Good afternoon, ladies and gentlemen, and welcome to the Predator Oil & Gas Holdings PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged. They can be submitted at any time via the Q&A tab that's just situated on the right-hand corner of your screen. Please just simply type in your questions and press Send. Due to the significant attendance on today's call, the company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today, and we'll publish those responses where it's appropriate to do so. Before we begin, we would like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. I'd now like to hand you over to CEO Paul Griffiths. Paul, good afternoon, sir. Good afternoon, everyone. Let's get straight to the point. Apparently, we are giving up on Morocco. That rumor was spread on the morning of our AGM and, when our presentation was released. What I'm gonna tell you now is a story of why we are not giving up on Morocco and never, ever had any intention of giving up on Morocco. Anybody who spread that rumor could only have done so, you know, on the basis of trying to undermine our position in Morocco and also the way we want to develop the company. Another point to make is I was hugely appreciative of the shareholders that actually turned up to our AGM in Jersey. They are long-term shareholders. Yes, they are supportive, but they also ask difficult questions. I hope they got the answers that they were looking for. Many people have said, "Well, why don't we hold an AGM in London?" There's one problem with that. We are a Jersey-domiciled company. Always have been and always will be. If you're a Jersey-domiciled company, you can't hold an AGM, formal AGM in London because then your domicile and focus of control changes geographic jurisdictions, and that would have huge implications to our ability to attract foreign entities into, you know, eventually in a divestment process for Morocco, for example. We are in Jersey for a very good reason. Also, the financial services sector here is very efficient. The Jersey regulatory regime is very efficient because they have to protect their position as an offshore entity to attract investment, which they very successfully do. In London, we can't attract the same level of investment because the way the London Stock Exchange at present is undervaluing not just our assets, but assets in many different areas of the sector. Appreciative for those shareholders. In actual fact, they were the only ones who had turned up to an AGM in Jersey. I know it's difficult to come to Jersey. You know, I live and work here for eight years as Predator. It is a difficult place to come and go sometimes, particularly when they rescheduled the ferries, so there's no fast ferry in the winter for six months. It was very informative for me, and this is where I first learned of effectively the rumor that we were giving up on Morocco. They, these shareholders, probably between them and their colleagues own maybe more than 13% of the company. I regard them as perfectly aligned with me. It's sometimes forgotten that when there's dilution events and when there's events that not necessarily beneficial for the company, I am still, you know, the largest individual shareholder. I don't, you know, willingly dilute myself just for the sake of raising a bit of money. Whatever I do is for the benefit of the whole as the company and the growth potential of the company. What happens on a day-to-day basis is important, but what happens long-term is the most important thing that can affect the fortunes of the company. These shareholders actually provided some really excellent insights to balance what I call the armchair keyboard warriors, who have the easy job of sitting in their armchairs. Someone accused me once of sitting in an armchair. I've never sat in an armchair giving a presentation. It's very easy to sit in your armchair and just press a button. Not easy for me at present because I have to look at three different screens to remind myself about different things. You know, I'm sincere in what I believe, and I've always followed my ambition to create a significant company out of Predator, which we all believe in Predator we are doing. I'm now gonna digress to Ireland because this is why you have to understand the Predator business model. In 1999, I founded a private company on the same business plan of Predator's. This was our, if you like, our AI training set, which we've been using to develop the Predator business model. We did not need armchair keyboard warriors to tell us how to create that business or run that business. We did it through 50 years' experience in the oil and gas industry. We don't need anybody to dictate to us how to monetize assets based on 50 years in the oil and gas business or over 150 years collectively on the board. Thank you very much, but we don't need your help and assistance at this time, even though you're unpaid. We established a portfolio of assets, and we became an operator, which was respected and rivaling any other operator offshore Ireland at that time, including ExxonMobil, ConocoPhillips, many other companies. They were all around our table at, for example, the Institute of Petroleum dinner when we were hosting a table, three tables at that time. In terms of Ireland was at that time in 2008, 2009, an environment for some of the super majors. At that time, we acquired the equivalent of 208 barrels of oil a day production, which we acquired it in Seven Heads and the Seven Heads Gas. We made money out of that, by the way. That supported our overheads necessary for business expansion. Without that, we wouldn't have been able to demonstrate a production income that would give us more credibility and leverage in some of the deals we did. We proved up to approximately 100 BCF of gas by drilling our 2C contingent gas resources by drilling 4 wells back-to-back over 2 years. Never before in Ireland achieved 4 successful wells, and we proved up modestly about 100 BCF of gas back in 2009, priced at 40 pence a therm. We developed 2 gas storage projects to potentially support Ireland's security of energy supply way back in 2008. We generated a multi TCF gas prospect off the Atlantic margin, Killala, which was next to, well, very close to Corrib gas field that had yet to come on stream. We negotiated an agreement to utilize the gas infrastructure 40 kilometers from our gas discoveries. These are proven, but not yet developed, not dissimilar to what I'm gonna tell you about Morocco. We negotiated also, other infrastructure agreements that allowed us eventually, potentially to sell gas because we were already selling gas through the infrastructure from our Seven Heads production. We ruffled some feathers, fair to say, from one of the most influential people in Ireland at the time. Many wanted us not to succeed. That would be quite obvious at the time if you read the newspapers. In fact, at one stage just before that, we're gonna do a reverse takeover of one of the entities that subsequently became very strong offshore Ireland. What these ruffled feathers meant was there were people not wanting us to succeed. It was almost embarrassing if we succeeded, and they didn't. We made a $220 million bid for Kinsale, Marathon's Kinsale assets, the Kinsale gas field and infrastructure. We were supported by numerous high worth corporates, if you like to call them, recognized household names and banks. We were unsuccessful. Petrogas bought the asset for a $180 million, $40 million less. An entity had a 40% backend right, which they never exercised it. On the back of this bid in 2009 and putting that all together, we had secured a potential $7 billion purchase and investment strategy on all this business that we had put together by, fair to say, a massive world-renowned entity, and they were gonna come in and take 49% of our subsidiary in return because they wanted continuity of management, they wanted continuity, didn't want a change of control of the assets, the title to the assets. We didn't win the bid, so it didn't happen. Their investment would have provided an LNG FSRU for Ireland. This is way back in 2009. Would have drilled the Killala prospect and would have developed the gas storage projects, and also obviously developed our gas old head and scale gas prospects and storage. The only reason why we could achieve that position was bundling assets together to form a complete business strategy, because Ireland at the time had an infrastructure link to the U.K., which stayed at 100% capacity, and that made it attractive to people interested in strategic gas investment. We used the same agent that we're now using for the Moroccan process that we used at that time back in 2009. The value of that agency relationship, let's say, is that it means we can get to the very highest levels in any organization in the oil and gas sector anywhere in the world. That's how we managed to get that position in Ireland in that bid process. When people sort of tell us about, you know, how we should run our company, I always think it may be a bit like a BA queue when you're in the groups. Like, we're in group zero, and then you gradually drop down the order. I rumored, of course, you know, if you can't beat them, join them. Rumored that there's gonna be a group amoeba shortly. Thank you, BA, for preserving the feudal system, by the way. Next step, the icing on the cake. The same, let's say, political entity, as was present in the last government for five years, blocked our applications to progress and develop our gas discoveries, and undermined Ireland's security of energy supply way back in 2009 by not allowing the storage projects to go ahead, etc. Apparently, just a rumor, the individual or some individual was on the road to Cork, looking up at the fossil gray sky, fossil fuel gray sky, when suddenly there was a blinding green light, and the evangelist was born. Great. Maybe that's why we should all be converted to green. You know, that's a good basis. Fast-forward to 2025, present-day reality. Well, the bird of envy, as I call it, was frustrated, and in 2009, all the feathers were plucked. The entity is no more. The value for the shareholders, absolutely zero, the original shareholders. Island Oil & Gas was the subject of a hostile bid. Went into another entity, better, superior management. What happened? Blown away. Value for shareholders, zero. The green evangelical star went to green pastures new. Ireland now has the third highest cost of living in Western Europe and some of the worst electricity prices in Western Europe. The Green Revolution targets middle class, working class, and welfare recipients. It is not discriminatory, right across the board in those sectors. It doesn't matter about their living standards. It doesn't matter about their future aspirations. It doesn't matter about their gifts to children. Indeed, if they have any after the dreaded toxic inheritance tax. They're given the promise of Valhalla, paradise, net zero by 2050. Well, good luck. That's really comforting when you are trying to buy a loaf of bread at inflated prices. Well, when that happens, because it's gonna be so long in the future, the bad news is that the Earth's natural climate change process that has been active over hundreds of millions of years will probably eliminate civilization in the same way the dinosaurs were eliminated. But that was from a different. Not, it wasn't from climate change. But of course, our T. Rex will survive. At the end of the day, you know, Green Revolution has its consequences. One of those consequences is that Ireland currently now imports 45% of its gas from the U.K., with a higher CO2 emissions footprint than developing its own indigenous gas. That's compared to developing and producing its gas versus importing gas from various sources. You could say that Ireland and U.K. are now going truly green, banning fracking. Yeah, what absolute hypocrisy. Most of the gas coming into the U.K. comes from LNG, fracked gas, through the Milford Haven terminal. Much of that can come into the system into Ireland. There's no way for a consumer to tell whether his gas or her gas is fracked gas or natural gas produced from other sources other than fracked gas. It's almost like we've gone back 100 years to colonialism. It's all right for other countries to produce fracked gas and for us to import it, so long as we can say we're banning fracking. It just smacks of so much hypocrisy. Now even Ireland is looking at LNG. Amazing. I mean, there's again another rumor, and you know, it's only a rumor, that a person was on the way back from Cork along that same pilgrimage, pilgrim route from Cork to Dublin, when the skies opened and an LNG concept fell into their hands. Yeah, that was I think, oh yes, it was this year, earlier this year. That LNG concept, five years too late, we already presented to them in 2020, 2022. The rest of Europe invested heavily in LNG all over Europe. Ireland didn't, and now suddenly, they want a concept of FRSU LNG, and they go out the dreaded e-tender process to ask for ideas of how to put it together, even though one existed and was presented to them five years ago. Good luck, guys. At the end of the day, we built this model in Ireland based on developing a business that was an integrated business, had strategic importance. The other thing to look at, you know, because the political climate has changed, as we all know, is that, is it no wonder that President Trump is asking Europe to pay and do more to defend themselves and to develop their own indigenous oil and gas resources? For too long, Europe has treated America like a soup kitchen, a charity soup kitchen, going there with their begging bowls, expecting to be given special preference because they're Europe, because they're Ireland, and everything will be fine. Oh, bad luck. That's not going to happen now. You know, tariffs have come into play. Yeah, so, at this time now, the leverage is all elsewhere, and the special relationships are no longer special. I have instructed our PR team to ensure that this interview goes to President Trump's Twitter account. Sorry, X account. Apologies. I'm still old-fashioned. That's because President Trump is an oil and gas man. He understands oil and gas, and he understands the importance of oil and gas. Many people don't like that, but there are many, many people who are suffering because of the Green Revolution, which is a great evangelical concept. It's putting into practice, but the fundamental problem is that too many people are suffering from price rises, insecurity because the security of their energy supply has been completely changed over five years. It used to be there and freely available. Now, it's only available at certain times. When the wind doesn't blow, it's been often said, when the wind doesn't blow, and there's no source of renewable energy, it comes back to gas. Then gas is overpriced and a drain on energy bills. This is the model that, you know, we've been involved in previously. Why is Morocco any different? Why, you know, did we push Morocco? Well, in 2018, we're listed in London. Seemed to be the perfect venue at that time. The focus was on Ireland and Trinidad. We saw the geological similarities in northern Morocco and compared them to the giant biogenic gas discoveries in the Mediterranean region. This was our vision at that time, our geological vision, unproven. The difference here between Morocco and Ireland was this was onshore, much more easily accessible than offshore. Ireland, Morocco had the same, strategic, issues, if you like, as, Ireland. It had an interconnector to Europe, currently with huge amounts of spare capacity, present day. It had a captive gas market with a very, very poor supply of indigenous gas, a tiny fraction of what was required. Its progress to eliminating coal-fired power stations was hampered by the lack of available gas. It also, difference between Morocco and Ireland, Morocco had a very, very favorable tax regime. Basically no corporation tax for 10 years. One of the best tax regimes in the world. We saw a huge opportunity in Morocco, both geologically and infrastructurally, that matched our business model progress in Ireland. We identified a big, biogenic gas basin, 150 sq km. We proved that up with our drilling, with our four wells. We proved up 2C resources of 441 BCF, over four times what we proved up in Ireland already. We proved up a unique hydrocarbon fairway for this part of, let's say, central east Morocco. We didn't have any partners. We do everything 100%. Again, I hear the comments about dilution and rinsing of shareholders. Do you seriously think I would rinse my own shareholding and worry about dilution if I wasn't having a thought about what the end process is in all this? The question is, do you wanna buy peanuts, or do you wanna buy the world's most expensive diamond ring? Not that I'd buy any of those items. It's about scaling valuation. If you just want to sell the company for peanuts, well, you can do that tomorrow. The opportunity to build a business, develop a business, and then at the right time, reach the materiality necessary to offload that business to the right entity for strategic as well as the gas resources purposes, well, that's important. Those opportunities for a small company like us don't come along too many times. You have a choice. It's very simple. You either dilute a bit in the share capital, develop, then grow the assets to that material level, or you dilute in the assets. What I can tell you now, selling 10% of Morocco versus 100% of Morocco will make a huge difference to the net entities that you can attract. I'd prefer to sell 100% with control, with the right corporate structure of subsidiaries that is very tax efficient, very efficient for change of control rather than selling an asset. That's my goal. Not increasing gas by a couple of BCF or talking about what the netback is today, what the netback is tomorrow. When the price of oil, just like share prices, related to spread, share price spread, change literally every day. What you say today as a netback will not be what you say tomorrow. Frankly, the net back's not important because what you're trying to do here is sell a much, much bigger integrated strategic industry business. I should also point out that since we acquired Guercif right on the top of the Maghreb Gas Pipeline, MOU-5 is three kilometers from a tie-in point. The Moroccan government has announced it wishes to create a strategic gas reserve this year. Well, not this year, but has announced this year that it wishes to create one. It wishes to build an FSRU LNG import facility at the port at Nador, which just happens to be north of Guercif. The tie-in point for gas coming from Nador is about three kilometers from MOU-5, hence the interest in gas storage. Everything we do is planned for a strategic objective. Some may not like that. Some may not understand that. Some may be envious of that, just as people were envious of us in Ireland. Well, sorry. We have a business strategy that is not going to be deflated. In those famous words of the past, I can't remember who it was in eighties, I think, "This company is not for turning." Don't even attempt to think that you can influence to turn from our vision or our ambition to create value. When we succeed, everybody succeeds. I think our loyal shareholders understand that and perhaps wish they'd been given a stronger voice at times. Well, I can assure you that we and them, me in particular as a large shareholder, are aligned as one in terms of how we want to get value out of Morocco in the bigger picture. We've started that sales process. Yes, we've talked about farmouts. Yes, we talked about this. We moved on in 2025 because we found salt in MOU-5, which allowed us to create the concept of a gas storage. The gas reserve concept in Morocco was developed this year, relatively recently, a few months ago. You use the tools that you have in your license effectively to adapt to the bigger picture, the strategic picture. We're in a great position. We have proven gas resources. We have FSRU potential infrastructure necessary for gas storage. MOU-5 have created the opportunity for gas storage and salt caverns, ultimately. We've also discovered some helium, very early stages of helium. It just makes me laugh, frankly, that we were the first ones to come along with the helium concept, which I presented to ONHYM last year. Suddenly everybody else wants to think that they've reinvented the wheel. Well, we're first. We found it to start with. We have a 68 sq km structure that is ideal for helium. We have 100 sq km structure beneath our Eytan MOU-5 prospect, which is potentially a Triassic target similar to Algeria, Hassi R'Mel field, Tendrara and Meskala gas fields in Morocco. We would never have found, even contemplated that play. Nobody had ever thought of that play. Even I hadn't thought of that play until we drilled MOU-5. You've got to kind of refocus on the bigger picture. MOU-5 is our Irish Killala, if you like. What we offer then is when an entity, a larger entity wants to come in, just like we negotiated and moved along in Ireland with a business plan, they want material size. They're not interested in, oh yeah, have you assetized this? Have you done that? Because they understand the reasons, the technical reasons why it would be premature to do things like that. I'm not even going to explain those technical reasons. It'd be easy enough to do it. You have to look again at what you're trying to do here. You're trying to execute to a strategic partner, incoming suitor, if you like, that wants to have a pivotal position in the Moroccan infrastructure and in what's going around on a Guercif license, just as what we established in Ireland. With exploration upside potential, big prospects, and the helium is a bit of icing on the cake. You know, it's still at such an early stage, it would be premature to determine how that will ultimately work out. It's a nice gift, if you like, to have on the table to negotiate with. I think I heard another comment. I was told by the very, very supportive and constructive shareholders who actually turned up in Jersey, I'm not in it for Trinidad. Well, yes. I mean, I'm not in it for Trinidad. I'm in it for Trinidad and Morocco. Trinidad provides us with the production to underpin, you know, business growth strategy, just as what we did in Ireland. In Ireland, we had 208 barrels a day, all equivalent production. In Trinidad, we've already got 280 barrels a day. In Trinidad, we've managed to de-risk everything, our costs, because we've signed, if you like, a master services agreement with a very competent, very efficient in-country operator. Despite all the sneering about in-country operators that sometimes you hear, and particularly, you know, that they can't deliver, et cetera. Well, you know, this operator increased production sevenfold in one of the fields in Trinidad in probably a year. This operator drills wells cost-effectively. Yeah, might not be a Rolls-Royce industry driller. The frightening thing is he actually gets the work done and he actually gets results. Whereas sometimes you hear, blah, blah, we can do this, we can do that. Who are you using? Why you should use this? Yeah. Proof of the pudding is actually getting results. He gets results. He gives us opportunity. He creates us opportunity in the greater South American region. We like to work with people like that. Also, we share the risk in the sense he's taking all the risk on our costs. He took on the 65- or 66-yard staff from Challenger Energy at his cost. We get anywhere from 15%-30% revenues off the top before tax. We all have to pay our tax in Trinidad. We got 100 million tax losses, so not as much tax to pay and a government royalty. From us, we get a consistent revenue stream and we also get the ability to like pick and choose. He can go in and de-risk things for us and we can say, well, we might go in and do that if we had the money from production, for example. It's very good business strategy for us. In terms of raising money, he's taken on all the obligations. We don't have to cough up anything for the obligations. 30% up to 30% off the top. Barrels of oil per day and our net barrels and this and that doesn't really matter or our operating costs. We have zero operating costs, field operating costs under this agreement, zero. Our net back is the gross percentage of revenues. Before anybody says, oh, he's going to control that. We are still the operator. We are still the license operator. We have financial control. We distribute the money so nobody can outmaneuver us in terms of what our share is. We get our share and then we distribute the shares to the other party or parties. That supports our business growth strategy. Again, you know, a lot of criticism about increasing the authorized share ability to issue shares up to 500 million shares. Yeah, we're not an ATM machine, although some think we're an ATM machine. We are not going to go out and suddenly raise a huge bunch of money for something we don't even know what we want to spend it on or what that could buy us. Maybe it could buy us a dozen companies on AIM at present. But at the end of the day, we have to have flexibility, cosmetic flexibility, as well as physical flexibility. If we suddenly see something that we can purchase, which is production and adds value, and we have to issue a few shares to do it, we will do it. If we find a distressed asset, if it adds value and adds cash flow. Most importantly, if you're trying to sell a huge strategy, if you like, in Morocco to the sort of party who is going to look, first of all, most of the opportunity, but secondly, make sure that the entity that it's buying into can survive. Surviving means that you have flexibility. You have a bit of cash in the bank, which we do have. You have the ability and instrument with the 500 million shares to raise cash, even though you don't necessarily or you are not going to go down that route. All your licenses are in good standing and that you've structured your companies in a way that they can buy into subsidiaries, just like we structured in Ireland. That is far more important, showing that cosmetically as well as practically to a potential buyer. The other thing is like, it is no good trying to be at the table and selling assets that we have if you're going through an audit every year and you have to prove that you're going concern. Proving that you're going concern means that you have to prove that you have the ability to raise funds for 12 months, not necessarily that you're going to do it, but that you have to have the ability. People ask us, oh, why don't we spend all the money and drill MOU-6 now? Well, yeah, great. Then we come to the audit and then we have to determine whether we're going concern or not. Then we have to raise money. Then we have to prove that we can have another 12 months working capital forecast. Well, that doesn't sell you the company. I'm sorry. It doesn't sell you the company. There are a lot of different things to look at when you're trying to put a strategy together, an exit strategy of this scale. There are good examples in the last 24 months of companies that have had to be suspended periodically from AIM or the London market because they couldn't put their audited accounts out on time. When your shares are suspended, you can't trade them. The value goes down to zero temporarily or in some cases forever. We're not going to make an apology for putting ourselves into a position where every time we have an audit, we have a clean audit, we have a 12-month working capital forecast and we have no debt. We are in a strong position in that respect when we want to exit our asset, which is what we put into price. If you're trying to exit something of this scale, we've set a timescale of six months to work this through and that process has started. We're not going to tell you who we're talking to. We're not going to tell you what the terms are because we're in a commercial process. We started the beginnings of a commercial process and we're not going to give you a daily football report on what we're doing because we have to protect our commercial interests. By protecting our commercial interests and negotiating leverage, we're protecting our shareholders. We are not protecting our shareholders by saying, oh, you know, we got 10 barrels a day out of Trinidad today. That doesn't protect us. We will report where we have to report and we'll report on progress. The biggest progress we can make in the next 6 months is to be able to get the scale of transaction that we had negotiated for Ireland using the same tools that we put together for Ireland, the same management skills. You might not appreciate management skills, but the people we are dealing with do. The same ability to hit way above our weight at all levels, at government level, at big company level. We can do that. We've built that up over many years. It's not something that comes overnight. When you're getting nervous about progress, just remember what the ultimate goal here is. It took us 9 years to put together the Irish position from absolute scratch. Zero balance sheet day one to a situation where we could attract a $7 billion potential investment. I started Predator myself zero balance sheet. We're coming to a situation where we're almost where we are in Ireland. Well, we are where we are in Ireland. We're ahead of where we are in Ireland, and we've done that in six years, not nine years. That's progress for me, our loyal shareholders, and the people who want to be associated with this company. I guess I've had my say on this. I hope from what I've told you understand what the strategy is here and why it is so annoying that a rumor can be put around that we're exiting Morocco. Misinformation, disinformation, sheer hypocritical ignorance of what the company is doing. I mean, some people don't want to know just as they did in Ireland in 2008 and 2009. Just don't know what we want to do. The other thing I would add is that we have a very good working relationship with ONEE. I understand that ONEE is in the process of being privatized. This is the perfect window to look at a flexible investment strategy because what I would like to see is a 49% investment in a subsidiary on the same terms as similar terms that we've got in Ireland, as that is a great way to progress a transition gradually. The incumbent party can utilize our network of contacts that we've made in Morocco. As I say, ONEE are very supportive, and this year, in the last 12 months, ever since September last year, we have had not one single delay on customs clearance. We haven't had not one single issue in terms of use of equipment, timing, et cetera. We drilled MOU-5 with no overbalanced drilling issues. We drilled it in 12 days with a minimum downtime of literally hours, and that was not due to us. We didn't have 100 people on the site. I'm not sure where that came from, but that might have been there was a rumor that another operator had 100 people on site. I know where that rumor came from as well. There certainly wasn't 100 people on our site, so there might have been a bit of misinterpretation of what was said at the time. There could be up to 100 people on our site, but there was not 100 people on our site, and there never has been and never will be. I think you've got a pretty good outline of where we're at today and can I add anything to that? Probably not. Let's go to. I'm not gonna go through all the slides, so relax. Let's go to this slide. This is just the overview of the activity in Trinidad. I'm not in for Trinidad. No, definitely not. What we're doing in Trinidad is giving ourselves all the instruments, all the agreements in place, like the master services agreement that minimize risk. We've reduced operating costs already by 28%. All those operating costs are parked with the operator, the technical operator if you like, of the master services agreement. We still have AFV approval rights. We still have rights to approve where wells or workovers have been done. That has allowed us. The acquisition of the Challenger assets have allowed us to put a program together of nearly 15 heavy workovers and infill wells to be drilled in the next 12 months at no cost to us, satisfying all the well commitments. Remembering we bought the Benas asset for $1, we managed to restructure those assets in the last six weeks. We managed to create constructive balance sheets and will pass muster when a bigger company is looking at acquisition in Morocco 'cause they look at the whole picture, not just the whole strength of the company, not just Morocco. We have the ability to increase production currently from 280 barrels a day to over 1,000 barrels a day. Snowcap-3 is definitely on the agenda as is Snowcap-4. The two wells will be built, will be drilled back-to-back next year in Q1, Q2. Late Q1 and Q2. Everybody gets nervous about timing, but timing is dictated particularly in Morocco with MOU-6. People think that, you know, we're pushing back MOU-6 deliberately. Well, we're not. You know, in Morocco, there is no ability in country to get casing. No ability in country to get the right mud system we need. Everything has to be imported. That's time-consuming. Until you've gone through that process, you don't actually know whether it's gonna be 3 weeks, 6 weeks, 8 weeks, but it's all accessible, but it is a time issue. Then you also have to have the right drilling program. We have spent a month for the last 5 weeks now looking at the future drilling program for MOU-6, looking at the mud system we need, the casing design, which might include an extra string of casing to resolve some of the problems, and in particular tying what we propose as a drilling program to the geology. The beautiful thing about MOU-5 and this year and even the testing program, MOU-3, which gave us the information that allowed us to effectively start the divestment process. Communication. We made changes last year in terms of our management structure, not just here, but in Trinidad, everywhere. The exercise there was to put the board more in direct contact with the people at the coal face. I can't say coal face. I don't know what I say at the top of the windmill. We have to put the people there right at the forefront of our operations. Because fundamentally, if we don't know what's going on, if we can't use our collective hundreds of years of experience, then we can't put that value to good use. That's why I'm very happy this year that our programs in Morocco went so well. I'm very happy in this year that we have acquired a tremendous team in Trinidad. In particular, I'd like to single out Jeffrey Leed, our Managing Director in Trinidad. Without him, we wouldn't have grown the position in Trinidad. It's absolute pleasure to work with someone who understands our vision, supportive of our vision, and works tirelessly to deliver our vision. I just wish there's a few more people like that, but all the people associated with us are there to deliver our vision. Next slide. Oh, no, that's me. Sorry. Yes, so something happened. Again, over Moroccan... Oh, yeah, sorry, I forgot to mention on Trinidad in case people think we're so concerned about not, you know, doing a certain work over on 5 A.M. on Friday night or whatever. We had to incorporate 8 different new companies into our structure with the acquisition of Challenger Energy, so we've done that. We had to go through all the different audited accounts and bring them all up to date. We had to get everything into a format that put the whole Trinidad structure in place. We've done all that effectively in 6 to 8 weeks, and, you know, I would like to thank publicly the assistance Challenger Energy, and particularly Itan, has given us on making this happen as well. Without his help and the help of all the people in Trinidad, we would never have got to this position. I think he hopes, you know, we will be successful on this, and we will be. We're already successful. We've made huge advances. That's no reflection on the past. It's just reflection that we perhaps have a different drive, different philosophy, et cetera. Just going back to then focusing on Morocco, 'cause I know I'm not in it for Trinidad. Morocco is at a stage where we've proven up the gas resources at 2C level, contingent level that we wish to. We've... Basically, the information that we've got from the MOU-3 testing program, in terms of what the potential reservoir was in an unconsolidated state, gave us this information on how to design future testing, but also how to plan for the MOU-6 well for unconsolidated sands, and there are four different levels of gas in MOU-3 that are targets. Some have said, "Well, we go for the deeper resources 'cause the resources are bigger." That is actually changing now. The shallow resources are particularly what we call the Ma/TGB-6 sands, where we now think that that's a potential stratigraphic play over 81 square kilometers. Sixteen square kilometers of which have been proven up structurally in the MOU-3 and MOU-1 wells. What the testing program on the A-sand did for us was, for the first time, we can prove formation damage instead of saying, "Oh, the logs gave this," or "It was overbalanced drilling." We can prove it was formation damage. We can understand the fact that overbalanced drilling and the fact that we didn't have an intermediary casing point was, or a second casing string, was detrimental to the effect that when we're drilling through this section, the fine-grained sand, unconsolidated sand, got washed out into the drilling mud. The drilling mud then reprecipitated the fine clays in the sand, which are not a problem if you don't drill them. They're very porous, very permeable sands, capable of doing at least 20, 25 million cubic feet a day if they've got connected volume, which is these have connected volume. We know what's there, but it's the challenge, which we are overcoming, is to get the drilling program right to address the situation. For example, in MOU-3, we can prove that a few PSI, 20 or 25 PSI overbalanced drilling is enough to shut off the gas inflow into the well. A lot of people seem to forget that while we were drilling, we were getting gas inflow into the well. We got gas samples in the well. We got a helium sample, which is a very light gas, at the bottom of the well, which is quite remarkable given that the overbalanced drilling. We proved up what we wanted to prove up, and the beauty about it is that the much-maligned NuTech logs, which is a technology I believe in because I proved it in Tendrera, I proved it offshore Ireland. It's a technology of log interpretation that I've proven that I know about and approve of. Again, it was the, like, early precursor, if you like, to AI use of a variety of parameters to create logs that will give you a reading beyond formation damage. When these logs were run were interpreted, the conventional logs usually time and time again, "Oh, they're not showing any gas, they're not showing any of this," or, "They don't do that." Well, they were all showing the formation damage. Everything in there was underrepresenting what was there. Along came the new NuTech logs. Nobody believed them because we had, in some cases, 80% gas saturations. Nobody believed it. Well, now everybody believe it. You know, everybody who's knowledgeable believes it. They understand that the importance of identifying the formation damage and how it's transformed our understanding of what MOU-3 and MOU-1 recovered. We now have two separate fan systems that can be targeted, MOU-3, which we believe all are gas-bearing. We have not seen any water on the logs in these intervals. The attractive thing for us is, yes, there's the proven gas, you know, the 2C gas. There's now an upside way beyond what our initial expectations were that we will address in the divestment process, the flexible divestment process. We will update all that as part of that, divestment process with an updated, technical ITR, CPR designed for the incoming suitor that will effectively put together everything we've achieved over the last 5 years, which is drill 4 wells, drill a 5th well for salt, find helium, find gas, develop a huge 150 sq km biogenic gas basin in an area that had never, ever been explored in over 50 years. It's a new basin. Of course, there are teething difficulties. We didn't come into an existing gas discovery. There was nothing to compare. You know, we thought it was gonna be very much like the Rharb Basin. It is, but the sand is slightly different in terms of its composition. That's not, you know, a thing that we can't address. You gotta look at it from the positive. You start with nothing, and you end up with something that you're trying to sell for or attract a huge investment in. What else? I'm almost finished. Don't worry. Overview of 2025 activity, Ireland. I've said here Ireland is non-core, and so is new ventures. They're there for a purpose. In Ireland, people who know me in Ireland know that, oh, I'm difficult. You know, everybody thinks I'm difficult, but... Somebody even called me rude, I believe, so I can't believe that. It's for a purpose. You don't negotiate hard, you don't gain respect unless you're prepared to be absolutely ruthless. The reason why you have to be ruthless in Ireland is because after 41 years of investing in Ireland and building up our position in Ireland, it's all been basically torpedoed by the green revolution, and that's not green windmills offshore. Great, you know? The bottom line is security of energy supply in Ireland is now worse than it's ever been. Prices in Ireland for electricity are worse than they've ever been. Not inflation, but cost of living is worse than it's been for living memory. That's because of lack of gas supply. Simple as that. All imported at very high cost. What sticks in the throat is to see with people that you've negotiated with, what you've worked with for 40 years, spend 7 years over an application for a successor authorization Corrib South. 7 years. Every 6 months, last December, you get an email saying, "Yes, we have everything we need. Thank you." Nothing happens for 6 months, and then you get another email saying, "Well, this isn't quite right. Can you produce your next set? Can you give your latest interims?" This goes on and on for 7 years. The problem for them is that under the conditions for the award of the licensing option in 2016, under those terms, it is a legal right. It's legally binding on the government, our ability to apply for a successor authorization. They haven't progressed it. They are hoping we go away. Every six months, they are hoping we go away. Well, we're not going away. Sorry, it's never gonna happen. They were given correspondence in August that basically said, we gave them three options to resolve the situation because under any stretch of imagination, not negotiating over seven years is not what you would call normal industry or regulatory practice. They're in what I like to think is a dark hole. You know, they're used to being in a dark hole for the last 10 years. We set out a set of circumstances where we demonstrated some irregularities in the procedural processes. They have till the thirty-first of October to respond. One minute past midnight on the thirty-first of October, it'll be trick or treat time. If we don't get a responsible answer or a satisfactory answer to our request, then we will start the process of engaging a no win, no fee lawyer to go after them, basically. Just in the same way Barryroe did and is doing. We will do it more on the basis of the frustration they have caused over seven years by failure to award the successful authorization. It's unimaginable what value of that is to us at present. The value there is, going back to the President Trump ethos, is Europe should be prepared to develop its own indigenous resources, not rely on the U.K. for imported gas, which is what Ireland does. Therefore, you know, it's incumbent on the Irish government to take a stand here to address this situation because it looks absolutely embarrassing for them that they spent, or their agents, if you like, have spent 7 years doing and saying nothing. Leading the company, not just our company, but other companies on the basis of promoting a financial investment opportunity, but then not honoring the commitments that they made in 2015 when they issued the licensing option. That is their problem. They are in the black hole waiting for us to withdraw our application or die. Well, I may die very soon, sooner than they'll ever get around to processing the application, but that's why trick or treat time occurs on 1 minute past midnight on the 31st of October. I've dealt with corporate changes. I just wanna come back to, bear with me a second, to this. This is the next 12 months. Unfortunately, well, I say fortunately, but some people say unfortunately, we are an activity-driven company. We never sit back and effectively do nothing, which I think some people think, you know, we get paid to do nothing. Well, we don't get paid to do nothing. Everybody works more productive hours than probably anybody on this call. That's because they all have a shared vision. I mean, we are, you know, evangelical, but we're evangelical to good purpose. We're not trying to convert anybody. We're just trying to get to an endpoint. At the top, you see, how... I'm not in Trinidad. You know, I didn't come here to be in Trinidad. At the top, you see why production is important to us and the increase in production. The figures are the gross figures. We, you know, have 100% of the gross figures, but we recover 30% of the revenue. That revenue is off the top. We pay no operating costs. We only deduct tax where we have $100 million worth of tax to offset. We have no commitments. You know, we never have to raise money to progress Trinidad. We might, you know, bring in another asset which has production. In that case, we might have to issue a few shares. That's not on the horizon any time in next few months or six months. We also have the ability to any new entity or action we bring in will come under our master services agreement. Invenas our service provider is drilling for infield development wells over the next 12 months. He's already in the field on a workover and has been for some time. He's already reactivated six wells. Those wells were producing zero, and now they're producing. That was just to get the field back into shape and allow us to do the deal on the sales point. Without a sales point, you can't sell oil. No point in producing huge volumes of oil if it's gonna put it into a tank which then overflows. All these things have to be put together. We put them all together. There's more to do particularly on Cory- Moruga. We have to find a sales point for that before we can do anything else. You know, we're making good progress. We've got heavy workovers over the next 12 months for the Challenger assets. Three fields there, Carcus, Gusi, Guapo-D'or, and Inniss-Trinity, which we know from the CO2 EOR project that we did. We've also got Snowcap and Cory Moruga. This program is still the same as we said earlier, late Q1, Q2, 2026. It's not wise to do it any earlier than later this year because of the rainy season. There's a lot to prepare for it. Someone asked about regulatory hurdles and things like that. Well, Trinidad has well over well, nearly 100 years now, but 50 years of practical oil and gas experience. The system is, you know, well-known, well-tried. The oil and gas industry is the most important industry in Trinidad. If you ever wanted confirmation of that, ExxonMobil came into Trinidad, as you know, this year with a $42.5 million investment and potentially, according to Trinidad sort of rumors, I don't know, but actually this came from the government, $21.6 billion potential investment if they have the same success as they have in Guyana. It's nice to be in a country where there are people around, companies around, Shell and hopefully. Well, not hopefully, but Shell may well get a license, with or without the blessing maybe of President Trump. I don't know what the situation is there, on the gas development on the joint Venezuela-Trinidad border, large gas field there, which is important to Trinidad's gas industry. Yeah, well, I like to be talking about big things like that rather than should I be in Trinidad or not? Have to think about that one. Then the last point there is business development strategy. Although we know. Oh, sorry, I should have mentioned Guercif. MOU-6 is still in progress and in the schedule, and it's a wide window next year simply because people seem to think you can go out and do something immediately. Well, you can't. You know, you have to first of all, you have to make sure the well design fits your geological objectives. That means geology, like me, I'm a geologist, working closely with the drilling team, the engineers, if you like, and the people with the fantastic experience to drill wells to ensure that everything is aligned, objectives are aligned. Also, you know, you have to import items which have to be sourced worldwide, and supply chain is very tight because the industry is expanding now. Exploration worldwide is increasing. COVID still did a lot of damage to the industry and stocks. All that is accessible, but sometimes you have to add a few weeks here and there. The overriding philosophy is that you don't start drilling until everything is in place. We don't want to be sitting around for days waiting on a piece of equipment. The reason why MOU five was successful, the testing program was successful with very little downtime, is nothing started until everything was either on-site or a few hours away from site. If we have to pay standby time, it's for drilling, it's $100,000 a day. Simple as that. I'm not paying $100,000 a day because someone forgot to tell me or, you know, in my current drilling team that something wasn't delivered on site. They all know that. They understand that. It's good to have that strategy because money wasted is shareholder value lost. We are always open to new ventures, either new acquisitions in Trinidad or production or ultimately evaluating the greater Caribbean, South American region, where we can see value in our business strategy in developing onshore oil, for example, which is being overlooked using the connections that we have and that we've developed in Trinidad over the last few years. Now I'll deal with questions. I'm sorry it went on for so long. Well, I'm not sorry actually, because if you don't understand the strategy and the way forward, then the questions don't become relevant. Should I hand over to you, Mark, for just a second? Yes, Paul, absolutely. Thank you very much indeed. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the right-hand corner of your screen. Just while the company take a few moments to review those questions that have been submitted already, I'd just like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can all be accessed via your investor dashboard. Paul, as you can see, we have received a number of questions. If I may just hand back to you just to read out those questions and give your responses where it's appropriate to do so. If I pick up from you at the end, that'd be great. Thank you. Okay. What I've done is grouped like families of questions that relate to perhaps the same subject, so you're not repeating the same answer. I've got and I'm not doing them in any particular order, right? I'm just going through them as we, you know, received them, questions 1 to 72 or 80 or 100 or whatever. As you can appreciate, it's not possible to answer every question, not necessarily or always because of time, but because of commercial sensitivity. I'm not gonna answer a question that is aimed at undermining or not undermining our commercial negotiating power or trying to request a technical very technical question, which is not really gonna be understood by most of our shareholders. Question one: What happened about the possible farm-out? There was no mention in the annual report. The annual report kind of reflects what happens in 2024. As we moved on from the testing in the summer to where we stand today, which like last 3 months, we've got into a position where the farm-out becomes irrelevant because we're now focused on effectively the flexible divestment. I'm not saying it's totally irrelevant, but I'm saying a farm-out based on what we know now from the data we've gathered in the testing, for example, is that we don't want to farm out and give away 20%, 30% of the license on just farm-out terms for 3D or farm-out terms for 1 well. It's almost impossible to divvy the license up into parcels because that creates all kinds of issues with ONHYM. No, not obstructive issues, it's just always difficult to plan for those sort of events. Sometimes you have to be very flexible in the regulations, but it's not possible to do that when those regulations are set out in the hydrocarbon code, for example. Farm-outs, no. The process is ongoing for bigger value through flexible divestment. That will take. Look, we've started, it will be a 6-month process. I'm not gonna tell you that we're gonna have a result in 1 month, 2 months, 3 months or 6 months. It'll take how long it does. You don't try to get a deal like this. I'm not saying that any deal is achievable, but you don't try to pitch for a deal like this if you want everything to be done and dusted in 3 days, 7 days, 1 month. Okay. Stop saying fully funded. This is like your biggest achievement when all you do is keep rinsing the shareholders. I, you know, I'm including this. Like it's just typical really of the position of a listed company in the London markets. I'm a shareholder. Am I gonna rinse myself? I don't even know what rinsing means. I mean, I didn't get into the washing machine this morning. If I did, I would be rinsing myself, would I? I wouldn't be rinsing myself through dilution or, you know, lowering the value of the company. That happens through the public market. There's nothing, you know, we or many other companies can do to influence the public market in the current situation in, certainly, in London. There's no point in saying that we can. I mean, the bottom line is. You know, there may be people in the regulatory authorities and the LSE that won't like this said. I don't care. You know? It was announced by, I think it was Bloomberg, just recently, last few days ago, that London Stock Exchange had now slipped below Oman and Mexico as a venue for IPOs. That's no disrespect to those countries. They're fantastic countries for to work in. I don't know Mexico, but I do know Oman. I love Oman. Isn't it a sad state of affairs that has happened? Instead of bleating on about, you know, trying to get investment into London stock market, they can start by organizing the London stock market, regulating it to a situation where, you know, so many companies are not undervalued and forced to delist. We're not gonna delist. I can say that now. Neither are we happy about the position. We're not happy that 25% of our value can be wiped off in one day on AGM day by 8 million shares out of 681 million shares. How is that, you know, a regulated, sophisticated market to attract investors? It's sick. It's depressing. It's not gonna depress us because we don't see it as something we can influence. There's no point, as we found out in the past in asking for any guidance from the FCA. I mean, we can't wait two years. Even if we waited two years, they don't have the resources on small fry like us, and it wouldn't be in the public interest, supposedly for us, you know, to pursue something like that. Just a waste of time. The only way we can get attention is actually by embarrassing people, you know. Isn't it embarrassing that, you know, not just us, but so many companies have to desert the London Stock Exchange? We're not deserting, but have to desert the London Stock Exchange. So many people are unhappy, especially in the oil and gas sector, but there are other sectors too. You've seen that from all the announcements over the last 12 months. Why don't they get off their chairs, and why doesn't Rachel Reeves do something about it? These are the things that have to be done. Investment in the London markets and in the finance markets are critical. Energy stocks are critical. Get off your chairs and do something. Don't let us- Why should we have to do it? Why should we have to make complaints? You know, it's your job. You get paid for it. Do it. Okay. Third point here. What is the timeline and key milestones for bringing the Snowcap discovery to full production? And what are the biggest risks, technical, regulatory, logistical, you foresee achieving that? Excellent question. I'm not being pedantic or facetious. These are the questions that are really important to shareholders, and these are the questions that we can give reasonable or sensible answers on. It's not a planted question before you ask, not like things that are planted on the blogs. The Snowcap-1 was a discovery, yes, and it's often forgotten that Rochard-1 on the license was a discovery in, I think it was 1955, but never followed up, and it's in the same structure. We actually have two wells in the same structure, but there is no possibility on Earth to go back into Rochard-1 because it's such an old well. What we looked at in Snowcap-1 was a workover, and we can still do that. What we also can do now under our master services agreement is effectively take that Snowcap-1 well and repeat it, redrill it, which will be more cost-effective and will allow us to drill it more effectively because the current workover one well, when we looked and inspected it, is gonna take a lot of work to work it over and get it back in production because of the damage that had been done previously downhole. Redrilling that as part of the Snowcap-3, Snowcap-4 program is the best way to go. We will probably, and don't, you know, hold a gun to my head on this because we have flexibility, and flexibility is there for a reason. Not to annoy shareholders, not to annoy news flow, but every day, every week, new information has to be integrated that maybe causes you to adjust things. Right now, I'm looking at drilling the shallow well, if you like, the producing Herrera #8 Sand first. That's because we're gonna reactivate a rig. That will take time. Hopefully, and again, don't hold me a gun to the head on this, hopefully, if all goes well, the rig will be ready to operate towards the end of Q1, and we'll drill a Snowcap shallow if we've got a Snowcap shallow. The reason for that is I suspect I can get an MSA agreement, master service agreement, with the rig owner who is also involved in our current master service agreement and let him take the risk of taking the rig out the stack, shaking it down, drilling it, and sharing you know the revenues with us in as a result of that. We're not giving a lot away because we're only targeting the Herrera #8 Sand in that well, and that will be technically less risky than going back in and doing a heavy workover on the original well. We can maybe still do that in the future even next year, but we don't wanna take the risk and the cost of doing that if we can drill another well cheaply. As the rig is then shaken down and we get Snowcap-3 completed and ready to produce, then we drill Snowcap-4. Now, Snowcap-4, we will do 100%. There will be ways to fund that through production, but I'm hoping also that we always have the ability of a divestment, whether it be Trinidad or certainly, you know, hopefully Morocco before then or around about the same time. I'm hoping that we can manage a situation whereby we don't have to raise funds for Snowcap-3. We have some cash in the bank, but you know, I need to have 12 months working capital forecast. I can't blow everything and then not have 12 months working capital forecast. That doesn't work for us. I'm not saying we're raising money before we start screaming or diluting. That is a high reward well. We're targeting three horizons producing in the nearby or have been and are still producing in the nearby Moruga West field, and we're targeting possibly about 800 barrels a day minimum in initial test results. The issue then is, well, you've got to sell the oil. We're looking at some of the risks. The technical risks are limited because we have so much information now on the Snowcap area. Snowcap-4, high reward well. We've found a location where we can drill a straight hole, and that carries less risk in drilling a deviated well from an existing pad. We simply can't drill that far or that deviated a well. We also have managed to secure the 3D seismic depth migrated data from a very helpful local operator, and that allows us to better plan where we actually position the Snowcap-4 well. We also have a very good location that is just 100 meters off the road, which means we can get the rig rigged very easily. There's very little environmental or civil risk, if you like, in making sure everybody's happy that our location suits them. The regulatory risk is, I'll never say zero, but it is very limited because there's a tried and tested process. The industry is very important to Trinidad. There's a set number of procedures you have to go through. Jeffrey Leed, our Managing Director in Trinidad, has done this many times. The process always runs very smoothly. Whenever there's any kind of hiccup, it can be resolved in a matter of a couple of days rather than months, weeks, years. We're very happy that process will proceed. In terms of production, we have storage tanks through our acquisition of Challenger assets and Bonasse and Cory Moruga. We have a plan for the sales point, which I can't tell you about now, but will certainly allow us to sell oil from Snowcap in 2026 through with all this put together. Right. Okay. For any possible future raise, do you think the company would be better off going for a loan rather than diluting the shares or rather than delay diluting the shares with the revenue Trinidad would cover the loan? No. I don't think that's it. It's not something that we would ignore. We take all suggestions with common sense. The issue really is we've made it clear we don't really want to get into a loan situation. You know, effectively, the way we could be doing this is through our master services agreement, which isn't a loan. It allows us to take revenue off the top, and effectively if we want to change that, you know, we can contribute 100% to something. Diluting the shares comes back to my comment about you either have some dilution as we had in the past up until now in the shares, or you dilute the project equity, and that's the balance. We're not diluting the project equity in real terms in Trinidad because we're actually getting more by taking the cash off the top than if we were, you know, having to pay for the high operating costs, et cetera, which as I say, we've reduced by 28%. You may say, "Well, why have you reduced it by 28% if you're not paying for them?" Well, the bottom line is, we don't want our service provider to go bust because of high operating costs. He and I at the company and the shareholders on this are totally aligned. More production, control of operating costs, economies of scale, win-win for everybody across the board. We're not gonna screw our service provider so that it goes out of business. Well, that's like, you know, smashing the golden egg, you know, the goose- the golden goose is laying. Okay. That covers the same point. Are you able to give some details on the proposed well design for MOU-6, please? What advice have you taken from whom regarding the modified well design and the aim of reducing formation damage and optimizing sand control? Would you be willing to share the final specification of the well design with shareholders? Well, number one, why on earth are we gonna share the final well design with shareholders? Firstly, most shareholders are not qualified even to appreciate the final well designs. This is like a question that comes from someone, you know, with specific knowledge, and I don't mind that, but don't link it to shareholders. Shareholders, you know, are not gonna understand, you know, the final details of well design. That might benefit another operator, but it ain't gonna benefit our shareholders. Having said that, we have put in place, as we did for MOU-5 and for the testing program, the team that we need to address this issue, and we're very happy with that. Don't forget, we've inherited a staff of 65, not that we're paying for any of them. They're all part of our service provider and are extremely competent, no matter what other people would like to think about the fact that he's an in-country operator. It's actually degrading and discriminatory to insult in-country operators, which I know some people have done, not on this call, but elsewhere. He has the experience, the expertise of drilling similar wells in a similar section in Trinidad. We combine all those attributes, and that's coordinated by me. I may be CEO, but I'm a geologist. You know, my background is Royal School of Mines, London, which meant something back in 1976. Well, equal with the Colorado School of Mines, most prestigious science college in the world for geology and mining, and I spent four years learning the trade in Libya. I went there to do a PhD and ended up working for the Libyan National Oil Corporation. In Ireland, I drilled four wells. I coordinated TV 7, and I drilled those four wells. That coordinating don't mean you sit at a desk or sit somewhere else other than the well site to coordinate. Coordinating means you're involved in the day-to-day discussions, and you use your geological input to refine the process, to remind drillers that this is not about getting the well down at any cost. Well, that's a great result. It's not a great result if you don't get the well down that delivers the geology or the geological program. I'm not gonna waste my time, one month's time producing a highly, specific geological program that is approved by ONHYM only for that geological program to be ignored by our drilling entity, you know. That's never gonna happen, and it has happened. We have to keep very strong control of that process. Drillers probably don't like that, you know, because they like to be independent. That's understandable. We're working with a very humble guy, very efficient guy, and a guy who learns and basically contributes as much as I do, and there's mutual respect. An example of that is. I picked up, we had very limited amount of perforating gun for A-sand, 'cause it was hardly anything in Morocco left. Well, that was the only amount left. That's 3.5 meters, and that came directly from Schlumberger, no other operator. They graciously gave us that price, of course, and that meant we could pick, say, four points in the 11 meters of A-sand that we wanted to perforate. I picked the points where I wanted to perforate. He comes in to me with a piece of paper and said, "Oh, do you wanna pick the perforating points?" I said, "Yeah." He says, "Look, I've just..." and then gave me a piece of paper, and I said, "Well, where does this come from? Did you just copy my piece of paper?" He said, "No, I thought this was the right place." He said, "You're spot on. I couldn't have done it better myself." Working like that in conjunction with someone is the way to deliver results. It is not my business to sit. I'm not gonna sit a million miles away and tell anybody what to do. For that kind of program, I was there for five, six days working with them, listening to Schlumberger, you know, listening to the cement, you know, unit guys moaning and whining and what have you. The fact that the CEO of the company was present meant that nobody wanted to go rogue, if you like, because they knew they would be watched by the CEO of the company and a corporate drilling manager, who had a window that was like a wide screen that looked at every single aspect of the drilling operation across the site. If he saw a guy on top of a crane or something, and that wasn't in the program, he'd go out there and say, "What are you doing up there?" You know. That's the way everything should be run, and that's our modus operandi. Okay, you know, we have great team in Trinidad as well that we can rely on. We're not too concerned about people telling us, you know, how to engineer or how to drill wells. I developed the formation damage issue. No driller, no engineer. I developed, you know, how we could resolve that, but it was geologically based, and then it was, we'll talk to the drillers, we'll talk to the service companies. How do we do this? I want this, this. This is the problem. If you don't understand the problem, then you won't find a solution. Unfortunately, I'm pretty tired of getting emails and texts saying, you know, "How are you gonna do this? Why are you doing this? We can do this. We can do that." I don't care. We've been there. We've done it. We've learned, you know, a lot from what was done before. We now have the team and the people in place deliver what I want and what is good for shareholders, and I ain't change, ain't changing. This model is not for turning. Okay, have you had any low-ball offers from Morocco that you rejected? Nope, none at all, and neither are we ever gonna entertain any. Not interested in low-ball offers. Nobody has even dared approach us with a low-ball offer. Nobody would, and that's not because they don't think we have any gas, as some people may have alluded to. Nothing but rumor, misinformed rumor, you know, probably from a geological expert. I don't know. We're never gonna, you know, look at a low-ball offer. You know, anybody who even dreamt of doing that, and nobody would know what my reaction would be, right? I wouldn't even get to, I wouldn't even sit down with them at a table. We're not interested in a low-ball offer. We're interested in doing what we did in Ireland, and we're gonna get there if we, you know, go down that route, whatever happens. What sort of figure do you have in your head that you're willing to let Morocco go for? I think, you know, a lot of shareholders would ask that question, quite rightly in many respects. But how can you actually say what will you let it get for, go for? The minute you've said something in a public interview that could go literally worldwide after what I'm gonna do, after this interview is over, then your negotiating position is gone. You've already set your goal, and your goal may be an underestimate, may be an overestimate, it may be in the middle. But what person on Earth would give away their negotiating position before you even, you know, got to the table or even in the process of, you know, starting negotiations, something like that? I'm sorry, you know, that's an answer for you. Have you gone to the FCA to complain about our share value like you said you were going to? Yeah, well, I've answered that question. There is no point. There is absolutely no point. If by now the FCA and the LSE don't appreciate the issues with undervaluation of not just our assets and our share value, but many, many companies. If you look at share trading today, compared to even a couple of years ago, you see massive swings, sometimes reflected in share price. I say spread rate. Sometimes a bit of news goes out and something goes up 25%. Next day they've gone down 15%. Well, you know, what is anybody watching at the FCA or LSE? They're certainly not watching those screens of the companies, you know, we all know have quite volatile share price movements. That should tell them that there's something fundamentally wrong with the trading system, with the disclosure of information. The company can disclose information in the conventional channels, and we will only ever do it in the conventional channels. A false rumor, an AI fake news can change that. It's the problem with social media, and that's why we made it very clear that we're not using social media. We use our formal X account, the Predator X account. We use RNSs where we do provide a lot of information, believe it or not, and we provide annual reports and interim reports. We're not gonna go down a social media route to be manipulated literally every single day. There will be manipulation after this call, we know that. If the FCA and the regulatory authorities and the ASC can't see that already, then they're letting everybody down. They're letting shareholders down, they're letting the financial markets down, they're letting investors down, and is it no wonder that the, you know, the market isn't getting the investment in certain sectors that it should? Maybe they don't care about our sectors anymore. Well, someone should tell them, you know? Hopefully, you know, by doing interviews like this and by getting some shareholder feedback, not via the people who benefit from share trading, but from the loyal shareholders. You know, the people I sat around the table with in Jersey recently, two days ago. We deserve better than what's going on at present. We deserve better regulatory oversight. We deserve a better system. We don't wanna be part of those who're joining Moses and the Exodus through the seas to foreign lands. We're not gonna do that. We're gonna make it very clear that we're not satisfied with the current way things are going, and we're not the only ones. Most people are too afraid to say anything about it. I'm not afraid. I don't care what they think of me or what they say of me. They can do what they want, but I know from my experience that in my case, they won't have a leg to stand on. Okay. The RNS on the 19th of September confirms that the Jurassic project extent is still 187 sq km. Following MOU-5 drilling, the estimated Jurassic gas resource is still the same as the previously published estimate of 70 TCF, etc., etc. Next, Predator. What we drilled, we drilled the Jurassic. It was down dip. The structure still is retained. There's other drilling locations. Well, definitely the focus is to move to the underlying structure, which is about 100 square kilometers, plus or minus maybe 10 square kilometers, and that's directly beneath the Jurassic and was below the base of our MOU-5 well. You know, you can say, "Oh, well, why didn't you drill it?" Well, we didn't know it was there, you know? Nobody knew that the Triassic existed as a target. We were primarily looking at the Jurassic target, and we're not in the right position of that well to have tested the crest or ultimate with enclosure that structure. We did run a gas chromatograph for helium, and we did find helium. A gas chromatograph showed the helium at an interface between the Tertiary and the shallow section and the Jurassic section, which was a line of weakness, possibly faulted as well, which linked back to where we thought a source of helium might have been under the structure. We did find 100 feet of sand at TD that we never knew existed. To give you some background of that, we'd already reached where we intended to reach at 1,100 meters or so. We were pretty much through the carbonate into evaporite. I said, "Well, for the sake of a day, or half a day's drilling, we're well under budget, let's just drill on." Right? We drilled on, and we found 100 feet of porous and permeable sand intervals as well. In that moment, we created another play that we never would have found if we hadn't made that split-second decision, "Drill deeper." Right? That's what I'm telling you, is that sometimes things deliver what you don't expect. Sometimes they deliver, you know, pluses. In that 100 feet of sand, we didn't have any indication of gas, but we did have some little helium peaks. You know, the struggle with well site geologists is that they don't have the same background in the overall play understanding. You know, they tend to ignore certain things. Whereas when you are drilling for something specific and you get even the hint of success, particularly extraordinary light gas like helium, then you start to get very excited. Because we found helium, we sampled helium in MOU-3, which we drilled earlier, a couple of years earlier, a year and a half earlier. Frankly, at the time we said, "Oh, big deal," you know? We didn't even think about it. Helium started to emerge as a target in East Africa. We thought, "Well, what does this mean?" We went back and we got started to develop a helium model with the right kind of basement structure that we needed to develop it. Now we've got the 68 sq km structure, which is very, very attractive for further helium appraisal. There is, but the majority of what we're finding is helium, and the MOU-5 well is helium, and there is no natural gas at this location. If we can drill the Triassic, which is about 700 meters deeper from where we drilled MOU-5, deeper than MOU-5 well, then we would hit the Triassic, but just slightly on the edge of the structure, but certainly on structure. There's no point at this stage in us deepening MOU-5 because we'd need a different well design. We could sidetrack it. But we're not gonna do anything like that yet because we're part of this. This is the cherry on the cake to offer an incoming partner. You know, sometimes it's better to lead the process or leave value, if you like, on the table at the next stage because there's nothing like bringing in a super big company on the basis of this is the opportunity. Frankly, most huge companies go into new areas on opportunity, not proven reserves. You know, Guyana would never have happened with ExxonMobil next door to us in Trinidad without, you know, that first well discovery, and a whole new oil and gas province has been established in the space of a couple of years. You don't always prove up everything. You leave the carrot on the table to attract the investment for the upside. We already have the rest of the vegetables on the table with what we've discovered already. MOU-5, like everything when you initially drill it, you get a little bit despondent because you hadn't found the big gas you were looking for initially. You have time to assess all the data to, you know, to put the salt presence into context, to then review and look at the Triassic potential, then the salt mobilization you can now identify. That now comes from, gets you the pathway for helium migration along the edges of the salt. That can happen over a couple of hundred million years. Helium can go on generating for a couple of hundred million years, unlike conventional gas, et cetera. Then you can create a natural gas play beneath the salt, which is fantastic seal. You know, obviously the risk on the shallow carbonate was the top seal because it was very quite thin, and the timing of migration was that risk doesn't exist deeper in the section. MOU-5, in hindsight, play opening play, but also fantastic catalyst for the flexible divestment process. You can see I'm getting tired. I don't know what you I mean, you've probably, most of you have gone home. In the first of August RNS you mentioned we will seek to execute the MOU-6 drilling program at the earliest opportunity in order to maintain momentum. There has been limited correspondence to this matter since. Can you give an update, et cetera, et cetera. I've dealt with that. You know, it's an inventory issue. Not an issue, but we have to plan the well. That's all occurring. It's all in progress. Everything's on track for planning and drilling the well in Q1, Q2 next year. We're running a divestment process alongside. There's nothing more exciting to an incoming party, even a super major or super corporate identity, to have a drilling program coming up. It's the spur that helps the, if you like, the divestment process. Of course, you know, we'll run the two processes. You know, if you're looking for a huge value, I mean, a lot of constructive discussion at our AGM with very supportive shareholders, who I say again made the effort at their own personal expense to come to Jersey, was about the merits of drilling MOU-6 first versus anything else. My point was, is that MOU-6 is gonna be drilled, you know, as part of a process, a twin process. MOU-6 in itself is not going to be a catalyst to, on its own, to selling the whole or an interest in the whole business strategy. The business strategy is built around already discovered gas, helium, salt caverns and gas storage infrastructure. Actually, MOU-5 is three kilometers from the tying point to the Maghreb-Europe Gas Pipeline. All this builds the value of what you're trying to sell. Drilling one well isn't gonna move the dial whatsoever on that value, and that's what you have to understand is the value in this is not about producing gas or flowing gas or drilling one well. The value in this is the holistic value of the business being put together. No large entity is going to buy into a country on the basis of 1 tested well or 2 tested wells or 1 MOU-6 well. It's about what the opportunity is for the next 20 years, what the opportunity strategically is to be the key player in the Moroccan gas market. These are the things that are important. In your financial reports released on nineteenth of September onshore Trinidad, you spoke of planning for 2 heavy wells and 1 infill development for execution. As we are now midway through October, can you give an update to where you are at present? I've given that update. To be fair, you know, I understand, you know, all these questions so in terms of timing. We were in the process of acquiring Challenger. As I say, acquiring three new fields, securing a master services agreement to reduce our risk, transferring 65 staff seamlessly from the seller to the acquirer, and then making sure that we weren't exposed to those costs, putting together a plan for 15 heavy workovers and four in-field development wells, yeah, that kind of moves the dial on, right? Yes, this process now is all progressing, but it's progressing on a far different scale to what we were projecting and anticipating at the beginning of the year. That's not because we're not delivering on our promises, it's because we're delivering a... The potential to increase what we had hoped to do through these acquisitions and acquiring the infrastructure, the sales points, and an operating team at no cost to us. That operating team and substance in Trinidad has allowed us to effectively ensure that we've done these acquisitions in record time with record timing on consents, and that we've got everything cleaned up in a situation where we've got a master services agreement, a competent operator with rigs, with expertise, with staff, with skills that can move this all along at a pace that can be sustainable over 12 months, not just over the last 2 or 3 months. I don't make any apologies for that. I know it's annoying and frustrating sometimes. I understand that. At the end of the day, you have to sometimes change your expectations as a management team to ensure that they blend in with what you're trying to do with this enlarged entity that gives us much more opportunity to increase production orders of magnitude more than we were, you know, hopefully projecting at the beginning of the year. That process has started. Can you give a status update on plans to re-drill, drill Snowcap? Are you on course to start in Q1, Q2 twenty...? Yep, on course. We've already discussed that. The 2021... This kind of amuses me, but in a good way. The 2021 Challenger Energy annual report states that the newly reprocessed seismic data has indicated possibility of deep structures beneath the Trinidad Southwest Peninsula oil fields now under PRD control. T. rex control. Much better having a T. rex in control. People respect a T. rex where they don't respect PRD management. Analogous to those in the adjacent East Venezuelan Basin could contain 230 million barrels of oil. How realistic do you consider this number? The quick answer to that is I don't think it's credible at present with the level of research that we've done. The reason why I say that is because we haven't done the research. This was not a priority for us. When we came into this area, we didn't suddenly start looking for This is an old concept that has been developed even before 2021, to be frank, when we first made an offer to buy one of these assets, Bonasse, and to acquire as a private company in 2015. The potential was always there. The thing I would say is 230 million barrels, why it's not totally credible is that at the sort of depths that we're being talked about, it's more likely to be largely gas with some condensate. We know from the experience, very good experience of another operator onshore Trinidad, that and from a couple of wells drilled on Bonasse field, that to drill into that section carries immense risk because it's overpressured. There's a lot of shale gas. For us, those are high-pressure wells, bigger drilling rig, very much more costly to drill, and also very isolated area for getting gas to market. Gas is not priced as attractively as in Morocco or Western Europe, and there's reasons for that, you know. The reason for us then is commercially, when you look at all the drilling risks, the cost risks, the amount of personnel that will be tied up on something like that, and then your rate of return based on gas prices and all the infrastructure you have to put in. Well, it's got to be a hell of a lot of gas, as well as some condensate to make it worthwhile. The number may be right as potential, but the idea that it's oil exclusively is not right, and it doesn't address risk. I'm not dismissing it. I'm just saying it's not for us at this point in time. If I were to go after it, the first thing I'd hear within nanoseconds, "Where are you getting the money from? Are you gonna do another placing?" No. What is the plan for the reservoir below the 950-meter depth of MOU-6? The bulk of the resources are in these lower reservoirs. How does the company intend to test these lower reservoirs? MOU-6 currently is targeted to maybe 950 meters, 900 meters maximum. The reason for that is because of our results and analysis of MOU-3 sand testing and the identification of formation damage and be able to calibrate the new NuTech logs, etc. We've now upgraded our Ma/TGB-6 gas sands into a single, I think it's about 80-meter unit, which probably has gas at intervals throughout it, but no water. We've been able to do that because we understand the formation damage from the NuTech logs now and have calibrated that. That means now we've got a 16 sq km structure with a single gas unit in it, if you like. But most importantly, that structure could extend further west and north and southeast as a stratigraphic trap, similar to a lot of the stratigraphic traps in the Mediterranean where big gas is found. I would counter that argument saying, I don't believe the biggest gas is in the deeper sands. The biggest gas is now gonna be in the sands that we're testing, and we might take those down a little deeper to test the middle sands, which is another stratigraphic trap and partly structural trap in an area of, I can't remember, 68 sq km. As I say, everything evolves with what information you have. MOU-6 will be taken down to a level that proves up additional gas resources, but more importantly, obviously gas flow. We won't try and do everything in a single well. The biggest mistake we could make is, you know, go for every single target in the same well because you can't produce every single target in the same well. It would be very complex production and completion technology to allow you to produce four or five different zones at different pressures. Over time, you'd have to co-mingle, et cetera, and that just is over-sciencing it at this early stage. For sure, there are the volumes we require in the shallow gas, down to about 900 meters. Okay, what have we got here? "Equiom have been appointed as company secretary to help PRD adhere to the very best practices of corporate governance and regulatory compliance. Can you expand on the specific tasks they will undertake and whether this spans all of PRD's regions, Morocco, Trinidad, and Ireland?" The point is that the company secretary is there for the corporate entity, the PLC level. It's not about all the different regions. Every different geographic region has different in-country regulations, and all the in-country companies we have have. Well, in Trinidad, we don't have an actual company, we have a branch in Morocco. In Trinidad, all the subsidiary companies, we have a company secretary that deals with that and compliant with all the regulatory issues. In Jersey, we are very, very pleased to be moving to Equiom. They're a bigger company. They are. You know, it's nice to get a company that actually says, "We want to do business with you," basically. Is everybody still there? There was a bit of flashing going on. Yeah. Mark? Hi, Paul. Yes. Yeah. We can still hear you, sir. All right. Well, I thought there might have been some snoring. I could hear some snoring. The you know it's about the corporate entity. In Jersey there are certain money laundering laws in place to protect Jersey's financial services sector and reputation, which means that the company secretary has to effectively operate the bank account, which means we give the company secretary the orders to move money, but they actually execute the transaction, and that is something that I think I believe we have to do under Jersey law. The company secretary is a very important function. It's only an operating function. It's not one that exerts control over your finances. It also means that every single payment that is made has to be checked for money laundering. You have to basically, the initial payment to a new contractor or whatever, has to go through a verification process, which is the same now, I think, for most companies. Jersey, I think, were one of the first to introduce that. The other function obviously is to organize the AGM to make sure it's consistent with Jersey company law. Whatever the London market says, the bottom line, or we always stay within the rules of the London market that apply to companies. I mean, it just beggars belief sometimes that some people don't understand that Jersey is a unique jurisdiction. It's not part of the United Kingdom. It's a Crown dependency. So, what governs us is the Financial Services (Jersey) Law 1998, being a Jersey company. So as company directors, for example, there are sort of little quirks in there. One of those little quirks is under the Financial Services (Jersey) Law 1998, as company directors, have to notify of any suspicion we might have of money laundering or even insider trading. It's a legal requirement. If we don't do that, legally, we can be held liable. The way we have to do that is a bit bizarre actually. We have to file a notice with the local police station. You can appreciate that at all times every single director is supportive of that strategy for personal survival reasons. Therefore, one of the most important functions, as well as making sure we're compliant, is the keeping of the company's insider register. When we moved from Oak to Equiom, the insider register moved with us. That's kept by the company secretary. It's updated, and the first thing we did when it arrived yesterday was update it with those who were made insiders on our RNS that we issued on the 14th. Two days is a long time in our life. On the 14th, ahead of the AGM, and all those who received the RNS the previous evening or at 3:32 P.M. on that afternoon of that day were updated and made sure they were on the insider register. The company secretary has a very important function. Okay. Given PRD's focus on tight financial discipline, are there nonetheless any circumstances under which the board might consider strengthening its capacity and additional non-exec directors or technical advisors? That's a very sensible question, and I understand where it's coming from. We've just acquired entities in Trinidad that gives us access to another pool of technical resources which we can control if we have to parts of it. I don't accept at this point in time that we need additional NEDs. We have three. I'm the only exec. Part of the restructuring last year was to give three NEDs with a lot of experience in financial oil and gas and compliance matters a greater role in oversight. You might sneer at that and say, "Well, you know, everybody's the same," et cetera. It's not. You know, the value of the NEDs is that they can constructively say, "Well, I think you should do this," or "In my experience, you should do this," and "You should do that." They are very supportive and helpful to the company. Now, I have seen it said, "Why don't the NEDs buy any shares? Why don't our chairman buy shares?" Well, there's a very good reason for that. What's the point of having NEDs if they're shareholders in the company? Well, they no longer can provide oversight because they're conflicted. It just, again, beggars belief why anyone would think that you go to the effort of appointing non-exec directors to ensure that they're independent and they don't benefit from share price rises or share price falls, and then you expect them to be shareholders of the company. Well, I'm sorry. It doesn't work that way. Our compliance doesn't work that way. Jersey compliance doesn't work that way. Yes, you give them share options. You give them the opportunity to benefit in the reward of the company in a situation where the company already benefits, like, you know, where the company's acquired at a much higher price. GBP 1 a share would be nice. You know? Maybe next year. You know, at the end of the day, you have to incentivize people. I'm sorry to say this, that nobody's incentivized at present in our industry, in our oil and gas industry, in the public market, by simply salary alone. It's just, it's not worth the effort. It's not worth the aggravation. You always have to provide an incentive that is not necessarily salary. Yes, there are share options. Every single share option in the company, in the directors, is underwater. I mean, do you seriously think we're all jumping up and down waiting to exercise underwater share options with money, you know, with discretionary money we don't have, just so that, you know, someone else can then trade the shares the next day and short the shares? Ain't gonna happen. You know? We're not that gullible. We didn't come out of nowhere as are. What we are is 110% behind creating shareholder value. We're not gonna allow shareholder value to be dissipated by irregular market activity. It's not gonna happen. In terms of where we see the company going. Are there any upcoming regulatory or fiscal changes in Morocco, Trinidad, or Ireland that could materially impact PRD's economics? How is the company addressing ESG requirements, particularly in Ireland? The first part of the question is no, there's nothing coming up of immediate that we know about in the next six months. We can never say there won't be something in a month's time, three months' time. There's absolutely nothing that we're aware of, and that most all companies are aware of, that would change the regulatory or fiscal situation in Morocco or Trinidad, et cetera. You can never say that something won't change. I'm never gonna have someone hold a gun to me and say, "But you said it would never change." You can never say that. Right now, there is no reason to believe, no information, nothing to suggest that anything is going to change. ESG requirements, particularly in Ireland. We do, you know, pursue ESG very carefully, but we target it. We have a group in Guercif in Morocco, which is our landowners and the guy who owns our warehouse where we store everything is an olive tree producer, et cetera. It allows us to feel on the ground what the implications of our activities are in terms of water supply, which is an issue in Guercif in terms of what the local community is looking for from us. In Trinidad, we're a bit more direct because we want to support things that are creative. We support a local soccer team. They get T. Rex shirts. They complained last year because the T. Rex logo was printed on the wrong side of the shirt for them. They wanted to be playing with T. Rex, predator, dinosaur, you know, so everybody knew who they were. I'm not sure they had. I'll have to ask Jeffrey Leed again, but I'm not sure they had a very good year this year. We're hoping next year will be. They had it last year, but we're hoping next year will be stellar. We might bring them over to Morocco for a charity match ahead of the World Cup. You never know. The World Cup will be co-hosted by Morocco and I think Portugal. I don't know. In 2030. ESG requirements in Ireland. Well, that's brilliant. That's a lovely one. You know, it's very hard to address ESG in Ireland when they won't give you title to a license. They won't give you title to a license 'cause they need eight years, or seven or eight years, to work out how they are not gonna give you the license. They can't say that they're not going to give you a license because the green politics don't want to give you the license. They can't find a way of not giving you the license, not taking the license away from you. You sit around for eight years. You can't even go meet them face-to-face. They call you a stakeholder at the beginning of the year. Well, what's a stakeholder when you know you're negotiating for eight years on a license that they haven't a successor authorization that they can't award you? You think, "Yeah, what ESG policy could I follow?" A sauna maybe at the D.C. government buildings? Paddock maybe in the back of them or something. I can't think of anything that we can contribute to Ireland right now after eight years of being, pardon the expression, frigged around. Or maybe I should say fracked around. Okay. That deals with that. Funds were previously raised for flow testing MOU-1 and MOU-4. What are the plans? Yes, we still would be intending to flow test all the wells. But right now the priority is MOU-6. We've had the problems with the formation damage, so when we go about testing, we have to make sure that we can overcome that. Although it sounds glib, the problem is, and it was only resolved when we tested the A-sand in MOU-3, you have to know what it is you're perforating or trying to stimulate flow from. When you don't, you can't drill wells with cores, you know, to take core samples to see the actual rock because of the nature of trying to get the well down. You could get the core barrel stuck and end up costing you $2 million in lost equipment, tools down hole. You can't take that risk. Similarly, that's why we ran all the logs in MOU-5, but we didn't run one particular log that we didn't need because there was risk that it could have got hung up in the sulfur, reacted to the sulfur and got hung up in it or something. We weren't gonna take that risk, and we didn't need that log anyway. Yes, it's always very exciting to go testing, and we will. We'll do it at the right time with the right plan, based on all the information we're collecting and in the context of a sales process or a divestment process. Okay. What are the plans for MOU-2? Will it be completed and flow tested? Has the optimal drilling method been determined to ensure that the earlier challenges are not repeated? Well, again, focus is on the MOU-6 drilling program. Yes, that well is still in our inventory. The positive about that well was probably. The negative was it was probably the worst well in terms of performance for all kinds of different reasons and overall performance. But at the end, and in fact, we couldn't get the logs down below 1,000 meters. Initially, because it was a drilling problem, it looked as though it was a geological problem, and we'd hit some kind of debris slide. 'Cause we were getting, like, masses and masses of light-colored muddy stuff that looked like clay, that looked like it was an unconsolidated slide. Of course, now we all know it was induced not only by the overbalanced drilling but by the mud system that wasn't applicable to that particular section that we were drilling through. Then when we reached TD, we drilled on for as long as we could at a very slow rate in the system, and we reached TD at 1,260 meters. Then we had a gamma log, which we had while drilling, which allowed us to see what was sand and what was perceived as potentially volcanics, and what was thick sand. That was the thickest section of the Moulouya Fan we'd ever seen. It proved our pre-drill strategy to find the axis of this channel system at that depth. It was up-dip from MOU-3 where we had the helium show. We couldn't test it, we couldn't log it, we couldn't get information out of that other than the fact the well site geologists told us it was the sand was plugged with kaolinite. Yeah, well, now we know that that was induced by the drilling by the overbalanced drilling, by churning up the fine clays that always exist in this kind of sand interval, and therefore, you know, you your well site geologist thinks it's plugged, no porosity. You drill the next well up, MOU-4, you find 30% porosity, porous, volcanic, 40% porosity in volcanics, calculated, NuTech calculated 80% gas saturation. You can't see it on the chromatograph because, again, it's still drilled overbalance. Your conventional logs are not, you know, getting far enough into the formation to say what truly is there. We still retain the option to do something with MOU-2. We did have some shallow gas samples in the shallow section. Again, what the priority would be for the MOU-2 area is the helium because where we drilled the Moulouya Fan, we've got maybe four or five times at least the thickness of the helium reservoir-bearing potentially section in MOU-3. We've got an area of about 50 or 60. No, don't quote me on this, I can't remember now, 60 square kilometers where there could be a closed structural closure around the MOU-2 well. If we're going to focus on the helium, we've got to think about how we would engineer a well to test for helium. I can tell you now, I have no idea how that will be because it's kind of new territory for us. We will find that solution. We will have the right people, and we already have, you know, thinking about how we would do this. Again, you know, we can't make that a priority at present when we're trying to sell the overall strategy, the overall business proposition, the overall resources that we are wanting to our divestment strategy. Helium is a beautiful thing, and MOU-2 is a beautiful thing to have on the table. We might have not the technology for helium at present, but an incoming party who does have or may have the resources, huge resources, to look at this will be very attracted by that as an add-on. We stick with what we have. "Would it be cheaper or more efficient to return to MOU-2 rather than drilling MOU-6? And how would you weigh the cost and risk/reward of each?" Well, I think I've dealt with that. I mean, it's not about the choice of MOU-2 or MOU-6. It's about, again, the overall package. All these things will be done in sequence. Unfortunately, we're not a BP, we're not a Shell, we don't have a bottomless pit of production income and, you know, we are where we are. Part of the reason why we are is because we're on a market that is not attractive for investment in developing, you know, this kind of resource potential and business proposition that we have. It was very much different in the Island Oil & Gas days when we were on the AIM market. In 2004, I brought the private company onto AIM in 2004, and we didn't even raise any money at IPO because we had a Saudi Arabian investor put GBP 16 million into the company and into the management of that company. Well, those days at present are gone for the London market, and that's the whole point, you know. That's what drives you to the divestment process, is to create value. You know, we can't create the value that we could create in 2004 in the London market. Something here about helium composition. The helium gas chromatograph detected 15% PPM of helium. Can you expand on what the balance of the gas composition consists of and what significance this result has for PRD's future operations? Again, an appropriate question and a very smart question. To run the helium chromatograph, you know, when we were planning for MOU-5, I said I wanted to run a dedicated helium chromatograph as well as a gas chromatograph. The two chromatographs are separate. The helium chromatograph really only measures for helium, so we didn't really see any other gas compositions there. The gas chromatograph was pretty flat through that section. That suggested that, again, because it's a fracture zone, you have to be careful a boundary, a weak point. What you're actually seeing at that point is something that could have been migrated from purely a helium source at depth without any maybe hydrogen and nitrogen content or something that could have been dissipated elsewhere or whatever. It's not truly representative of composition of what could be in a reservoir. The little peaks of helium we've got in a reservoir section at that 100 feet of section at TD, again, gave us an indication that, okay, there might be some helium knocking around here because there was certainly no obvious gas at that place on the gas chromatograph where the sand wasn't in closure anyway. Well, we didn't even expect there to be sand there at TD. I think you have to be very careful in. Go back to what we sampled in MOU-3, which came from a volcanic source up a major fracture zone underneath MOU-3, which had helium, some biogenic gas, some hydrogen, and nitrogen. Nitrogen is tricky 'cause there's always nitrogen knocking around for some reason in the drilling system. Yeah, you know, where that nitrogen comes from sometimes, air or whatever, who knows? You have to be very careful on the nitrogen. The hydrogen and the helium would be very supportive of a volcanic source, a deep fracture avenue to the Moulouya Fan. It doesn't answer the question. I mean, it's not a get out of jail card. It's the fact that, you know, there are limitations at this early stage. All the indications are it's quite attractive, in terms of going further to explore for helium and, hopefully test some helium. What are the key lessons from MOU-1 through MOU-5, and how will all these be applied to reduce the operational risks and thereby improve the chances of success on MOU-6? I've gone through that. I think the key risk we had or have around the testing program was the formation damage. That was almost speculated. For me, it wasn't speculated. You know, I've seen my view of the logs from day one and everything else, and the mud weight and the nature of the unconsolidated sands. In my view, I knew there was formation damage or likely to be formation damage. The depth of the formation damage was impossible to predict. You know, when someone offers you perforating guns and someone as credible as Schlumberger worldwide, you know, they're using their best endeavors to estimate the formation damage based on their worldwide database as well. Unfortunately, sometimes you come across a situation a bit like AI. You can have an AI training set. If you ever phoned a bank and you've asked a few questions, you ask something, and then eventually AI, because it's all AI, says, "I'm sorry, I can't answer that," and then they cut you off. It's a bit like that. If you don't have a training set, you know, in the portfolio or in the worldwide database for the situation we encountered in our wells, then you can't necessarily find what the depth of formation damage should be. So we know now what the process was in causing the formation damage, but most importantly, we know kind of the tolerance level for these sands of how far we can go with slightly overbalanced drilling to reach to be below that tolerance level where we would cut off gas supply into the well for testing. So you design a well around that. You also design a well that, particularly it's a deeper well, you know, to the deeper gas sands, that allows you to reduce the amount of open hole between the last casing point and TD. The more open hole you leave, the greater the operational risk of getting stuck or the hole collapsing in on you because of mobile claystones, swelling clays, et cetera. All those lessons have been learned, incorporated, and are being put to good use in the planning of the MOU-6 well. What I would stress was the stress. In the planning of this well integrates geology, engineering, and drilling experience on both sides of the Atlantic, Trinidad and Morocco, using the experience of everybody to come together to find the right solutions, including service companies in Trinidad as well, who have dealt with these problems for 50 years. I don't think, you know, anybody should be under any illusion that we haven't started to de-risk what we're trying to do here. The really positive thing is nothing has changed on our gas resources. In fact, everything is as it was. What has changed is the fact that we have now more reliance on our NuTech logs, and we can validate them and calibrate them and tell people, which we always said, "You don't get gas samples in the well, you don't get drilling gas in a well if there's no gas there." There's gas, but the problem is when you get to the bottom of that well and you've weighted up the mud to control the borehole, you know, conditions to stop it caving in, and you've increased the mud weight, or the overbalance pressure by up to 500 PSI, and your reservoir pressure is only 1,700 PSI, or the shallow pressure might only be 700, 600 PSI right up shallow. Well, sure as hell, it's gonna take a lot of effort for gas to push through the formation zone, get it into the wellbore, and get it to surface. That's the lesson to learn. Wherever possible, you design a well where you're not drilling that overbalance. Before anybody says, "Well, why didn't you do this from the outset?" We didn't know what was there in the basin from day one. It's not like we went to offshore Morocco and found a well that was drilled in 2009 and used that history to drill the next well. We didn't go into the Rharb Basin and use the wells that we'd drilled for 10 or 15 years as a guideline. We didn't go down to Tendrara and used all the work that had been done before as a guideline. We had absolutely nothing. Everything from the first well to the fifth well, fourth well, say, was a learning curve. The learning curve changed with every piece of information. Now we've reached the top of our learning curve and can start planning forward. The proof of the pudding is although, you know, the section's slightly different, it had different challenges in MOU-5, but we drilled that well and all. The desktop study support teams of fossil pickers, as I call them and geochemists, were so happy because they actually had well cuttings that they could analyze which were in cavings and covered in drilling mud, you know? The danger is when you wash a well cutting, you wash away a lot of the things that you're trying to analyze. All those lessons have been learned. Question 57. Oh, okay. Now, what is the operating cost per barrel in Trinidad, and what net back per barrel is PRD currently achieving? Well, our cost now is zero in terms of operating costs. Our net back is 30% of whatever sales revenue is, less tax, and with the tax losses we can offset obviously, and royalties. I get oil price every day, and literally oil prices change every day. You can't say today your net back is $5 or, you know, tomorrow my net back is $6. Also, you know, oil is stored deliberately. It's not sold every day to make it cost-effective to truck it to the sales point. You store it and then sell it in one go, and you might store it for long enough for a bounce in share price. A bounce up? No. That would be nice. A bounce in oil price, and then you sell, you know, and you've got a better return. Actually that most of that is largely irrelevant because what we're getting now is revenue off the top, gross revenue, less tax and royalty. It's gonna take. We only signed this master service agreement on the first of September, and we're now middle October. It's gonna take two or three months of oil production, which is increasing now all the time, for us to work out the cash flow model, taking account that we effectively carry through operational cost, or what we're actually getting each month. It won't be necessarily completely related to barrels of oil. It will increase as increasing barrels of oil are produced. It's quite a complex model, so I'm not gonna tell you now what the cash back is. All I'm gonna tell you is, it's a profitable operation, and it will become more and more profitable over the next 12 months, as we increase it up to hopefully 1,000 barrels a day. Beyond workovers, what is the growth outlook for Trinidad? Specifically, how material could the planned Snowcap well scheduled for Q1, Q2 2026 be in terms of reserves and production? In the presentation you'll see how Snowcap-3 and, of course, Snowcap-4 as well with the two wells together can contribute to oil production. Together it could contribute maybe at least 60%-70% of oil production, but that's hard to say exactly what figure, because all the time our oil production is going to be increasing through the workovers, et cetera. Typically, you know, initial flow tests, we would hope to be for both wells around 1,000, not each well, for both combined wells, around 1,000 barrels a day. We have offset data for Cory Moruga to demonstrate that. You can't put every reservoir on stream at the same time, so in a well, because you have to wait for pressures to equalize and then commingle them. Snowcap-1, we have very good data, test data from the original well. A stabilized rate of 200 barrels a day would be predictable and forecastable. You can produce it at, you know, more than that, but you have the issue then of producing too much gas. Snowcap, the deeper well with the three objectives, test rates, you know, combined test rates up to 800 barrels a day. We would start with the lowest sand producing at Herrera #1. From the offset wells in Moruga West, initial production, stabilized production of those would be 300-400 barrels a day. That will make significant differences. In terms of reserves, Trinidad is quite interesting because all the transactions that have been going on, as you see, quite a few fields have been bought and sold for cash, which is a great place to be in Trinidad because there's lots of people with cash that want to buy your field. In fact, you know, people have come to us already wishing to acquire something. Too early, you know. Even though we bought it for a dollar, we're not gonna sell it for $1 million. You know, we can get more than that. At the end of the day, it's about barrels of oil per day. They value the fields they're buying on barrels of oil per day, not on reserves, and that's just one of the quirks of acquisitions in Trinidad. Others do it on reserves, conventional foreign companies, for example. The people who are most interested in buying assets are the wealthy local Trinidadians, and they'll pay you a cost per barrel of oil produced. The more oil you produce, the higher the value you get for the oil. I'm not gonna talk about reserves. The reserves are, you know, in the CPR. You've seen it's in the presentation many times. The value for the assets is through the production and also one day someone will give you an acquisition price for that production. The higher you can get the production rate, the more value you will get for the asset. Strange way of doing things, I know, but that's unfortunately the way it is, if we were to sell to a local entity. Oh, I love this question. Can you provide any update on the granting of the successor authorization in Ireland? Yep, did it, done it, been there, dusted. Trinidad assets. The anticipated production rates mentioned are gross figures. Can you please provide the net to Predator figures, and would appreciate the gross net figures you provided for future announcement. Well, as I've explained, because the MSA, Master Services Agreement, are already now reflecting income revenue from gross, our share of gross revenues off the top without operating costs, et cetera. So that will always be the same, that percentage. As the production goes up, we will get an increase in that amount because obviously the amount of oil is being sold. As I tried to explain earlier, that's a very complex cash flow model, which we've only just started putting the data together. We only just acquired these assets on the twenty-ninth of August. On the first of September, we put our master services agreement in. During September, the service contractor has been down there working on getting all of the sites on all the different fields we have up to his environmental standards. We've been working on improving electrification of electric pumps and things like that. We've been working on the start of the first work over, for example. When all that is put together with gross sales and things like that and tax deduction, et cetera. The tax and the royalty is deducted automatically at the sales point by Heritage. We're in a position to be able to project and comment on cash flow going forward, but not at this point in time because it's not strictly related to barrels of oil per day produced. The cash flow model has changed, so I'm not gonna prematurely say or be generating, certainly not in the next two or three months, what net production is or anything like that 'cause it's about the cash that we received. That cash will be periodic, normally, within four or five weeks, when enough oil has been stockpiled to move in one entity, if you like, to the sales point, and at a time when we can extract a better oil price. As you know, the market, oil price market, just like everything else, is volatile. Why the AGM is held in London instead of Jersey? Well, frankly, you know, I've dealt with that. Again, you know, you have to understand that we are a Jersey company, Jersey jurisdiction. For many years when we were in Ireland and we were in London, people never used to understand the difference. They kept kinda calling it Southern Ireland, you know. Insulting because it's the Republic of Ireland. It just kinda shows sometimes people don't do their research or often. Or more stringently, if they did, they would be polite and refer to the Republic of Ireland. If they did, they would understand that an AGM, they might think it's a FCA or LSE requirement. Yes, it is. The requirement actually is a company requirement. First and foremost, it's a company requirement because it's the shareholders of the company, and we are a Jersey company. It comes under Jersey law, and therefore by law and in order to preserve our entity in Jersey, we have to have our AGM in Jersey, and directors have to make decisions in Jersey. We have never taken an asset, or we never have an asset in the U.K. and never will. Our whole structure revolves around never having a presence in the U.K. We have a listing in the U.K., but we have no interest whatsoever in doing business in the U.K. That's simply from day one. I always wanted the company to be a big fish in a small pool, which we can be in Jersey. We're in Ireland when we had Ireland oil and gas. In the U.K., we'd be a tiny little amoeba sprat in a field of piranha. That's not this company. Sorry. Predator would be a ridiculous name in that situation. Right. Well, I'm done now. I can't do any more questions. I've answered everything. I've answered the balance of about 78 questions so far. I think it's 8 o'clock. If there's anybody left online, good. Absolutely, Paul. If I may just jump back in there. Thank you very much indeed for being so generous with your time then, addressing all of those questions. Of course, we'll give you back all of the questions afterwards for you to review as well. Thank you very much for being so generous with your time. Paul, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company, if I could please just ask you for a few closing comments just to wrap up with? That'd be great. I think everybody's heard enough from me if they're not dead already or fallen asleep. The closing comments are, one, we are not. I've even forgotten what the phrase was now. We are not exiting Morocco. We're not giving up on Morocco, number one. Two, we are in Trinidad because we want to be there for production income to develop the growth of the company. Three, our focus is on the bigger picture of divestment, flexible divestment. Now we've reached our first materiality hurdle, which was the trigger point for what we tried to do in Ireland and were very successful at putting it together. We don't like the public market at present. It's just not working for our shareholders, our loyal shareholders. There's nothing we can do about that. The only way we can address that is increase production, increase revenues, and look, for a sales process, divestment process, flexible, because it may be part of a flexible process like we did in Ireland, where the people who really matter in terms of valuation, will give value to the assets. We haven't given up on Ma/TGB-6. We haven't given up on any other aspect of the company. We have 500 million shares authorization for a purpose, which is not just not to raise money. It gives us strength and leverage in our negotiations. I just emphasize yet again, fully 100% aligned with those shareholders who came to our AGM, who understand our strategy, who are 100% behind us, I hope. We are 100% behind them. I don't think there's many CEOs who sit in a call like this and be as straight with them. You know, you might not like some of the things I say, but I do it for the benefit of our company shareholders, and I do it to get a message out there that we are a very successful company. I would like people in the London market and certainly the regulators in Ireland to understand that. We're not pushovers. We have a message to give to a wider audience, and it's for the benefit of investment in the London stock market, investment in our sector, and we will do whatever we do have to do to formulate those interests, protect those interests, and push our interests in for the benefit of everybody. Perfect, Paul. That's great. If I may just jump back in there. Thank you once again for updating investors, today. Could I please ask investors not to close this session, as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of Predator Oil & Gas Holdings PLC, we would like to thank you for attending today's presentation. That now concludes today's session. Good evening to you all. Thank you very much, everybody. Appreciate it.