Hello everyone, and thank you for joining the Ithaca Energy Plc H1 2025 Financial Results Month. My name is Claire, and I'll be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad. I will now hand over to Yaniv Friedman, Executive Chairman. Please go ahead. Hello, thank you. Good morning, everyone. Thank you for joining our First Half 2025 Results Conference Call. My name is Yaniv Friedman, and I'm the Executive Chairman of Ithaca. If you'll go to slide 2, you can see who's going to be with me on the call today as presenters: Luciano Vasquez, our Chief Executive Officer, and Iain Lewis, our Chief Financial Officer. We'll cover first half highlights, strategic and operational highlights, financial overview, closing remarks, and then we'll deal with any questions that might come up. If you'll move to slide 5, we'll cover the highlights of the first half of 2025. We've debated internally if, you know, to use the word excellence, right? It doesn't sound like a very modest way of presenting, but, you know, we've ended up saying, these are really excellent results. We've had excellent H1 2025 performance. I think executing on strategic and operational objectives and delivering strong production, strong financials, and value-led investment and growth. Just to summarize, close to 124,000 barrels a day of production in the first half with over $1.1 billion of adjusted EBITDA on kind of the investment leg, over $850 million of investment in 2025, supporting production upside. If you're looking at our balance sheet, strong balance sheet with 0.32x of EBITDA leverage ratio, returning back $167 million of dividends that we're announcing today as part of our $500 million dividend target for 2025. Announcing today $167 million of dividend. We're evolving. We're investing in the long term. We've done two transactions that we'll mention again in our core U.K. market. We're seeing a very strong reason to invest in our organic project as well. If you move to the next slide and look at our strategy, as we said, successfully executing the group's organic and inorganic value-oriented growth and strategy with clear vision to scale, stability, and strength. We've optimized production across our portfolio, delivering high uptime performance and supporting our upward revision in the full year 2025 production guidance that I'll speak to in a second. We're seeing significant momentum on unlocking long-term value in our West of Shetland projects, an area that we're targeting that we think is also critical to U.K. energy security in the future. We've continued execution on consolidation strategy in the UKCS and increasing our interest in assets that we like, like Seagull and Cygnus, assets that we're in and that meet all of our investment criteria. We're maintaining an active but patient pursuit of, you know, international opportunities in line with our focused international expansion strategy. At the same time, as always, we're focused on delivering attractive shareholder returns. We're reaffirming our dividend target of $500 million for 2025, announcing $167 million of dividend today. As we're seeing our, you know, right now where the business is, we're expecting to accelerate a dividend of $133 million to be paid in December in 2025 due to the excellent year-to-date performance and our cash generation that would total $500 million of cash distributions in the year 2025. Maybe just a reminder here, you know, our policies, a third of our dividend paid in August, two-thirds paid in April the following year on behalf of the full year. We're in a position, you know, where we are now, and we expect that we'll be able to accelerate that. If we'll move to the next slide, slide 7, and Iain will pitch in here and talk through this with me. With what we're seeing now, 2025, we're seeing an improved outlook. We're seeing excellent operational performance and value-driven investment that allows us at this point to be comfortable in upgrading our production. If we look at our previous guidance, right, so our previous guidance was 109,000- 119,000 barrels a day of production. We're increasing that to 119,000- 125,000 barrels a day of production with a midpoint of 122,000 barrels a day of production. There is a specific slide that explains this, and you know, we're seeing this coming from our organic assets, and I'll talk through that. I'll first let Iain jump into the other guidance parameters. Thanks, Yaniv. Good morning, everyone. Very glad to be able to announce that we're gaining lower in OpEx, whether our range is narrowed. This is despite FX rates strengthening in the past few months. We've seen GBP against the USD increase from a low in January in the kind of early 1.20 to 1.35 today. That affects OpEx, CapEx, and all the way through the GBP side of the income statement. However, we explained later that we're very well hedged and naturally hedged. This is purely accounting offsets, but it does drive increases in some of the midpoints. We've more than offset those OpEx FX additions with cost savings. Glad to see that we're able to reduce the guidance for the year. You can see the FX impact on producing asset CapEx. There's about $30 million comes through that from an FX perspective. We've also chosen to add a couple of activities into the year to increase production. You'll see that in the production guidance, but also in the closeout of the year expected production rates. Rosebank CapEx, again, about $20 million of FX generated increase here, relatively minor updates on the Rosebank CapEx program, as we'll explain later, progress being made on all fronts. Then a minor uplift in the cash tax payment guidance as well, up to $270 million- $300 million. You can see the significant capital investment, as Iain's pointed out, for the year that comes through those numbers, but excellent production guidance and lowered OpEx. That means we're able to reaffirm the target for dividends of $500 million for the year, but also accelerate $133 million of that final or the April payment. We expect to be able to do that into December because of the strong performance in the year. Yaniv. Thanks, Iain. If we move to slide 8, I think this is really just to explain the production upgrade to avoid any confusion because, as you know, we're being very active and acquisitive. We've announced two acquisitions and just to see how this plays, everything plays in together. Our full-year production guidance at the beginning of the year was 105,000- 115,000 barrels that was issued on March 26th. That already reflected the acquisitions of JAPEX UK that we've announced on March 25th, just a day before our annual results. P1 production, we've upgraded it to 109,000 to 119,000. This is to reflect the acquisition of the 46% stake in Cygnus from Spirit. This assumes completion dates of 1 October 2025. We can say that we've received NSTA approval for this, and we're now proceeding towards completion that we expect to be indeed in early October. Now we're upgrading production to 119,000- 125,000 barrels a day due to excellent H1 operational performance and risk mitigation following summer shutdowns period and increased capital investment that support upside and expected acceleration of our interim dividend. If you look at the slide, you can see the March guidance, then the acquisition of Cygnus that added about 4,000 barrels on starting October 1. The revised guidance then to 109,000 to 119,000. What we want to show here is really the organic performance delivery and risk mitigation that adds about 8,000 barrels a day of production that allows us to, what we call the organic asset delivery, that allows us to move guidance to 119,000- 125,000. We spoke last time, and if you'll take a look at our previous presentation about efficiency and debottlenecking and cost control, this is where it's all coming from. This is our upgrade guidance for 2025. Luciano, why don't you take us through strategic and operational highlights, please. Absolutely. Good morning, everyone. Now we are on the strategic and operational highlights. If you go to the first slide, we show the graph on the safety and environmental stats. Excellent operational delivery clearly means being good at all what we do in the industrial activities, starting from, of course, safety and environmental performance. Besides, the good performance goes typically hand in hand. Here we go. We continue to be at zero with our serious incident counts, both tier one, tier one process safety incident and environmental events. Our trends, our metrics are showing the positive tendency that continues. Our recordable incident frequency is at 1.14 incidents per million man hours, which is less than half of what we closed in 2024. Actually, it was 2.6 after half the first year of 2024. Our emissions are also driving down, a combination of asset quality, of course, but also of steady operations, because steady operations means that we have less serious emissions as well and emission-reducing activities. All in all, the right trend that we want to show. Our approach and focus on perfect day that we've spoken about in our previous appointments continues delivering its results. It is also not only in the safety space, but also by and large in all our operations. If we can go to the next slide, please. In fact, our better performance on the first half sits at the base of our upward revision that Yaniv has just explained with the new guidance between 119,000- 125,000 barrels per day at the end of the year. In particular, what has allowed this upgrade are three elements, I would say. One is better performance of some of the fields in terms of simply plateau production. Two, an enhanced focus on extracting locked-in potential, both across wells and facilities, and also an increased production efficiency, both the operated and the non-operated assets. In particular, this means an increased availability of all our plants. This, I remind, includes also the turnaround maintenance, which this year is particularly heavy. It covers 10 assets across our major producing fields. It has progressed very well, and it is ongoing, and we are going to be completing all of them in a few weeks. We can go to the next slide, please. Going to some specific examples, let's touch on Captain, where we've progressed well on our 13th drilling campaign. We're starting up two wells, C73 and C74. They will cover C47. This is well progressing. Talking about maintenance, after the arrival at the beginning of June of the flotil, we have started our own plan with our substantial program, which is focused on life extension of this important field. The flotil will remain on campaign until the end of the year. The turnaround maintenance is currently ongoing, and it's also progressing in line with our plan. The production performance has also continued to be strong on Captain, with good response on the polymer patterns, which have overperformed our expectations. We can go to the next slide. To touch on one other key field, which is the J Area operated by Harbor Energy. This has also delivered a remarkable performance this year, in particular with Talbot, with both a higher level of production and an extended plateau versus the initial expectation. There was a good contribution of Jocelyn South. We remember a field that was discovered at the end of last year and was put in production in March this year. On the basis of this good performance, a further well on Judy East Flank has been sanctioned. It's being drilled as we speak and expected to be coming on production by the end of the year. We've also sanctioned a stimulation on Joanne with a very quick payback. This is also expected to deliver additional production within the end of the year, using an immediate availability of the PBLJ semi-sub rig. If we go to the next slide, now we talk about our first pillar in the strategy. Now let's move on, if you want, to the second pillar, which is, in fact, our aim to unlock the many organic growth opportunities of our portfolio. Of the several activities, we want to focus here on the ones around the key region of the U.K. North Sea that is the West of Shetland, the most promising area where we see the major greenfield opportunities. In particular, three fields, which are the ones that we are focused on right now. These are, of course, Rosebank, operated by Equinor, with whom we continue to have a good cooperation as partners. The project is well progressing, as we will still speak about it in a minute. Then two projects which are operated by us, Campbell and Tornado. These two are both in the pre-FID stage. Campbell having undergone a technical refreshing on both facilities and execution strategy. We'll talk about it as well. We've just started the tendering phase. Tornado is a gas development field to be tied back to the Shetland Gas Plant via the Greater Laggan area, the subsea gathering system. We have submitted in April the concept selection study, which has obtained the NSTA's approval, no objection, if you want, in less than three months. The next step will be now to progress and submit the field development plan and the environmental statement. These fields are all in a strategical area, not just for Ithaca, but for the United Kingdom as a whole. Furthermore, the development and the addition of new facilities may in turn continue unlocking further near-field opportunities, leveraging on the logistics and synergy on facilities which are going to be installed. If we go to the next slide, please, we can focus on Rosebank. We can zoom into Rosebank. Following the issue of the new environmental impact assessment guidance, which was published, you remember, in June this year, the engagement with OPRED to start working on the revised environmental statement. Now the joint venture is actively preparing its submission, which will allow in turn to obtain the reapproval of the production consent in 2026. This is as far as the regulatory element is concerned. If we go to the execution of the project on the next slide, the project is progressing steadily towards the production timeline of end 2026, beginning 2027. This is through in two fronts. On one side, the FPSO refurbishment in Dubai, which has now reached the mechanical completion stage and has started the commissioning activities. The last works on the hull, on the thrusters, and moving chains will be executed in drydock, still in the same yard, in the late Q3 and early Q4 this year. The focus now is in completing all the yard works to ensure that the sailaway can take place with finished FPSO, which will allow to minimize any carryover activity while then offshore. The second front are all the subsea activities being executed in the North Sea. They have progressed extremely well, and all the scope necessary to be completed prior to the arrival of the FPSO will be finished in September, ahead of the drilling activities which are going to start in Q1 2026. With that, I'll complete here. I'll leave it to Yaniv maybe to speak about Campbell, which is our operated project still in the West of Shetland. Yaniv? Thanks, Luciano. Maybe just to look at this. We kind of have a West of Shetland strategy. If you go back to one of our slides at Q2, we have a slide that shows our production profile. I'm showing the 2P reserves and 2C reserves in blue and green. My comment there was we could take those 2C reserves and really tie them back into economic development. Campbell is one example. Luciano talked through this, and we have about 210- 220 million barrels of oil equivalent in Campbell and Tornado that we would like to progress as part of our West of Shetland strategy. When we're looking at Campbell, and I'm just going to really zoom on that for a second, we see the potential to unlock long-term value. We've completed a technical refresh. Some of it was also utilizing technical capabilities of Eni S.p.A. that we have through our technical services agreement, with them being a material shareholder in Ithaca Energy. I was focused on development optimization and seeing how we maximize project value and mitigate risks. Alongside that, we've got an 18-month license extension through September 30, 2027, from the NSTA that is supporting project progression. We're updating the field development plan and environmental statement, and we're seeing a pathway through FID. With EPL changes expected, we hope to get regulatory clarity and fiscal clarity going forward. This will allow us, as we progress this and de-risk this towards FID, also to introduce potentially partners into the project. Overall, we're seeing value in our undeveloped West of Shetland projects and plan to take that forward. Alongside this, and kind of talked about our strategy, the fourth pillar is really consolidation in our core UKCS market. I spoke to this in the past. I'll just mention we've announced two not insignificant transactions in the first half of 2025. One acquisition that we've already completed, the acquisition from JAPEX of additional working interest in Seagull, really delivering on every investment criteria that we have from IRR to DPI to payment period, operating cash margins, and emissions. What we've announced last quarter on the acquisition of 46% in Cygnus, bringing our working interest to 85%. We're operators in Cygnus as well through the Eni S.p.A. transaction. Together, this adds about 17,000 barrels of oil equivalent of pro forma production to our portfolio. Cygnus, obviously, being the largest gas asset in the UK. We'd like to do more of this. We'd like to find accretive assets to our portfolio. We're executing on that strategy as well. Iain, you want to give us a financial overview? Thanks, Yaniv. Yes, slide 20, please. Let's just cover some of the key metrics for the H1 2025 financial performance. That strong production of 123.6 thousand barrels a day, with a low OpEx per barrel, now $17.5 a barrel through 1H, and liquids gas split. You can see you have 59 liquids for 41 gas, which, of course, at the year-end, as Yaniv's gone through with the addition of material gas volumes from Cygnus, will take us more towards 50-50 on our split. All of that drives EBITDAX $1.1 billion in the first half and net cash from ops of over $1 billion. There's about $100 million of underlift bill through 1H, which is actually the main difference between EBITDAX and net cash from ops in the first half. Loss of the period, of course, is driven by the one-off EPL extension charge that came through in Q1, standard across the industry. As we close out the half year, you can see the adjusted net debt is $671 million, the pro forma leverage. I think the company all-time low of 0.3 x, 0.32x EBITDAX and an available liquidity of $1.2 billion at the end of the half year. To dig into slide 21, please, just for a few more details, this lays out some of the build of the EBITDAX numbers in 1H, comparing it with 1H 2024 and the full year 2024. Obviously, we're in a lower commodity price environment in the first half of 2025. We show the total value from production in like the seventh line from the bottom there on a per barrel basis. You can see that back in H1 2024, it was $85 a barrel, and it was $79 for the whole of 2024. We're $68 as of H1 2025, $68 a barrel average. Total value from production supported by hedge gains, you can see of $23 million in the half year. You can see that the overall reduction in value from production per barrel from $79 in 2024 is $68. That's an $11 a barrel reduction. When it converts to the EBITDA, it's only a $5 per barrel reduction. That's because of the operating cost position that we're in and the ability to drive operating costs lower. You can see that $17 a barrel is where we are for the half year. Our operator guidance that we have just provided means that our guidance range in a dollar per barrel term for OpEx is between $17- $19. We're always aiming for this year to be below $20, and we will be comfortably below that this year and looking to drive it to $18 and lower. Moving on to the next slide, we'll go through some of the balance sheet positions and the protection of the company. We're doing a lot. We are investing a lot. As the team have gone through, we're deploying a lot of capital. This is off the back of a balance sheet that is strong. The net debt position at the end of Q2, the 2nd of June, you can see is $671 million with a $750 million senior notes, $150 million CapEx carry facility, and then offset by cash. If we move on to the middle of that slide, though, the available liquidity, you can see that we have total facilities available this time of $1.9 billion with a $1.1 billion draw. When you add cash, that means that the available at the end of June, that means that we've total liquidity of $1,229 available at the end of the half year. What we're calling out here is that part of the refinancing last year, we negotiated an accordion facility in our RBL. Our borrowing base is materially above the $1 billion credit facility in the RBL, and therefore we have a technical accordion facility there sitting on top of the RBL of $735 million. Our liquidity capacity technically gets up towards $2 billion. You can see that we have material scale and capacity to add assets and to drive the business forward. At 0.32x net debt at the end of the half year, one of the lowest leverage rates in our company's history. All right, slide 23, please. This is what we've done a few times over the years explaining how we hedge. We have material hedge value in the business. Over the last two years, we've delivered $40 million of hedge gains. Our total hedge position at the end of June on the balance sheet was $79 million. What we've been doing, as always, is hedging at what we believe are peak prices. As prices kick up, we hedge in volume. That came through actually in June, where we had an oil price spike for nearly a couple of weeks, and we added 9 million barrels worth of oil hedges during that time. Those have added to an already very strong gas hedge book. That means that through the rest of this year, we're very well protected. Also now through 2026, you can see the kind of volumes that we're protected on at good prices with a lot of our swaps in the kind of 100 pence a therm for gas and in the kind of $70 a barrel type realm for Brent. Continuing our tactical execution of large hedging at scale when prices hit ranges that we like. The next slide is on GBP and FX. We haven't really spent a lot of time explaining to the market what we do in this area. We have, I want to call it out this quarter given the rise in the GBP strength against the U.S. dollar or the U.S. dollar weakening. You can see here that where we are and what we do is we hedge on a net basis. We have GBP uses. That's through OpEx and CapEx. Also, tax payments are in GBP. We offset those by gas revenue that comes in, as well as gas hedging that we do, and then GBP hedging and spot purchases. You can see that through 2025, we're entirely sheltered, and through 2026 as well and beyond, we actually have hedges in the 120s right through 2027, and we're over $85 million in the money at the end of June. As we see book FX impacts and OpEx, CapEx, it's a new cash impact to the business. We are generating both hedge gains and also additional gas revenue in GBP that offsets those increases. This is just another way in which we're protecting the business on a net hedge basis to ensure that the cash is managed and cash is protected so that we can deliver on the investment program. Okay, Yaniv, back to you. Thanks, Iain. If we'll all move to slide 26, please, just to summarize our presentation, and we'll open up for questions. Again, an excellent first half of 2025, 124,000 barrels a day production, over $1.1 billion of EBITDA, strong performance across the business. I think that we could say cautiously that, you know, with an exit rate, we expect at the end of the year 140,000 barrels per day of production. That will put us as the largest U.K. producer, at least until Shell and Equinor close their transaction, but definitely a milestone for us. We're investing materially across our portfolio to sustain and optimize production. We're focusing on high return, short cycle return opportunities in our key assets that are supporting our production upside. We're strengthening our balance sheet. Iain talked about our oil hedges and currency hedges. We're protecting our balance sheet to be able to deliver back to our shareholders what we said we'd deliver. We're returning, as mentioned, $167 million of dividend that we're declaring today and expecting to accelerate a second dividend of $133 million in this year, and obviously supporting and reaffirming our 2025 dividend target of $500 million and the total cash payment in 2025 of $500 million. At the same time, we continue to evolve the business, focusing on execution of our consolidation strategy in our core UK market, increasing stakes in assets that we like with significant upside potential. As Luciano mentioned, also continued projection to mature our West of Shetland strategy, which we see as a key element of U.K. energy security and of Ithaca's growth in the future. I'll pause here and we'll open it up for questions. Thank you. To ask a question, please press star followed by one on your telephone keypad now. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from Chris Wheaton from Stifel. Your line is now open. Please go ahead. Thank you, Claire. Good morning, everyone. I'd also use the word excellent on your operational performance in 2Q, Yaniv, so I don't see why you shouldn't use that word as well. Humility, humility. One question on operations and then two on financials, please. Firstly, on operations, I was looking at the NSTA data for Captain, and I was surprised at the profile of the production performance in the first half because it seemed to start at 21,000, 22,000 and then step up to about 28,000 for a couple of months and then back down and then step up to 28,000 again. I was surprised at that profile because I would have thought it would be a much smoother ramp-up from the EOR performance, but it seems to be flip-flopping between two states. I wonder if Luciano, you could expand on why that's happening. The reason is fundamentally because of operational events that happen. I mean, yeah, there are no structural reasons there. The production is, the situation is steady, but we had operations to be conducted, so we had to do some suspensions at a time on the facilities. It's just normal running of our facilities. It's not anything that has to do with the subsurface, if you want. The response from the polymer injection has been good, as I said. In fact, four partners have clearly given good response, so we are very comfortable with that. We are overall ahead of about 1,000 barrels over our expectation. Okay, that's great. Thank you very much. Two questions on finances, if I may, please, Iain. Firstly, your cash flow says $23.5 million of investment in other listed company shares in 2Q. Could you identify what that is, please? Because I would have thought if you want to buy shares, you should be buying your own shares, not somebody else's. Second question is on Rosebank CapEx and just the timing of that. The guidance implies no higher CapEx in second half versus first half. I was slightly surprised at that because I would have thought CapEx would be ramping up into the last year or so ahead of the last 18 months ahead of startup at the end of next year. I was just wondering why there was that phasing and when you'd expect material spend on the drilling to start because you probably got about half of only about half of CapEx at the moment so far this year has been on the FPSO. I would have thought there'd be more CapEx to come outside of that other than the FPSO to come. I'm slightly surprised at the FPSO versus other CapEx mix in that spend as well. Those are my two questions. Iain, do you know what? Why don't you take the second question, then I'll answer the first question? Sure, sure. Happy to do so, Chris. Yeah, on Rosebank, I'd say it's a fairly flat profile through the year, actually, because as there's some engine flows in the FPSO, CapEx, although it's fairly solid, we had the subsurface program all through the summer. The peaks are more in the summer because of the subsurface installations. There's been a lot of work cutting our mother vessels through the first part of the summer and continuing on through July and August as they close out all of the pipeline and manifold lays. The FPSO spend is fairly flat, and until we start drilling, which is Q1 next year, that will continue. Yes, the profile is going to be lower at the front half of the year and at the back half of the year, but higher in the summer due to the subsurface program. That's great. Thank you. This is an investment in a public upstream oil and gas company that does not require any further disclosure from us, so we're not commenting on this further. Oh, you tease, Yaniv. Okay, thanks very much. Thank you. Our next question comes from Cian Evans-Cowie from Bank of America. Your line is now open. Hi, good morning, everyone. Thank you very much for taking my question. Just one from me. Just to play devil's advocate for a second, today you've announced an interim dividend of $167 million, and that's in line with your one-third policy, as you stated. You've announced that you now expect to accelerate the second tranche into December due to your performance. My question is quite simply, why not upgrade the $500 million target for the full year? Thank you. Iain, you want to take that or? Yeah, sure. I mean, what we've done throughout since IPO has been one of the clearest on dividend policy, I think, that is in the industry. We've said 30% post-tax cash from operations, and we drive hard to increase that through delivery of post-tax cash from operations. The target is $500 million, but 30% post-tax cash from operations. We've said this year it will be 30% as we increase delivery. That will automatically work through. We'll continue to stay within those parameters. That allows us to invest heavily, which we want to do for the long term, but also deliver a material dividend. Okay, clear. Thank you. Thank you. Our next question comes from Sam Wahab from Peel Hunt. Your line is now open. Please go ahead. Thank you, everyone. Congrats again on it. It really is an excellent performance in the first half. Just a couple of questions. First, being around production. The 140,000 BOEs a day exit is quite the uplift. Could you give a bit more detail on the underlying drivers for that and what we could potentially expect for 2026? The second is a bit more holistic. It's around M&A and capital allocation. How are you thinking about the attractiveness of what's available in the North Sea, and how do you compare that with maturing your inventory in the West of Shetland? Is one more attractive than the other? Okay, yes. On production, it's very simple. I mean, as we said, it's a combination of clearly the inorganic additions and the new stakes in JAPEX and Seagull and signals that we are going to add. As Yaniv explained in the chart, as far as the production is concerned, we are completing, and we now see the good progress of the turnaround maintenance, which, as I said, this year has been particularly important for us. We see that we are going to stay within the regular times, and the fact that we've been able to structurally, or if you want, more constantly keep our production efficiency at a higher level, all these things contribute to then take us to a different level. Of course, now we talk about the guidance. The guidance is averaged out throughout the year, but clearly the last quarter with all the new fields and the best production, the better production available after the turnaround maintenance has been completed. All these things contribute to give us confidence that we are going to hit the 140 mark comfortably. Could you repeat your M&A question, please? It's just more around the capital allocation. Looking out, are you still in M&A mode, or is there more of a view to maturing the West of Shetland as sort of the preference from now on? Yeah, we're, you know, I don't know what M&A modes mean. I mean, we're acquisitive, as we've said. We're looking at opportunities, further opportunities, yes, to consolidate in the U.K.. As always, we've said we're looking outside as well, but being very cautious and guided on this. At the same time, we believe in kind of long-term presence in the West of Shetland, and we're investing in that as well. Right now, there was a previous question around dividend increase. We're evolving. That's the evolved leg of our strategy. We're looking at the future and looking at how we are maintaining production levels and sustainability going forward. We're at the point that, again, this, also macro events affect this, but as we see things now, we're trying to do both, both continue to grow our inorganic piece of the business through M&A and invest organically in our asset and our West of Shetland strategy, as we've expressed it. Great. Thank you. Sure. Thank you. Our next question comes from [Riven Dwah] from Jefferies. Your line is now open. Please go ahead. Hi, good morning, gentlemen. Thank you for taking my questions. I just had a couple on Cambo. Following the submissions of the FDP and environmental statement, I think you said second half of 2025. What else needs to be done to get to FID and farm down of Cambo? If you have any timelines, that'd be very helpful. Just kind of in the same vein, I think Transocean in their 2Q 2025 earnings mentioned that you were tendering for a rig for Cambo in about early 2027. Would you be able to comment on this at all? It seems to imply your faith in achieving FID and farm down. Thank you very much. Yeah, I'll take that briefly. I think I've said this. We're looking for fiscal certainty as well as part of our FID checklist, right? What we're doing now is we're de-risking the project technically and environmentally. We're looking for the fiscal certainty to take it forward. We still have work to do on the project side as well as farm down. As for TransOcean, you can ask them. I'm not going to comment on that. We're not commenting on contracting issues. We're clearly saying we're de-risking the project, taking it forward. We're seeing a pathway through FID. We still have some things to complete on our checklist. As I said, timeframe is, we have 18 months of license extension, so we will be within that timeframe. Okay, thank you very much. Sure. We currently have no further questions, so I'll hand back to Yaniv for closing remarks. Thank you. First of all, thank you, everyone, for joining our first half conference call. I'd like to take this opportunity. You know, you're seeing Luciano, Iain, and myself here, but this is the work of many and the contribution of many. I'd like to thank our teams, both onshore and offshore, for their hard work. Thank you all for joining us. Thank you. Have a good day. Thank you. This concludes today's call. Thank you for joining. You may now disconnect your line.