Welcome to the EnQuest PLC investor presentation. Throughout this recorded meeting, investors will be in listen-only mode. Questions can be submitted anytime by the Q&A tab situated on the right-hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where appropriate to do so. Before we begin, we would like to submit the following poll. I would now like to hand over to Amjad Bseisu, Chief Executive. Good morning, sir. Good morning. Thank you very much, Paul, and good morning, ladies and gentlemen. Thank you for joining us for what is really, truly a seminal moment for EnQuest and our journey. My name is Amjad Bseisu. I am the chief executive of EnQuest. I am also joined today by Jonathan Copus, our chief financial officer, and Radzif Ahmed, our Southeast Asia general manager. As ever, Craig is with us today to help coordinate the session and to organize everything perfectly as he always does. Together with the exceptional team across EnQuest, we are delighted to outline the strategic acquisition of participating interest in four fields in Malaysia from Petronas Carigali, really something that more than doubles our business and is the transformational deal that we have been talking about for a long, long time in a region where we are talking about growing and in a region which is also a high growth area, probably one of the highest growth areas in the world. We think we can create a lot of value for shareholders in this transaction. Over the past two years, we have been focused on scaling the business, this time we have delivered more than the production that we have, and effectively 57,000 barrels a day of production over and above the 42 that we have done in 2025. We have delivered also diversification through the completion of these five transactions across Southeast Asia, including the last one of production, which is a new country entry in Vietnam, Indonesia, and Brunei. The transactions provide production in Vietnam, as well as our existing production in Seligi, as well as the One B project, which we completed last year and in nine months and has increased our production by double in Malaysia from 7,000 net to 14,000 net. We have also reminded you that we have executed the settlement of a very accretive transaction with Magnus contingent consideration in the U.K., which helped us tremendously with our credit and is very value accretive, as you know, just before the oil price rise that you are aware of. Just to also be clear on this transaction we've signed today, it's actually been a bid for over the last year, in the second half of last year, and we were chosen as a preferred party in December, and it's taken us six months to negotiate all the agreements, which were quite complex for taking operations over in these four fields. The transaction takes our group revenue up to $1.8 billion, and gives us an EBITDA roughly double from $500 million- $900 million, and this is based on 2025 dollars. It also increases our production to over 100,000 barrels a day, and that should continue throughout the decade, and over 2 billion barrels of 2P reserves and 2C resources. More importantly, it reduces our break-even significantly. What we're buying has $10 a barrel in operating costs, and it also has very limited CapEx, in the present PSC, if not extended, of about $170 million. It reduces our overall operating cost to about $16 a barrel as an entity. That is to deliver the 2C resources that we're talking about. The 2C resources is roughly 138 million barrels, just above our 163 million barrels that we lodged at the end of last year. Overall, this is a very high impact, strategically aligned acquisition that drives material growth and maintains discipline in our balance sheet. I think the price of $5 a barrel equivalent is a very attractive price for this asset with very low downside risk. This slide lays out the quality and strategic value of the target base, and this is all net numbers. In package one, where we have a 90% interest, the net interest there will be 33,700 barrels a day and about 200 million barrels of 2P reserves. Those are over the period of the PSC expiration up to December 2036. Balingian by far is the most important asset that we're buying, and there is no preemption right on Balingian, which is over the majority of the asset, almost two-thirds of the assets that we're buying. SK8 PSC is part of this package one, which again, with no preemption, we're buying 100% operated interest. Our working interest production is 11,300 barrels a day, and it adds 15 million barrels of reserves with a PSC expiry of 2039. Package two, which is preemptable, has a 50% operated interest with our net 50% production share would be 7,000 barrels a day, and the reserves are around 18 million barrels. The preemption would require approval of Petronas for the new operator, and I believe Petronas is minded to keep all these assets in one hand. That's what they have indicated to us. Package three is in Peninsular Malaysia, the only non-operated assets with 5.4 thousand barrels a day, so less than 10% of the production, and about 5 million barrels, which is again, about 4% of the total reserves that we're talking about. We're confident that it is our operational excellence that has enabled us to be the front runner for these assets. Winning the operator award over the last two years in 2024 and 2025, clearly put us, I think, in the light to take over these assets. This fantastic performance has been recognized and has enabled us to really be in the pole position to take these assets. We're very excited about these assets because they're meaningful. They give us scale, they give us above 100,000 barrels a day of production, many of them have significant upsides. For example, the Package 1 Balingian PSC has only 19% recovery factor, and we are very keen on continuing to increase the ability of the value of the additional assets and additional reserves that we can unlock in all of these assets. More importantly, these assets really diversify the portfolio and give us significant downside protection and makes the company much more resilient with a much stronger balance sheet. I'll hand over now to Jonathan, who will take you through the deal specifics. Thanks very much, Amjad. Great to be here at what is such an exciting moment for us as a business. As Amjad just said, we've been preparing our business for some time, building towards this moment, that has been about building a strong capital structure for the group, also finding the right opportunity for us to deploy those operating expertise. When we've spoken to investors about transacting, we've always been very clear about what we're targeting. What we've said is that what we want to buy is assets that are in production. We've said that we want to buy assets with robust production profiles and also assets that are low CapEx, but of course, meaning that generally low cost as well. It's also important to us that we maintain operating control because that gives us control over how we spend our time and our capital. We also want to maintain the tangibility of our portfolio. It's very, very pleasing to be able to say that this transaction delivers on all of those points. It delivers a step change in terms of transaction. Amjad has described that this moves us to 100,000 BOE a day, that is a 134% uplift in terms of production on 2025 numbers. He's also mentioned that that 100,000 barrels a day is maintained through to the end of the decade. Strong forward production profiles as well. It's a very material increase in reserves and resources, a 56% increase, that places our 2P reserves and 2C resources at about 1 billion barrels of oil equivalent. In terms of the cost base, these are low costs of production. These will deliver a 35% reduction in terms of our operating costs, the group combined business operating costs coming in at $16 per BOE. Delivering tangibility and a step change, though, is not just about volume, it's also, of course, about value. From these assets, on a 2025 basis, we would see an 80% uplift in terms of our EBITDA, in excess of $900 million of EBITDA. When we talk about low costs, it's not just about operating costs, it's about capital costs as well. On a point-forward basis, from 2027 to the end of the life of these assets, our share of the CapEx to deliver those 2P profiles is only $170 million. This is a deal, of course, that reshapes our business as well and diversifies our business. It diversifies our production across more assets. It diversifies our production across more geographies. It also diversifies our production in terms of commodity mix. On a combined basis, Southeast Asia will be 69% of the group, and we will be 63% liquids as a business as well. Moving to the next slide. Talking about the consideration. The total maximum consideration for the deal is $833 million, and that breaks down into three parts. An upfront payment of $554 million, a deferred consideration of $189 million, and a contingent consideration of $90 million. The deferred consideration is payable in three equal installments, and the first payment for that is on the anniversary of completion. The contingent consideration would be payable on taking FID across three projects, and those three projects are a subset of the contingent resources, which Radzif will talk about in a moment. If we look at these considerations on a unit basis, we are transacting at an upfront consideration of about $4 per BOE, and on a firm consideration of a little over $5 per BOE. Very compelling transaction metrics as well. We've also been focused very much on preparing our balance sheet for a transaction like this. The work over the last two years has simplified our balance sheet, and we've also worked hard to have strong banking relationships. Through that, we've maximized group liquidity, and that has given us a capital structure that is fit for purpose to transact. You'll remember that in Q4 of 2025, we refinanced our RBL. As part of this transaction, we are increasing the loan tranche of that RBL from $400 million- $700 million. We're doing that by exercising a portion of the accordion of the facility. That further enhances our strong liquidity position, and there's no change to the letter of credits tranche because, of course, in Southeast Asia, decommissioning costs are pre-funded through the cess payments under the PSC structure. We also refinanced our bonds back in April, and since then, we have redeemed the retail bond, simplifying our bond structure and increasing the liquidity of those bonds. At the 31st of December, we had cash on the balance sheet of $269 million. If we look to the capital structure under the enlarged group, and again, using the 2025 numbers, that is the basis of all the numbers in today's release. 31st of December 2025 net debt was $434 million. The upfront consideration is $554 million, and that means that we have a combined entity net debt of $988 million. Alongside that, we of course, because we're buying assets in production, we have a significant increase in our EBITDA, which rises to in excess of $900 million. That means that on a combined basis, the net debt to EBITDA of the enlarged group would be about 1.1 times. That compares to a stand-alone net debt to EBITDA for EnQuest of 0.9 times at the 31st of December 2025. This is very much in line with the guidance that we've given in terms of how we intend to use the balance sheet to grow. We, of course, have our mid-cycle target of 0.5 times net debt to EBITDA. We have talked about using the flexibility in the balance sheet to transact and that net debt to EBITDA through transacting could rise to 1 to 1.5 times. This combined group, net debt to EBITDA, is at the lower end of that range. Of course, bringing these cash-producing assets into the business, our focus will also be on returning the group to our mid-cycle leverage ratios in due course. Turning to the timeline. This deal, because of its size, is classed as a reverse takeover. Today, we are announcing the signature of these three farm-out agreements. Because it's a reverse takeover, that means that we have a shareholder prospectus and we'll hold an EGM on this transaction. Amjad also mentioned that there is a preemption right on package two, and the parties that that relates to have 30 days to act on that. The publication of the prospectus and shareholder circular will follow that preemption decision, that will then set the clock towards the shareholder vote, which we expect to happen in August. After that, we will proceed towards completion is scheduled for the 31st of December 2026. As is normal for a reverse takeover, at that point of completion, our shares will be delisted, canceled, delisted, then almost straightaway readmitted, we expect that to happen in the early days of January 2027. Now I'm going to pass over to Radzif, who is our General Manager in Southeast Asia, Radzif will walk you through some more details in terms of the assets that are related to the FOAs that we're signing today. Thank you, Jonathan. Good morning, ladies and gentlemen. It's my pleasure to be here to talk to you through these assets that we have just acquired. This basically is a very transformational acquisition for us, which has been made possible by our 12 years of successful operations in Malaysia. Amjad mentioned about how we've been operative of the year twice in a row in 2024 and 2025, that's also built on the relationship we've had with Petronas and Petronas Carigali, who's been a partner with us in PM8/Seligi all those years. Malaysia still remains a jurisdiction in which we operate very well, we look to continue to build our excellence and relationships here over many more years to come. This strategic partnership right now is what really makes the difference between why we were selected, because we have demonstrated our capability to operate producing assets, mature fields, also late life. These are not new fields. These fields have been producing for a number of years, this is why I think EnQuest has been selected. This slide basically provides a forward view and demonstrates how the step change in our production is delivered by these proposed transactions. With the enlarged group production now is above 100,000 barrels to the end of the decade. It adds meaningful scale and is predominantly 2P, which represents a very resilient long-term production outlook for the group. If you look at the insert at the bottom of the chart, you will see that there is also a significant 2C resource in the enlarged portfolio, both in the U.K. and across Southeast Asia, and we are definitely focused on finding ways to converting this into material contingent volumes to 2P in the coming years. This includes the contingent consideration that Jonathan mentioned, that there's three projects that are mentioned as part of the contingent consideration that we are going to focus on in terms of FID over the next six months to a year. Those are not just the only contingent considerations we have. In total, I think we have another possible 10-15 other projects that we need to work on. This slide also highlights the shift in balance within the portfolio, with Southeast Asia now becoming increasingly more important alongside our stable production in the U.K. from Magnus and Kraken. Based on 2025 actual productions, the contribution from Southeast Asia will increase to almost 70%, and the North Sea about 30%. When considered alongside the increased weightage of gas production, which is now 37%, this transaction now delivers internationalization and diversification of our portfolio. If you move on to the next slide, this gives you a bit more color on the assets that we are acquiring, and you can see that the quality of the assets from a 2P reserves is significant. We have 138 million barrels of 2P reserves that we can exploit, and that's the one that we mentioned on the low CapEx side. There's another 208 million barrels of 2C resource, plus another up to 100 million barrels of upside potential. This was alluded to by Amjad when we said the current recovery factor in Balingian, for example, is only 19%. Because the oil in place is about 2 billion barrels, a small increase in recovery factor will result in much higher recoveries from the field. The base itself is underpinned by existing wells and also sanctioned projects, and we aim to deliver as well additional value from well-defined development opportunities and any further upside associated with the recovery factors. We are buying a very high-value tangible reserve foundation for our growth, and there is multiple pathways for us to create more value. We are looking at the things that we've done in Seligi PM8 over the last 12 years to be the basis of how we can grow the business in these assets as well. Thank you, and now I'll hand back to Amjad to conclude. Thank you very much, Radzif and Jonathan. Again, Radzif led the team there, which worked tirelessly to get this done. Thank you and the team for this great achievement. As you've heard, really, this is a great achievement. This transaction not only represents a massive step change in scale for the group, more than doubling the group. It is transformational, pivoting us into many more assets and creating more diversified and resilient production base with much lower costs. Importantly, also, it gets us above a very important threshold of 100,000 barrels a day and combined reserves of about 2P reserves of 300 million barrels and 2C plus 2P reserves and resources of over 1 billion barrels. Again, that is a very big threshold to be at. All this while maintaining a massive amount of operating control, and 96% of the new reserves are operated by us. This control actually is what empowers us to be differentiated and operate differentially. It allows us the ability and the capability to utilize our expertise across the asset base, drawing really on two decades of work from the genesis of the company. Almost one decade in Malaysia, where we've optimized assets very successfully and have been seen to be the best operator of these late life assets whilst delivering good value to our shareholders. With this increase in our position in Malaysia, which we feel is a very high-quality operating jurisdiction with a strong economy, and it is the hub of oil and gas in Southeast Asia. This gives us a great platform for additional growth in Southeast Asia, but also in the U.K. We still have a significant tax asset in the U.K., and we are unable to utilize that ourselves. We will continue to look diligently. Maybe even more importantly, the one thing that now has changed is our strengthened even further balance sheet and our portfolio's ability to withstand downside scenarios will give us the ability to look at much more attractive assets, even in the U.K. It's also worth reflecting on the impact of this acquisition on the company going forward. We've talked about our next phase of growth, both in Asia but also in the U.K., and I'm delighted to see that this transaction for our shareholders and our colleagues gives us the needed scale that moves us up to the top 4 and would allow us to be in a FTSE 250 type peer group. This slide highlights a transformational uplift in both production and EBITDA delivered by the acquisition and firmly establishes us in this enlarged group of the FTSE 250 peer group. Importantly, we remain clear that the group needs to even be more effective and have a more effective platform to deliver disciplined, value-enhancing growth to keep the capability that we've had that has allowed us to add value over this period and differentiates EnQuest from all the other businesses. While we enjoy this transaction for a few days, we have a long heavy lifting period in the next 6 months to make sure we take over the operations correctly and close this transaction by the end of the year. This last slide is normally used to introduce the company to new audiences, but it is fitting now to conclude with this slide by introducing the new EnQuest with a pivoted group that's diversified, internationalized operator, delivering value, accretive scale that we've been pursuing. The group's metrics are all well enhanced, as Jonathan mentioned, by this transaction, and it's clear that this is not growth for growth's sake. It is disciplined expansion built on mature, high-quality assets where EnQuest operating model and differentiated capability can unlock significant additional value, even more than the assets that we have because the recovery factors are so low. As we embark on the next phase of EnQuest's journey with production of over 100,000 barrels a day and 1 billion barrels of reserves and resources, I am extremely excited and energized by the challenges ahead and motivated to convert this potential great asset base into further significant shareholder value. Thank you for your time and attention this morning, and I will now hand over to Craig to lead the Q&A, please. Fantastic, Amjad. Thank you and the team for the presentation today. Just before handing over to Craig, I'd just like to remind ladies and gentlemen, please do continue to submit your questions just using the Q&A tab situated on the right-hand corner of the screen. Just while Craig and the team take a few moments to review those questions submitted today, I'd also like to remind you the recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. Craig, as you can see, we've had a number of questions both pre-submitted and throughout today's presentation. I'll just bring the rest of the team's cameras and mics up. If I may just ask you, where appropriate to do so, to read out the question and direct it to the team, and we'll pick up from you at the end. Absolutely. Thanks very much, Paul, and thanks, gentlemen, for the presentation this morning. Obviously it's a huge step for EnQuest. We've had a lot of questions that you can imagine. I'm going to do my best to focus the questions on the transaction and how it changes the group. We've had some business as usual questions that I would suggest I maybe take offline and answer separately. Amjad, I'll come to you first. Obviously this is a big step change for the group, big step change in our Southeast Asia business, which has been growing over the last couple of years. Can you say a few words on what it might mean for the group as a whole in terms of North Sea transactions and whether this precludes us from doing any growth acquisitions in the North Sea? Not at all. Absolutely not. I think this transaction allows us even more latitude in the U.K. As I mentioned, our balance sheet is further strengthened and our resilience is further, we also now can focus on the right transactions in the U.K. that continue to be around. Again, we are probably the last remaining company with as large a tax asset as anyone else. I think that all the other companies with significant tax assets or bigger than us tax assets have merged or have had deals. So we will now be able to focus, especially with this higher oil price, which, again, a lot of these companies that are paying tax are burning through whatever tax asset they have, but paying even significant more tax in these higher oil prices. I believe these higher oil prices may subside, but I do feel there will continue to be significant risk in terms of the volatility risk that did not exist a year ago when we and two years ago when we had oil prices around 60 or 65. I think that'll give us even more ability to transact in the future. I think Radzif's plate is very full now. I think we will continue to selectively look at the assets in Southeast Asia. At present, I think his focus and his team's focus will be on getting these assets in our hands rightly and in our capability rightly. Thanks, Amjad. I'll stick with the theme of future growth. Obviously, we're talking here about big growth step. Jonathan, you talked a little bit about the steps that have been taken on the balance sheet. Can you just give, I know you kind of touched on this in your section, but there's a number of questions about what does liquidity headroom look like post-deal, and then how is the balance sheet set up for the future? Yeah. Thanks, Craig. I think the key point right here is that if I sort of rewind the clock, say, two years ago, right, we had a more complicated balance sheet. We'd done great jobs in terms of reducing the size of the balance sheet, but we still had a lot of moving parts. In the last two years, we've simplified that down to our bonds and our RBL. As has been demonstrated by the refinancing of both the RBL and the bonds, we have strong backing and strong knowledgeable backing through our credit investors as well. One of the things that is tremendous to see on this deal is that we are able to utilize the flexibility of our RBL, and our existing lenders have stepped up and supported the accordion, which, as I said, we're exercising $300 million of the $400 million accordion capacity. What that means is that through this transaction, and because we're buying cash-producing assets, we are going through a sort of temporary excursion in terms of net debt to EBITDA ratio. It only takes us to 1.1 times on the kind of 25 combined entity basis, which is at the lower end of the range that we've discussed in the past, and it's not that much different from the 0.9 that we were at as a standalone group at the end of 2025. Beyond that, we still have significant liquidity as a group. That means that we will have significant liquidity to hand to also exercise other growth opportunities. I think that this is a huge step for us. It's a fundamentally transformative transaction. I think we've always said the same thing, right? Which is that what we are looking to do is build deal momentum. This is not about delivering one deal. We have a mindset that you are a small oil and gas company until you get to 100,000 barrels a day, and then you kind of grow from there. We have a balance sheet that can comfortably support this transaction. We've ticked the boxes in terms of the cash-producing nature of the assets that we're buying. That means that we don't lose balance sheet discipline, either today or going forward. It still leaves us significant liquidity and capacity to go on and grow other opportunities as well. I think if there's one thing that really should strike home in terms of what we've said on this call today, and what Radzif was outlining, is that we're looking here at profiles that are effectively 2P profiles, and the capital requirements to deliver those 2P profiles are low. That means that we can retain that capacity to deliver more growth to the group. I think it's a really exciting time. I think it's great to be able to be utilizing that balance sheet structure that we've been putting in place. We have demonstrated over the year very strong focus on capital discipline. We'll continue to do that, and we'll continue to be looking to build value growth for our investors as well. Thanks, Jon. Jon, if I could just stay with you, then I promise I'll give you a rest after this one. We've obviously acknowledged here we're operating under some restrictions in terms of what we're able to say going about forward-looking statements, et cetera. We've had a number of questions which point out, of course, we provided an EBITDA figure for the transaction, but it's a question around can you give us any help in moving towards the cash generation of these assets? Yeah, absolutely. Yes, you're right. We have certain parameters we have to operate within. We can't give any forward-looking data that could be construed as a profit forecast. As ever, what we look to do is to provide building blocks that help investors understand us as a business and this transaction better. The data that is in this announcement and that will be in the prospectus is all based off 2025 numbers. Those are derived from asset-level PSC accounts because we're buying participating paying interests in those assets. That means that we have to focus on certain key metrics. Now, if we take the 2025 EBITDA, which of course is a proxy for pre-tax operating cash flow, we've highlighted that this is in excess of $400 million in 2025. From there, to get to those free cash flow numbers, obviously the things you've got to deduct here are tax and CapEx. In Malaysia, the tax that we're talking about is PITA, the Petroleum Income Tax, and that sits at the corporate level, so above the PSC accounts. It's levied at 38%, and the calculation of it is subject to certain deductions and allowance on expenditure items. What we can do is, we can put some building blocks together, and I'm sure, Craig, you'll be very happy to help people with that. When we look at these assets on a post-tax but pre-CapEx basis, these assets have been throwing off $200 million-$300 million of cash flow. It's really important at historic commodity prices, it's also really important to then place that in the context of what we're saying about CapEx as well, which is that to deliver those very, very significant 2P reserve profiles, there's only $170 million of CapEx ahead of us. These are very robust and cash-generative additions to the enlarged group portfolio. Thanks. Thanks very much, Jonathan. Amjad, I'll come back to you, if I may, please. You mentioned the deal being in the pipeline for the past year or so. Is there anything you can say about the process itself and how we interacted with the counterparty, particularly through a period of volatile macro conditions and certainly oil and gas prices? Yeah. I think our relationship with Petronas and Carigali is excellent. I think we are viewed very much as part of the fabric here. Malaysia's always been our second home, and I think that is very important to recognize. I do think that it's been a lengthy exercise, but it's been a very constructive exercise where we had to finalize the farm-out agreements and the operator transfer agreements and all key term agreements. Even though the deal was done really last year, the bids were due last year in the second half, we were picked as a preferred partner towards the end of the second half of last year. I think we both acted in great cohesion to come up with a deal that worked out well, recognizing the volatility, recognizing that we had to adjust for some of these issues, and recognizing that we have a common goal, which is these assets are better in EnQuest's hands than in Petronas, which is a massive, large company with a large overhead. Because we had a common goal, I think we were able to probably navigate some very difficult discussions because, again, we've had oil price going up 60% or so during that period, but we were still able to navigate the discussions in a very constructive way. Thanks, Amjad. That's excellent. Radzif, I'll come to you. Probably quite a tired man with all the work that's been going on over the last few days, I'll come to you with a couple questions, if I may. Radzif, obviously Amjad's pointed at the fact that you have a lot on your plate. Does this transaction influence your thinking on the other projects you've got on the slate, like DEWA, for example? Thanks, Craig. I think what we have is a portfolio now. We have producing assets, which is like PM8, Seligi, Chim Sáo in Vietnam, and now these producing fields that we've taken. We have development assets which like DEWA and Brunei Block C. We also have the exploration potential we have in Indonesia with Gaya. We have a very good mix in terms of a portfolio that will support us both short term and also longer term. I think the challenges for each one is different. To continue production for mature fields and late life is what we do well. It's what Jonathan alluded. We wanted to get producing barrels. That supports the development that we want to do with DEWA, which is also predominantly gas, and Block C Brunei, which is also gas. The potential exploration success if we have in Gaya, which is a multi-TCF exploration potential where we are partnering with BP. I think you will see that what we have is a portfolio of opportunities underpinned by the strong production numbers that we will see in Southeast Asia and the diversification between gas and oil, and liquids. I think that is the crux of the matter, is we're building a strong basis for growth in Southeast Asia going forward for the next decade. Thanks very much, Radzif. If I may, I'm going to stay with you just for a couple of short, quick-fire questions. Sure Can you describe a little bit the decommissioning obligations and costs here? Obviously in the U.K., decommissioning is a very big subject, and it'd be interesting to get your view on how it differs in these PSCs. Also the second question, Radziff, we haven't completed yet, but we've got some questions around how might the PSC renewal process work here and what would be the key triggers to extend the lives of these assets? Taking the decommissioning, yes. All the PSCs in Malaysia basically right now have what we call a payment cess, a abandonment cess that we pay into a fund. This fund is accumulated by PSC. The fact that we are farming into the existing PSCs, just like we did in Seligi when we took over, there is an existing fund, we continue to contribute towards that fund for decommissioning. Similar for Seligi, what we have, these assets also have a decommissioning fund that's been contributed by Carigali over the last few years, and that fund will be available to us when we do the decommissioning. Now, we do an annual abandonment work program and budget to determine the cost of abandonment, and that decommissioning fund is adjusted according to that cost that we estimate on a yearly basis. That's worked together between partners and also Petronas. The beauty of it is when we have to decom, I'll give you an example. We are doing P&As in Seligi right now. The cost of the P&A is being paid for from that decom fund. When we P&A the wells in Seligi, we call on that fund that's being managed by Petronas to pay for the decommissioning cost. That's a similar example that you will see. What's already been paid and already been cost recovered will be available to us for the future decommissioning work. This includes not just wells, but depending on what we contributed, but also mainly for the pipelines and the topsides. This is, I think, a very effective way of managing because you are contributing on a yearly basis, and that fund will be available to you. That's the first question. The second question is what are the triggers, right? Obviously, working the asset is important and making sure that we have economic value from the developments that we're looking at. One of the beauties of working in Malaysia with Petronas is Petronas understands the concept of economic value. To develop contingent resources, to develop them effectively, we have to present those projects and the capability for us to develop those. If there are things that we need to do in terms of adjusting the fiscal terms, the regimes, there's always a negotiation. I think where the intent is always to exploit and develop the resources that you have, there's always a will to make sure that the contractors like us, the PSC holders, the operators, are able to do it in a manner that is cost-effective and also economically valuable to us, as would be for the country as well. I think that's to answer your question there. Thanks very much, Radzif. Amjad, coming to you now, put in a couple of bigger picture questions. In your view, does this transaction kind of give us more opportunity for growth within Malaysia and Southeast Asia? I know you've talked about our plate's quite full just now, but how do you think it sets us up for future growth in the region? Well, I think the reality is the scale of 100,000 and the diversity of assets that we have makes us much more robust as a company, both financially but also operationally. I think that's extremely important to recognize. In the last decade, I think we've had less and less companies with operating capability, and that are independent companies. There's been mostly major companies. The independent companies in the U.S. and Canada have pretty much retreated back to the U.S. and Canada. Unfortunately and sadly, the U.K. independent companies have withered away, and there's only a handful, a very small handful of them now. Again, I think with this transaction, we differentiate ourselves in Southeast Asia. I think we're in the top two or three in terms of independents in Southeast Asia. We also are very focused on the world in terms of other areas that we can enter into. I think it has almost a turbocharge effect for growth. I do agree, I do think we have plenty in Southeast Asia. We've entered four countries and have now bought four producing assets, producing fields in Southeast Asia, which I think is plenty to digest over the next six to 12 months. I do think other areas, and especially the U.K., would be great grounds for us to look at growth. I think this opens up even more areas because there are very few independents, like I said, now, that operate with our type of capability. I think that even opens even a third leg possibly for EnQuest in the future. Excellent. Thanks, Amjad. It wouldn't be an EnQuest presentation if we weren't asked a question about the EnQuest Producer and whether there could be any potential deployment for that piece of infrastructure in Southeast Asia now that our business has grown so much there. Yeah. The EnQuest Producer was slated for the Bressay field, and we submitted the field development plan with the Bressay field in 2023. Again, I think we have not been able to move that forward at present. We're looking at options where we have tie-backs into Kraken. I think we will look at redeploying the EnQuest Producer, and Asia would be an ideal place. It's part of the Bressay asset. We have partners there, and we have to both unanimously agree on redeployment. There is nothing in the works, but obviously with our footprint being much larger and with us having so many more assets in Southeast Asia that we can see and analyze, I think this would be Probably the first port of call, but we don't have anything fixed at present. Thanks, Amjad. Amjad, I'm going to go to Jonathan for one final question for him, and then Amjad, I'll come back to you with the closing question, if I may. Jonathan, I know you've touched on this subject quite a lot, but it's a big deal, and we need to make sure that people are clear on it. There's a couple of extra questions that have come in just around, so now that we've agreed the upfront consideration and we're obviously looking to integrate the assets, can you elaborate a little bit on what EnQuest expected capital market needs are over the next two to three years? And also, just a reiteration of the way in which we're looking to fund the consideration, particularly the upfront consideration. Sure. I mean, I'll sort of do them in reverse order. Yeah, go ahead. I probably asked it the wrong way around. Yeah. No, as we say in the announcement today, the funding pathway for this is utilizing our existing capacity under the RBL. You remember that the RBL's been undrawn and we've exercised the accordion. Now, these assets are very cash generative. You see that through the net debt to EBITDA multiples, using that flexibility, it makes sense. Yep. Alongside that, we have cash resources on the balance sheet as well. The important point is by exercising the accordion, it gives us more than ample liquidity as a business to still be throwing the net wide in terms of growth opportunities. We can digest this transaction, but we still have a lot of capacity to do other things, and growth momentum is something that is really central to us as an executive team, but also the board as well. I think you say capital market needs. Yeah. We've just been through two really important steps. In Q4, we refinanced the RBL. The process of refinancing that RBL is an absolute ironclad statement of belief and support in EnQuest and how we operate and how we create value. We are strong believers that the best way to pursue business opportunities or commercial opportunities is through clarity and understanding. We have a banking group that understands us, that is aligned with growth, and as I said, who've all stepped up to support this transaction. The other point is that alongside that, the other bit of the capital structure now is the bonds. The very successful bond refi that we went through a month or two ago, we were not only able to upscale that and go through two price tightenings, but through that upscaling, we've been able to consolidate our bonds into a single instrument, which now is of a scale, which means it's much more liquid in terms of trading and demand and appetite. We have a very strong, and again, knowledgeable support base in terms of the bonds, too. We have two really great and effective instruments, and in my mind, having a simple capital structure built around two things is far better than a very fragmented capital structure. We are very well positioned in both markets. We have a very clear runway. Obviously, all of our maturities are now very distant. We have a capital structure which is not only fit for purpose to support this transaction, but it's fit for purpose to support other transactions if they should come. Beyond that, our base business program of investment is as it has always been. It is a program of investments where we're saying, "Where can we see fast payback opportunities that pay back in the next 12 to 18 months? They're highly capital efficient," and as importantly, they are discretionary. It goes back to this point of operatorship. We have strong control over how we spend our time and how we spend our capital, and alongside that, very supportive balance sheet partners as well. I think we're in a great place. Thanks very much, Jonathan. Totally clear. Amjad, come to you to finish with the Q&A, and just to recognize as well, there have been some questions on kind of normal business as usual ops, which I'm happy to take offline and we'll answer. Obviously, we're here to focus on the transaction. In terms of that, Amjad, obviously, this has generated a lot of excitement, obviously, among EnQuest shareholders, some of whom have obviously been with us a long time. I guess just sort of summarizing some of the questions we've had, just a bit of a view from you on what this should mean for shareholders and shareholder returns and just what this means for the next coming years for the business and our shareholders, please. Yeah. I mean, again, this is a seminal moment for us. I think this scales, number one, diversifies, number two, gives us much more downside protection and downside resilience, number three. It gives us also a level where I think is the target level for independent companies to get into a position of almost takeoff or escape velocity. I'm hoping that all these things will crystallize into us being able to move into a higher gear for growth, in shareholder value first and foremost, and also in terms of adding more assets and adding more growth. We have committed to shareholder returns, and that will continue to feature in our future. As we grow, that will continue to grow with our continuing growth. Again, I do feel that we've had a significant period of where changes in fiscal regimes in the U.K. over the last five years have slowed down our ability to grow and indeed return shareholder value. I think that now is the time that we can see that we have now pivoted outside the U.K., sadly. Again, it's not because of our volition, but it's because of the U.K.'s change of fiscal regimes being so volatile, but also being so punitive. With this change and with this pivot, our assets will be much more robust to be able to return value to shareholders and increase value to shareholders. Fantastic. Thanks, Amjad. That concludes the Q&A session. I'll hand back to Paul, please. Thank you. Thank you for all for taking those questions. Just to remind investors, of course, the company can review all questions submitted, and we'll publish those responses where appropriate to do so on the Investor Meet Company platform. Just before redirecting investors to provide you their feedback, which is particularly important to the team, Amjad, if I may, just a couple of closing comments just on top of what you've just said would be fantastic, and then we'll redirect investors to get you that feedback. I just want to kind of thank the long-term investors for being with us for a long time, the loyalty that we've had has been remarkable and I think has been exceptional. I want to thank our long-term shareholders. Our top register has had five shareholders, of which four have been with us for over a decade, and I think that's excellent. I know there are many investors also of the retail that have been with us and institutional that have been with us, I just want to really thank them for that. I'm extremely pleased that we are able to now re-pivot the company in a way which we've not been able to. We almost were able to pivot the company in 2022, coming out of COVID, post the difficult time with the prices being low and post-COVID. With the government increase in taxes, that has where we are now in 2026. I'm grateful for the share holding to be with us, especially for our long-term shareholders, I also am very pleased that they're able to enjoy this seminal moment with us. We are working with even higher energy levels to try and make sure that we get shareholder value and we get shareholder accretion in the future. Amjad, thank you so much, thank you to the team for presenting today. Congratulations on the transaction. Please ask investors not to close the session. You will now be automatically redirected to provide your feedback in order that the team can better understand your views and expectations. This will only take a few moments to complete and is greatly valued by the company. On behalf of the management team of EnQuest PLC, we'd like to thank you for attending today's presentation. That concludes today's session, good morning to you all. Thank you, everyone.