One task here. All right. The next company to present is Valeura Energy, a publicly traded Canadian company, headquartered in Singapore, with a portfolio of operated oil-producing assets in the Gulf of Thailand and in Turkey. Well, I think that is actually a gas asset. Valeura is focused on growing its Southeast Asian business through both the development of its existing portfolio and strategic acquisitions. Here to present for Valeura is Robin Martin, Senior Vice President, Communications and Investor Relations. Thanks very much, Eric, and thanks to all of you for coming to learn more about Valeura. I did not ask how I click through slides. I am just going to assume that is the green button, yes? [You got it.] There we go. Before I get started, I will just draw your attention to this slide, which I am sure none of you can read from where you are seated because it is very small font. This is also in our corporate presentation, which is on the website. I will be speaking to slides from that presentation, but just a subset of them, so the page numbers are not exactly contiguous here. Valeura, as Eric mentioned, we are an upstream oil and gas company. We are a Canadian company headquartered in Singapore. We produce about 22,000 bpd of oil. All of that comes from four operated fields in the offshore Gulf of Thailand. Toronto Stock Exchange is our main exchange, and for that reason, you will see the share price listed here in CAD. But just for clarity, everything else in our presentation and our reporting materials is in US dollars. So just a quick capital markets overview. We are worth about CAD 1 billion market cap. Enterprise value is just shy of CAD 600 million, and that implies that we have got a strong cash position, over CAD 300 million in cash at the end of Q2, and no debt. We trade with pretty good liquidity, between 700,000 and 800,000 shares daily, typically. That is, we will call it $6 million-$7 million, which I think is decent liquidity. I would always like there to be more, but that is enough that you can build a material position in this company on the open market. That is what our largest shareholder, Thoresen Thai, has done. 15% built entirely on the open market. Baillie Gifford is our other large shareholder, so large U.K. institution, if you are not familiar with them. Beyond that, we go into executive and board at about 5% of the company. We are a growth company, very much focused on adding value through growing inorganically and organically. These are kind of the three main pillars that we take as the way that this company works. Maximized cash flow from organic portfolio is essentially our version of organic growth. That is not necessarily growing the top line of production. What it is adding reserves to replace those produced and hopefully more than that, I will show you that in a moment, with the idea of adding to the longevity of these assets, so you get more years of future cash flow, more value. The other one is inorganic growth. We have grown through inorganic growth. I expect you will continue seeing that happen. Very attractive market in Southeast Asia to continue doing that. Equally important to how we grow is how we operate as we see it, and for that reason, operational excellence takes a central pillar in our strategy as well. This is everything to do with how we maintain the integrity of our assets, how we preserve our safety case, and how we operate with local communities and governments and whatnot. Taking a quick look at the assets. As I mentioned, there are four producing oil fields in the offshore Gulf of Thailand that we operate. They are the ones identified in gold font here. The ones to the north, Manora and Jasmine, I describe these assets as sort of on the more mature end of the oil and gas life cycle. Now that said, both of these fields continue to surprise to the upside. Jasmine, for example, was a field that was developed in 2005 with an expectation of producing a sum total of 7 million barrels of oil. About three weeks from now, we will produce the 100 millionth barrel from this field, so many times over exceeding its expectations. Manora as well, same story, smaller scale. The Nong Yao and Wassana assets, the ones to the south, I describe these as much earlier in their life cycle. In fact, I would describe them as initial growth phase. We added a third facility to the Nong Yao field in 2024. At the Wassana field, we have discovered substantially more oil than was initially thought to be there. We are in the midst of a major redevelopment of this asset, and I will take you through that in a little bit of detail in just a moment. Q2 provides a good example of what's possible when you're exposed to high oil prices for us. $106 realized price is what we saw in the second quarter, generated cash flow of $150 million, and even free cash flow of over $100 million. Very strongly focused on cash flow generation. Other companies might focus on IRRs or other hurdle rates. We always turn around and talk about cash. I mentioned the Wassana redevelopment, and I like showing this slide for a few reasons. Number one, because it shows you the sort of economics that we face in Thailand. Even testing this project down to $60 per barrel oil, I expect we would generate a 40% IRR, 18-month payback, and obviously we're increasing production here, going from, call it 3,000 bpd up to 10,000 bpd, probably toward the tail end of next year, and plateauing a little bit lower than that. The other reason that I like to speak to this slide is some people are surprised to learn that Thailand has any oil and gas production at all. If so, you would be equally surprised to learn that there's also a very strong service sector supporting that. Schlumberger, Halliburton, all the names that we know and love are there resident in Thailand supporting our business. Even beyond that, this construction yard that you're looking at, this is Thai Nippon Steel, just an hour away from our Bangkok office. This sort of sophisticated facility construction is happening right there in Thailand. So, we've got all the infrastructure that we need to support building out a business in Thailand. I didn't talk about these two assets when we were on the other map slide, I had meant to. G1 and G3 are two very large assets in the middle of the Gulf of Thailand that are operated by the national oil company, PTTEP. We're farming in to earn a 40% interest. The idea with these is they are large assets. That's about 200 mi north to south, that G1 block. G3 is about the same size. They're immediately adjacent to some of Thailand's largest gas and oil fields. The idea here is you should be able to do a rapid development. We should be able to build wellhead platforms, tie them into existing production infrastructure next door in fields operated by PTT or operated by ourselves, and bring production on very quickly. The idea here is to diversify our portfolio. We're currently only oil. We like the idea of having some gas in the mix as well, s o this is turning out very rapidly. We're waiting for a final administrative step to have the interest assigned from PTTEP to Valeura. That hasn't slowed down the partnership, though. We're actually working on development planning and have been for a year already, and I expect you'll see us take our first final investment decision on a gas development here later this year. I've got one technical slide, and just one. I love talking about this slide, but we can save it for the breakout session. So I'll do it quickly. This is an Oligocene-Miocene aged fluvial-deltaic channelized sand system. If there's any geos in the room, that might mean something to you. If there's not, let's just say we've got multiple stacked reservoir sands and influenced by a lot of faulting. What that does is that keeps our reservoirs into defined fault blocks, and in a reserve sense, you only get reserves for the fault block that you've actually penetrated. You can image everything else on seismic, but you don't get the reserve benefit from it until you've actually drilled it. The result is you've always got more to do. To that point, here's what we've done. When it comes to replacing reserves, 218% is the average annual reserves replacement ratio that we've managed to do over the last three years. Going from 29 million barrels at the end of 2022 to 58 million barrels at the end of 2025. Over that period, we've produced more than 24 million barrels. Barrels are nice. Dollars are nicer. As I said, always focused on cash. The other half of this slide shows you what that does when it comes to longevity of these assets. We've added, at a minimum, five years to the life of the assets, meaning five years more cash flow to have. Therefore, you're pushing abandonment of these fields way out into the future and adding value. Again, a Q2 slide just to drive a couple of points forward. I'm not going to speak to individual numbers in here in a lot of detail. Obviously, a very strong quarter from a price realization standpoint and then revenue. The two things that I really want to mention on here are royalties and OpEx. Royalties in Thailand are enshrined in contracts that are defined. They're not an overall riding set of legislation that defines what your royalties are. As a result, those contracts are honored and the royalties don't change. This is quite different than my home, Canada, where they do change, or the U.K., where they change every political cycle, it seems. Nowhere in Southeast Asia have ever retroactively changed their fiscal terms. Therefore, we get the stability of knowing what we're facing when we build our first spreadsheet. Operating cost, even in a quarter like Q2, where we're influenced by the price of fuel, we use a lot of diesel in our operations, so that has a material impact on OpEx. Even in a quarter like that, and everyone knows what the prices were, this equates to, I'll save you the math, that's $29 per barrel OpEx, which I believe is quite a respectable offshore OpEx for anywhere in the world. At the end of the day, you see this translating to that cash flow that I mentioned, $154 million, which has obviously had a strong impact on the balance sheet, rising us up to over $300 million at the end of Q2. Usually at that point, I get the question, what are you going to do with all that cash? But wait for it, because we've decided that's not even enough. In the second quarter, we've put in our very first ever debt facility. It's a revolving credit line up to $75 million, and in fact, has an accordion feature where we can expand that by a further $250 million. Meaning if you tally everything up, it's $640 million of total liquidity for us to use for something. Let's talk about capital allocation. Our idea when it comes to capital allocation is to think about spending in three separate bins. Number one is that capital spending and organic investment into our existing portfolio. That's drilling to replace those reserves to add more future years of cash flow, and keep the machine going in order to continue building balance sheet strength. Number two, and the big one I think shouldn't come as a surprise, value accretive M&A. We use the words value accretive because we don't care about the bragging rights. We don't care about growth for growth's sake. We don't want to trade dollars for barrels. All the analogies that people use to say when growth is a bad thing. The idea is we have added tremendous value to this company through M&A, and I expect you'll continue seeing us do that. The market is attractive in Southeast Asia. We see more operators leaving than we see coming. The result is you've got a very shallow pool of buyers, and especially shallow pool of buyers who are credible operators who've managed to run assets with the level of quality that we've done over the last several years. So we're quite excited about this. There are probably three or four transactions that we're looking at that we would describe as transformational, which is a word that to us kind of means doubling or tripling the size of the producing business. While we can never promise timing on that, there are some that are in active discussions right now. So I'm hopeful that we get them over the line quickly. The third bin on here is returns, and I include it because guaranteed somebody's going to ask about it. We don't pay a dividend. We are not hugely buying back shares. We do have a Normal Course Issuer Bid outstanding, that we can be buying back shares. We've used that to a modest degree, essentially to offset the impact of natural dilution from legacy stock option exercises and whatnot. However, we are not a returns company. As I said in the beginning, we are a growth company. What we've said to the market, though, is if we find ourselves in a situation where we're unable to transact on M&A or the opportunities are no longer forthcoming, we would consider pivoting at that point to some form of shareholder returns, whether that's a dividend or a more aggressive buyback, I'm not sure. Suffice to say, you shouldn't expect that anytime soon based on the sort of investment opportunities that we're seeing right now. So, I'm going to summarize just by saying operations are on track. We are producing exactly in line with our guidance and our plan for the year. In fact, across the operations, everything is safe. We've had no upsets on that front environmentally, safety-wise, since we've been operating. In fact, we're pushing the envelope when it comes to innovation in our drilling as well. So things like we have recently drilled the longest-ever horizontal lateral in Thailand, 5,000 ft horizontal lateral. We are experimenting with multilateral drilling as well so that you can accomplish more without consuming more well slots on platforms. These sort of things are really sort of the frontier for us. The margins are strong in this business. As I said, cash flow is absolutely key to us. It is every single discussion about any project involves what does the cash flow look like from this. We are fully exposed to the price of oil. We are unhedged. The result is we have got very strong margins. The margin, by the way, in Q2 was $77 a barrel as a netback. The result of that is obviously we are strengthening the balance sheet as we go forward, and that positions us well to seize these opportunities that we see in front of us. I want to emphasize that point. I put the words there, seizing opportunity, and I am aware that some people look at that and think, "Well, that means you are just jumping on the bandwagon of oil being $100, therefore you can do more." It is not that, actually. It is not that at all. Seizing the opportunity, I am talking about the quality of the investments, the opportunities that we see in Southeast Asia, and just jumping on them. Case in point for that, as I have mentioned, the Wassana redevelopment that we are doing tested down to $60 per barrel, e ven that generates a 40% IRR. This is the quality and the caliber of investment opportunities that we have in Asia. Beyond that, and expanding the scope to do more of that sort of thing within our portfolio, the big catalyst I think everyone is waiting for, and we are certainly working hard on in the background, is M&A. We are ready for that with the debt facility we have put in place and the cash that we have got, and I hope you are all there at the party when we get the next big deal over the line. With that, I only spoke for about half my time. I can take questions. Please. Got two. You mentioned royalties. Is there a standard royalty that you have to pay the government, or is that negotiated per section? [Can you explain how that works and roughly what that percentage is?] Sure. For us, it is 14% comes out to as an average. It depends on when the contract was signed. What Thailand does is they have got a batch of fiscal terms that apply to new block awards. Next bid round, it might be a different batch of fiscal terms. What we have are two legacy forms of fiscal terms. One is called Thailand I, their initial terms, which is a 12.5% flat royalty, and then enshrines all the other details on deductibility for tax purposes and whatnot. The other one is a little more modern, just a modernization of that. It is between a 5% and 15% sliding scale royalty. Again, I think the salient point on royalties is they are defined in a contract. It is not a single body of legislation that applies to the entire industry. We have got a document that says these are the royalties we pay. The beauty is you put that in a spreadsheet, and then as the operator, the risk that we are taking on is the price of oil that we realize. My second question is, what is the cost of a well? You showed the picture of the strat column and multiple well plots. Sure. What is the average cost of one of those wells under the geo-pressure? Realizing that the horizons that you are producing from vary in thickness and so forth, but what would you say the average recovery per horizon might be? Yes. Good question, and I will find myself out of my depth quickly talking about actual recoveries per horizon, but let's give it a shot. First on the cost side of things, PTTEP is the national oil company, and the gas wells that they are drilling, they are drilling for less than CAD 2 million. The oil wells that we are drilling, even equipped with sophisticated technology with things like autonomous inflow control devices, long horizontal laterals of 4,000+ ft, we are drilling those for CAD 4.5 million-CAD 5 million each. It is a very affordable environment for drilling, and this owes to the repeatability and the consistency that you get across the entire play. Water depth does not change. We have no over-pressured reservoirs. Everything is normally pressured. It is not terribly deep. I think the deepest things that we have got are maybe 3,000 ft subsea. Therefore, you manage to build in those economies of scale just with repeatability of what we are doing. Now, when it comes to reservoir recoveries, it is a big spectrum because of the number of reservoirs that you have got. These are all small, stringy reservoirs. If we are getting 40%, I think that would be very good. Yes, please. You mentioned eventually having to abandon some fields. What is that like in the Gulf of Thailand? Mm-hmm. Yeah. So, every country has a slightly different approach to this. In Thailand, abandonment of fields at the end of their life is the responsibility of the contractor. The way that this works in Thailand is when you are facing the end of a field's life, it is within five years of the final expiry, you need to agree a decommissioning plan with the regulator, and then you need to start lodging security with the regulator to prove that there is going to be cash to actually cover this when you are done. Now, a lot of the facilities that we have are floating facilities, so FSOs, FPSOs, mobile offshore production units. That is pretty easy. You abandon your wells either with a rig or better with a hydraulic workover unit, sail your equipment away, and that is it. With the fixed facilities, there is a couple options here. Traditionally, what you would do is you'd lift it away with a heavy lift barge and whatnot, pull the jacket and whatnot, take that to shore for scrap or for refurbishment. In actual fact, Thailand is now experimenting with some new ideas where you might deliberately topple a platform jacket, make an artificial reef. It creates a structure that attracts wildlife, fish, and whatnot, and obviously helps keep the costs down because you're taking less steel on shore. New frontiers in this. What does it look like in a cost sense? We've reduced our costs, our decommissioning liabilities significantly, by the tune of 50% over the time that we've been there. That's a mix of, number one, really interrogating how you'll actually do this abandonment, and number two, pushing the life of the fields further and further out into the future. The discounted effect on your balance sheet becomes less and less relevant as you go. I think we're carrying something like $95 million in total as an abandonment liability. [Where are you selling your oil and gas?] In Thailand, when you sell oil and gas, the requirement is that every single cargo of oil is tendered for sale. We need to demonstrate to the government that we are getting the highest international price for our oil. Every parcel, which is usually about 200,000 barrels a lifting, goes to market to tender for the highest premium. That premium is then applied to the Dubai price. Historically, about two-thirds exported, one-third consumed domestically. The buyers are PTT, the national oil company, and the big trading houses, so Glencore, Trafigura, and others. Point of sale for us is in the field, though, so we lose sight on where the oil goes thereafter. [These are all platform where you drill, not with a jackup?] They are all drilled with jackups. The wellhead platforms that we have, wellhead platforms and central processing platforms all have well bays attached to them. You take a jackup rig, hover over that, and then have dry well trees on the platform. No subsea completions. All dry well trees on the wellhead platform. But yes, done with jackups. [How many drilling days per well, like a—] That's a good question. It's tough to answer because usually what we would do is batch drill these wells. When you're out there doing a campaign of, say, three wells, you'll drill your top hole sections, you'll drill your mid hole sections and whatnot. Just more efficient for moving equipment around and bring things on relatively the same time. If you were to do a simple exploration well, vertical exploration well, you're probably doing it inside five days. If you're doing a single long reach horizontal, it's probably more like three weeks. [What is the reservoir depth from the surface?] Deepest reservoir is about 3,000 ft. [When you are in the lateral section, you are about 40% in pay?] Good question. Varies a lot. Yeah. [How big is the pay when you are trying to drill the lateral?] Some of these can be very small, like in the order of 20 m type thicknesses that you are trying to target. Getting right to the top of that and geosteering with a lot of precision is obviously key to maximizing production. [Are you planning that much more laterals this year or over the next while?] We will do. Typically, we do probably two horizontals for every vertical well, I would say. It is about a 2:1 ratio between horizontals and deviated wells. Deviated wells are usually for the purpose of intersecting a whole bunch of appraisal targets before getting to something that you want to produce, or if the geometry lines up for doing sort of multiple completions and commingling. Yes. Your titles are quite shallow, right? The three properties. Yes. Do you have any kind of biodegradation in the wells? Any kind of what, sorry? [Biodegradation.] Biodegradation. [Yeah. They're shallow.] I don't believe so. Not my area of expertise. [What do you do, though, to manage the water? Because you're pumping water.] We do. Thailand does not allow any overboard water discharge, so every single platform, every single processing facility has a water disposal well or two. All separation done on the platform and then reinjected. Yes, go ahead. [Water drive reservoirs? Do you have gas caps on some of the formations that do gas injection?] In places we do. There is a couple of reservoirs where we have gas caps. Most of our fields, I think it is more by chance than anything, are a moderate water drive. We do not produce a lot of gas. It tends to be pretty dry. Where we do have gas, we are using it for power generation, or where we have gas that is not burnable, it is vented. Good. I probably answered all your questions, so nobody is going to come to my breakout now. If there is anything else, happy to tackle it there. Thank you so much.