Good afternoon and welcome to the Prospex Energy PLC Investor update. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would now like to hand you over to CEO Tom Reynolds. Good afternoon. Thanks, Alex, and good afternoon, everyone. Welcome to the first in a series of asset-focused deep dives that we are planning to run here at Prospex. Today's presentation is focused on our Polish assets, and specifically the Mniszów oil discovery in our Dunajec license. I am going to take you through some of it. I am joined with one of my colleagues, Alecos Stavrou and Tomasz Rosowski, both of whom are in our geology team. They have been working on this since the license award, and indeed before the license was awarded during the application process. Without much ado, I am going to crack on. I will be making reference back into this photo, as I think some of our viewers will know, we made a field trip to the location last week, and this is actually the Vistula River, which runs over the top of the mapped Mniszów field. We will be referring to that later. Introduction to Prospex Energy. I am going to run through that very quickly. Just this marker slide here, which is a separator, just going to draw your attention to, it feels like a spot the well competition, but there are three existing wells. This is an overview of the Grobla field, and you can see one, two, three existing well sites on what is a fairly typical landscape in this part of the world. You can see it is broadly agricultural and good road access to the well sites that you can see here. A very brief introduction to Prospex in general, for those joining the story new today. Prospex has a broad asset portfolio across Europe, multi-jurisdictional assets. We have assets in Spain, Italy, and Poland. In Italy, we own 37% of the Selva Malvezzi concession in Northern Italy, operated by Po Valley Energy. That is a producing asset and currently producing gas from the PM-1 well, and we have a four-well program that we are looking forward to in 2027. Moving to Spain, we have two assets, one in the north, Viura, in the Rioja region, where we own 7.24% non-operated interest in a very high potential asset, also gas. That is held through a 7.5% share interest in HEYCO Energy Iberia. That is also a producing asset and producing gas today. El Romeral, Tesorillo, and Ruedalabola licenses in Andalusia, Spain, down in the south. Prospex owns 100% of Tarba Energía, the company which owns those concessions, and therefore we have 100% exposure to each of those assets. El Romeral is a historically producing gas field and continues to produce relatively low amounts via gas to wire. It generates and sells electricity at a dedicated plant that we own in the south of Spain. Tesorillo and Ruedalabola licenses are exploration concessions. Then finally, San and Dunajec exploration licenses that were awarded in Q2 of this year in Southern Poland. Prospex has a 100% ownership position, and the Dunajec license includes the Mniszów oil discovery that we are going to talk about today. In summary, Prospex has a diversified portfolio across Europe in some of the most historically productive basins onshore in Europe. We are very excited about all of these assets for slightly different reasons. We are not going to be getting to Mniszów today. Just to finish off the introduction to Prospex, what is the corporate investment case? I always look at this as external factors which set you up for success. That is the extrinsic points that I have listed here. Also, what are the internal specific things to the company in question that offer investment positives? From an external point of view, we are looking in Prospex at real assets. These are commodities which hold their value in currency terms during periods of inflation, which I personally think is quite important in today's potentially stagflationary environment. A period of growing energy demand driven by a number of factors, but digital infrastructure growth is one. Also, some of the signs we can see in international supply chains at the moment show that homegrown energy resources inside your borders are particularly important. Which leads us to the final point there, energy sovereignty. As free access to imported energy becomes less guaranteed, local energy resources will be more valuable. There will be a strategic premium in my opinion. When you look at the internal factors that support value growth in a company, each one of our assets, and we are going to talk about Mniszów and really show this in a great deal of detail today, is we have an identified pathway to grow value for our investors through the process of de-risking and development in this case. What is our goal when you bring all of this together at the portfolio level is to create a cash compounding machine. Cash flow from asset one invest in asset two to grow and become a cash flowing asset, which then both of those invest in asset three. That compounds investor value over multiple investment cycles, fundamentally growing value for the whole. If we are doing our job, making sure we are communicating appropriately to the market, that should be reflected in the price that all of you see on the screen. One real flag, and I am sure we will touch on this later when we get into Q&A, but at each stage, every investment that we make is assessed rigorously against the value added per Prospex share. That has to be our guiding light, and that has to be what supports our decision-making in any investment we make. I am going to move now on to specifically the San and Dunajec licenses situated in Southern Poland. Starting with the San license, which you can see here. The map on the right shows you the location in Poland. It is in the southeast of Poland, not far from the Ukrainian border to the Southeast. The map on the left shows the historic trend of gas discoveries and commercial production running from Southeast up to Northwest. You can see these red polygons effectively show the existence and location of historic fields. The text in here shows the historic size. We are in a very good neighborhood. Proven petroleum system, proven prospectivity. The target here is Miocene age, so shallow gas accumulations. We already have a head start in the license, which is shown by the three leads that are identified here, which are sitting on our block. These were identified by the Polish Geological Institute, and they are the first place we are going to start investigating on this license. Moving to the Dunajec license, slightly to the Southwest of San. You can see its location on the right-hand map. The Dunajec license has two viable geological plays. First is the Cretaceous and Jurassic fractured reservoir oil play, which we are going to talk about in great detail today on Mniszów. It also has the Miocene turbidite gas play, very similar to San. You can see just looking at the license map on the left that historically there has been gas and oil discoveries found and developed on the block. You can see that immediately to the South, there are very active gas zones that has obviously moved into the block with this prospect here. What we are going to focus on is Mniszów, which is situated here. A brief introduction to Mniszów, and you can see for the first time the prognosed outline of the field shown on a depth contour map on the left, and its location within the block in the highlighted map on the right. Mniszów is a historic oil discovery. Multiple wells with oil shows or oil to surface within the field contour that we are showing on the left. It also sits between the Pławowice field to the North and the Grobla field to the South, both of which were commercially developed during the 1960s, 1970s, and onwards using vertical well, which was state-of-the-art of available technology at the time. Mniszów was not developed, and resources were effectively preferentially allocated to Grobla and Mniszów at the time due to their production performance. But what we have is a great deal of historic data that has allowed us to map the field and really examine what we have here and look at the potential effect and impact of applying modern technology. Being able to review that historical database, and an example of a well log is shown here, which shows clear oil saturation over fractured carbonate. We have taken all of that data and used it to estimate the oil in place figure, which we put about 13 million barrels is our central estimate. The recoverable reserves that that potentially delivers is 3.7 million barrels. What we have done, and we are going to talk in more detail today, is designed an eight-well program using modern drilling and completion techniques. We have used that to construct a pathway, construct a capital estimate based on engagement with suppliers in the territory, and ran economics on a full field development basis, which we will be sharing today. To talk about geological setting, I am going to hand over to Alecos in the first instance to talk us through that. Thank you, Tom, and hi everyone. Today I'm going to spend a few minutes to walk you through the oil geological setting in Dunajec. Then we're going to touch a little bit upon the gas play. The reservoirs for the oil play are predominantly Jurassic limestones, which are typically deposited in shallow seas. In the slide you can see what Europe looked like in the Late Jurassic and the area of interest, South Poland, is indicated with the red circle here. The takeaway point here is that we understand the reservoir depositional environment, and we can use that knowledge to inform our production strategy. Further to the oil play in Dunajec, we have the Miocene gas play. Following the deposition of the limestones that we mentioned in the previous slide, the Carpathians continued to emerge. In the Late Cretaceous and Tertiary, the basin changes into a foreland basin. The mountains load the underlying plain, causing it to flex. This creates a sedimentary basin, and the subsequent erosion for the surrounding area fills the basin, creating reservoirs. This is the foundation of the Miocene play, which is the basis for the gas reservoirs in both blocks. The key point here that is worth keeping in mind, there is more in Dunajec than just the oil play, and more than just the rehabilitation of Mniszów. My last slide before I hand over to my colleague, Tomasz, is a complete review of the Petroleum System chart here, and we're not going to really go into the detail. I just want to bring your attention to the two depositional events of the reservoir. We have the limestone in the Jurassic, followed by the sandstones in the Cenomanian. Again, key point here is that Mniszów has all the elements of a working petroleum system, and we can go into more detail when you look at the cross-sections. With that, I'm going to hand over to my colleague, Tomasz, who will walk you through the more specifics of the reservoir. Thanks, Alecos. Now we are looking at north-south cross-section across Pławowice field, north of Mniszów, discovered in 1963, containing 12 million barrels of oil, produced just under 5 million barrels to date. It produces from, on average, 6.6 m Upper Jurassic fracture limestone and 2 m of Cenomanian sands and conglomerates. When you compare this to what we have over Mniszów, over Mniszów we have 10 m thick average fracture carbonates and 1 m-2 m thick Cenomanian sands and conglomerates. That's another field south of Mniszów, Grobla. Much bigger, discovered in 1962. It's an oil field with a gas cap, small gas cap, containing 48 million barrels of oil and 9 Bcf of gas. Produced over 20 million barrels to date and 5 Bcf of gas. The fracture carbonates are much thicker here, 20 m, and Cenomanian on average thick. Both those fields produce from vertical wells. We believe that applying modern technology to what we have over Mniszów will significantly increase EUR and flow rates from wells drilled over Mniszów structure. How we mapped Mniszów. We have assessed over 30 wells from the area of interest. We have integrated data from final well reports, open hole logs, formation tops, and well tests and core information available from historical wells. We have adopted some structural features. You can see East-West faults bounding Mniszów South and North. Those faults were adopted from historical maps. No seismic was used for mapping of Mniszów. There are few poor quality, poor coverage legacy lines that were not incorporated in mapping exercise. You can see two oil water contacts, 505 m from Mniszów South and 430 m from Mniszów North. That is proven by existing information from well tests, so we have high confidence in the structural interpretation of those faults present. Based on our mapping, we calculated, like Tom said, 13 million barrels oil in place. If you dive into subsurface, that is west-east correlation panel. You can see the correlation on the map on the left-hand side, how it runs through the field. It dips to the east. As mentioned before, we can clearly see oil water contact being mapped by well test. We have good well control over this field. Just well down deep oil water contact, flowing oil and water and well test just above the oil mapped, oil water contact flowing oil. Another correlation panel, north-south this time. You can see, on the correlation panel, those two major faults bounding the field. Number of wells with well test above oil water contact, testing oil to surface. Oil shows while drilling or oil in core. You can also see the outlines of the field. Those are the vertical lines that you can read on the correlation panel field outlines. Over to you, Tom. Thanks, Tomasz. Okay, what we are going to try and do is put this in context by considering analogs that we can see, and we are taking two types of analog. The first is direct analogs, and we have just heard about Grobla and Pławowice. These are adjacent oil and gas fields that have commercially produced large quantities of oil, 20 million barrels and 5 million barrels respectively. In both of those fields, the hydrocarbon-bearing formations are exactly what we see in Mniszów, but slightly different thicknesses. They have had slightly different production performance with vertical wells, as you have seen. The key point that we are taking away from this, and I would want people to hear loud and clear, is that we have a viable reservoir rock that in nearby fields produced commercial quantities and commercial flow rates of oil by natural production from vertical wells. A number of those vertical completions delivered over 200,000 bbl of oil from a single well. Vertical well completions, that is the key point here. What we have then done is look at offset analogs in other parts of the world where you have got shallow fractured carbonate, may have been developed historically using vertical wells, and then been tested with modern completion technology. There are a couple of very strong analogs that we are going to mention here. First is Mississippi Lime or Mississippi Chat Limestone. A good example is the one that is operated in Oklahoma by Sandridge, 900 m- 1,800 m, so slightly deeper than we are looking here, and also relatively high water saturation compared to what we are looking at here. The key point about talking about this is that the development via horizontal wells led to very high ultimate recovery figures that you can see here, 300,000 bbl- 500,000 bbl of oil well, even with higher water saturation, even though the reservoir was of a similar thickness to what we see here. So very interesting, strong analog to show that these sorts of fractured limestone, even in the presence of some water saturation, can be highly economic with modern technology. Then the second analog, and I am going to flick on here, is the Salt Flat field in Texas. So this is a field very similar to Mniszów. It is a naturally tight limestone reservoir. It relies on fracture networks within the reservoir to provide permeability in the flow of oil. This field has been producing in the U.S., in Texas, since the 1930s, and was developed by vertical wells. You can see that well to well, it depends whether they hit a hotspot or a kind of fracture nest, a natural fracture nest within the reservoir that delivered more or less production. By the time we got to the late 1990s, early noughties, the field was very mature and production had dropped off to, as the chart says, around 6 bbl a day. What happened then, and what you can see on the chart here, is the impact of horizontal drilling that was placed using modern seismic. You can see a massive increase in production from 6 bbl a day to 3,000 bbl a day. This is on a mature field location that had been produced significantly for 70 years at that point. We are taking a great deal of information from this sort of historical analog and applying it to Mniszów and we believe that the application of lateral drilling, acid stimulation, and potentially other techniques that we can use in the completion will give us an ability to connect natural fracture zones in the reservoir that we see, and increase production and ultimate recovery from the Mniszów field. So that leads us into the outline development plan. The graphic you can see here is a close-up of one of those wells on Grobla. So I think one of the important points here is, and this is by reference to the broader portfolio, this is active wells, and this is a couple of kilometers from the Mniszów field. The local population, the agricultural networks in that area are used to seeing this sort of activity, and it is still going on 2 km from where we will be focusing our efforts. In terms of breaking down the development plan, there are three phases of drilling. The first phase will include acquisition of 2D seismic. We are planning to do that early next year, early 2027, to gain structural clarity on Mniszów field. As Tomasz said, the historical seismic is not of great quality or particularly relevant structurally. We think it would be a good investment to acquire some new high-grade seismic that we can use to finalize the well location and targeting. Pilot well targeting Q4 2027 after engaging with local service providers last week whilst we were in country. The intention there is to both gather information on the reservoir through coring and electrical and image logs, case to the top reservoir, and then drill out a lateral well using coiled tubing to deliver initial open hole lateral capable of enhanced production. That is taking the analog that we were just talking about in Salt Flat and the Mississippi Lime, seeing how we can apply it economically and efficiently here in this location at fairly shallow depth. There are two further phases of drilling planned. A four-well program, which would be late 2028. A key part of the plan here, by splitting it into phases, it does two things. It allows you to recycle cash flow from successful earlier wells, offsetting the need to raise cash to perform activity. A key thing, and I am sure everybody will understand what that means. The second point is that any learnings or optimizations that arise from earlier wells can be applied to subsequent wells in the program. So you can make tweaks or redesign changes to boost production and boost ultimate recovery. Then finally, 2029 onwards, as the slide says, a three to five -well program to basically infill and maximize recovery from the field. Step one, seismic survey. The map on the left, you can see the field outline of Mniszów North and South in our license area overlaid on top of the topographical map of the area. You can see here, if you can see my cursor, this is the sweep of the river that is in that opening slide. So right in the heart of the Mniszów field area as we have drawn it. The intention of the seismic grid that you can see in blue is listed here. It is to provide confirmation of reservoir continuity, to provide confirmation of the reservoir top and thickness. To detect major faults, both their location and orientation, whether they run across the structure or up and down the structure, and to evaluate the up-dip extent of the reservoir where well control is limited. If we were to go back and look at Tomasz's slide earlier, you can see there is a large number of wells on this structure, but there are very few wells over here that would define where the reservoir map might extend to. So there is possibility for some upside volume over into this area, depending on exactly where the reservoir rock pinches out. We are taking the seismic and we have designed the seismic grid to support those conclusions. Then we move into the development plan. The seismic should be shot Q1 next year. It gives us some time to analyze it, interpret it, and then feed forward into detailed well planning and well targeting. Hopefully, you can see the red line here, which represents top hole and that lateral targeted in the sort of heart of the Mniszów area where we have good well control from historic wells, and you can see it's very much overlaid on that intersection of the seismic lines. So we get very good local seismic control. The schematic on the right is really just giving you an idea of what this will look like. Vertical scale, obviously compacted, otherwise we'd have slides a mile long. The intention here is to drill a standard vertical well efficiently and quickly down to the reservoir, core through the reservoir and also take image logs. Go back out, case here down to top reservoir, and then reenter the hole with coiled tubing to drill a 400 m lateral is what we're targeting. If we can get more, then we will drill more. That's all about intersecting those natural fractures that you can see, shown in a diagrammatic sense here in the limestone. That's where the permeability comes from. That's where your path to production comes from. The more fractures you can intersect by longer horizontals, then likely to be higher recovery, higher production. At the moment, we're drilling north-south direction to intersect as many of those as possible, and we'll gain information from this test and then be able to roll those learnings forward into subsequent wells. Taking that process and that specified pilot well, as I said, we've met with a number of suppliers last week whilst we were in country. We've got initial budgetary estimates of CapEx that we've incorporated into an economic model, which covers the full field economics. Production profiles are based on very much the local experience seen in Pławowice and Grobla, and the analog performance. We've taken a, what I believe is a conservative view of the potential uplift that can be achieved through horizontal drilling. You can see on the box on the right, we've assumed 300 bbl initial production rate. And of what I think is a reasonable ultimate recovery per lateral, based on other analogs where we've seen that. The pilot well's going to be drilled in Q4 2027, so production isn't expected to start until 2028, which you can see the fallow production in 2027 there. Then four further wells drilled in 2028. The bulk of production from which will be seen in 2029. Then there's a final campaign of three infill wells, which incorporate learnings as well. So the model assumes a conservative oil price average of around EUR 60 a barrel. That's about $70.50 per barrel today. Initial well cost of EUR 4.5 million. That's for the pilot well. We haven't modeled it, but we would expect learnings over time to improve the cost and to get efficiencies out of multiple well programs. Eight wells in total. As I said, 300 bbl initial production rate and an ultimate recovery per well of 450,000 bbl of oil. So the results, you can see the production profile shown on the left, which pretty healthy, growing on 100% basis. Economics on the right in the bar chart. Those blocks, they're broken down to the These are NPV10 numbers in millions of euros. The first box is for the first pilot well, based on those sets of assumptions. Four-well program in phase two, three further wells in phase four. Total NPV sums to EUR 54 million on an NPV10 basis with that set of assumptions. That equates to around just under EUR 16 per barrel. It's a very attractive development on those numbers. What's the path from here? In terms of the timeline that we've laid out, we're sitting in Q3, and we're doing the IMC presentation right now. We're now entering a period where we go into well program design and identifying long lead commitments that we need to access, whether that's resources, equipment or material and consumables. We're also going to instruct our advisors to prepare a preliminary Competent Person's Report. That's an independent ratification of the reserve estimates that we've already produced in-house. Moving into Q1 next year, the acquisition of 2D seismic that I talked about, that will allow the CPR to be updated in light of that better data, tightening those reserve estimates and improving uncertainty on those. Then moving into the operational phase through the middle and end of the year. I've flagged key project commitments as we go through here. During Q4, I expect us to commit to that seismic and a design lock on what we're prepared to drill next year. That feeds into the seismic survey, the results of which will then allow us to confirm the well location and trajectory, in terms of what we've found from that, and lock in the drilling equipment. That then moves into Q2 next year, permitting and land access, preparing the well site and all equipment into location in Q3, and drilling the first well on the Mniszów field in Q4 2027. You can see also what I've included here is the green line of decision bubbles, and that's really just to flag our program that we're expecting to engage with third-party investors to join us in Mniszów. I expect that to be in a position to confirm partnership investment at some point towards the end of the year. That process at the moment has kicked off, and we're engaged with a number of potential investors. They have to do their own physical, technical, and commercial due diligence, and we have to negotiate a fully termed agreement to lock that in. That process takes time, and I'm really just guiding expectations that confirmation is likely to come towards the end of the year, later in Q4. In line with the hard yellow commitments two and three that you can see on this, that new partnership that would be formed as a result of that investor joining, would take a decision to commit all funds and press the big green button, to get on with it somewhere around the end of Q1, and then support the program with funds through to first oil from first Mniszów oil. Really just to pull everything together here, this is an unashamedly bullet point list of telling you what you've just heard. But I really just want to join the dots here in terms of just going back through some of the points we've covered in the individual slides. The first point is that the Mniszów oil discovery, it has been mapped here using a significant body of historical data, which allows us to map contours, depth, and volumetrics of the reservoir here with a high degree of confidence. Analysis of neighboring field shows that the carbonate reservoir at Mniszów is a viable producer, but using vertical wells in the past, in the 1960s and 1970s, it was not considered viable. We now have a number of data points which shows, both in local and international analogs, that the application of modern production technology dramatically improves the performance of mature limestone plays like Mniszów, and we expect that to have a very similar impact here. The team here has done a fantastic job. I have to say, I am hugely impressed by my colleagues' ability to take raw information at the point of license award back in April to where we are today in less than six months, where we have an executable development plan. We are engaged with the oilfield service community, and we have got what is a highly deliverable plan through to this time next year, being prepared to drill that first well. The base economics very much support strong valuation. I have already mentioned the EUR 54 million NPV10 basis, subject to the assumptions we already flagged, EUR 15.6 a barrel. That is highly competitive when you look at the net economics of a number of other onshore developments in Europe. That we think gives us a very strong basis to engage with potential investment partners. As I have already said, that process has now kicked off, and we are engaging with a number of counterparties that are both technically and financially competent to join us on this journey. With that is the meat and drink of what we wanted to talk about today. My colleagues will come back and join me, and we are just going to take some questions. We were provided with some questions ahead of the IMC kicking off, and thanks very much to those participants that took the time and thought to provide those questions beforehand. I am just going to start with those whilst any other questions that people may have flow through. I am probably going to group them into three spaces rather than trying to answer it because there are some similarities between the question. The first question is just raising a question about potentially spreading ourselves too thin. We already have an existing portfolio that I talked through at the start. By adding an additional string of activity, are we spreading ourselves too thin and potentially making ourselves vulnerable? The way I would answer that question is that Prospex is an investing company. Our job is to find opportunities to deploy our investors' capital where we think we can make very strong returns. We will do that in a number of different ways. We will do it by getting involved, as we have done in the past with the exploration concessions, and spending money to identify, test, prove resources, and then move them into production. Selva Malvezzi is a very good example of that, where it has paid off in spades. We have to constantly be moving forward and adding new things to be able to grow the business, both in terms of productive and cash flow terms, but also to provide follow-on investment opportunities. I very much see our Polish licenses in that vein. I do not believe that we are spreading ourselves too thin. I believe this is a natural part of our ongoing investment process. The second question that was pre-submitted is one about, and there is another question that has some similarity to this, is that obviously in raising capital to fund this activity, how can we be sure that we do not dilute existing shareholders and investors who already own a position in the company? This is a big subject, one that comes up consistently whenever we engage with shareholders on an informal, individual basis or a large scale. It is worth spending a little bit of time talking about this because I think it is critical to understand. The way I think about this is to move our assets through that value curve, which is to de-risk them, to develop them, or to discover resources. Capital must be spent, and therefore Prospex must find access to capital to perform that activity. That process is necessary because we do not get paid, our investors do not get paid for assets that have been put on the shelf hoping that someone just sees the benefit. We have to demonstrate there is more value in these assets by following that process. De-risk, discover, develop. Costs money, so we have to find it somewhere. I am going to run through a few places where we should be seeking money in order of priority. The first is cash flow. It is the cheapest form of funding that any company has, because it is the money that you get on a regular basis. You can either apply it on a monthly basis or save up, and you allocate that. It is the cheapest form of equity you can find. It does not involve in selling anything other than current production. You do not sell out assets. You do not sell out shares in the company, and therefore it is non-dilutive, and it is the cheapest form of capital you can find. The second ranking behind that is to effectively sell forward through raising debt. Debt is raised effectively by selling forward a right to future cash flows. You advance that money, and you can then apply it to productive uses like developing more. Again, non-dilutive on the basis that it does not involve selling equity and does not involve selling anything at the asset level. You then move into equity capital. If debt is not available because your assets are not mature enough to support debt of appropriate cost, or your cash flow is limited, then you move into equity funding. I think at the heart of this question about dilution, from a Prospex perspective is do we have to sell shares of Prospex, therefore diluting our interest in the whole across the whole portfolio to fund these activities? What I am going to say pretty clearly is no. I believe we have a path to focus on these individual opportunities and bring in people who are focused on just these opportunities and raise capital at a valuation which reflects the value of the asset we are selling a part of, not the current screen price of Prospex Energy PLC. That allows us to raise capital at a much more favorable valuation. Although we are selling something to raise that money at the asset level, it is non-dilutive for Prospex shareholders. Moving on to the third question, Tomasz, I'll perhaps ask you to fill in here as well. There's a question here about the development strategy for Mniszów, and the question basically asks, given this is a shallow fractured carbonate reservoir, what specific methodologies are we considering to maximize fracture intersection whilst mitigating risk of water production? I think we've covered some of that by talking about the method we're going on here. But perhaps Tomasz, perhaps you could talk specifically about some of the things, because we've talked about this extensively internally. Yes. Physically, we plan to drill the lateral section perpendicular to the fracture system to intersect as many fractures network as possible to optimize the production, the flow rates in EUR. With regards to drilling close to oil water contact, we will stay away from oil water contact. We've looked at historical wells, and that's a very interesting question. We look at the historical wells from Pławowice and Mniszów, and wells drilled close to oil water contact. They water out early, but they had really nice EUR and daily rates because all those three fields are water-supported accumulations. There is aquifer support and pressure maintenance. To answer the question, we drill perpendicular to the network system, intersect as many as possible, stay away from oil water contact so we can kind of control the water influx. We completed open hole. This is competent rock, 10 m thick on average limestone, to maximize area to flow. Hope that answers your question. Thanks, Tomasz. Okay. Fourth question here. It's a variation on the dilution theme, but specifically asking about the specific joint venture structures to ensure that that phased well development can be funded without causing undue dilution. I think I'm going to join two dots here to address this point. I'm not going to repeat the answer I gave to dilution. Hopefully, that was satisfactory, and people got something from that. I believe selling part of the asset at a strong, appropriate valuation for its current stage of maturity allows us to raise money efficiently to fund the operation. The broader program then leans heavily into two things. One, you're developing a productive and cash-generative reservoir here. I would draw your attention to those economics and those cash flows that we talked about are on a fairly conservative oil price basis of $70 a barrel. That allows you to have incremental cash flow that you can roll forward into funding subsequent wells. The fact that you have a Competent Person's Report that will then be validated by this lateral well test gives you the ability to go and approach debt providers to provide a large source of non-dilutive funding to fund further productive wells. That is our strategy in a nutshell here, and hopefully that answers the question. There are a few short questions that have come in during the course of the presentation. Thanks for submitting those, guys. Why not do 3D instead of 2D? This is a combination of pragmatism, execution timeline, and cost. 3D costs a lot more because it is three dimensions, so you have many more grid node points. You mobilize more equipment to the field. It is more time in the field, and therefore it is more expensive. This is a pragmatic approach to getting the information we need at this stage at reasonable cost. I would not necessarily rule out performing a 3D survey at some point in Mniszów's development life because that does have the potential to deliver high-quality information for well targeting later in the program. Today, this is about pragmatism and managing cost at a reasonable level. How many line kilometers will a 2D survey be? Gents? About 37 km. 37 km. Thank you. There is a question about how does the development plan timeline for these licenses coincide with the planned development timelines for El Romeral, Selva, and Viura? Good question. Thank you. At the moment, those other projects are not absolutely nailed down. At the moment, the best guess is that that activity will be taking place on each one of those projects around the end of next year. So very much overlying with Q4 drilling in Mniszów here. In terms of what does that mean, what I would draw your attention to is that on Selva and Viura prospects, Prospex Energy is not the operator. We are a non-operator. From an operational management perspective, that does not put any additional burden during those programs going on. For El Romeral, we are the operator. We are 100%, as our shareholders will be very aware. We're still waiting on permits to pursue activity there at El Romeral, and that will then set the actual detailed timeline for mobilizing equipment and drilling on that license. At the moment, everything is coincidental and converging around the second half of 2027. There's a question here about economics. It's about what would you say the estimated cost per barrel and free cash flow you'd expect from each Mniszów well. What I'm going to suggest is that we answer that question in the material here afterwards. We'll put in some guidance numbers rather than me shooting from the hip and giving you something that isn't precisely correct based on our model. Let me come back to you on that. There's a question here. Is it correct that there could be multiple opportunities in Poland with JV partners in addition to the Mniszów field? 100% correct. We focused on Mniszów here today. It's front and center of what we're pursuing. I'm going to just very quickly ping back to those opening slides that we started on at the San and Dunajec license. As this question suggests, there is much more prospectivity. For example, on the San license, you can see the southeast northwest trending play. You can see very clearly established here with those three leads that have already been identified in the San license. In parallel with this activity on Mniszów, we do plan to progress the exploration play in the broader Dunajec license and here at San. We are trying to match prospective partner investor appetite with the activity. Some investors are very interested in Mniszów because it represents a productive development opportunity, but don't have appetite for exploration, whereas we have been approached by a number of people who are very interested in the exploration potential. It's our job to basically parse through that appetite and allocate it appropriately. To answer the question, yes, there are multiple opportunities, more than we've just talked about here today. We do expect to engage with other potential joint venture partners. Having 100% ownership in these licenses gives us the ability to farm down, to make room, and bring those partners in. There is a final question, which I'm going to ask the guys. Oh, look, another one just popped in. We're probably going to call a halt to these questions in a moment. The decline profile would validate the pilot's economic case. We've basically mapped type curves from other fracture limestones under decline curves. We believe we've got pretty good control over what we'd represent a broadly typical or average type curve for limestone of this type. There's a final question which I think is about sort of potential broader business development activity which is, apart from Poland, Spain, and Italy, is Prospex looking at any other assets throughout Europe? We respond on an opportunistic basis to activities across our desk. Part of that is about learning and understanding what else is available in our patch, which is defined pretty broadly as Europe. I think people would be quite right in observing that our plates are pretty full at the moment. The way I look at this is that we have to be very careful about how we allocate our time, resources, and money. We're not going to look at something unless it meets very clear pre-established and pre-discussed criteria on business development, and only then if we can see a clear path to bringing it into the portfolio in a way that doesn't disturb any of the existing value we have. But yes is the short answer. Okay. I think with that, there's no more questions come in. I suggest we call a halt. Hopefully, that's been helpful to everyone as we've gone through. As I said at the start, this is the first in a series of deep dives where we've gone into more of the technical and underlying data to explain our thinking about the asset and what we're doing next and how we're proceeding with that. Hopefully, it's been helpful. Thanks very much to my colleagues, Alecos and Tomasz, for joining me today. I think I'll leave it there. Thank you. That's great. Tom, Alecos, Tomasz, thank you very much indeed for updating investors today. Could I please ask investors not to close this session, as you'll now be automatically redirected to provide your feedback which help the company better understand your views and expectations. On behalf of the management team, we would like to thank you for attending today's presentation and good afternoon to you all.