Good morning, ladies and gentlemen, and welcome to the Prospex Energy 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. 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 will publish those responses where it is appropriate to do so. And before we begin, we would just like to submit the following poll, and if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to CEO, Mark Routh. Mark, good morning, sir. Good morning, and thank you for hosting this webinar today. So, I have got on screen there the corporate presentation, which was updated earlier this month, which is on our website. Now, it's a very long presentation designed for those who don't know the company at all. I'm going to use it as a structure for this meeting, but I'm not gonna talk to every single word on the slide. If you want to refer to it later, it is on the website and it is available, and it will be updated as we progress the assets on the now three countries that we are going to be operating in. So to start off with, we have Prospex Energy is AIM-listed, as you know. We have assets in northern Italy, the Selva Malvezzi production concession, and we have now three assets in Spain. The El Romeral gas- to- power plant near Carmona, east of Seville, in southern Spain, and the Viura gas concession, which we have just farmed into, in the north of Spain, where Heyco Energy is the operator. The other asset in Spain is a suspended exploration license called Tesorillo, and I'll touch on that briefly later on. Here is the board and the team. We have the four board members at the top, including myself, the CEO, and then the team members below, which has been expanded recently because we have a country manager in Poland, and for the first time, we've got Tomasz Rozwadowski, who lives in Poland, on the chart. He's actually been working for us for a while on contract, but now his role has increased as we apply for those licenses in Poland. Briefly on Italy. Selva Malvezzi is the name of the concession. It's in northern Italy, near the town of Bologna. It is a production concession where we have permission to produce hydrocarbons from the area, and we're producing from one well at the moment. The operator is Po Valley. This is a picture of the well site and the gas processing plant, which was funded and paid for and built in 2022, 2023, where we got first gas on the fourth of July last year. It's been producing at the rate of around 80,000 standard m3 a day since that time. We've got four new wells planned on the concession, and there's a satellite view of the where the well site is and how it's connected to the Snam gas grid. Snam is the local operator of the national transmission system in Italy. So the proven gas reserves in Selva, there's a competent person's report which allocates the reserves net to us. I'm not gonna read out the numbers. They're all there, and the CPR is referenced on our website as well. So that's the map of the concession. The one labeled red, it's called Selva, is in production. The prospects which we hope to drill are Selva North, Selva South, Selva East, and Riccardina. Now, actually, North and South are not prospects because they're previously drilled structures which were decommissioned early on account of gas price and other factors affecting the gas market at the time. So North and South is what's termed a contingent resource, whereas Riccardina and East Selva are prospective resources. There are differences under the guidelines for defining reserves and resources, as many of you will know. So that's what's happening with Selva. We're planning on shooting a limited 3D seismic campaign at the end of this year in order to define the subsurface locations of the wells that we're drilling. I'll go on to the timeline of the drilling toward the end of the presentation because it's gonna involve all three assets that we have wells planned for. So on to Spain, El Romeral, Viura, and Tesorillo. So Viura is the one we farmed into in August after raising money to do that transaction. And El Romeral, we've had since Prospex has been an owner since March 2021, and Tesorillo's been owned for longer than that, predates my time at Prospex. So the Viura gas field, it's in the north of Spain. It's... I'm gonna have to put my glasses on. Apologies. Viura is in the north of Spain. We acquired 7.5% of the company, which owns and operates the concession. And that translates to 7.24% interest in the reserves in the ground, the gas processing plant, which is connected to the producing well, and importantly, the connection to the gas grid where we export and sell the gas. Remaining reserves is substantial. The gross number is 90 Bcf. That's 2.5 billion m3. So net to us, that's 6.5 Bcf or just under 0.2 billion m3 net to Prospex. We are funding 15% of the development well, which is still drilling now, and the development program in 2025. And we fund that 15% in order to earn the 7.5% interest in the company. What's unusual about this farm-in is that although we're funding 15%, we actually get 15% of the revenues from the current well being drilled. The well, which is suspended and will be back into production when the current well is brought onto production, and we get 15% of that income, plus we get 10% interest on the capital investment we made on making the transaction. This is an unusual farm-in process. It's not a two-for-one promote where you pay the money and that's it for double the cost and half the interest. This is a payback mechanism, which is a very attractive deal to be involved with. The program in 2025 is going to be wholly or partly funded by the cash which is coming in from the asset when it gets into production, which will happen in as early as next month. Could be this month, later this month, but probably now we're deepening the well, it's going to be in November. This is a seismic cross-section showing the well path. It's a deviated well because the well is being drilled from the existing concession well pad, so it's now reached up to 45 degrees inclination. It's drilling into the reservoir, and as the RNS said earlier this week, sorry, last week, we've encountered gas, and throughout the coring, we've been having gas shows throughout. The wireline logs have been acquired, and I ask shareholders to be patient. This is a deviated well, and the wireline logging tools have been conveyed down the hole with the assistance of drill pipe. This is a procedure which I've actually been involved with in my past existence with Schlumberger, the company that is acquiring the logs. It's a very long process, but it guarantees that you get the data. It means you have to pull the tools up and down with the drill pipe and acquire the logs after you have successfully conveyed the tools down the hole. The important thing is to measure resistivity, porosity, other, background radiation, and these measurements are being analyzed now, and we hope to have an update for that, when that analysis is completed. At the moment, the well is at the casing point, and the seven-inch casing has been run, and we can give an update to the market as the well progresses. But this is all fairly standard procedure. It's a high-pressure, high-temperature reservoir. It's quite a challenging well. It's been delivered successfully and on budget by the operator, Heyco Energy. Now, just to round off on Viura, the reservoir came in some 50 m higher to prognosis. This can happen with seismic depth conversion. What that means is the reservoir, top reservoir being higher, meant that the reservoir the rock formations beneath the producing discovered Viura gas field have never been appraised. It's called the Utrillas B formation. This Utrillas B formation could also be gas-bearing. So it was what they call a no-brainer by the investors and the operator to deepen the well, to drill further down into the Utrillas B formation, because if there's gas there, we could substantially change the resources booked on this field. No promises yet, but it was for EUR 1 million, we can get down there, and if we find gas, we spend a further EUR 1.5 million to flow test it. We have paid the success case, our share of the EUR 2.5 million. That's our 15% share of that number has been paid from our existing resources, which we have from production income and from the contingency on the funding of this deal. This has been a very good deal for Prospex to be involved in. El Romeral, a lot of people know all about this. We have prospective resources on the concessions called one, two, and three, and we are in the permitting process to drill five of those structures. The permitting process started some two and a half years ago. The environmental impact assessment needed a lot of monitoring to be done before we could submit to the ministry. The ministry has all the documentation, and we are at the point, very soon, we hope, of actually publicly gazetting in the local area, in Andalusia, the permits for these five wells. When we get to that stage, we're in the statutory consultation period, for which there is a prescribed timeframe for people to respond. However, those timeframes are widely ignored in Spain, which is very frustrating, so the regulatory process can take longer than the statutory minimum days for consultation processes, so I'll come on to the drilling schedule a bit later on, and I can talk to that. It's all down... We're ready to drill these. All we need to do is mobilize a rig after the permits are approved, so some background history on El Romeral. That's a picture, aerial picture with the power plant, with the solar panels on the roof, and the picture of the field on which, in the future, we hope to install solar panels, to utilize the spare capacity into the national grid at Carmona, east of Seville. Some detail on what we did on the seismic reprocessing in Romeral, which we will successfully change the nature of the subsurface interpretation. We will do the same thing on the Selva Malvezzi concession in northern Italy, together with the operator Po Valley. A summary of the resources and reserves in Romeral. I'll leave that for you. Here's Tesorillo. It's in the very south of Spain. It's a concession which is suspended. It's an exploration permit at the moment. We've applied to change that to an exploitation concession. We want to drill a well on that. A well was drilled in 1957, which flowed gas to surface. The thing to point out here is that the resources, contingent resources, or actually it's prospective resources, defined by the competent person report, they're potentially very large. It's 831 Bcf, mid-case. That's a very large gas field. If it's there, we just need to twin the exploration well, which discovered the gas in 1957, drill it properly, and I think we could prove up a very large gas field. So this is the timeline I wanted to talk to you about. So this is frankly the most optimistic timeline for drilling that we could come up with. Starting from the top, El Romeral, we're in the permitting process now. Here we are at the beginning of Q4 2024. It's going to be another six or nine months before we're going to get the permits submitted. So it's a very optimistic red arrow there in Q2 2025, that we could be drilling at that point. The point is, when I have to look at allocating funds, we need to make sure we have funds in the right place at the right time. This is like the most optimistic scenario, which from my point of view, is the hardest scenario to fund, because we have to make sure we have accumulated enough production income to fund this drilling. Or in the worst-case scenario, if we've got permits to drill the wells, then we would have to raise money to do that. It's all going to be contingent on the timing of drilling. When it comes to Viura, Viura-1B development well is drilling now, and we're gonna deepen that. Those red arrows might stretch a little beyond to the end of Q4. As soon as that's done, the Viura-3 well, which is suspended, will be converted into a water injector to dispose of the any produced water which is coming out from the Viura-1B well and the existing Viura-1 well, which is suspended and ready for production. We've got in 2025 the follow-on drilling campaign on the Viura gas field, where we're going to be drilling two more wells. They're called Viura-3A and Viura-3B. One of those is permitted, the other, 3B, is yet to be fully permitted by the ministry. Down to Italy, I mentioned earlier, we were going to be acquiring 3D seismic. It's a limited 3D seismic. It's not. It's really a dense 2D seismic, if those who understand these things know the difference. So we'll be acquiring seismic using a microseismic truck. And there will be certain seismic lines which will redefine the subsurface structures we hope will be interpreted and reprocessed in order to further define and optimize the locations of the drilling of the wells. So we've got North Selva and South Selva, will be drilled first, and then East Selva and Riccardina, where the subsurface locations will be optimized on results of the seismic drilling. So we'll be drilling in about Q2, Q3, 2025, again, subject to permitting. The permitting process is underway, and we hope to have news soon on some progression there. The important thing is that the operator, Po Valley Energy, has identified the land locations from which the wells will be drilled. North and south will be drilled from one pad, deviated wells, north and south into those structures. And Riccardina and East Selva have the well pads identified, so the discussions with the landowners is ongoing, and that's going well. So that's really all I wanted to talk to you today on what Prospex is doing on its existing assets. What I now need to do is to touch on Poland, because that is a very recent piece of news that happened last Friday, where we qualified to apply for and own licenses in Poland, onshore. My technical team has identified two areas. We started off with three areas which were onshore in Poland, and we optimized that and narrowed it down to the two areas for reasons of access and optimizing our stretch. The areas were identified shallow, mainly tertiary, onshore gas, where there is some seismic acquisition already has occurred and where we have analyzed that there are prospective prospects to be drilled on those areas. So the submissions have gone into the Polish Ministry, and when that gets gazetted, i.e., it gets publicly notified that the concessions have been applied for. We are applying for open acreage, so this allows people to look at what we are applying for and which areas we're doing. We hope to be awarded those areas as licenses in as early as Q1 2025. I will let the market know and let all shareholders know more details when we have them and when it is publicly gazetted, and also I'll let everyone know on the progress of that application. One thing I want to point out is that the program here is a long-term program. From the point of license award, if we get them, which it would be early next year, first quarter, maybe second quarter, depending on the processes. We've got a three-year campaign to analyze, acquire data, buy data, analyze that, and then identify prospects we're going to drill, and then we would identify which blocks we want to drill and where. That drilling is going to happen in 2028 or maybe beyond, by the time we get all the permitting and everything straight. We hope to fund this from existing production. We have funded the campaign in Poland to date, or over this past year, from existing resources, from existing production, mainly from the Selva Malvezzi concession, which is throwing off cash at a decent rate. What that means is that everything that we're doing at the moment is funded from existing production. When the Viura field comes on stream, and we are going to enjoy 15% of that production coming in from the Viura new wells, that is going to fund the drilling campaign, not only on Viura, but depending on the gas price, which is heading in the positive direction on the TTF at the moment, we could be funding all of that campaign, depending on what the level of production is, and of course, the gas price. So we've got some very positive things heading our way. We're now going to be have assets in three European countries. We already have access to three assets, which we'll be producing by next month, including Viura, because Selva in Italy is producing, El Romeral in Southern Spain is producing, and with Viura in Northern Spain coming onto production next month, we'll have three producing assets in two European nations, and a third European nation as Poland, as our expansion plan. So, at that point, I will stop talking, and I'll hand over to the questions and, I'll attempt to answer what is, has been posed, and I'll take a break. Perfect. Perfect, Mark. That's great, and thank you very much indeed for your presentation this morning. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab that's situated on the top right corner of your screen. But just while the company takes a few moments to review those questions that were 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. Mark, we did receive a number of pre-submitted questions ahead of today's event, and as you can see there, we've also received a number of questions throughout your presentation this morning as well. So firstly, thank you to all of those on the call for taking the time to submit their questions. And Mark, at this point, 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. And if I pick up from you at the end, that'd be great. Thank you. Okay. I, at the moment, I've only seen two questions. Some of them are quite long. Should I be reading them out so to answer them? Yes, please, sir. Okay. So the first question I've got here is, "What attracted the multi-million-pound U.S. operators, Heyco Energy Group, to invest GBP 2.5 million into Prospex Energy at 6p for a 10% stake, and give up to a 7.5% stake in their producing asset Viura gas field with an 800% upside and probably even more?" Well, this is an interesting question. It is, I think, no surprise to anyone that raising money on the AIM stock market is particularly challenging for any companies at the moment. It has been made doubly challenging by anyone relating to fossil fuels because of the attitude in some sectors and by some banks and investors towards fossil fuels, and investments being canceled basically by those that think that it should not be carrying on. It is my belief that gas, in particular, is going to be here for a long time to come, as we change the world from reliance on fossil fuels and into renewables. Which that transition is going to take a lot longer than I think than many politicians wish it would. I'll remind everyone that we in Europe, the U.K., and particularly Spain and Italy, are importing huge volumes of liquefied natural gas. They're even importing Russian gas in Spain and Italy. Italy has decided that it is going to concentrate on energy security, which is why we're finding in Italy, the permitting process has improved. In Spain, they reluctantly admit that they need natural gas for the future. We need to convince them that onshore indigenous natural gas is a better thing to be doing than importing it from the U.S. or from the Middle East, where the carbon footprint is some 30 times worse than onshore indigenous natural gas. So to answer the question, what attracted the Heyco Energy? The fact of the matter is, Heyco was looking at other investments to invest in gas in onshore Europe. I can't speak for them, but when I contacted them and we contacted them with our brokers, VSA Capital, who actually made the introduction. We asked them if they would cornerstone our fundraise in order to help us invest in the Viura gas field. They agreed to cornerstone it, and by having a large number already committed, we could go around other investors to see if they would support the fundraise, which is essentially what happened. That's how it came about. Heyco Energy only did that after doing extensive due diligence on the assets that we have in Prospex, including Selva Malvezzi in Italy and El Romeral down in southern Spain. So they see an upside in Prospex Energy, and I hope to be working very closely with them in the future for further investments into Prospex Energy. I can't speak for them, but they decided that they would invest 10%, and that is a very welcome thing for us to have a large cornerstone investor and shareholder in Prospex Energy. Just to fully answer this question, what attracted them? Why did Heyco wish to farm down in the first place? They had already attracted quite a few. It's about 12 or 15 other investors into this process. They're all based in the U.S.A. Contacts known by the CEO of Heyco Energy, and we got wind of this transaction happening, and it wasn't open to just anyone, and so we qualified and got the deal done. So I think it's probably enough on that. So the next question I've got here: "Are we to ignore broker their valuations if we raise at 6p when the valuation was at 18p? It scares off the investor if the attitude is that's what the markets are for, is applied. With our assets, we should be able to secure asset-backed finance or other ventures if it is more shareholder value. When the market gets a sniff of a raise, they walk it down, and then they get to set the price, which is destructive to anything that's being built. Please confirm there's other ways to skin the cat than raises. There is Viura cash call in May 2024 and four drills to complete in 2025. What's the funding plan? If this cannot be answered, we cannot be answered well, we have a value problem, as this question will be shared." Yeah, I see the point here. Now, broker valuations are done as a target price. Yeah, you can't ignore them. Broker valuations assume risking on the assets. It assumes risking on the delivery of permits, the delivery of drilling the wells, and so it's a target price. With respect to asset-backed finance, let me spend some time on this because this is often misunderstood. Asset-backed finance is another name for debt finance. I have a lot of experience with raising debt finance in other assets in other companies. The way it works, if you can find a bank that would be actually willing to lend you money, and again, the cancel culture has meant that a lot of banks will not lend money for oil and gas companies or fossil fuels. If you can find a bank that's going to finance you, they will look at a competent person's report on your proven reserves. They will look at what's called the spread of those reserves, the most likely, the low case and the high case. The high case is called P10, 10% chance of exceeding that number. The mid case is P50, most likely, and the low case is the P90, 90% chance of the reserves being larger than that number. A bank will take the P90 reserves, the smallest number. They will then take 75% of that number, and they will lend you money against that if you can get them to agree to that. but they will lend you some money against that at a coupon, which will be quite high because there is risk. And they will look at the structure of the company, which is Prospex Energy, with a market cap of GBP 27 million, and they will see if they want to lend against that. You're mortgaging the asset, but to have that, you have to have an asset which is valued, and that means a competent person's report. so for Viura, there was no CPR. This was done on the resources and reserves that my technical team judged was there according to what Heyco Energy had looked at. There was no chance of raising debt finance against this asset. But what I just explained on how banks look at debt finance is how it's very, very difficult to secure reserve-based lending at this time in this market. So that leaves us to equity raises, and I would argue that this equity raise that we did back in August at 6p is going to be accretive to the share price of this company. Otherwise, I wouldn't have done it. I know a lot of the shareholders by name. I speak to many of them, often, and I always send out the RNSs to those people to whom wish to be on our circulation list. So communication with shareholders is very important, and I take that very seriously. So to come on to where the cash call in from the Viura field is coming from, the cash call has actually been paid already in order to deepen the well that we're drilling into the Utrillas B formation. So our share of the GBP 2.5 million success case of discovering gas in the Utrillas B formation, if it's there, we will test that. That has already been paid, and if we don't find gas there, then that money will be allocated to the drilling campaign in 2025. As I explained earlier, the income from the Viura-1B well, which will be put into production as soon as we finish drilling it, and the existing well at Viura, that production, income is going to be coming our way at 15% of the production of the field. That is going to fund the future drilling campaign and the future plans for the expansion of Prospex until payback of our, investment in the funding of the Viura gas field, where we will then go down to the 7.5% income from the field. So I hope that addresses some of the questions. There are other ways to skin the finance hat, and I'm aware of them. I'm aware of reserve-based lending, i.e., debt finance. I'm also aware of offtake financing, where a gas buyer buys the gas, and you and they fund the development program in order to develop that gas. Again, those transactions take a long time to secure, and you have to find a very specialist gas buyer who'll be prepared to fund such a thing. So please rest assured, I'm looking at ways to fund the company, if not from the production income, I'm looking at ways to make sure that it increases shareholder value and doesn't dilute it. I hope that answers the question 'cause it was a fairly fulsome question. Okay, another one, another question here from George W: "El Romeral's gas to power plant is operating at 33% capacity. How quickly do you expect to increase this, and what challenges could impact this timeline?" Well, the plant is operating at 33% capacity 'cause we can only run one of the three engines at a time because we have insufficient gas to supply more than one engine, which means we are at 1/3 capacity. As soon as we get the permits to drill El Romeral, we will be getting those engines all. We've got two engines which are operational and one which is mothballed, so we alternate between two of them. We will get all three engines fully functional and up and running as soon as we get the permits to drill the five wells, which the timeline is completely in the hands of MITECO, as it's called, the Spanish ministry in Madrid. So we're looking at earliest next year, we'll be getting up to full capacity, which will triple our income from El Romeral. Okay, a comment here: What are your thoughts on the possibility of Heyco buying Prospex out? Would that be your-- What would be your share price threshold for the hypothetical buyout? Now, I don't know what Heyco's game plan is. I don't see them buying Prospex out, but it's always a possibility. I can't speak for Heyco, but a buyout of Prospex would always be on the cards, depending on the price and if the board of directors felt that it was of good value to shareholders. There's always a price at which something's for sale. And we would never rule out an offer if it came. But quite honestly, we've not had an offer. We've not even had an offer, which is a noble offer, not that I want to attract any. As to the hypothetical share price threshold, I really can't comment on that. I wouldn't be allowed to. But what I can say, it's a lot higher than where it is now. Okay, I've got another question here, it's not on the screen. Have we got time to go through some other questions at the moment? Yes, absolutely, sir. Okay. So I've got: What attracted the multi-million-pound U.S. operator, Heyco Energy Group, to invest GBP 2.5 million into Prospex at 6p? At this one, I'm sorry, I've answered that one. Beg your pardon, I've already answered that one. The Viura gas field has added another producing asset to Prospex' investment portfolio. How did you identify the project, and what was the criteria for investment? Well, as always, when I speak to our technical team, we start with the rocks. If the rocks produce hydrocarbons, and it's got proven gas, then that's a big tick in the box. So, we identified the project. My team and many members of it were actually familiar with the Viura gas field, and when this opportunity to invest came along, it was again what they call a no-brainer. So, we were very happy to participate. There's another question. The company recently announced a better-than-expected results from Viura-1 behind its decision to drill deeper. Can you explain the rationale behind the decision and how it will be funded? I think I've covered that in my answers, which were rather lengthy, I'm afraid, to the previous questions. We're going to drill deeper into the formation below because it has high chance of success that there will be gas bearing. We can basically deliver for EUR 1 million, a well which would otherwise have costed an exploration well, would have costed them some EUR 25 million. But you know, this is the well being drilled now is a development well because we know there's gas down there, and the indications have shown that we've got gas throughout. It's a question. We're just evaluating how much when we get the evaluation of the logs done. So Prospex has been successful qualifying to apply for licenses in Poland. What other European countries would you consider investing in? The answer is, again, the asset will dictate. So if we see an asset in a European country onshore, we will see if the rocks are likely to produce the hydrocarbons, and we will evaluate it on that basis. If it does, and we like the operator, and we think that the regulatory environment is attractive, then we will look at any European country. But frankly, the attitude of the regulator is now as important, which is why we chose Poland. Because the attitude of the regulator there is they are actually encouraging investment, especially from smaller foreign companies, which is why we passed the test, or one reason why we passed the test. And the asset will dictate where we go and how we go. So can you... Next question was: Can you tell us any more about the prospective blocks that you've identified in Poland? And the answer to that is yes. There'll be more detail available when it is announced that our applications have been lodged with the ministry, and when it gets publicly gazetted, I will be able to share more information about the prospective blocks. This is a competitive process, so other people will be able to bid for the blocks, but we hope that they won't be as well prepared as we are because we've done extensive work on these blocks already, but we'll see. There might be others applying, and we'll have to see who and what gets awarded. How would you fund any additional investments? I think I've answered that again in the previous questions. Funding, hopefully, ideally, from production income. As production income increases in Viura, we will, and the gas price increases, we will start to accumulate sufficient funds to fund the drilling campaigns and with the other assets. Now, it's all gonna depend on the timing of the permitting process, and we're in that stage now, where I'm trying to make the best estimate of when we'll be drilling, and therefore, how that'll be funded, but ideally, from production income. The last question I've got here is: What news and activity can we expect from the company in the next six months? We now have three countries in which we hope to be operating: Poland, Italy and Spain. We have wells in the permitting process on three of our producing assets in northern Italy, southern Spain, and northern Spain. I'd put it to you that there is a pretty extreme amount of news flow that we can look forward to in the coming months as we get into the permitting process of drilling further wells on the producing assets to increase the production income in order to make Prospex a bigger company, which has always been my objective from when I joined back in July 2021. Mark, if I, if I may just jump back in there. And thank you very much indeed for being so generous with your time and addressing all of those questions that came in from investors this morning. And of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended, just for you to review, to then add any additional responses, of course, where it's appropriate to do so. And we'll publish all those responses out on the platform. But Mark, perhaps before really 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 I've said it already, but the aim here is to make Prospex a much larger company than it is now. The platform from which to do that is to have producing assets which covers your overheads and which can cover your expansion plans. That's already happening because the application process in Poland has cost some money. It's not been extremely high, but we've managed to do that entirely from production income. So the expansion of Prospex and the drilling of wells when they get permitted is going to be the way in order to deliver higher production and therefore increased income, grow the size of the company. And who knows? If we get to a place in the future, who knows where we might be on dividends? But at the moment, any income that we're getting is going to be reinvested into the company in order to grow it to where we want it to be. So, watch this space. Prospex is here to stay, and it's growing, and I'm as wedded to shareholder value as everyone else. So, I hope you feel that the company's in safe hands, and we will continue to grow it and work for the shareholders' best interests. Perfect. Mark, that's great, and thank you once again for updating investors this morning. 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 will be greatly valued by the company. On behalf of the management team of Prospex Energy PLC, we would like to thank you for attending today's presentation. That now concludes today's session, so good morning to you all.