to focus maybe, you know, the audience attention as to what's happened over the last year- to- date, really from January. You can see there, I think our share performance relative to our peer groups globally, but if we focus a little bit more on the TSX market, position us effectively in the 98th percentile. I think what we are most proud of, to be honest, is really the bulk of that growth or at least, you know, over 50% of that share price performance came prior to the events that happened in the Middle East or prior to the increase in the oil prices. I think that's kind of like, you know, ties up well with what Greg was saying earlier on in terms of how, you know, delivering operationally in terms of, you know, production, cash flow, and importantly, reserves kind of was reflected in or at least, you know, kind of recognized by the market. I think the latest share price, you know, uplift was really reflective of what we are in the oil market as a whole. I mean, if you think about it, this is a company where we entered 2024 with where the share price, you know, was around like the $8.00-$9.00 And, you know, we currently standing at around like $14.50. Again, a transformational year to date. It's a reflection of really operationally the delivery, operational safety, and also the ability to kind of like, again, showcase what these assets that we have in Thailand can deliver, both in terms of, you know, barrels, in terms of cash flow, but also in terms of longevity. Importantly, as Greg was alluding to, you know, a few minutes ago, the organic growth that is within the portfolio. Robin, maybe we can go to the next slide. You know, talking about the year 2005, you know, and kind of tying up to the financial results, I'll probably start with the cash, you know, with our cash flow performance. Despite navigating a low price environment, which, relative to 2024, Valeura continued to demonstrate, you know, real operational resilience this year. I think the numbers reflect that. If we turn to the cash flow bridge here on your screen, you can see that we've lifted around 8.47 million bbl during the year at an average price of $70. We generated around $594 million. While the realized price was softer this year compared to 2024, I think the team has executed well on the cost side to you know to enable us to protect the margins. If you look at our adjusted OpEx that came in at around $223 million, these already include $33 million of leases, which you know from an operating cost perspective would not be included, which equates to around $26 per bbl. Again, in line with what we had in 2024. You know, if you exclude the leases, we are talking about $22.4 per bbl. This figure is, you know, internally we're quite pleased and actually very pleased with, and it reflects the lean and disciplined operating models we've been building and continue to optimize as we go. I think critically, you know, considering the majority of these costs are fixed to a certain extent in nature, notwithstanding, like in fuel that we use in our operations, you know, it enables us to, you know, it means that like in an oil price rise, we don't see, you know, a proportional increase in our cost chasing those revenues. The incremental barrels flow through to cash at an exponentially high conversion rate. You know, something that is quite relevant in the current environment, as you might imagine. Now, you know, going back, you know, to that cash bridge, you know, after taking royalties and the adjusted OpEx, we've delivered an operating netback of around $300 million, which is around $35.2 per barrel. Again, a strong conversion from wellhead all the way to the cash. Now, you know, moving down to the bridge after SG&A and the tax payment, which, again, we are still benefiting from the tax losses that we have. You know, as a reminder for everyone, you know, we haven't, you know, post the combination of our, some of our subsidiaries, you know, we've benefited from around, you know, quite substantial amount of like tax losses. As of the year-end, these tax losses stands at around $282 million or $83 million, which again, we see like, you know, strong benefits, especially at 50% taxes in terms of like accelerating those cash injections into our cash flows. You know, with that, we arrive at an adjusted cash flow from operation of around, you know, a very healthy $247 million. It is a robust result in the context of the price environment we were operating in. It reflects the quality and low-cost nature of our asset base, as Greg kind of alluded to earlier on. Now, moving on to the balance sheet. Sorry, Robin, do you mind moving on to the next slide, please? Robin? Thank you. We've entered 2025 with a cash balance of $259 million. You know, we are certainly pleased to report that we've closed the year with a cash balance of $306 million. It's a meaningful strengthening of the balance sheet. We remain debt-free. Sean will talk a little bit more about like, you know, in terms of our capital allocation, how we think about that cash. Let me walk you through quickly in terms of the key moving parts there. Now, with the cash, with adjusted cash flow from operation of around $247, we partially deployed that against, you know, a CapEx of $189 million. Worth highlighting that $44 million of that CapEx was dedicated to our growth project, which is the Wassana North, the Wassana redevelopment that Greg was talking about earlier on, which is a key strategic investment for us that, you know, ultimately will position us for, you know, position us well for future production growth and, you know, again, margin expansions there. We've also incurred some exploration expenses, and we've benefited as well from, you know, income for under $11 million related to our interest on the cash that we have, and also revenue from the Rossukon, you know, the royalty that we get from Rossukon. Now, you know, with that and some working capital movement, you know, we ended up with a cash balance, you know, prior to paying 2024 taxes of around $276 million. This year, we've also paid, as I said, the 2024 taxes, which were due to be paid in 2025 of around $35 million. Bulk of it is really just the SRB obligation that we had. As you can see, you know, if we add the deposit that we've put for the G1, G3 acquisitions and also like the other income here, as you can see in the table, which related to the NCIB and also other anti-dilution that we took, we ended up with around $306 million. You know, overall, again, you know, it's the balance sheet. It's the strengthening of the balance sheet is about like being you know, allowing us to have a resilient balance sheet that allows us to not just take advantage of opportunities within the portfolio, but also to look for growth. You know, ultimately as well, you know, see how best to, you know, kind of like, you know, deploy this capital through our capital allocation policy. I guess with that, I'll just kind of hand over to Sean. Thanks, Yacine. Yacine and Greg have spoken really about the strength of our business and how this business is working extremely well at that $65-a-bbl realm. We've got the strong margins. We're generating free cash flow. We have the ability to reinvest. We can support growth in Thailand. We've really designed this business to work extremely well at $65 a bbl and even to be protected well, going down well below that. Now, 12 months ago, we had an oil price shock post-Liberation Day. We saw oil prices fall significantly. Yet, just a month after that, we had the confidence in our business to make the biggest investment decision in the history of Valeura, the Wassana redevelopment. Our business works really well at those pricing levels in the mid-$60s. Now, we're experiencing another oil price shock, a period of very high oil prices driven again by global geopolitics. What I'd really want you to come away from this call with today is to understand what these periods of high cash flow mean for Valeura and how it really accelerates that extra cash flow onto our balance sheet. Now, I know all oil and gas companies benefit from the high prices. You can see it in the share prices as everyone moves. Globally, I believe that we at Valeura have some of the best exposure to these high prices. Looking at some of the key factors, we are a tax royalty system. If you compare that to a Production Sharing Contract or other areas like North Sea, possibly with high government take, we have full exposure to the upside in prices. The other point is our royalties and taxes are contractual and are protected under that contract. They are not going to change. More significantly, if you recall from our corporate restructuring about 18 months ago, we have these tax shields. We will not pay taxes on three of the four assets we're producing from. Now, if this period of continued high prices extends for a lengthy period, we'll eat through those tax losses very quickly. That's a brilliant outcome. We're accelerating all of that cash onto our balance sheet. Lastly, the really important thing I want to point out is pricing. You know, we have direct exposure to international pricing, and we've always guided the market for simplicity to look at Brent. It's a well-known benchmark. However, all of our sales are linked to Dubai pricing. Now, historically, as you see on the chart in front of you, Dubai has been at a slight discount to Brent, $1.00 Or $2. 20 25, it was a little bit above. But generally, the premiums we've had in our fields has more than offset that, and that's yielded a premium to Brent. But we now need to look at the details. Everyone is talking about what's happening to Brent right now. Brent's in the $90s, Brent's over $100, Brent's above $110. But Brent is largely an Atlantic basin metric. The event we're dealing with right now is directly hitting the Middle East and Asia. For the past week or so, Dubai has been trading at a $40-$50 a bbl premium to Brent. Now, just to re-emphasize that again, in the past few days, the pricing that we're hanging off of Dubai has been $150-$160 a bbl. That is the reference for Thai oil sales. Then on top of that, you need to add our premium we're still getting at our fields, and currently we're seeing that we're actually getting higher premiums than normal as buyers out there are extremely focused on security of supply and accessing those barrels. Just looking at that, you can see and you can look at the numbers as you've seen us present it, how our business works, what are our cash flows at the lower prices. Then with these numbers, it's very quick to kind of work out the boost in cash flow that Valeura will yield from these pricing data, and it's stunning. Now, I'll just recognize again, this business works at $65. These are real wins with high prices, and this is not new to us. I remind you that back in 2022, we did the deal to buy three of these fields from Mubadala, and that purchase price was $10 million. Everyone believed that the low price on that deal was due to the low reserves life index and the high abandonment cost. It was not. In fact, our three years of operating have proved that that's not the case, as we've really solved both of those issues. Why we were able to achieve such a low price was because of the high prices that occurred in 2022 due to the Ukraine war. The original offer Valeura made had a January 1st, 2022 effective date. These assets, due to the high price in, with the war premium, spun so much free cash flow during that period that Mubadala in the end was willing to actually move the effective date forward eight months to sweep that cash windfall back to the head office. That was, in effect, the acquisition price. It's seen how much these assets can flow cash in these periods. Right. Now, I do caution you, we are in a period of high volatility and rapid changes. You can't look at the $150-$160 a bbl price and use it to model the NAV of the company over the next 10 years or even two years. I emphasize again, we've positioned this company to cash flow. It's very well at $65, and each one of these price increases is just a great win and a cash windfall for us. Whether it lasts a month, highly unlikely, or a year, there will be immediate cash flow benefits to Valeura. Robin, just to the next slide. Now, at that point, I just wanted to emphasize that we maintain the same capital allocation priorities as we've been sharing with you for several years. Organic investment, M&A growth, and shareholder returns. Now, Greg took you through a number of, highlighted some of the organic opportunities, and we have a number of them. Wassana redevelopment is going very well, and we are now really planning to take our first gas FIDs on the G3 block, this year. The cash we have and this cash flow has given us full confidence in the FID we took on Wassana and the FID we expect to take in the coming months. M&A. We've told you that we have now built the balance sheet that allows us to make very significant acquisitions. Our Q4 cash flow last year was between $250 million-$300 million, and we have no debt. Now I will caution, though, that while, you know, we're currently actively engaged in several significant opportunities, you must recognize that with these high prices and this volatility, it's expected to slow down M&A announcements as sellers look to revisit their expectation. It doesn't stop you on the ability to do corporate deals as kind of target companies can move their value in parallel with Valeura. Asset deals will be challenged for a little while here. Then finally, shareholder returns. We emphasize that the focus of the company is really growth. If the prices continue to be high like we're seeing, we've already built up the balance sheet that we need for M&A. We're going to have to look at this area and revisit this with the board as we move forward as to whether there would be some level of shareholder returns. Just coming to the concluding remarks. Look, I emphasize first that the last time we presented a quarterly result to you, we were at a significantly lower price, as you see noted. We've had great share price appreciation here. We've gone through CAD 100 billion market cap. Now that we see we're well over $1 billion U.S. market cap. Additionally, what I want to point out on the value side is what we still need to bring into the business is to quantify the value of the G1 and the G3 deal that we did with PTTEP. As Greg noted, this is progressing extremely well, the work on this block, and we're really highly appreciative of the quality of the work that PTTEP is presenting. We hope to be able to announce the closure of this deal in Q2 and then announce the resource volumes shortly thereafter. Additionally, we're still focused on the timing of FID for these gas developments in Q3. I think getting that information out into the market, getting everyone to be able to quantify the value that we're seeing in these blocks, G1 and G3, is gonna be extremely important. Again, it's been an exciting year in 2025, and already 2026 is showing a lot of excitement as well. Thank you all for your continued support and for your time here today. Thanks very much, guys. We will move on to the Q&A session at this point. We've got a couple of typed questions, and I see a couple of individuals raising their hand to ask a live question first. We'll go to that first. I'm going to unmute your microphone, Stephane. Just give me a moment. There you go, Stephane. You should be able to unmute your mic and ask your question live. Yes. Yes. Hi. Thank you for taking my question. I've got two, and actually, going back to the great picture of Brent versus Dubai you showed. Could you explain, given the timing of the liftings, if Valeura has already started capturing that oil price move. Or if not, when does that start? Is it a Q2 event? Is it a Q1 event? That's my first question. Perhaps for Yacine, how would you see SRB in the current environment at, say, different oil price environments? Thank you. Certainly. Thank you, Stephane. Robin, I'll just take both maybe. Stephane, maybe going back to your first question in terms of the current price environment and how does it impact our revenue. Let me maybe, you know, maybe just clarify or at least simplify how the lifting and the pricing works from our end. Effectively the way, you know, the way our contractors sign for our lifting is that, the seller, what they pay is effectively the average price during the month where lifting occur, right? You know, the current environment, you know, in the current month, let's say like for March, we'll see how many liftings we have done during this month, and then it's the average of the month that get reflected into the invoice that we send to the buyers. Now, you know, as it happens for this month, our liftings are on the tail end of the month. You know, it just operationally, that's how it works. We do see potential for it to fall in 2025 in March, or potentially might slip into early April 2026. It's still too early for us to say this, Stephane, so because the nomination hasn't occurred yet. Usually this nomination occurs, like, 10 days before the date itself. That's in terms of- Thank you. ...when the lifting occurs. Now in terms of the SRB, you know, obviously, you know, SRB by its nature is it has quite, you know, significant beta to the oil price. So the higher the oil price, the higher the SRB. So yes, so I do expect that in the current environment, you know, you will probably see an elevated SRB compared to what we had last year. It's quite, you know, it's quite a big difference between the two sides. But I mean, if I have to give you a number, let's say like, you know, again, let's use the number that Sean was talking about in terms of like $150 to buy. You know, the SRB then will shift quite significantly. We're talking about potentially, you know, a factor of around like, you know, six or seven times. Okay. That's the kind of like compared to like for example, a price of $65 or $60 realized price. Great. Thank you very much. Thanks for that, Stephane. David Round, we're going to go to you next. Let me just allow your microphone. There you go. You should be able to unmute now. Perfect. I think I've done it. Thanks, guys. A couple of questions from me, please. I think the first one just, I think the last time we spoke, we were talking about sort of weakening prices and sort of softening services market and potential savings at Wassana, I think specifically around drilling. I mean, is that at risk of reversing now? C an you just remind us what costs you have locked in, both on Wassana, but also just interested in sort of the ongoing drilling program, the contract you've got there, when it expires, and sort of any possibility of extending on similar terms. T he second question is, can you just please remind us how the gas price at G1 and G3 is derived? Is it benchmarked to International prices, or is it just calculated on a project rate of return type basis? Thank you. Greg, do you wanna handle the first question really on the price, the service costs? Let me do that. David, first of all, on the Wassana project, I mean, we've advertised an overall cost for the facility and installation of the facilities of $120 million. At the time we took FID, about 80% of these costs were fixed, right? We are now, you know, well progressed, on track. We've not really seen any significant variation. I am very confident that we are actually going to come in, you know, on or below that budget for the facility side, right? That's, you know, the first component. On drilling, indeed, we, you know, at the time we took FID, there was more scope for those costs to move up or down. As we see now, you know, the market evolving for services, particularly drilling rig, I expect actually a reduction compared to the rates we are committed currently to. Right? We are actually in an active process of tendering for a drilling rig. W e're starting to see some price indications, and those price indications are going down relative to current contract. Now, as you may recall, our base case business plan envisages eight months of drilling, so until the end of August. We've left deliberately optionality for the remaining four months of the year, right? Now, as we are now, you know, firming up towards a contract award decision on a drilling rig contract, we are now looking at ways to fill that option potentially with significantly value-adding activities. That could be, you know, as I indicated, you know, we're looking could we accelerate Wassana redevelopment, you know, subject really to the, you know, installation being able to be implemented earlier. We have Nong Yao A slots that we are going to construct that would enable us to start drilling in November, and add additional wells with some incremental production already likely in 2026 and then, you know, even more in 2027. Right? Yeah, basically opportunity or pretty firm expectation of drilling costs coming down on a new contract beyond August and ability to fill activity and add value in those months that we haven't yet locked in currently from September onwards. I hope that answers your question. Maybe, Sean then if you wanna say something more. Yeah. Yacine, did you wanna talk about, maybe the gas price and how it's done? Certainly. Hi, David. As far as Thailand is concerned, you know, all the gas prices are effectively linked to international benchmarks. Now, that could be like, you know, Dubai or fuel oil, but they tend to be benchmarked against International crudes. You know, you don't have like a, you know, a fixed return, you know, like, for example, what you would see in other countries or like a fixed price. It tends to be more, you know, linked to International benchmarks. You do have that exposure to higher oil prices as well. I think embedded within that formula that they use is also like, you know, it's almost like an S-curve, like what you often see in the LNG market, because that's really what you're competing against fundamentally within Thailand. You're competing against the LNG imports, which is significant. You know, you do have a protection on the downside as well, but, you know, your ultimate upside can also be like, you know, tempered down to a certain extent. Got it. Great. Thanks, guys. Thanks for that. While we're talking about gas in Thailand, let's move to talking about the PTTEP farm-in. Question here is, what are the potential CapEx requirements you would see for gas development at the Busabong area? Maybe I'll take that one just to keep the variety of people going. You know, currently right now we're looking at multiple platforms being an FID on multiple platforms. We expect the FID to be on initially two gas platforms installed in that sort of realm. You know, net to us, to give you some idea, is probably on the order of for a rough number of about $50 million, right? Just to keep that sort of range in mind. Now, again, we're still waiting for final cost numbers to come through. To give you an idea, you know, it's not a $200 million project for two platforms. These are gas platforms. They're much cheaper. These are gas wells, and we know that the gas wells in the Gulf of Thailand we expect them to be drilled. Each development well about $1.5 million-$2 million. Extremely cheap. This is kind of PTTEP's bread and butter is these platforms and drilling these type of wells. It gives you a bit of an idea for two platforms. Probably spend starting in 2027 and then production coming on in later 2028. Okay. That brings up another question. What sort of production would you expect from a platform? I'm trying to remember the exact numbers. Greg, can you get the numbers that we're using as a rough figure? Again, we don't have the data yet for all of these worked up. We're still doing the FID work. I mean, as a rough number, you know, we talk about something in the range of, you know, 30 MMscfd per platform, right? You know, two of them would give you know, say 60 MMscfd, so, you know, about 10,000 bbl per day oil equivalent. In that range, again, you know, with caveats that it's subject to FID and final numbers, et c. Just for clarity, Greg's numbers were gross. Correct. The cost I gave you is net. Correct. You apply 40% to that. Yeah. Indeed. Very good. Okay. We'll move to another live question. Jamie Somerville, I've just enabled your microphone. You should be able to unmute now. Still there, Jamie? Okay, not to worry. We'll try you again in a moment. In the meantime, let's change geographies. What's happening in Türkiye is the question, and what are Transatlantic's plans for next steps on the deep tight gas play? This is one I should probably take as, you know, one of the few executive members who actually was around during the Türkiye period. Look, I think we talked that we were ready to. Transatlantic were looking to take this well onto a long-term test. That's kind of gone slower as they've done the work on the well and the facility to set this up for a long-term test, but they're getting to the point now that we expect fairly soon to start it. I think that the good news is they're really looking for the design of this test and the testing period that it can be long-term. We're not talking about just testing for a few weeks here. They're looking at taking this thing out months and are trying to achieve a testing cost that can be really offset by the production that you'll get. Right? You know, things are going ahead there on the testing. Along those lines as well, we're now in discussions with the government as well, with Transatlantic on the next moves, but I expect we'll have some more information on that as we go through the next few months here. Okay. Are you able to provide any clarity or any expectations on what gas pricing would look like in Türkiye? Look, we know that the gas price over the past few years has been, you know, very healthy at, you know, kind of $10 +. I expect now that it's significantly above that. Again, we really don't make our decisions based on these spot prices. We're looking at, Türkiye has had a very healthy gas price for the past few years. It's a good environment. Very good. Okay, a couple of price-related questions here. Number one, with the prices where they are right now, are you tempted to add any hedges given the outlook? Oh, sorry, I just realized I was still on mute. Maybe I'll take this one. I mean, obviously we do look at hedges in terms of like, you know, what can be done there. Fundamentally, you know, we do try to protect the downside. This is. I mean, oil and gas is, you know, a cyclical industry. Prices goes up, they do go down. This, you know, we do have quite a resilient operation. We do have quite a resilient portfolio. Is there any way for us to actually strengthen that? You know, we certainly look at it. I mean, we've just and we do that honestly, especially now with what's happening in the market. We've been kind of like covering the market literally on, you know, twice a day. What I can say right now is that, you know, despite the fact that we're seeing a very high oil prices, put prices, which is really the instrument we'd like to use, because we'd like to retain the upside, they seem to be, you know, a little bit too still elevated. It's something that we certainly keep an eye on. Okay. On the other side of the price sort of discussion, the question here is, given the very high Dubai prices, is there any risk that Thailand might look to start setting domestic sales closer to the Brent benchmark? Maybe I'll take this one as well. This is not the first time that we've seen an elevated oil price. There have been other occasions where oil price really kind of like went through the roof. That has never changed. The contracts have all been set against the Dubai, which is the natural crude fort for this part of the world. I don't see this changing. There's always a mechanism, you know, for buyers and sellers to agree a fair price between the two sides. That's what, you know, you have the premium or the discount potentially can come in. So far we have. As Sean was, you know, saying earlier on, you know, over the past couple of weeks, we did issue a new tender for like in April and May down the road. All I can say is that, like these are the, you know, the best premium that we've had as a company. They were benchmarked against Dubai. No, we don't. Okay. Great. Yacine, I'm gonna ask you another question, and I'm gonna leave it with you for a minute to do the Math in the background. We'll move on to another question after that. 'Cause you'll wanna calculate this one. I think it'll be a fun thought experiment here. Let's say we get $150 Dubai prices over the next couple of years. What additional cash would you expect to get? Let's just park that for a moment. I'll let you crunch those numbers in the background. To put you on the spot. In the meantime, a couple of questions around capital allocation. First one is, when we look at your M&A landscape in Southeast Asia, in the Asia-Pacific region, what proportion of the transactions you're looking at would be corporate transactions versus asset? I think a much lower proportion are on the corporate level. It's something we've always kept track of across, you know, the number of different players in this region as we've looked at and how they behaved. You know, it's on the order of, you know, 75% asset, 25% corporate. Okay. Also along the lines of M&A, if you find that getting M&A transactions across the line is delayed, and you continue getting windfall revenues, will you look to shareholder returns? If so, is your preference for things like share buybacks, or are there other formats of shareholder returns that you would consider in that sort of environment? Yeah. That was the point I was making is, yes, that's something we would discuss with the Board and look to as to shareholder returns. You know, we would look to the best way to kinda do it at the time. We've looked at a number of different things as to whether it's dividends, special dividends, Dutch auction on share buybacks or straight share buybacks. Depending on how much surplus cash you bring in, a normal buyback is just too slow a process to actually go through that. Right? All those things are kind of on the table, but it's something that we would investigate as we kinda go through the number of months here. What's going on with the oil price? What's going on with the cash flow? We're aware of a number of these deals that we're actually involved in, are they progressing or not? Great. Okay. Thanks for that. Let's turn back to Yacine then. That question, which I'll just voice again. Say you had $150 Dubai over the next couple of years, what sort of additional cash would you expect? Quite a healthy cash flow, as you might imagine. Effectively, we are talking around like almost our current EV. That's the kind of numbers we have. It's anything between- Just for clarity. It's anything between $700 million, I think around that. Okay. $700 million. Actually, it's short of our current EV, considering our, you know, share price. Our market cap currently is $1.1 billion. It's around $700 million. Okay. Very good. Thanks for that. We don't have any other live question requests at this time. I'll just remind the audience that if you are interested in asking a question, you can press that raise your hand button or type it into us. With nothing else showing up here, maybe we'll leave it there. I'll just remind you that we're available anytime to take questions as well. Contact information is on the website, with contacts available in Asia and in North America, so feel free to reach out anytime. With that, I'll hand over to you, Sean, just to wrap up. Look, I'll just say again, you know, reiterate, thank you very much for everyone's support and kind of staying with us through this. It's been a extremely exciting ride. Obviously, with the times we're in right now are very challenging for people on all levels. Corporately, it's obviously created a bit of a windfall for us, and we'll just take advantage of that for the time being and look at how we can add more value to shareholders. Thank you very much for joining us. Thanks, everyone. That concludes the call.