Hello and welcome to today's Ithaca Energy Full year 2023 Financial Results bondholder webcast. My name is Jordan and I'll be coordinating your call today. If you'd like to submit questions via the webcast, you can do so via the questions tab above the slides. I'm now going to hand over to Iain Lewis, CFO and Interim CEO. To begin, Iain please go ahead. Okay, thank you and good afternoon to those of you in the U.K. and wherever you are overseas. I'm very glad to be able to present the presentation for the full year results to the bondholder community. Thanks for your support and interest. And what we'll do is go through this presentation fairly quickly. It's been uploaded to the relevant domain so you should all be able to access it. So what we'll do is do a high-level run-through and then take any questions. I'll try, as I go through, to bear in mind the audience's bondholders. Obviously, this is a presentation we use for shareholders as well. So just myself today, I'm afraid we're trying to divide and conquer with all the different responsibilities. So Gilad's meeting different investors and it's me presenting. So if we may go to page three, slide three of the presentation. This is a special announcement today of the signing of an exclusivity agreement with Eni regarding the integration of their U.K. portfolio into the Ithaca Energy business. This would add significant scale and diversification to the business. It would turn our already leading portfolio into an even more leading portfolio in the UKCS, enable material future growth, and develop a longer-term partnership, we think, with Eni. The overview in slide four of the potential combination shows how we see this working if the deal can be brought through to closing. That is the submission of the Eni U.K. assets, including the recently acquired Neptune Energy assets, for a 38%-39% shareholding in the combined entity. We have a four-week exclusivity period to seek to land the conclusion of the transaction. Lots of work has been done on it. We're looking to close this out in the coming weeks, all being well. Slide five summarizes the assets that are involved from the Eni side, Elgin-Franklin and J-Area, which we already have interests in. So we know well. And then Cygnus and Seagull, two other high-quality assets with a 38% and 35% working interest, respectively. Essentially, this is a 40-45 thousand barrels a day production business and over 100 million 2P reserves base business that we are looking to integrate with our own. Slide six summarizes what that would mean on a pro forma basis with our own assets. We're talking about a business with over 100,000 barrels a day and with substantive reserves and resources of about 650 million barrels and about a 50/50 gas and oil weighting. What that allows us in slide seven, what it allows us to do is to accelerate some of the growth development plans of the business. So we expect this to be material in helping us unlock different development scenarios forward and raise the capability for additional acquisitions. So that's a quick run-through. It's obviously not a deal that's completed yet. It has reached a very important milestone, however, in terms of exclusivity. Hence, we've raised it to the market today. We're looking to close this out. A number of similar type acquisitions or business combinations we've looked at, we believe this is a good one for the business in terms of bondholders particularly. It adds strength and it adds diversity of production, which is diversity of product through the 50/50 gas oil weighting that enables further assurance around the bond. So under the results for full year 2023, slide nine is a summary of who we are, a leader in the U.K. energy landscape with material and long-life reserve base, with a track record of transformational M&A, which we're hoping the Eni deal will continue to demonstrate, and with a balanced capital allocation framework, investing in the business, developing the business, but also delivering returns to shareholders. Slide 10 is a bit of a highlight reel of what we've done against our strategy this year Buy, Build and Boost. And really, this is a summary of a strong production delivery, a strong project delivery, and strong financial delivery with a closing of the year with a low net debt position and a significant liquidity position of over $1 billion to support future growth. So the key metrics are shown on slide 11. This is against guidance. You'll see that our production OpEx, producing asset CapEx, and Rosebank CapEx all have been followed through on the guidance with actuals. We're very glad to report our figures against guidance being in line or slightly ahead. And on slide 12, a summary of the three pillars of our strategy and how we've moved them forward in 2023. It's been a busy year. This is a bit of a closeout of the year, even at the end of March 2024, but it's a bit of a closeout of our 2023 numbers. And you can see that we've developed our stakes in different fields, Cambo and Fotla particularly. We've FID to Rosebank. We've matured Captain EOR2 to near completion. We've continued decarbonization activity, including the FEED study on Captain electrification. We've completed infill drilling activity in some of our assets, including Alba and moving the CapEx to execute more this year. Slide 14, we'll take a higher-level run-through of where we are. Essentially, on production, we expect the production for 2024 to be lower than 2023. We have an impact of really three things here. We have natural decline of the fields, which is usually offset by development CapEx coming through and additional activity. But 2023 saw a fair amount of that CapEx cut as we reined back our capital spend on the MonArb area, on Alba, on Elgin-Franklin, but also most impactfully because of the equity we have in the Harrier development. So that was understood at the time. We made those calls in response to the EPL. Really, it's about diverting capital to the highest return projects. What that means is a low point in 2024, but you can see from the CPR numbers there that we're expecting production growth in the coming years through Captain and through Rosebank. Next is the portfolio diversification and development during the year. So again, adding from the 2022 position, adding material 2C volumes and 2P volumes. So additional reserves and resources up now to a 544 million barrel resource base going forward from 1 January 2024. Slide 16 shows OpEx that is higher than the 2023 result. Partly, that's tariff income that is lower this year because of decline in the Vorlich field. That's about $15 million of the difference between the 2023 $524 million and the bottom end of the guidance of $540 million. If we can hold costs entirely flat other than tariff income, that would be a great result. That's the $540 million. The midpoint of 565 in the guidance represents a 5% increase in costs. And given inflationary pressures that we fought off very well last year, we think it's a reasonable midpoint to guide towards. Future investment on slide 17 is around producing asset CapEx and Rosebank. Again, material capital spend here. Really, on the producing asset CapEx, this is Captain EOR2 completion. It's Captain Polymer. It's drilling at Captain 13th Campaign, drilling at Schiehallion, and drilling at Mariner. And it's drilling at the Erskine W1 well, which is a high-impact well for us this year, together with facilities upgrades and developments on Captain, particularly to expand and to improve the asset life. Then we call out Rosebank specifically, very material CapEx here, $190 million-$230 million in the year. We have a ramp-up of CapEx as we took FID last year, and we're now in full flight on that project. A couple of slides on projects that I won't spend time on really here on this call, happy to do so if there are any questions on it. But Captain EOR2 is called out and Rosebank, these are long-term, high-value projects. But if we move to slide 24, that's a snapshot of our financial performance with production of 70,000 BOE, unit OpEx of just over $20 per barrel, cash from ops of $1.3 billion, EBITDAX of $1.7 billion, adjusted net income approaching $400 million, and closeout leverage for the year at 0.33x. Really glad to see the liquidity capacity we've built up through the redetermination of the RBL and the additional financing we've secured during 2023 that leaves us in a very solid financial position. With that in mind, I'll move to slide 27 if that's okay, just to spend a bit of time on this given the audience. So this is our capital structure in terms of protecting the business. And we've committed to maintain no more than 1.5x net debt EBITDAX leverage ratio. We closed the year at 0.33x. So the makeup here now in December 2023 on the left-hand side is $65 million bond, holders of which I am speaking to right now, $100 million of finance from BP linked to offtake agreements. And you see that we're actually negative on the RBL there. So this is RBL less cash. We're not drawn in the RBL as at the end of the year. And we have $153 million of cash. When you go into the middle set of bars, you can see total available facilities of $1.6 billion. What that includes is a CapEx carry agreement that was entered into during 2023, which enables us to draw $150 million of CapEx carry against a project that is repayable from 2027. So that's a new piece of financing that we've done, essentially. It acts like that. It's a CapEx carry that's repaid. The interest is 8% floor, but floating at LIBOR above that. So 8% minimum. So that's part of the kind of gentle kind of refinancing or adjustment to our finance base that we've done over the last six to nine months. And we expect to draw that $150 million down during 2024 as CapEx carry. So undrawn facilities and cash take us to available liquidity of $1,028 million at the end of the year. So a very strong position and a leverage ratio of 0.33 times at year-end. So plenty of firepower and the ability to move forward in our business plan. The next two slides, slide 28 and 29, are somewhat of our hedge position, just about protecting the balance sheet through active management of the hedge program, looking to hedge gas and oil at a 75% downside protection using a swaps collar from puts at 25% and then upside exposure at 50% through the put and the unhedged mechanism. When we're with the deals here, unless Emily has any questions, we're very transparent on our book. And that's the book as at 2020. This is actually as at the end of March, 22nd March 2024. You can see significant cover of gas in the short term and oil over a slightly longer term at good pricing. And that helps us protect the business, protect the cash flows, and allows us to plan 12 months ahead within a much smaller envelope of price influence. So to summarise then, slide 31 is a summary of the guidance that we've given for 2024. It was always going to be a lower production year. We're guiding at 56,000-61,000 barrels a day. We expect that to increase in the coming years. And 2024 is a low year partly because of the EPL-related tax change, CapEx program changes we made last year. There's also been some Q1 issues with some production, which has impacted that guidance. We've pulled that down in the last few weeks as we're preparing the final guidance for the market because we've had some issues on non-operated infrastructure. So Schiehallion had an issue on a drilling program and had to shut down. And the Ocean GreatWhite drilling rig has been off-station. So that has impacted our volumes. We've also had an issue with the Pierce field not coming back to production yet. And we were hoping for that and expecting it in December. And we've also had an issue on the Lomond platform where our Erskine field processes through. And that is currently undergoing some activity to reinstate the compressor and associated pipework, expecting that back in the next couple of weeks. So that's short-term issues that are being resolved or have been resolved has caused us to take our guidance down for 2024. But still, material production, an OpEx range we think is manageable and looking to push lower. Our producing asset CapEx range that, again, we feel we can work with. And then a Rosebank CapEx and cash tax payments being the final guidance figure that we give. This is $345 million-$355 million. It is essentially it's 95% or 90-odd% EPL from 2023 deferred and paid in October 2024. There's a minor volume of CT, corporate tax payments required in those numbers, but it's largely EPL. Okay. I'll skip the dividend slide, slide 32, given it doesn't go to bondholders. But we'll just close out with slide 33, which expresses a strong company, strong EBITDAX, strong liquidity, moving our development program forward in such a way that we develop value through the long-dated projects like Rosebank. Completing Captain EOR2, which is the aim for the summer this year, delivering as IPO commitments and entering into this exclusivity agreement to potentially transform the business with the addition of Eni S.p.A., Eni S.p.A.'s U.K. business. So with that, I will close out the presentation and be very happy to take questions. Hopefully, I didn't talk through that too quickly, but the presentation has been available, I think, for several hours. So perhaps if there's any particular piece you want me to go back to, feel free to ask, and we'll hone in on specifics. All right. As a reminder, you can submit questions via the questions tab above the slides. If there are no questions, I'm going to assume that was a fabulous explanation of the performance of the business. But if there aren't any right now, we remain available as always to our bondholders. We're always happy to talk to them. So get in touch directly. The investor details are on the website. The inboxes are monitored, and we respond quickly to questions. So happy to do that outside of this call as well. But I guess one last chance for questions. We've received a question asking, "What are the plans for high-yield bonds in light of" sorry, is it an Eni transaction? Yep. Yep. No. So there's no plans just now. So I guess let's see if we can get this business combination to a conclusion. So everything is subject to it being signed. But if it's signed and it comes through, and that's our hope and our plan, we will look at the business in terms of financing. The expectation is these assets will come in unlevered, and therefore, there is debt capacity on them. And we'll look at the bond at the time. I mean, I think we're obviously reaching the three-year anniversary of the bond come the summer. And we'll need to consider how that fits within a renewed financial framework. And so, yeah, we'll consider it then. There's no plans right now. And it would be part of an interim period plan. If the deal was signed, then in the period between then and completion, we'd consider options. Thank you. For any further questions, that's the questions tab on the webcast. It looks we currently have no further questions on the line, so I'll hand back. Okay. Excellent. So thanks, everyone. And as I said before, very happy to deal with questions outside of this cycle. We're glad to have the opportunity to present to you all. Thanks for joining the call. We'll continue with these calls, obviously, as each results season comes round. In the meantime, those of you who are celebrating Easter, have a good Easter in the coming days ahead. Thank you.