Good morning. Welcome to the presentation of the annual results for year 2024. I'm with Olivier de Langavant, Chief Executive Officer, Patrick Deygas, CFO. I'm the Head of Investor Relations, Matthieu Lefrancq. We'll have a presentation and then a Q&A session. You'll be able to ask all questions in written form, and we'll answer them as much as possible. I'd like to yield the floor to Mr. de Langavant to start this presentation. Good morning. Thank you, Mathieu. I'm sure you've read this morning's message with our financial results. I will delve right into it very briefly with a general overview, and then we'll try our best answering your questions. The key messages for financial year 2024 and our results: solid operational and financial performance. Dividend is up. This is important. We maintain a very solid operational financial performance. Output is up by about 30%, and we see figures going up in all fields. Scope one and two emissions: 12.3 kilo of CO2 equivalents per barrel of oil equivalent. This is good, quite good, well below the industry standards, and this is satisfactory to us in a very stable price environment. About $80 per barrel and $79 in 2023. Sales of $808 million, plus 19%. EBITDA of $368 million, plus 3%. Consolidated net income. This is a record level, $246 million. In 2023, we had a record with positive figures that let us achieve an unparalleled level. We renewed this very good figure, but reached even higher with $246 million, so plus 2%. In group share of net income, $233 million, so plus 9% on a year-to-year basis. Positive net cash position. It's very positive, achieved for the first time since 2007, thanks to a marked increase in cash flow generation. A free cash flow of $241 million, up 54% from 2023, and a positive net cash position of $34 million at 31st December 2024. This is a long time we haven't seen this. At the end of 2023, we had a net debt of $120 million, but now we have $154 million in positive cash flow. Intense activity of growth and development for the group in Gabon. We saw the gas permit in September 2024 for Itakamba, Nigeria, acquisition, transformative acquisition of ExxonMobil's conventional offshore asset. Let me recall that Seplat used to own these assets when a little more than 20% is owned by M&P. Colombia, definitive agreement for the acquisition of 40% stake in the CNU-9 gas permit signed in February 2024 of 2025. This will close in mid-2025, as expected. Angola, entry into the Quilemba Solar Photovoltaic Power Plant, announced in October 2024. This was finalized in January of this year. A strong ramp-up of production in Venezuela in 2024. Production is up since we took over by 40% between the first and fourth quarters of 2024. We have about $50 million dividends received by M&P, net of the 20% to the minorities of M&P Iberoamerica. We follow very closely the recent developments around U.S. sanctions in Venezuela and the possible impacts on the OFAC license. I'll revisit this issue later. You know that the Chevron license was suspended. They have 30 days to close out on their operations. I'll talk this further in one moment when it comes to the impact on our activities. Thanks to its excellent financial situation, M&P can combine the pursuit of new growth opportunities with its policy of returning increasing value to shareholders. Available liquidity at the end of 2024 of EUR 260 million, of which EUR 193 million in cash, a dividend of EUR 64 million, $0.30 per share paid out in 2024, and a dividend of EUR 0.33, 33 per share, up 10% or around. This will be given to a vote at the Shareholders' Assembly in August 2025. This is a good proposal, and this shows the great confidence that we receive in our situation. This is just to show you key figures for the fiscal year, some of them I've already cited. Everything is up. Production is up 29% to 36.244 million barrels, plus 34. EBITDA EUR 368 million, plus 3. Net income plus 9. Operating cash flow plus 9%, EUR 272 million. Free cash flow plus 54%, $241 million. A net cash position plus $154 million used to be negative last year. It's now positive of $34 million and a proposed dividend up 10%. This is it. Now, a more detailed review of our 2024%. Let me start first by the situation on the front of environment and security. 2024 is not great. The indices were down all these years, and we have this year some incidents, two incidents with work stoppage. This pushes the rate somewhat up. This is not a great signal, but let me tell you that these are very, very minor incidents, small injuries on a finger, notably. Nothing major to report, no pollution. The situation is still very much manageable. Again, seeing the situation, we've stressed the importance of these dimensions. We've renewed the CDP with a grade of B for 2024. This is a very good grade as compared to the industry standard. Greenhouse gas emissions and intensity per barrel. As said, we are at 12 kilo of CO2 per barrel. This is amazing, and this sets us up online to reach our 2030 target. We've improved over the years, as you can see. Total methane emissions, this is down well under control, but we want to improve. However, there's a small increase as compared to last year, but still minus 70% as compared to 2020. Good effort that should be pursued in venting. We had a target of minus 70% as compared to 2020, but we reached minus 90%. That is for flaring. Or rather, should I say for flaring? This is down. We're working on a 2030 target of minus 90%. Good performance for ESG, working interest production and reserves. The value of our company, what interests us and you. Just a review of the last 10 years. Production is up constantly and has been solid, solidly consolidated this year, 47,000 barrels per day, including Nigeria interest. About our reserve share, as I said, this is up by 34%. Consolidated reserves, that is 182 million barrels, despite the change of the scope in Tanzania. A total, if we include the consolidation of Seplat reserves, up 52%, 278 million barrels. This is a good result. We will soon reach half a billion barrels. Review of production activities country by country in Gabon first. Production is solid in 2024. We've seen levels unseen since 2020, so this is good, up 1% as compared to last year. That potential that is solid against after the 2024 drilling operations and stimulation, well stimulation operations at the end of the year. The production is beyond 21,000 barrels of oil per day. We will maintain this level at a minimum. Mnazi Bay and M&P working interest, 61 million in million cubic feet per day, up 19% compared to 2023. This is a record level. Block 305 production is up 5% as compared to last year. This is a record level. Urdaneta Oeste, production is up 7%. This is great. If you look at the last quarter of 2024, production has reached a record. Now, actuals versus guidance in 2024. We take the risk to give guidance figures. Just like in previous years, we continue with this trend. Let me go with it. For Gabon, we have a guidance of 18,500 barrels of oil per day. We reached 19,000, so plus 5% as compared to the guidance. Tanzania, production was up as compared to 2023. It decreased by 2% as compared to the guidance. It supposed a stronger demand on the part of our client. Angola, we had a guidance at 21,500. We achieved 21,110. We are at a little more than 4,000 in working interest, plus 2%. In total, excluding Venezuela, plus 2% as compared to the guidance. Venezuela in itself, this can be added about to 6,000 barrels of oil per day. Financial indicators, operating cash flow, we had a guidance of $200 million at $80 per barrel. In actuals, we have $272 million, including negative $40 million working capital movement from Gabonese agreement. That's good. Dividends received, this is a little lower than what we had in the guidance. 66 million instead of 88. Development and CapEx. We pretty much have the guidance figures, a little lower, but in fact, this is quite good. We maintained our activity for cheaper costs. Exploration CapEx against $17 million, against the $15 million in the guidance, contingent, and financing $139 million as compared to the $130 million in the guidance. This is very close overall. Now, I'd like to give the floor to Patrick for the detailed review of our financial position. Patrick, on to you. Thank you, Olivier. I'll stress the very good message given to us by Olivier. Strong results. We're solid this year. In terms of sales, our sales is up more than $800 million in the context of constant oil price compared to 2023. We have $368 million in EBITDA as compared to $359 million last year. Variation of sales is bigger than EBITDA because there's a significant part of sales in 2023 that was linked with trading activities of buy and purchases and sales of oil. This does not impact greatly the margins. In terms of performance of EBITDA, this is key for financial results. We are at $368 million. Operating income is up by 34%, $258 million this year against $193 million last year. Up $65 million. This is amazing on consolidated entities of the group. After accounting for the contribution of equity-accounted investments for Seplat and Venezuela, we reach consolidated results of $246 million, more than the $242 million in 2023. En termes de. When it comes to cash generation, we have cash flows of $272 million, slightly above the expectation. You take investment into account, we have a slight increase. Taking received dividends into account from Seplat and PRDL, $66 million versus $20 million. There are non-recurrent items. This is due to operations done last year and at the beginning of 2024. Payments were received from our partner in Tanzania following the acquisition of part of the Wentworth stakes we had purchased. This led to $23 million. Free cash flow is $241 million in 2024. Net debt service is $74 million. The dividends paid amount to $65 million. There was an increase between 2023 and 2024. Cash flow is positive, close to $100 million. We have closing cash of $193 million, gross debt at closing $160 million. Very reduced. Therefore, we can proceed with deleveraging. Net debt at closing was $120 million in 2023. Now we have net cash of $34 million. $154 million in increase. Moving on to the cash and debt position. To the left, you have the capital structure as of the 31st of December 2024, with a total debt position of $160 million. Three components that have a common characteristic. The cost conditions are very competitive and very interesting or favorable compared to that of our competitors. To the right of this slide, you have the change in debt position over the past few years. I would like to stress the improvement and the performance regarding debt. $700 million was the figure in 2019. We have now reached $160 million. That is a stark improvement, and it shows a strengthening of our financial position at group level. We now have a true robustness, and we can repay the debt with low amounts over the next few years. $52 million of debt repayment in 2025. A similar figure for 2026. A very interesting and favorable position. I'll give the floor back to Olivier for what comes next. Thank you. A few words perhaps about ongoing transactions. The acquisition of 40% operating working interest in the CNU9. We have a completed agreement that was concluded in February with a 40% acquisition in this block located in Colombia at about 75 km off the Caribbean coast in Lower Magdalena Valley. CNU9 achieved first gas production in November 2024 with successful exploration operations. Production infrastructure was provided. The consideration of $150 million will be funded from our cash resources and available credit facilities. A deposit of $20 million is payable, and the remainder will be paid at completion, which should arise soon. On the closing front, there was the approval of the Colombian National Hydrocarbons Agency, the ANH. This closing transaction will be subject to the receipt of all those regulatory approvals. End of last week and beginning of this week, we discussed this with authorities, and they are very positive about the arrival of a new operator. We will have upcoming exploration operations in the weeks, months to come. This, of course, is good news for them, and they will do their best to give the approvals in due course, and that is good for us. We're aiming for a closing by three or four months, so a very swift approval. In the meantime, we set up a group of people to support the teams there, and we are prepared, ready to take over the operations. In the statement you'll have seen, there was an additional 5% of acquisition, 5% working interest under the same terms. As I said, acquisition under the same terms as the 40%. When it comes to the acquisition of 40% in the CNU-9 gas field, production capacity is ready, up to 40 million cubic feet per day. That is for the current infrastructure in place. The goal will be to add infrastructure, and the production potential will be above 100 million. We are very positive. The basin is prolific with proven and probable reserves of 150 BCF and 340 BCF respectively at the end of 2023. We have multiple prospects and a drilling program that could start in the months to come with a minimum of six exploration wells. This shows how confident we are. 340 BCF for 1P, 2P, and 3P just shows our confidence. It will increase in the months to come. Moving on to the market fundamentals for the domestic gas market, they are excellent. There's a structural deficit amounting to about 30% of the demand. Prices are high. We had spot domestic gas prices in excess of $8 per million BTU as of the fourth quarter of 2024. The situation is favorable. Production in Colombia is based on large oil fields that face a decline. Over the past five years, there will be a strong supply shortfall, and prices will remain high. All market experts agree on that. It is a strategic opportunity for us to expand in Colombia. We have been there for over 20 years. We do feel comfortable in the country. We know the context. There are challenges, of course, but there are a lot of resources in the country. This will enable cash flow diversification with non-rent linked revenues in a stable OECD oil and gas jurisdiction. This will have a positive impact on our resources and our cash flows. I just said a few words about this very interesting acquisition. If you may, a few words about Gabon. In September, we signed a comprehensive agreement with the Gabonese Republic that includes a number of provisions, an ambitious social investment program for the people of Lambaréné, very close to our facilities in the north of the country. There is also the adjustment of certain terms of the production sharing contract with an improvement of the terms, and a settlement concluding various issues under discussion with the Gabonese tax authorities. In addition, we obtained the Eti Kamba permit, so that is at the center of the country or slightly to the west. We already had this permit in our portfolio up until 2013. It contains several gas discoveries and prospects. We applied for and obtained this permit. We are hoping to drill a first well this year and then prepare the infrastructure required for production. This gas will be used for electrification projects. It will help meet certain demands, and it will be used on the gas market in Gabon. There is demand in the country, of course, for a number of cities on the coast and elsewhere where electrification is needed. We have this growth component in Gabon. This, of course, is to provide better access to energy for all. Now, an update on Seplat Energy. We are close to closing. The SPA agreement should be signed. Seplat managed to close the acquisition of onshore conventional assets in Nigeria. There are also several permits and large facilities to produce up to 200,000 barrels per day. There is 40% of Exxon's permit, 60% of NPL. Large facilities, a high production capacity, and a production guidance given by Seplat for 2025 of 120,000-140,000 barrels per day. This is a stark increase, especially since the production so far was about 50,000 barrels per day. This is significant. As you know, we have a majority stake. Therefore, this is very good news for us. On another front, Angola, a few words about our entry into the Quilemba Solar project with just shy of 20% of acquisition of the Angolan company, Quilemba Solar LDA. Phase one is due to come on stream with a capacity of 35 megawatts by the start of 2026, with a potential addition of 45 megawatts. This will be very interesting because it is a region with a lot of potential when it comes to the solar network. This solar plant will be used to replace a certain production of fuel. It will lead to a reduction of CO2 emissions. The 19% held by M&P will contribute to saving 11,000 tons of CO2 emissions per year. This corresponds to 7% of the group's scope one and two emissions. It will enable Angola to make substantial savings when compared with the cost of the fuel needed to run its thermal power stations. M&P is moving into new types of projects as part of the energy transition in an opportunistic and measured way. We have TotalEnergies as a partner. Moving on to our goals for the year 2025. Striving for EHS and excellence, of course. I mentioned our slight underperformance when it comes to LTIR, TRIR. There were no major incidents, as I said, but still, we need to be careful. The second goal is to maintain operational and financial focus, support the production plateau in Izanga and Mnazi Bay with new development drilling. The drilling campaign will start at the end of the year. Three wells for development and a well for exploration. We have high hopes. Continued development of the Urdaneta Oeste field in Venezuela. A few words about that, perhaps. We will need to pay attention and be careful given the suspension of the Chevron permit in Venezuela. Their permit is halted and in a very short time period. This is due to pressures by the U.S. administration on Venezuela. There was also the announcement that they would put an end to other permits granted over the past two years. Our permit will certainly be at stake. We have been talking to authorities over the past days and weeks. We want to avoid a suspension of our permit in wind-down conditions that are too short. Hopefully, we will have more favorable conditions than what was granted to Chevron. We will have to see what happens in the days and weeks to come. You will be informed. We will keep you posted, of course. If anything happens, we are hoping to have time to find a solution using diplomacy, perhaps. If the permit is halted, we will continue to do what we are allowed to do using facilities we have. Hopefully, the conditions will improve as soon as the sanctions are halted. We seek to maintain strict control of costs. It is key. This is what we've been doing. Our operational costs have been up due to the growth of our scope, and this is it. Pursue growth. The finalization of the acquisition of 40% in the CNU-9 permit in the coming months. As I said earlier, this is something that is very significant for us. Maximum flexibility on the financial front to complete large growth transactions. We will continue on this trend. We will not stop at CNU-9. We started a seismic campaign on the Izanga permit in Gabon. This should allow us to discover other prospects. We have achieved a retreatment of three-day seismic in the region with good results. We will continue operations in improved conditions in Gabon for the current wells. It is very likely that by the end of 2025, we will drill an exploration well in the Fiumetolaro in Sicily. Returning value to shareholders, a dividend of €0.33 per share is submitted to shareholders for a vote for payment in August 2024 with regards to fiscal year 2024. M&P may also conduct accretive share buybacks in an opportunistic manner. Our guidance, we yet again take the risk to provide a guidance for the year to come in Gabon, 100% production at 15,000 barrels of oil per day. Tanzania, 90 million cubic feet per day. This will depend on the demand. The effective demand is strong currently. It will also depend on the current decline of our production. This is why we are working on a drilling campaign to bring the production potential to a maximum of 130 million cubic feet per day. We're working hard at this to reach the full potential. The potential nowadays is between 105 and 150. In Angola, production 22,000 barrels of oil per day, so 4,500 in working interest M&P. The total 29,000 barrels of oil per day in Venezuela. Technically speaking, we should reach 25,000 barrels of oil per day on average for the year. We are at 22,000, we should continue. This figure is obviously a function of the maintaining of our license, and it will be impacted if the license is canceled or suspended, rather. There will be a wind-down period of a given time to be announced. We should hope that at the end of this period, things are settled and that we can, at the time, maintain our activities for the rest of the year or for the whole year if we're optimistic. Let's hope for that. We don't have control over this cash flow guidance. Operating cash flow, $270 million at $70 per barrel, dividends, $100 million. This is subject to factors. If permits are suspended in Venezuela, we may have $20 million only for one quarter, so $75 million instead of $100 million in total. This is a point of attention, point of warning. This is still positive. If we didn't have such dividends, we should still mention that our financial position is good. This shouldn't worry anyone or shouldn't be overstated in any way. The CapEx, $180 million, exploration CapEx, $40 million, $30 million in Gabon and $10 million in Italy for exploration drilling. M&A, $150 million for the acquisition of CNU-9 and other targets possible in 2025. We're working on a range of possibilities, and we'll be happy to finalize them and to announce them to you. Financing, $60 million in debt service, $52 million in principal and $15 million in net cost of debt. Dividend of $70 million. A small look back on the last five years before Q&A. Let's zoom in on production and reserves these past few years. As you can see, the production is up significantly. And our 2P reserves also significantly up. Cash flow generation, that's very high. Operating cash flow is not at the 2022 level, an exceptional year, but for free cash flow, it's a record level, as you can see. It's been growing from very subdued levels in 2020 and even 2019. Net debt, as you saw, it's inexistent. We're plus $33 million at the end of 2024. This is amazing as compared to the debt we used to have only five years ago, $700 million net debt, $700 million net debt a few years ago. We have decreased it by dozens of million in 2024. Dividends per share, they have been up very significantly. In 2022, this was resumed, 0.23 in 2023 and 0.33 this year. Due to the very positive general context, this is a way for us to show the confidence we have in this house. We maintain our focus on disciplined growth, first priority, relentlessly focus on EHS excellence, maximize value from existing assets. We work very hard to draw the maximum value to grow production, capital discipline, strengthen a balance sheet and maintain liquidity. We have done that, grow the business through exploration and M&A, create value and return it to shareholders. Operational flexibility, so continue to operate our main assets, Izanga, Mnazi Bay. Resilience of assets, free cash flow breakeven $25 per barrel, $40 per barrel after debt repayment, net income breakeven that is lower to $40 per barrel. These figures will even go down after the surge of CNU-9. Financial strength, cash $260 million at the end of the year, without mentioning $100 million of undrawn shareholder loan, access to debt under favorable terms, as Patrick mentioned. I'll stop here and we'll have a Q&A if we have any questions. Yes, we do have questions. We'll give you a few more seconds to ask more questions. We'll be back in 30 seconds just for you to have some time. Merci. Thank you. Thank you so much for your patience. I'll start with Jean-Luc Roman, analyst at CRC. He's asking for information on the Fiumetolaro exploration possibility. What is the target? What's the budget for this well? What are the expectations? Thank you. Fiumetolaro, this is exploration. We never know what we'll get, but we took this decision to drill this well because after the seismic campaign in 2020, we're convinced that potential is high. This is not a virgin field. It's a known field. What we're looking for is oil and gas, the two targets, mostly crude. These are not huge targets, but we may find good productivity, a few thousand barrels of oil per day per well. Despite a difficult legislative and legal context, we did not hesitate to take the step and to put money on the line to do explorations there. We're quite comfortable with it. Our policy is not to be alone on exploration projects, but here, the exposure is very limited. It's not very expensive, north of $10 million. We decided to do it alone for once. Sorry if I don't have very precise figures on reserves, but it will be significant. And Jean-Luc Roman, type of assets is targeted by M&P when you talk of acquisitions. What is possible due to the results? Thank you. The answer will be in line with what was said. There's no change. Preferentially, we'd like to continue in the same geographies, South America and Africa. We can continue in the current countries and step into new countries, but it would be better to stay in the current scope as we know the countries we're currently in. Mostly about assets under operation or non-operated assets with the possibility to reach an operating stage. This is important for us. On or offshore projects, both are possible. We're big in onshore, but in Tanzania, we have one offshore well. In Angola, we're offshore as well. In Venezuela, our operations are on a lake, as you know. So we're comfortable with both on and off. And oil and gas are both possible. We just had a deal with gas. We just renewed a permit for gas, but it's possible that the next deals are mostly for oil. It depends on the opportunities at hand. Thank you. Thank you, Olivier. Next question. Albin Salem, financial analyst, what's the dividend policy? Do you have a payout level? What's the gearing level? What's your approach? This is a complex question. We do both. We do growth and sizable payouts, dividends. We've always said this. I want to invest money in great deals, but I'm very conscious, and others even more than me, that our shareholders be paid. This is what we've done by increasing the dividend, 14, 23, 30, and 33. We'll continue on this trend. We'll continue to maintain sizable cash payments to shareholders. We've increased the dividends. We'll continue doing this to make the shareholders happy and also for the market to see the value of our assets that's growing. The share price should grow, and this should be accompanied by a dividend that is also growing. Thanks to this policy, I think our shareholder can expect good return for their money, but also future growth in our share. The maintaining of the dividend policy will maintain both growth and dividends. This is indispensable. Despite the market uncertainties, we continue to push up the dividend while also pursuing growth, continuing with acquisitions, and there's much more to come. Amin Ben Salem, can we expect dividend by Seplat after the acquisition of ExxonMobil in 2024? A good question. Very likely Seplat will increase its dividend, and I think this will be significant. As you've seen, the acquisition by Seplat is significant. There's a major change of scope. This cost is supported by Seplat. I expect, this is not privileged information in any way, I expect dividends by Seplat to go up. It's been going up these past two years. Let me refer to what Seplat itself is saying. Thank you. Question from Nicola Delmas. First question on the Itakamba gas project in Gabon. What are your expectations? Do you have an initial appraisal to share? Difficult question. There were several exploration wells, so we are familiar with the asset, and we have positive results regarding exploration. Ballpark figures would be difficult to give, perhaps 100 BCF in a context where you can have low-cost exploration wells with 20-30 million cubic feet per day. The market there will be available, and we will have agreements with authorities in order to use that asset. This is not a major asset, 100 million cubic feet. Not very high, but it will still bring back money. Another question from Nicola Delmas. Could you give more detail about the financial expenses? Those figures are stable, but when it comes to the P&L, there seems to have been an increase compared to last year. I can't give you a precise figure. Maybe Patrick could answer. The expenses increased $20 million last year, and then we reached $23 million this year. It isn't due to the cost of the debt that is decreasing in keeping with net deleveraging. It is an accounting trend or an accounting impact. It has to do with a stronger dollar, and it leads to a decrease in the euros we hold. There will be changes depending on the dollar value. That is the main explanation. Thank you very much. We now have a question from David Verzeil. A question about Italy. The background in Italy is different. It is an OECD country and not a Latin American country. Could you tell us more about the context? I hope activities in an OECD country will not scare our shareholders. By the way, Colombia is also part of the OECD. Regulation in Italy can often be complex, but we are happy to have a country like Italy in our geographic mix or portfolio, and we're very happy to do exploration there. We're hoping to have a return there soon. Thank you, Olivier. A question from a shareholder. They ask about the Seplat participation. What is the vision in the stake, the M&P stake in Seplat? Those 20% in Seplat are a historic figure. We are happy with our stake there. The yield is not huge, but it will increase, especially with diversification. Increasing the stake would be challenging. We would have to see the impact it could have. We're not considering increasing the stake significantly. Increasing to 25% or 30% would not change the dynamics of our influence. It wouldn't change the way we consolidate our financials. There is no real interest in increasing this interest. For now, we keep the status quo. We're happy with what we have. It is a good asset to have in our portfolio. I'd rather put money into assets rather than increasing the Seplat interest. Work on diversification, for example, just like what we did with CNU-9. We have other targets and more important investments to make that would foster diversification. We have another question. What are the dividends received from Venezuela so far or as of now? In the short term, could you tell us more about those dividends? The dividends received from Venezuela in 2024 were $0.40 million as of our net stake. $59 million in total, $12 million were paid to our partner. What is planned for 2025 is to double the figure if our permit is not stopped. The dividends we receive from Venezuela are a fixed share of each part that is marketed. We use that for debt repayment, and it amounts to what we call the Venezuela dividends. We use that to repay the debt, about $150 million in debt. That is the process. In 2024, to respond to the question, $47 million net. Another question from a shareholder. What is our stance in regards to Colombia? Might there be future acquisitions? That is a good question. Once again, it's a country we're familiar with. The permit there has huge potential. We have 40% of interest. They had 72%, now 32%. That is NG. There should be an increase to exceed the 40%-45% in the deal. There should be changes in the weeks, months to come. Interesting trends in Colombia. A question from a shareholder on share buybacks in 2025. Could you tell us more about that? The buyback strategy is not huge. I think we bought $5 million in 2024. Rates were very low. We did what was necessary to buy. We bought back a number of shares. For this year, depending on the situation, we should be prepared to do the same. But 5%, 10%, 20%, we'll have to see. Thank you, Olivier. A question from a shareholder on the Brent prices. If there was a stark decrease, and past what point will it become a problem? A few moments ago, I gave you the figures regarding our break-even, $40 per barrel. We have a positive result. The most important is cash, of course. Break-even is between $25-$40 per barrel. $40 after debt repayment, after debt service, sorry. I won't give you any guidance on the crude trends, I think, in the long term. We shouldn't have major changes. Given the financial situation we have now, we can be confident we're in a comfortable position. If what had happened in 2020 had continued for a longer period of time, we would have been in a less comfortable position. We have positive net cash. To summarize things, we have the tools we need to withstand adverse effects or situations. Companies that have higher levels of debt are more exposed to Brent price changes. As shareholders, you should feel confident. Thank you, Olivier. No further questions. Many thanks to all of you for taking part in our annual results presentation. Thank you for your trust and support as shareholders. Thank you very much to all of you. Thank you, Matthieu.