And so first of all, it's been a really good quarter in terms of operational delivery, which combined with very strong pricing environment, resulted in record cash generation for the company. So we have had 154 million of adjusted cash flow from operations. I would really draw attention. to. The margin. Related to this, which we believe is top quartile. $77 per barrel of CFO margin. Free cash flow 105. This resulted in increased overall cash position for the company at the end of Q2. At 317 million and overall realized price behind these numbers is $106 per barrel. Now. The. Quarter operations proceeded without any. Any incident. Production. Delivery was pretty much exactly right on plan. We have also continued to execute our drilling program per plan, and the wells have either met or exceeded expectations. And we had a couple of specific highlights in, world delivery in the quarter. The longest horizontal well that was ever drilled in the Gulf of Thailand, just pretty much exactly 5000ft. We have also delivered our first multilateral well, and actually the first multilateral well of that level of complexity in the Gulf of Thailand, which is now on the on production Watanabe development is ahead of schedule. And under budget. And we are also on track to add four additional drilling slots on the non-GAAP, a platform. So let me just say a few more about. Those those aspects. I think on drilling, apart from the execution of the Q2 program. I would highlight the new drilling rig contract that we have signed during the quarter It's a high spec Jackup journey rig, very comparable in terms of capability to the rig. We've been using over the last three years. But we have been able to secure about a 30% reduction in day rate for this rig compared to what we're paying now. And given this favorable rate, we have decided to lock this rig in for a three year term. Given also the strength of the drilling portfolio. We see we now expect that the operation of the rig will start in Q4. And initially we will start drilling wells on Longyao, utilizing the slots that are now being installed and. Thereafter, we will proceed to redevelopment of the. And drilling through the new platform. And I think the. The point about that, the multilateral. Well, that we have now brought on stream is really that in an environment where we continue to be constrained by the number of slots on the platform. This. A. That allows us to access more subsurface volumes and at lower. Unit development costs through. Targeting two separate. Subsurface compartments. Through a single hole. And a single slot on the platform. So really pleased with that result. And it's a. There's one off on. But it's something that we are planning to do in development. And also other fields across the portfolio. Let me then say a few things about our our projects. First of all, once on a redevelopment. This project is proceeding very well. And what you see on the picture on the right hand side is, is. A photograph of the platform in the yard in Thailand in July. And so all of the main elements structurally, but also the main pieces of equipment are already in place. And the. Contractor is now finishing mainly the cabling installations, the instrumentations and such like. And we. Are now have. We are pretty confident the mechanical completion will be accelerated to 1st of October. Now with that expectation. The team have been working really well to secure. Also an earlier installation slot for this platform. So we expect to start installation in October. Now this is kind of part of a sequence of installation activities at the same set of installation assets that are working in the Gulf of Thailand. For other operators. Will then come to to execute the installation. So there is a bit of a queue, but we have actually, you know, secured an earlier slot in that installation queue now. It's it's a very positive development. Again, we are working to, to fully finalize the execution of it, but we expect it will accelerate. Some of the CapEx which would otherwise have been spent in 27 into 26. But it would mean that the first oil from that. Redevelopment. Field will be on stream. Say, two months later. And that would. Sorry, Thomas. Earlier. Obviously. And that would be equivalent to about half a million barrels of extra production within calendar year 27 compared to earlier. So really, really good progress. And and will give further update as we as we get closer to Q4 and the end of the year Now, the other projects that we flagged earlier is the decision to add additional. Four drilling slots on the A platform for the. Cost of about 7 million of additional CapEx. That project is now in execution. Some of the equipment has already been fabricated. Actually on the platform itself. We already executing some of the modifications and adding the flow lines. In. In anticipation of these slots being ready for drilling We expect we will finalize installation. Of. These slots in in around October. Time horizon. Then in terms of. Drilling around November. Of this additional. Longer. Wells. And. Then the last project I would. I would. Flag is progress in the G1 and G3. Blocks. Where we have signed the funding agreement with Pttep. We have now obtained the seismic. The 3D seismic that was acquired last year. The seismic has now been processed and is now on the workstations. And so the teams are working to. Then interpret the seismic data and update the 2027 exploration program. We already know we are planning a exploration well in the oil prone area, in the so-called non-core north northeast area. That's adjacent to our G11 block. So that's. Already slated for Q1 27. On the. Gazprom part of this block in the area. The teams have been working together and really firming up an ID, which is pretty much technically in commercially ready of a two platform gas development. So really, we expect to announce that FID in the coming. Months after Valera has been formally signed on. The PSC of the block following a Thai cabinet approval. It's a it's an approval where we don't see any risk of not getting it. But but there has been probably a bit of delay in terms of how long it takes. Now with the new government to to process it through a pretty busy cabinet agenda. So again, really good operational progress and translated into excellent cost delivery. With this, I'll hand over to Yacine. Thanks, Greg. Greetings everyone. I guess for the purpose of, you know, the financial, you might be worthwhile just, you know, circling back in terms of like where the pricing is today because it's kind of explains a lot of what's our, you know, our results for the financial quarter for this results. As I'm sure you're all aware, you know, our crude tend to be benchmarked against Dubai, which historically has traded at a slightly discount to Brent. What we benefit in our, you know, Thai crude is that like most of our crudes on in aggregate tend to be at a premium to the Dubai, which kind of lends us at around, you know, the, the Brent pricing. Now, I'm sure if you've. Following, you know, the relationship between Brent and Dubai since the conflict in the Middle East have started, you must you must have noticed quite a big volatility in terms of pricing between these two benchmarks at the start of the conflict, the Dubai price have shot up compared to to the Brent at a significant premium and a month or two after that, it reversed to quite significant discount However, in terms of our realized price, what we have noticed is that also our premium competitor to Dubai, you know, in this quarter has also strengthened, which led to effectively, you know, matching the Dubai matching the Brent prices. So I think, you know, in terms of consistency, we continue to guide the market towards Brent. As you know, an equivalent to our real life price, rather than just relying purely on the what we see in the news and where the Dubai benchmark is trading at, effectively the premium that we received have offsetted to a certain extent, you know, the discount that has been widening between the Dubai and and the Brent. So again, the key message here is that as far as the law is concerned, you know, our conviction right now at this point in time and continue to be that, you know, we should be, you know, as far as like modeling or any perception as to what our revenue will be, you know, the, the Brent benchmark is a good reflection of where we stand today. Despite, you know, where Dubai is today. So. You know, as Greg mentioned, you know, this is quite, you know, a stand out quarter for Valero. And it's a all the key numbers that we as management team, we tend to keep an eye on. So let me kind of walk you through the. For this quarter. So in this quarter, we have recorded around 200 and close to $260 million of revenue. As a reminder, this is over 100% increase compared to the last quarter. And that's on the back of a realized price of around $106, which is broadly in line with Brent and also on, on, on the back of two, 2.45 million of barrels that got sold. Now, this is, you know, as sometimes it happens in our quarter, this is above the production. We we have during the quarter. But it's really a reflection of some of the inventory drawdown that we've done compared to the previous quarter Now once we include the royalties and the adjusted OpEx and also the DNA, we end up with a pre-tax cash flow from operation of around $163 million. And in this quarter, we have realized, you know, a peak of. Tax. Of around 8 million, with, you know, just a small amount related to the. Sorry. Now, as you are all aware, you know, have benefited from a tax losses that we still have. But as a reminder, those tax losses really are pertaining to. Our assets. This Peter that is being recorded in this related really to Jasmine which is out of the scope of that tax losses. So this is why we have recorded Pete on this on this occasion, when we sum all these up, we end up with effectively the highest, you know, one of the, you know, highest cash flow from operation we've ever recorded as a company of around 100, 154 million, which, as Greg mentioned, it equates to around $77.1 per barrel. And in extremely outstanding results, really for this quarter. So how does this translate in terms of our balance sheet? We started the quarter with 262 million. Once we add the adjusted cash flow from operations, also the CapEx that we spent in this quarter for around 54 million, of which 17 million was related to the Wasana redevelopment and around a million related to the explorations and other income of around 5 million. And these 5 million is really related to interest income. And also from the royalty that we see from. We continue to release to receive those those royalties. And obviously, we benefit equally from a high oil price that, you know, pertaining in current market. Once we adjust for the working capital and also taking consideration the tax payment that we've done this quarter. Related to prior year. Taxes, SRB taxes of around 19 million and equally as well. During this quarter, we have spent around 7 million as what we call here, Anti-dilution, which related to prior historical option. And sustained use. The aim here is really to try to retain our cash. You know, our. Our share count the same. We end up with, you know, with the cash position, with a very healthy, cash position of around $316 million, $370 million. Now. You know, as the title says here on the slide, you know, the balance sheet continue to be strengthened and. On top of that, which maybe in the next slide, Robin, please. Leads us. To kind of like, you know, how does it sit within our guidance now? Now, as Craig mentioned at this point in time, you know, let me first maybe start with the production range. I think considering we are six months down the line in terms of, you know, for the full year, we have narrowed. A little bit our production. It's really a reflection of our, you know, our confidence in where the assets are, you know, performing, as I mentioned earlier on. So we just narrowed the range a little bit here. Now, if we look at the CapEx and opex in terms. Of capital spendings overall, we have maintained the same CapEx for now. But as Greg mentioned, there might be scope later in the year once we have secured the slots. For. For the installation of acceleration for this. CapEx to actually move a little bit. And as a reminder for everyone, and I think Greg also flagged it, you know, the bulk of this spending. We just. Some of, you know, some of that, you know, phasing, shall we say, shifting forward some of the spending from 27 to 26. As far as the OpEx are concerned, we again, we again, maintaining the same spend in the same range for now, it's worth highlighting that like, you know, and I think we've mentioned it to the market overall prior, previously, you know, a good chunk, you know, there's a good percentage of our opex that's related to oil price. So, you know, via the diesel, which we use for our logistics and everything around that. So as the price is strengthened, you know, we might, we might end up at the top end of that range and that might be possibility to go below that or even above that. If the price goes beyond above this, however, you know, from, from a financial perspective, so to speak, you know, if the oil price is higher, obviously our margins will expand. And therefore, you know, it's something that we are more than happy to absorb in that in that scenario over. All I think the whole message is that like, you know, we still maintain that 20 to 25 long term view. And this is where we stand in terms of production. Now with the with the guidance as it is today. And with the balance sheet. As of just described earlier on, maybe. Robin. We can move to the next slide. You know, it's worthwhile. Kind of like revisiting, you know, an item that we disclosed to the market, you know, last few months really is relating to our liquidity overall. You know, it's obvious that like, as a company of our size, you know, we do have the financial resources. Quite some. Substantial amount of resources. We are cashed in our balance sheet, which as I mentioned right now is about 317, $360 million. However, I think we've been quite clear to the market that, like, you know, our strategy and our growth aspiration is really related to how we can inorganically grow the business. And it's therefore, this is why we've decided to kind of, you know, trigger or at least go on and, and secure financial facilities that will enable us to kind of tap the market when, when it's required, you know, when we want it rather than when we need it. And this is why we have announced, you know, the, the financial. The RCF and also the accordion. As a reminder for everyone, as we've secured a 75 million, you know, RCF. It doesn't require us to hedge it. It's it's also like, you know, a three year facility. But I would like to point to the market, to everyone really is the accordion associated with that we have right now sized at 250 million, but it's important for everyone to realize that that number can easily be expanded for the right assets. And it's all about like setting us up. To be able to do deals that are transformational to the company. I think, as we mentioned during the announcement of this facility, is that like. You know, we would rather have it in place. You know, when we when we are, you know, prior to be ready, rather when we actually need it. And it's kind of like, you know, to a certain extent, it also reflects how we see the current market and how we can, you know, how we feel confident about being able to actually participate in all the opportunities that we are seeing around us. And it sits again with, the whole strategy, which I let Sean really kind of gives you a bit of an overview. Thanks, Greg. Took us through a lot of what's going on in operations because we have had an extremely good quarter, both operationally and financially. And one of the things we like to point to is we've said one of our key pillars of our strategy is operational excellence. And we're seeing that whether it's delivering on the production, the HSC projects, where we're taking on the biggest project we've ever done, and delivering that early and under budget. All of these really build to the credibility of the company, which is what shareholders are looking for. All of that is going extremely well. Yacine pointed to the amount of cash that we've actually brought in, and importantly, also at this point in time to that extra debt facility that we now have accessible to us that really creates that liquidity, that allows us to look at further growth. And this slide from our corporate presentation. We always talk about, okay, that's strong cash flow and where is it going? We've. Said to the market, we've said to all of you that we are a growth stock. And that's what we're looking at. Again, a reminder for everyone. Sean. Thanks. Yacine. Yeah, But when we look at it, I mean, we're really producing about the same amount of hydrocarbons as we were three, four years ago. And we took over the asset from Mubadala. But we've delivered top end growth, top quartile in the shareholder growth. And that's because we've been able to deliver to the market and demonstrate that these assets have much more future to them. It really reaping the extra amount out of the assets and showing that future, which is really underpin that growth that we've had. So when we look at that cash flow, yes, it's deploying it back into these assets to remain that to really support that strong cash flowing engine. What we've also seen in Turkey now is we're starting to see growth there in the deal with G and G3. And we're making investment there. That's really a solid foundation that we have. The other element then to it, which we've talked about for a while, is the M&A aspect. And really. We believe the two pieces of that are coming together right now are cash position, the access to liquidity is coming at the same time that we're actually seeing some significant deals that were involved in right now in the market. So again, we've been focused on this for a while. We've been telling you that. We've continued to deliver the strong shareholder growth and value growth there. But we see this is an opportune time. Now. There is a lot going on in the market. And we see ourselves as very well positioned to deploy that into further M&A for that next step of growth for the company. So Robin maybe just go to the last slide. So look at you know, we talked about this, all the aspects that are going right. But one of the things we really want to emphasize to you is that we've set up this business, we've designed this business to deliver solid, good returns at $65 oil price. And we've seen that over the past couple of years that we've been delivering on that. On oil price. We also made a decision last year when oil price had dropped to make the biggest investment decision. This company had made by doing the Wassenaar redevelopment. And that's proved to be perfect timing, because that was at a point in time when oil prices had dropped right. And we made the right decision because we're looking at the long term view, the. Other aspect, if you look right now, is that now oil prices have jumped up. Okay, Greg was talking about the new project that we're looking at on Nong Yao, the. Acceleration in the project almost. We're not. Doing these. Because the oil price has jumped up at this point in time. We're doing them because these are projects that deliver positive cash flow, positive returns within 12 months. That's why we're doing these projects and accelerating these things is because of the value of the company. At $65. And then setting it up that way. When we get these bonuses in the oil price, we just reap the benefits of that into our cash flow to create the solid foundation of the company. So it's been an excellent quarter. Things have gone extremely well. Operationally and financially. And we just look forward right now that we're extremely well positioned to take this company to the next level. So thank you very much for joining us here today. And at this point in time, we take questions. Thanks, John. So to take to to pose a question, you've got two options here. You can either press the Q&A button in teams and then type something for us. Several people have done that already. And I'll voice those in just a minute. Or if you'd like to ask a live question, you can press the button that says raise your Hand. And that's a cue to me to say you'd like me to unmute your microphone so that you can ask it live. So while you type your questions, let's go to some of them that have been that have been given already. Let's start off with a batch of questions that we've had on the PTT. Farm in and perhaps not surprisingly, the main question here is on timing. And in three separate ways. Number one, best estimate for timing of the government approval. Number two, timing for providing more color on the size of the opportunity set that we're looking at. And number three, anticipated timing for the FID. Yeah. Okay. Maybe I'll take that one. Thanks, Robin. Yeah. It's a key one because it was 12 months ago that we actually announced this deal. And I know I can say that honestly, we've been a little disappointed that it hasn't been through formal approval yet to get us in. There is nothing that has us concerned on this. We're watching it progress. We're seeing what's happening in the political situation in Thailand. Elections, new cabinet energy crisis. It's currently ongoing. They are dealing with the matter. So we're following this. Everything looks like it'll come to fruition very closely. But we do appreciate in the market that, you know, there's a little nervousness when you see it kind of waiting around on this. But during this whole 12 months that we've been waiting for that approval. Our team have been working very closely with the PTT team. Right? We have drilled wells, we've shot seismic process, seismic, all that data has arrived on the workstation. And importantly, the teams have been working together to come up with an FID, a final investment decision for the gas project. And we really expect that to come fairly shortly after we actually get the formal approval and get in on that. So. It has taken longer than we would have liked. The teams have been working positively together. And what I can say is once we do get that formal announcement, we will plan to really try and get more. Information out to the market there to allow whether it's the analysts, the investors in that to quantify the value of this opportunity, because it's something on both oil and gas that we're very excited with. But we do really want to actually start converting this opportunity into actually cash flow. Okay. Thanks for that. Let's move on to a question on exploration. So, so probably for Greg, can you say more about the open water? Well, that you're planning on the G1 block and anything you can share on size of the prospect risk and comment as to whether the volumes are in our prospective resources. Yeah. So I think I think. I was referring to an open water well on the G3 block, not on the G1 block. Right. So so it's this area of not north. East. It's. We see a. Already a set of prospects that are adjacent to our facility. It's sort of north east of of non-GAAP a there's actually a number of well identified prospects for which we already had prior 3D seismic. But the new 3D seismic covers all of that area. Right? So we've already. Between our technical team and PDP have agreed that we will drill exploration area. Wells in that in that area in Q1. And now with the new seismic, the teams are just finalizing the best locations and the best. Well, well targets for that, right. But again. We see strong prospectivity. And and so we expect that in the case of successful discovery, you know, this is a block that can go into relatively quick development with a tie in into the system. We'll say, well, a platform and there is potential for multiple of those, not just not just a single one. For that, while we're on the subject of drilling in our announcement, we we speak about Turkey and specifically mentioned that a well was drilled on the Binali block. That's been that's been flagged as a discovery. The question is, what does that actually mean for us? And I think what's what's what the questioner is getting at here is, is this in fact a velour well, or does it just have some other bearing on us? Yeah. So simply on that, we actually were the two big blocks that we have in that area. Each of them had actually a, well commitment that had to be drilled prior to June 26th. And one of them was drilled in the West Thrace block earlier, earlier this quarter or a while ago in an actual fact. Now we have drilled one which we had drilled for us in the Binali block. That was a gas discovery and kind of an agreement. We had. There was that we paid for the drilling of that. Well, it's a success. The revenue will flow back to us to cover all the costs that we had in there. But what it gives us is a discovery in that block. It gives us the right to then go forward for a two year extension period. So we have the extension period on the West block. Now that we have this commitment fulfilled, the discovery in this block, we will actually go forward with the seeking and appraisal. A two year appraisal period on the Binali block. So it's really about protecting the acreage much more than it is about having a discovery and having cash flow. Okay. Let's move on to some finance oriented questions. First of all, on operating costs. We mentioned diesel a couple of times. And the question is how much are our diesel costs and what proportion of the the operating cost does that comprise all. Robin. The the estimates all in, you know, across all our fields and across all the operations, 25%, around 25% of our cost is, is diesel is related to diesel. So as you might imagine, you know, an increase in oil price, which we've seen over the last, you know, the last few months since the conflict in the Middle East have started, have led to an increase in our OpEx. Okay. Well, I've got you. Yacine a question on the debt facility as well. And the question is, is the size of this debt facility tied to our existing assets somehow? And would an increase in the borrowing base by way of an acquisition change the debt capacity? Yeah. Look, let me make this crystal clear. You know, we've selected this debt facility. You know, the the firm side of it, which is the 75 million, is really just as a mean to build the relationship with the banks. It's not a reflection of our current, you know, borrowing base. It's really just a number that we felt a created that relationship with the banks. And secondly, as a working capital kind of allows us to really just, again, just having that flexibility around that. It does not reflect by any by any measure, really, what's the borrowing case, borrowing base of our current assets? And I think, as we flagged it before, this, this borrowing base doesn't require us to hedge. We continue to be completely unhedged company. We have a full exposure to the oil and gas. But it's really about like, you know, again, building that relationship with the financial, you know, institution that. Have backed the so far. And to line, you know, enable us to, you know, build, you know, enable us to kind of, you know, tap into the, into the market for the right acquisitions target that we currently pursuing. Okay. That's a, that's a good bridge to the next question here. Speaking about M&A. And I'm just going to read this one straight out. Many of your peers talk about seeking scale and relevance in the markets. How do you consider this with respect to the future cost of capital for for both debt and also for equity in terms of attracting large institutional shareholders? Look. I think philosophically and and I'm speaking like I'll let maybe even Sean and Greg comment into it, but philosophically speaking. We do not believe that like, you know, scale on its own actually create value. I think we've been crystal clear, you know, from the beginning that all we really focus on is creating value. You know, you can. Build scale by just acquiring, by overpaying for things. I think this is something that like people have done before. You know, and like, you know, it works and sometimes it doesn't work. But our focus is about like creating value to shareholders. Do we believe that, you know, scale, create opportunities? Absolutely. We do. There is potential rerating in terms of like, you know, your cost of capital associated with the, the scale of the business and diversification. But all of this is really philosophical in nature. So, you know, look, we focus, it's, it's a very simple business model. We focus on cash flow. We focus on the bottles, we focus on paying like fair. Value for for assets. And if we can even lower than that. And that's what we will continue to do. You know, if you ask us, are we going to be, you know, overpaying for things just for the for the sake of building scale? I don't think this is within our DNA. I think the only thing to add there is, you know, it does come down to your weighted average cost of capital. Right? Which whether you're relying on your own cash or relying on debt or relying on equity. And what we've tried to be very clear with people is it's in that order, cash, debt, equity, we are always going to equity last because of the cost of capital on that. So why we've tried to build this cash position now we've added on this debt facility. Is it actually right now is quite a low cost of capital for us to go after acquisitions. Very good. Okay. While we're on the topic of cash, a couple of questions here and it'll sort of paraphrase them because there's 2 or 3 that are that are very similar. It is very clear that the company is focused on M&A as the primary use of, of our our financial resources and a further comment from, from an investor here saying there's a clear preference for high IRR project investments to use that cash. However, the questions turn to returns here as well. And, and beg the question, at what point do you feel you you need to pivot a little bit and, and provide for some form of shareholder returns, whether that's through special issuer bid or some other similar mechanism. Yeah. And I think we've tried to say to people that really, when we the size of deal we were looking at, we wanted to maintain that 250 million, 300 million cash base. And people can see with what's happened over the past quarter that actually we've got to the point of we've actually exceeded that. However, what I can say is that with the opportunities we're currently involved in and the opportunities that we see coming at us in the next six months. It's very unlikely we'll be looking at returns in this near term period. There are some extremely good opportunities that are. In really the area of the sweet spot that we've said to the market we're after, which is transformational here in Thailand. Here in Asia. And carrying on that line of thought, another question here is there's been a surprising amount of M&A transactions getting over the line, given how high prices, oil prices have gone. Are you starting to see a convergence between buyer and seller expectations? I mean, historically. When the oil price goes. Up suddenly, the way it's been, we've seen recently, you actually have a diversion. Between, you know, the. The bid. Ask them to widen. But I think, broadly speaking, what we are seeing is that like long term views on. This haven't really shifted that much between buyers and sellers at this point in time, which kind of create, you know, a deal space to happen. And I look, and I think people now are also becoming a lot more creative in terms of trying to bridge, you know, the difference between both sets of, you know, buyers and sellers. But, you know, so far we haven't really seen like a, you know, complete dislocation in terms of what the sellers are seeing and what, you know, what the buyers are kind of what the seller asking for and what the buyers are willing to pay for, for things, you know. Obviously there's always like strategic premium that people might choose to putting on assets and, you know, that's, that's quite understandable. But at this point in time, I think, you know, people are still of the opinion that what we are currently seeing in the market, you know, it's kind of like, you know, it, it's still underpinned effectively, quite a healthy oil price in the long term. Yeah. Okay. Thanks for that. I'll just remind the audience that if you are interested in asking a live question, no one's been bold enough to do that yet. Press that, raise your hand button and I'll give you a chance to unmute your microphone. Otherwise, you can continue typing questions, or you can email us on, on any of our email addresses. IR at Valeura Energy dot com is, is the main one for that. One more question has come in. If nothing else comes about, this will be our last one. On the Wasana acceleration option. Assuming you're going ahead with that, how much CapEx do you anticipate moves from 2027 into 2026? And can you give a directional steer on what that means for overall 2027 CapEx? Well, look, so I think it will be a little bit cautious about about, you know, firming up. The numbers at this stage. But, but but I would say at a high level, it's, it's sort of, you know, between 10 and 20 billion, I would, I would guess. And, and that's the amount that would move across effectively between 27 and 26, largely. Right. So so if that does does happen, we can fully execute this. We will then expect that the 27 CapEx will be probably the lowest we've had on these assets. You know, over the last few years. Right. Given also, you know, the the much lower rig rate will be now, you know, using from from Q4. Very good. One more question has come in here. There was mention on the call of production being Unhedged. Can you elaborate on the thinking behind that and the prospect of potentially locking in some hedges over the next 6 to 12 months? Is that something you're considering? Look, we, we we certainly keep an eye on on you. Know, trying to kind of like ensure that like, you know, the balance sheet is protected again, you know, operationally speaking, our break even price significantly low. This is kind of explain the kind of margin we receiving. So when we think of hedging. And like a lot of other competitors, we're not really trying to hedge against, you know, operationally or even about, you know, or even like trying to protect like some sort of like financing required hedging. Our hedging is really, you know, the way we look at it is, is around like, how can we protect the cash balance that we already have as this is really what we want to use as dry powder for M&A. So, so we obviously keep an eye on terms of hedging. We still see that like the volatility in the market doesn't really make, you know, hedging attractive to us at this point in time. So this is why we kind of like havent really figured, you know, pulled the trigger on it. Obviously if the market kind of like, you know, you know, if the market moves the way we'd like it to move and we see opportunity to kind of like put, put some sort of like, you know, a floor on our price, then we'll do it. But as a reminder to the whole market, you know, when we talk about hedging, we are talking by buying puts. We fundamentally think that like, you know, our, you know, our whole equity story is about like giving us that beta to the, to the oil price and that exposure to the oil price. And, but we don't want to do is to kind of like put, put some sort of like hedging mechanism, that kind of limit the upside that exists. I mean, if we, you know, there are a few companies out there that kind of like hedge at the beginning of the year and kind of like, might they have missed out on like the, the, the, the increase in oil price? We don't want to be doing that. We think when it comes to hedging, we think about buying puts just to protect the downside. Okay, just expand on that in a bit of a simple way, which is people tend to think when oil price jumps up, it goes to 80, it goes to 90, it goes to 100. You should hedge. Right? Because oil price is high, but it's all related to the forward curve and the forward curve. With all of this, volatility has fallen off drastically. So if oil is 100 a couple of years out. It's back at 75. The cost of hedging is extremely high. So it's not easy. It's not just because you see oil at 100 doesn't mean we can, you know hedge at 100. It's the volatility has made it almost impossible to hedge in the near term. So we've just kind of ridden it. And so far it's worked out well. Great. Thanks for that. We've had no further questions. I'll just remind the audience that if there is anything that springs to mind after the call, feel free to reach out to us. Contact details are on the website. You can always email me at ir at Valeura Energy dot com, and we'll make a replay of this call available through our YouTube channel and website later today. So with that, over to you, Sean. Just to wrap up. Yeah, thanks everyone for joining us. It's obviously we're experiencing a time globally where there's a lot of uncertainty. There's a lot of volatility to us. It's worth it. Very advantageous. We've had a. An extremely good quarter. But that's just on price as I just really want to emphasize to people. We designed the business to work at $65. This is just a windfall that we actually take on because it's a quality of the team delivering on the assets. It's really working out and we have the confidence and the team to take this forward. So again, thank you for joining us here today.