Good afternoon, ladies and gentlemen, and welcome to the Pantheon Resources plc investor presentation relating to the new lease awards. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions at any time and press Send. Given the attendance on today's call, 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 it's appropriate to do so. Before we begin, we'd like to submit the following poll. If you give that your kind attention, I'm sure the company will be most grateful. I'd now like to hand over to Executive Chairman David Hobbs. Good afternoon. Thanks very much indeed, Mark, and welcome everyone this afternoon. This is a great opportunity for us to share what we've been working on over the past couple of months. On the call today, we've got Bob Rosenthal, who will be going into detail describing the case that was made to the board and why we've applied for these leases and been successful in the award. We've also got Jay Cheatham on the call, in case any of the Q&A strays into areas that he would be best positioned to answer. The first thing I'm going to say is, a couple of people contacted us to ask why we were only pleased rather than delighted, since we've been delighted in the past. We just thought that they're synonyms of each other and would mix it up a bit. You shouldn't read anything into that. Please do look at the disclaimer, whether right now or during the course of the future when the presentation is posted online. It's on our website already for you. Let's move straight into it. Just a reminder, the new acreage is what's shown in the two blue outlines. To the left, the Kodiak Western area leases. To the right, the new Eastern Ahpun leases. Bob, let me hand it over to you because this is really your story. Thanks, David, and welcome everyone to the presentation. Here we are. This shows in brown the old acreage that we had for a long time, the 192,000 acres. We picked up to the west the continuation of the Kodiak play up dip. As announced, we believe we've got approximately 8 billion barrels of oil in place on that, and we picked up 43,000 acres. To the east, we picked up the continuation of Ahpun, particularly the shelf margin deltaics, where the best reservoir are in the Ahpun accumulation. We picked up 23,000 acres and about 2.2 billion barrels of oil in place. This is a huge amount of oil, you know, to go with the rest of inventory that we already have. I'm gonna take you through the story of why we picked up this acreage. Here we are. Just to highlight it, I'm gonna jump down to the recoverables. Our best estimate on the new Kodiak acreage is about 600 million barrels of recoverable light hydrocarbons. At Ahpun East, we've got about 360 million barrels. Almost a total of 1 billion barrels of light recoverable hydrocarbons there. I'd like to stress that particularly at Kodiak, we were picking up the up dip, again, up dip from our Talitha West well, and going into the area where we thought we were picking up better reservoir. As you'll see, it's the same story at Ahpun. Here we have Kodiak, the new acreage. Just to remind everybody, by the way, I'm gonna be using a pointer here. Let me get this on. Let's see if I can do this. Just to remind everyone, we're looking at a seismic line here. We drilled Talitha, then 10 mi, went 10 mi to the west and about 1,500 feet of dip, and we drilled the Theta West well, and, you know, we've spent a long time discussing the results there. Importantly, we can get significantly up dip from the Theta West well. We spent a long time talking about the effects of the depth of burial of the reservoir and what happens as we move up dip from there. Let me move on to that story. Here's a map that shows, again, the what we call the AVO lith response that's produced by eSeis. This is showing what we believe is the current outline of the lower basin floor fan. The new acreage, which is right in here. This is where we picked up the chimney acreage last year. This is a structure map. If you look at where Talitha West is, which is, boom, right there. We can get significantly up dip. Right here, we're at about 7,200 feet. This contour right there is about 6,000 feet, and you see a 5,000-foot contour here. We can get anywhere between, let's call it, 1,000 to 2,000 feet up dip from the west well. Why is that important? Again, just on a simple geology, as we take the reservoir to a shallower depth or a shallower actually Dmax, we are gonna improve the reservoir quality. This is a map showing the average bulk porosity in the fan. Right? So here is Talitha West, where we're at about 10%. We move up dip to 12% average porosity for the whole fan. Now, remember, our fan is quite thick. You know, at Talitha West, it was almost 1,000 feet, and we can get up to right in here 14% and then 15%. Now, this is the average porosity for the total thickness of the fan. What that is telling you, as we're moving up dip, a higher percentage of the fan is moving from what we call unconventional to conventional. That break off is at about 0.1 millidarcy. We go to the next slide, and here we have an isopach that shows the thickness of the conventional reservoir. We are 0.1 millidarcies or better in the fan complex. Right here we are. Again, here's the new acreage. This is 350 feet thick. Right in the middle of this thick here, we're about 500 feet thick. This is the total thickness of the conventional reservoir in the total isopach. As we're moving up dip, the reservoir is gonna beginning to behave like a conventional reservoir. Here, just to highlight again, was what we picked up last year. This year, we have picked up the rest of the up dip portion of the Talitha West fan. We now control this, we believe, to the extent of 90%-100%. As I said, that area right in there has about 8 billion barrels oil in place. We are already working with Netherland Sewell to come up with a new oil in place and recovery for the whole Talitha West complex. Bob, just to ask on behalf of the less geotechnically gifted than you, we've got that green outline showing sort of where the extent of it is. What's causing the extent, given that it looks like it's all good news as we keep moving to the northwest, why are we stopping there? What actually happens is we move in this direction right into here. We get a dramatic thinning of the reservoir. The old shelf edge is coming through kind of like here, and we're actually have a dramatic thinning of the reservoir. These contours would kind of curve around quite dramatically outside of our acreage. We go from zero edge to 300 feet very quickly here. We're Those wells across to the west are basically dry holes, so they- Sure. Simply don't extend as far as that. That's right. We know that back through here at zero, we have Wolfbutton, which is. This just shows you how dramatic it is. Wolfbutton, we absolutely know it's 0. Boom, right there is the shelf edge. Bang, it goes right into here is 500 feet. Yeah. Thanks. Okay. Ahpun. Now, Ahpun is quite interesting. The eastern acreage that we picked up, I wanna highlight a couple of things in here. One is, here's a AVO lith. Again, a display that is showing where we have reservoir and where we believe the reservoir is hydrocarbon charged. I'll take you back at Alkaid #2. I wanna remind everybody, the last thing we did is Alkaid #2 is we tested the feather edge. I mean, the very, very thin feather edge of the shelf margin deltaic and tested light oil and about a 2,000-3,000 GOR in terms of gas. This is a line that goes through the Pipeline State-1. Pipeline State-1 is right there. Talitha, which is right there. This is the shelf margin deltaic section. That bright red event that you see there is the one that's indicating that we have light oil and hydrocarbons in the shelf margin deltaic at Pipeline State-1. At Pipeline State-1, we have whole core data and sidewall core data that indicates that in the shelf margin deltaic, we have good reservoir, two orders of magnitude better than what we actually tested at the Alkaid, in the Alkaid anomaly at Alkaid. In the new acreage. Here we go over to the new acreage. Here is the SMD section through here. The SMD here has multiple events. It has this event here, this event here, this event here. These are all part of the SMD section. They're all indicating to us that we have reservoir and the probability of light hydrocarbons in it. Now I'm gonna jump to the next. I'm gonna point. We're going to show you the map on. Eventually you're gonna see again the map that we've always showed you on the SMD here, and then I'm gonna show you the map on this event right there. Okay. Historically, remember again, we've had a lot of discussions in the past about the origin of the shelf margin deltaic. There's a prograding sequence that comes from the south and from the southwest and progrades to the north and forms a shelf edge. The red blob that you're looking at on the, which we've seen many times, is off of that anomaly that you see there. That is the shelf edge. This break right there is this dotted line right here. That's when we talk about the shelf edge, that's that dotted line that arcs around through here. It's right there. Sorry, hit my little arrow. It goes around like that. The important thing is the onset of that we see on our acreage of this progradation from the southwest is in this, the SMD that we see here. That's the onset of it. At a better reservoir. We've got the Pipeline State-1 well. We've got whole core. It is better reservoir than the system that is prograding from the northwest to the southeast. The system that comes in this direction here and forms that, the shelf edge there. The continuation of that progradation is right in there, right? The next that event, the there's a. The next event is that one, then there's that one, but I'm gonna show you this one here, the top one. Bang. That's the new acreage. This continuing northern progradation of this system through here is picked up on the new acreage. This is. There's nothing dramatic about this. It's as we would expect. The important thing is, the amazingly important thing about this is there's the road. We can contact all of this reservoir, all of this from the Haul Road. What, you know, what's happened over the last year, again, we have tested Alkaid. We've tested the Alkaid number two well. In the shelf margin deltaic, it is light oil. We understand what happens. We now have shown conclusively that light oil in the shelf margin deltaic lights up like this. Secondly, at Alkaid #2, we successfully drilled a horizontal well, i.e., we now know we can come here, drill a well here, which is pretty much where the Haul Road is, and come down and access all the hydrocarbons that are in this new acreage through here. Importantly, and I wanted to state this again, we have good reservoir in here. We've got whole core, sidewall core data throughout all this interval in here. This is at a lower Dmax, so it's shallower and has been buried less than the reservoir we see here. We're hoping to see an improvement in the reservoir through there. That will be all conventional reservoir in that circle that we see in there. That will be exclusively conventional reservoir. We're working on that, and we will give you an update on that early next year. So that- That's being rolled in with what Netherland, Sewell are doing on Ahpun? Correct. That'll be part of it. The first step will be working with the Schlumberger team- Yeah. on this, and then working with Netherland, Sewell & Associates on this. I just wanna emphasize, you know, all the hydrocarbon, you know, we're talking about developing the hydrocarbons, Ahpun, which is all of this through here, all this, we're gonna be developing along the Haul Road, and this will also be part of the development which is along the Haul Road. Bob, it sounds like what you're saying is all good news. I know there's one regret you had, which was starting off naming those shelf margin zones from the top rather than the bottom, so that as we pick up the extra progradations, you don't run out of letters. Look, this is. Again, I think what we'll. You know, in January, we're gonna take you through much more detailed, you know, kind of picture of this technically of what's going on in here. But this is absolutely no different than what people are doing to the west of this in exactly the same play. We've tried to emphasize this, that the shelf margin, what we call the shelf margin delta play here is exactly akin to the shelf margin delta play they call the Nanushuk, and they drill each one of these events like boom, and then they would come out here and then drill this event and then drill that event and there. In this case, we have. We're a. We have high confidence that the reservoirs, because of their Dmax, are gonna be, you know, good reservoirs and, you know, conventional through there. Great. Thanks. To summarize, our goals and strategy remain absolutely unchanged. This addition of acreage in part helps drive forward that program because the one of the things that could have held us back would have been having another company come into part of the acreage and then having to negotiate you know joint development and all of that that is entailed in it. We are still intending and still on track and particularly with the acreage additions now, it's a very clean application for an entire field area that we can proceed with. Pat Galvin is starting to push ahead with that. We are lining up the long lead time items and equipment that we need in order to be able to hit the ground running as soon as we have FID. We continue working on the long-term financing. We're not intending to say any more about that today just because we updated you quite recently, and the focus today is simply on helping you to understand what we've been successful in having awarded and why we applied for it in the first place. With that, I think, Mark, let me turn it back to you before we move into Q&A. That's great. David, Bob, thank you indeed for your presentation this afternoon. Ladies and gentlemen, please do continue to submit your questions. Just using the Q&A tab situated on the right-hand corner of your screen. We just like the guys take a couple of moments to review your questions submitted already. Just like to remind you the recording of this presentation, along with a copy of the slides and the recording will be available via your Investor Meet Company dashboard. David, if I may, you received a number of questions ahead of today's presentation, along with a number throughout. If I may just hand back to you, just to read out those questions, of course, where it's appropriate to do so, and I'll pick up from you at the end. Thanks very much indeed, Mark. So, the first question, why were there no other bids for this acreage, and can you really have acquired nearly another billion barrels of recoverable oil for just $2 million? Bob, I'll let you jump in on that. I may have something to add. Well, three bullet points, I think, to that question is, one, we've spent $300 million of proprietary information, which includes the 3D. The second part to that is certainly one of the drivers for going for the eastern acreage. This sale was, you know, the results of the Alkaid test, the results of the horizontal drilling, which again, we, you know, we have all that information. But the 3D that was going to be released next fall was the 2014, which covered that acreage. You know, going for acreage is data dependent, and we had all the data. Yeah. No one else has it. Okay. I don't need to add to that then. That's fine. If we add up the volumes you've disclosed, I recall 17.8 billion barrels before the Chimney acreage. Since then, you said the Chimney added about 5 billion plus today's addition of 10 billion barrels in place. Do I have it right that that means you're talking about 30 billion barrels of oil in place? We are not in a position to comment on the total because we're in the process of reworking it. With that proviso, though, Bob, is there anything else you'd like to add? Well, with that, you know, somebody's a good adder, but that's all I'll say. Okay, yeah. I'm sorry, I think my proviso may have just stopped you from answering, but that may not be a bad thing. Yes. Just to reiterate, in terms of the total Kodiak that you're working with SLB and Netherland, Sewell to have an update on the totality of that in the first quarter of next year. Correct. The Ahpun is still on track by the middle of the year. Yes. That obviously has some more detailed development planning work and stuff going on, in that context. Yeah. Just to, I think just because I'm sure that a follow-on question is why the middle of next year for Ahpun? I think, David, you just to stress the point that you made. You know, Ahpun is gonna be a development plan, and it's you know, a very detailed development plan, and that's you know, why it's gonna take slightly longer. Yeah. You sort of covered this one. It seems that the western acreage is an extension of a known field, and that's why you've given it better than 90% chance of success. I understand that. That's not me saying, that's the question. However, the Ahpun acreage looks like exploration. Why did you bid for that acreage? I think I've answered why we bid for it, so I don't wanna go through all that again. Right. In the world that we're living within the North Slope, this would be part of the, you know. There's a development, and we've picked up acreage that would have what I would call appraisal risk. Yeah. That's it. Yeah. What progress have you made on financing other corporate things like U.S. listing? When is the share price going to recover? I'm certainly not gonna get into the last bit of that. As you know, we have previously said that we're intending to finalize our year-end results by the end of this week. I don't think we'd want to release them on a Friday, so I think we're looking to release on Monday, maybe Tuesday. We're basically on track for the middle of the month, which is what we've said in the past. Therefore there's nothing really we can say about any of the matters that we covered in that ahead of that release. Expect a release in the near future that covers the year-end results. You recently brought Linda Havard onto the board. Just to correct you, it's Havard. There's no R in there. It's so it's H-A-V-A-R-D onto the board. I see she worked for ARCO, so is she really independent or another friend of Jay's? Well, firstly, I'm not sure I accept the characterization of anyone on the board as being just a friend of Jay's. Secondly, as a board, we have a nominations process. We looked at potential candidates, alighted on her as having all the necessary skills to become a very solid chair of the audit committee. We invited her to participate in our last board meeting. Bob, I think you can probably endorse what I'm about to say, which is, I think she's a friend of the company, not of any of the specific directors. In all our conversations, it was quite clear where her loyalties lay. Yeah. I mean, definitely. I mean, I was amused when I saw that. She's an amazing, you know, an incredible professional. Yeah. I think we're very lucky to have her. I think that it's a statement of intent on our part in terms of where we're going with the governance of the organization, which is as we move towards that U.S. listing, and we previously said, a 15-month process that should see us listed by the end of the first quarter of 2025. I think Linda's experience will be a key part of it, as will some other hires that we'll be making to help manage that process. Next question. There are plenty of people saying this is a scam and that there's a massive fundraising coming soon. How do you respond to that, and why don't you confront the trolls head on? Again, the language here is indicative. I think on social media, people are always prepared to be blunter than they otherwise would be face-to-face. Is it Taylor Swift who's got the idea trolls are gonna be trolls are gonna troll. I'm now probably going to show myself to be as out of touch with popular culture as any old man. The answer is, we'll be judged by what we do, not what we say. I very much doubt there's anything I could say to someone who thinks that the company's a scam that's gonna cause them to say, "Oh, my goodness, you were right. It's not a scam. Whereas if we do all the right things in the right order, without worrying about what the share price is day to day, but instead focus on doing the business right, then we'll, you know, people will see, and they'll arrive at their own conclusion. You said previously you were releasing year-end results by 15th. It's the 14th. Sorry, are we on track? Well, I've dealt with that. Bob, did you say we've added 1 billion barrels of recoverable, which on David's plan, it just to be clear, it's not my plan, it's the company's plan, would be worth $5 billion-$10 billion to shareholders. Is that correct? If it is- Yeah. Shouldn't that be considered a huge win? This is your opportunity to smile. Yeah. The answer is yes. You know, we picked up some very valuable acreage. You know, it's very rare that you get to pick up 40,000 acres in an accumulation up dip from where you've already proven you've got light oil. Yes, it's good news. Why do you think the share price remains stubbornly low and do you envisage a recovery of the share price in the near term? I think I've sort of covered that. The share price is not a function that we can control. All we can do is we can share with you transparently and honestly what we're doing. The market will arrive at its conclusion. If we keep doing the right things in the right order, in due course, you know, the share price should reflect what we've done. Will Pantheon have to negotiate a joint development with 88 Energy? Interesting question. Obviously it'd be much easier to address the question intelligently after the tests that they've got planned. Bob, I can't remember off the top of my head what they're testing, which zones and to what extent. I don't have an idea of which zones they're testing, but I don't believe they've come out with their final plan on the different zones they're testing. I just have to plead, you know, let me say I can't answer that question. The answer is, if it was shown that there were hydrocarbons in pressure communication with our hydrocarbons, that's the normal definition used for requiring unitization. If the reservoirs are tight enough that there isn't any communication with areas that they'd be draining then. Correct. I can imagine there wouldn't be a need for a joint development. If there was evidence that the reservoirs were good enough to create that pressure communication, then probably it would make sense to jointly develop. Does listing in the U.S. mean delisting in the U.K.? That is, I think the only outstanding question in terms of the work that we've had done by our tax lawyers and looking at structuring. We have confirmed that there are no impediments to doing it. The question then becomes for us, from a corporate perspective, what are the impacts on our shareholders? Because we don't want to needlessly impose burdens on our shareholders. We are doing an evaluation, and that will involve consultation with the investment banks, financial advisors that'll be handling the listing to get an understanding of whether or not the strategy we choose is of a net benefit to all rather than discriminating between shareholders. I don't have a firm answer for you, but we certainly haven't decided to delist in the U.K. at this stage. That's something that the analysis will sort out. Bob, I think this one's for you, but it's probably gonna be a no comment. What is the management's estimate for all recoverable resources now? Previously, it's been as high as 2.3 billion barrels. I don't recall putting out 2.3 billion barrels, but anyway, go ahead. You know, we're putting out a number right now. I think you've seen the numbers for the new acreage. We're gonna be coming up with a, you know, total resource reevaluation of Talitha West. You know, we're incorporating the new acreage and what that means to the east. You know, putting out a number right now, I think it would be a mistake. A new number would just be a mistake right at the moment. particularly on a webinar, it would be an even bigger mistake if we hadn't previously released it. Yes. The stock exchange announcement. Yeah. The shout out to our shareholders in Huddersfield. That's. I'm not gonna read the question, but you know who you are. When are you hoping to give shareholders the results of the PVT data from the Alkaid #2 reentry, Bob or Jay? I'm not sure who knows. We're hoping to pull the pressure bomb out of the hole within the week. We haven't got it yet. That's. In terms of the sample data that went off to GeoMark. That's gone. Yeah. That's gone off to GeoMark. They take time. I don't have a good timing on when that'll be ready. Okay. You've said that two or three wells in the Kodiak field are needed to meet the Netherland Sewell contingency for reserve-based lending. When do you think those wells will happen with the new acreage and the untested chimney section? How does that fit into the strategy? Does it still have to wait for a pool development? Let me just kick off there and then hand over to Bob and Jay. Maybe you can join us. I know you're on the call because I think it's referring to one of the short videos you made. We're not waiting for the Ahpun development before appraising Kodiak because that appraisal of Kodiak needs to happen prior to FID. We've got a timeframe and our appraisal program for Kodiak will not delay the FID from the plan of 2028. At the same time, we have to have prudent financial management, not spend money earlier than we need to spend it in order to achieve the strategic objective. Bob, over to you. Yeah. We still need to drill the 2-3 wells, right? That's. There's no doubt about it. We, you know, have a huge acreage position that is up dip from Talitha West and, you know, we have to appraise that. The timing on that, you know, I think David has just answered that. That, adding the new acreage doesn't increase the number of wells that we need. It just says, you know, we've always had in the back of our mind, this is what we were, what we're gonna end up with, and this is what we were gonna need. Yeah. Sorry, Jay. Are you? Go ahead. The original RBL Reserve Based Lending obviously will be at Ahpun, and we have said we need 3, 4, 5 potential wells such that Yeah. That's development wells rather than the- Correct. Crazy wells. Yes. I think there was some confusion. Also, I saw people emailed us originally that there was some confusion about the difference between two or three wells as it related to Kodiak. Two or three wells on Kodiak in order to get to a point at which we could achieve FID and reserve designation. Whereas for Ahpun, the contingencies that we would have to move from contingent resources to reserves are not the same five contingencies as we have for Kodiak. They're different contingencies. Of course, when the independent expert report is issued for Ahpun, it will have a specific wording around the contingencies there. We will be totally clear, Jay, on that. It says, "Has there been any more interest in the data room?" I think we've been. We tried to be clear last time. We're not gonna provide a running commentary on, you know, what the mood was, how many people, et cetera. There's no point. There is a data room process ongoing. A variety of different organizations from different aspects of the industry participating 'cause that's where the confidential data is. We won't be commentating on that. Bob, are you going to be equally transparent on porosity and permeability for Ahpun, including the eastern acreage? I think there's presumed not to be. Do you want to be a little more specific than you were during the presentation? I don't wanna be more specific than the presentation right at this time, because I think what we're going to do is roll out, you know, sometime in January, you know, all of it. Giving bits and pieces is, I think, might be a mistake. I just think, you know what I said, you know, people should take comfort in the fact that we are at lower Dmax, and the reservoir quality should improve. We'll present that story in detail in a Yeah. You know, in January. Yeah. Anyways, we do intend to be equally transparent. It's just we don't wanna jump the gun without- Yeah. Having the detailed analysis. Do we have any expectations of announcing financing with our results? The answer is we're not gonna pre-guess anything to do with our results until they're released. Jay, you're leading the vendor financing activities. Do you wanna just comment on- Yeah. Well, that activity is ongoing, and it's pretty active. That's all I'll say. Okay. Has the pressure bomb been recovered? I think Bob just answered that. It's Ahpun is spelled A-H-P-U-N. But could Ahpun, the new acreage, be marketed separately from the rest of Ahpun? The answer is it's a single project. We wouldn't. I mean, you could carve out any number of lease blocks and market them separately. It's not a question of can it be, it's just a question of it is, it's a part of and it's an extension of the Ahpun project. Next one. Is there a question. Why is it that after every webinar, no matter how positive the news, the share price takes a hit the following day? I couldn't even begin to speculate. You know, I grew up where everyone said, you know, "Buy the rumor, sell the news." I'm sure that like many of these aphorisms, they're grounded in some kind of truth, in just the same way as whenever you see I think is it there's an odd trade go through the market, it means someone knows something. I suspect it means that there was a rounding up or rounding down error in a fractional account. You know, who knows? What do you expect me- Can I say something? Okay. Sorry. Go ahead, Bob. Yeah. Yeah. You know, we go through these questions. You know, we do our webinar and we go through questions. I always like to bring it back to the fact that it is good news. You know, it is good news. We have a billion. We've probably picked up close to a billion barrels of oil because we've. We have spent a long time, and a lot of money, and a lot of effort. We have, you know, we've a big chunk of acreage up dip from you know, from. It is in the same accumulation, and it is up dip. In the extension, we've spent a lot of money drilling the horizontal. We spent money. You know, we couldn't discuss this part of it, but when we were doing the shelf margin delta test, it was to prove that we had light oil in the shelf margin delta. We've done that, and that gives us huge confidence of what's happening to the east of the acreage. You know, it's great news. It's a lot of oil. You know, in Alaska, you talk in big chunks, and this is a lot of oil. What impact do you expect the new acreage to have on discussions with other companies? The answer is it's not bad news. It's not. I mean, it's a bit of British understatement there. It's not bad news. Exactly. Um, the, uh- Let me just add on that. You know, we may have added another 1,000 wells to the development plan or at least 500. If a service company was looking at it before, it's just gonna be much more enticing now. Yeah. It's the scale of the overall development is definitely enhanced by it and the value of a long-term relationship is certainly higher. Someone says, "88 Energy have confirmed they're planning to flow test four intervals across the SFS and SMD reservoirs." I think that's just an information point for you, Bob. Yeah. The, uh- I wasn't sure that. I know you were tap dancing around the fact that under the data exchange agreement, we don't- Yeah. We may know more than we can say. I was simply trying to find an elegant way of moving beyond that. Yeah. Are you anywhere near a partnership agreement with companies in the data room? We're not gonna provide a commentary on that. You can rest assured, as soon as we have a commitment of any kind that requires us to announce it because it's material, non-public information, we will announce it because it is material non-public information that needs to be shared, in that situation. Will Pantheon be able to make contemporaneous RNS announcements, with 88 Energy, to help Pantheon shareholders, understand the implications for Pantheon, unadulterated by 88 Energy commentary? Firstly, again, it's. I'm just reading them as they are. Yeah. Um, uh, the, uh... I think the answer to that is. Is, is- Can I just say, I think the answer to that is we will have the data, but we are obliged to let them make their announcements. It's not a partnership, so it's not like we have the right to edit what they are announcing. Okay. When they announce and how they announce is up to them, but we will have the data, and we will have the information. We don't have anything that say we have to do everything contemporaneous. Yeah. To the extent that it becomes clear there are, you know, that people are misunderstanding, you know, then we will do our best to help people understand. Yeah. The way we can do it, you know, when we share information, the most important thing is that we share with shareholders the same information as the discussions we're having as a board managing company. 'Cause we don't want there to be a gap between how we're thinking about it and how shareholders are thinking about it, caused by a lack of knowledge transfer. We will always try to make sure that the market is as well informed as possible. Now that Pantheon has stated the necessarily secretive lease strategy is no longer a consideration, when are we gonna go out beating the drum, and presenting Kodiak and Ahpun as greater than 2 billion barrels for U.S. investors? We've previously said in the last one that we are out there in a process of meeting on a non-deal basis with investors in the U.S. We're having second and other further follow-ups with investors. We're keeping them appraised of that 15-month program. There are some investors who can only invest in a U.S.-listed company, others who can invest before that time. You can rest assured that shoe leather or in the modern era, shoe rubber is being invested in that effort. At some point, you know, I bought a nice new pair of Dakota boots so that I was a proper Texas oil man. You know, there'll be boot leather being burned as well. Will we notify the market if we enter exclusivity? That obviously depends on the terms of whatever arrangements we have with someone. We are certainly not going to undermine the commercial or economic benefit of the company just to score an announcement if announcing something undermines that relationship. We will, however, absolutely meet our obligations, and as soon as there's anything that we are obliged to announce and that we're not limited from announcing, we will of course do so. Can the full extent of Ahpun that eastern area be produced using long laterals without installing expensive infrastructure to bridge the Sag River? Well, the first thing is, we're not gonna build a bridge over the Sag River in any case. That's not a thing. The second thing is, we have the ability to reach all of the acreage. Jay, you worked with Michael and Toni. Do you want to Yeah. We looked at the acreage and we high-graded it, and this acreage, 100% of it we can reach from pads along the Dalton Highway. That was one of our criteria, is that we did not want to incur the additional expense of looking at any acreage that we couldn't reach from the Dalton Highway. The answer is yes, we can reach it all. Bob, you wanted to the. Yeah. Yeah. I wanted to add something that we made in the announcement. The statement we made in the announcement. We had recognized this acreage in the past. We held it in the past. We dropped it because of you know, the cost of drilling over there, exploring whatever you wanna say, and developing east of the river. It is, again, the results of the last year showing the capabilities that we can drill these longer horizontals. The technology's there to do it, and we can bring it to the slope and the results of the Alkaid #2 that made us come back. It is. You know, the Ahpun strategy is very simple. You know, here's the hydrocarbons that we're going to be developing along the Haul Road. That's been the fundamental part of the. You know, we've had that capability from day one. That's now the focus of the company. Just to be clear, correct me if I'm wrong, to access the eastern side of the Sag River is a long road down from having crossed to the north. The economics of any infrastructure or activity on the other side mean it's gonna be very hard without very large accumulations. Now we like others are watching the Iñupiat Apache joint venture. You know, that's that. Next question, the answer is you're welcome. No matter what faith you are, we wish you a very happy holidays. What do management own shareholding-wise? That's a matter of disclosure and the year-end results obviously come with a disclosure on shareholdings. That's in the public domain. I think it's. I'm not gonna try and remember off the top of my head exactly what those shareholdings are right now. Final question I've got here, before we wrap up, probably for you, Bob. What other 3D data that is proprietary to Pantheon remains to be released by the State of Alaska, beyond next year, so 2025 and on? We have the 2014 seismic shoot, the 2015, and the 2016, which will happen each subsequent years. The 2016, that's the one that covers the acreage that we've just picked up in. To the west. To the west. That's it. That's the data that we have left to be released. Yeah. There's one more quick question. Are there shareholder meetings planned? I'm guessing that. Well, that could mean one of two things. Either are we planning to meet more shareholders, as part of expanding the potential universe in Pantheon? The answer is absolutely. That's an ongoing process. And as I say, we will start lining up worn-out shoes and boots, if needed, to verify that those meetings are happening down the line. You know, we'll have a wall of shame of shoes that couldn't stand the beating. In terms of our Annual General Meeting, we've said it's gonna be at the end of January. I'm not sure we've specifically announced. Jay, do you remember if we've specifically announced a date? I don't think we have yet. That'll go out with the. With the year-end results. With the annual report. Yeah. I don't want to jump the gun on that. The final one that just came in, the answer is, again, you're welcome. Thank you all for joining us. Mark, back to you before final- That's great. Thank you for perfect timing as well with four or five minutes left to go. Thank you to everybody for your engagement this afternoon. David, Jay, and Bob, thank you for your time also. I know as usual, feedback will be important to you guys. I'll shortly redirect those on the call to give you their thoughts and expectations. Perhaps just to wrap up with David, I'll come back to you for a couple of closing comments. Thanks, Mark. What we've shared with you today is just another of the steps along the line that I mentioned earlier, which is control the things that we can control with an absolute focus on how does what we're doing move us towards the strategic goal of sustainable market recognition of $5-$10 per barrel of recoverable resource. Whether it makes it quicker, makes it cheaper, or makes it higher value, but if it doesn't meet one or all of those tests, then it's not something we're gonna be focused on. We focused on adding this acreage because in the east, the seismic would be becoming publicly available. We've always seen these additional leases as being a logical part of the Ahpun development. We will share information about just quantitatively how good we see that acreage being when we've had the analysis done and validated by independent third parties as we've done in the past. In terms of the acreage to the west, it captures what, as I think Bob's made a very compelling case for why that is the best reservoir within the Kodiak field and will be the focus of the subsequent two or three appraisal wells that we need to get to FID. You can see why we're being tight-lipped about it. We now have nothing else. Bob knows that he's not getting any more acreage. The company has now a full slate fully under control and no barriers of our own making to achieving FID for Ahpun at the end of 2025, and FID during 2028 for Kodiak. Just to say we are laser focused on achieving the outcome. The share price will be what the share price is, but eventually, if we demonstrate that we're going to do what we say, then we expect that the share price will take care of itself. Thank you very much for having joined us. I know that we value the feedback you give us after the webinar. Do please respond to the questionnaire, and look forward to engaging again with you through the AGM, which will have an opportunity for people to participate both in person and virtually in London around the end of January. That's great. David, Bob, Jay, thanks once again for updating investors. Could I please ask investors not to close this session as we'll now automatically redirect you to the opportunity to provide your feedback in order that the company can better understand your views and expectations. It's gonna take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team at Pantheon Resources PLC, we'd like to thank you for attending today's presentation, and good afternoon to you all. Thanks. Thank you.