Welcome to the Seascape Energy Asia Plc Investor Presentation. Throughout this quarter presentation, investors will be in listen-only mode. Questions are encouraged, and they can be submitted at any time by the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question received in the meeting itself. However, the company can review the questions submitted today and publish responses where it is a ppropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Executive Chairman James Menzies. Good morning to you, sir. Good morning everyone. Good to be speaking to you. We're here in Kuala Lumpur where we've been attending the Energy Asia conference, which has been great fun. I'm going to tell you a little bit about it. Maybe you can go to the first slide, Nick. I'm here with Nick and Pierre. I'm not going to, you know, I don't think we need an introduction because if you've heard any of these before, you'll be very familiar with us. But yeah, we've been here at Energy Asia and I think, you know, Seascape, I'd say, caused, you know, people took notice of us following the 2A farm out, which was a very notable deal in this part of the world. We certainly got a bit of profile from that and people got familiar with our name and started to look at our story. Here at Energy Asia, we have seen it is a big PETRONAS hosted conference. It has got all the world's, you know, the majors are here, their CEOs are here, the NOCs are attending, all the big IOCs. We surprised people, I think, at that conference because we were suddenly thrust into the limelight on Tuesday when PETRONAS announced that we were being awarded the Temaris cluster. We certainly got a lot of profile and a lot of attention, and in fact ever since then we have been fielding a lot of inbound from various companies asking what is it we, what do we want to do with that asset? Are there things we can work on together? How have you guys got to this place? Suddenly our names went up in lights in the middle of this huge industry event, which has been a very odd experience. Anyway, we want to tell you about Tambakau and we have Mr. Malaysia himself to my right. Who is the best guy to do that? You know, I'll save his blushes, but Pierre was familiar with this asset because he's worked with it with Lundin, who was a previous operator. You know, there isn't much that we don't know about it that other people do know. I think our knowledge is as good as the rest of the industry about this asset. Going back to when we were last speaking, at the time of our results, we were saying that it would have been a pivotal year. We had taken that big, brave decision to focus purely on Southeast Asia, pivot the business completely, and we had established that foothold that was so important to get ourselves on the ground, get ourselves in the thick of it. We had an operatorship, we had what we thought we believed to be an extremely exciting asset. We had started to build out that portfolio and having done all our business development homework, and we do pride ourselves on following what's going on around the patch and who's doing what, what's available, what we like, we felt that it was the time to make a big step, particularly when it came to operatorship. This is what tomorrows is all about. In many ways, it's the biggest step, not least because the operatorship, but also the size of the resource base that we're dealing with, as you'll see, completely changes the complexion of the company. I think the other important thing is what it says about us from the perspective of the regulator and the national company. PETRONAS. I've said this before, the barriers to entry here are very high. You can't, you don't, you will not be given these opportunities if they don't believe you. If they don't believe in you, you can't come near it. You know, this is why I've been saying we are competitively advantaged over here. It's something that very, very few smaller companies have. To a certain extent that's partly why we've been able to move as fast as we can and build this position up. I mean, there is competition for this stuff, don't get me wrong. You know, when you're nimble and, you know, determined, you can certainly do well with this sort of thing. We do see this as a sort of confirmation of achieving those aims that we laid out. Next one, please. Yeah, so the portfolio now. You know. It's not just a matter of coloring in the map here. I think all these assets are really high quality. You know, the 2A thing we've talked about at length. It's very, very exciting. You know, we'll give you updates on that as we go through the year. I'm sure, you know, Nick will talk a little bit about it later, but fantastic. The DEWA complex cluster just looks better and better and EnQuest cracking on with that again. Another drill. So nil cost entry. And now Temaris, which is our flagship operated position. 250. It's high value upside as we say, it's not just the discovered gas in the ground but as you'll see from Pierre, you know, we're really excited about the step out potential here, which is a play which, you know, people haven't been chasing particularly, but has got huge potential. I think this is set against the backdrop of Malaysia, particularly Peninsula Malaysia, which is looking to import gas at the moment. They're bringing in, they're bringing LNG, would you believe, to Peninsula Malaysia. They are crying out for new gas supply and this is why they're pushing us to crack on with this and why the opportunity exists for companies like ourselves. It is that highly supportive macro backdrop which is a really good help for us and puts the wind in our sails as it were, as if we needed any more encouragement. Lovely small portfolio, very high quality. We're super conscious that new things we do may dilute the quality and we definitely do not want that. Now our own thresholds and criteria are always getting higher and higher and higher. You know, I'm sure life will get harder as we grow this. Right now, you know, I'm just so pleased with the speed and the quality of the assets and the team that we put together and, you know, we've been out here for a little while, but Nick and Pierre in particular have done absolutely stunning work putting together a team who can execute on this sort of thing and are so motivated. You know, there's just a very, very nice feeling around a place that everyone is really excited and I think this sort of stuff, you know, it sends out waves into the industry and again we not only get other companies calling us, we get people calling us wanting to know about opportunities with Seascape, which is, you know, unusual I'd say for small cap. Anyway, that's the position we find ourselves in. What I want to do is hand over to Pierre and then Pierre will talk you through the asset and then Nick will, the gas market, what happens with the gas, where it goes, that sort of thing and some closing comments and then we'll answer your questions. That's great, thank you. Thank you. James. Hello everybody. This is Temaris, we call this appraised and ready to develop. It's a collection of two fields, Tambakau and Mengkuang. What I really like about this is it's not just the fields, but PETRONAS in this bidding round have given a whole larger area around the fields. That red box is 1,200 sq km and is the box that we have for license under this PSC. The license itself is right at the southern end of the Malay Basin, southwestern end of the Malay Basin, and it's all the main Malay Basin plays. Tambakau itself was discovered in 2012 by Lundin and then it was appraised two years later after they had shot 3D over the field in 2014. I joined Lundin just after the Tambakau-2 appraisal well and we actually drilled, when I was there, we drilled the Mengkuang exploration well just to the north of Tambakau. Mengkuang was the last obligation well that Lundin had to drill on an exploration license that covered that area. What's great about this is that we have a fantastic data set. We have basically three wells defining the play, the two wells on Tambakau and the well on Mengkuang. We have high quality 3D dataset. We have extensive core in Tambakau-2, 145 meters of core. That's fantastic, right? Really defining the reservoir. We have the two DSTs in Tambakau-2, both of those at 16 million cu ft per day or so. We have extensive MDT data and wireline data as well. Really high quality, high quality data. Obviously it's in shallow water, it's very close to infrastructure and we're targeting low cost development and plateau rates of about 100 billion standard cu f t per day or so on the plateau. High quality assets in the southern end of the Malay Basin. What's great about this is the reservoirs, the quality of the reservoirs. You can see the reservoirs light up here on the slide on the image on the right. These are large, large coastal plain, shallow coastal plain reservoirs that meander and create meander belts. They're basically flowing from west to east across here. What happens here is that the reservoir is actually caught and the hydrocarbons are trapped against this fault, this north south fault, as you see on the image on the right. You see below a whole sequence of modern day reservoirs that are analogs to the reservoirs here that we have in a Miocene. The Miocene here is between 26 and 16 million years ago. Tambakau itself is about 24 sq km of closure. Large closure. There are three main reservoirs, the I10, the I20, and the I80. All super high quality reservoirs. The rock is about, in terms of permeability, about two or three darcy rocks. Super high quality piling up rock. Okay. No impurities as well. Yeah, sorry, no impurities, no CO2. Very, very high quality, very high quality methane throughout, throughout. This is Mengkuang, which is the discovery to the north. Smaller, of course, but again very high quality reservoir in a slightly different area. I like this because the high quality nature of the sands and also the extensive nature of the reservoirs across this whole area. You see again here the large box, which is the area that we have under this PSC. You see even on this image, you'll see better on the next image these large channel systems that go from west to east across the area. Mengkuang is a little bit more complicated and perhaps smaller in volume. Our focus very much will be on Tambakau initially, but Tambakau within its 1,200 sq km box. I'll show you why we're so excited about that in a minute. This is my favorite slide of this pack and put together by our exploration manager Matthew, who's just fantastic and loves working up this stuff. This here on the bottom right, that's the 1,200 sq km box. In the black you see on the bottom right you see Tambakau, which is the discovered gas field, which is the two wells in it. Mengkuang to the north, these large channel systems moving from west to east. You can see in the west northwest, where these channel sands are potentially filled with gas in these prospective areas. These are prospects that are not discovered, but they are, as you can see, potentially very significant, very much possible to. We think that we can actually potentially duplicate the resource we have at Tembakau. We're saying Tembakau Mengkuang is about 250 bcf or so, or of that order. I think we can easily replicate that within this license area as we mature, as we mature our story on the whole thing. As part of the work program, we have to reprocess the seismic. This seismic will be reprocessed, and once we reprocess that, we'll be able to train the seismic and look at it in detail with advanced geophysical techniques, AVO, amplitude versus offset. We'll train it using the three wells, the two wells at Tembakau and the well at Mengkuang, to be able to find and identify the gas sands. These prospect areas, which have an exploration risk, will be able to lower the exploration risk significantly on them before spud. We'll actually reduce the risk on them through the reprocessing and the detailed AVO work, all trained by the three wells that we have on the, on the. The. On the license. A really great opportunity. I think then when we're, you know, the vision would be that when we're doing development drilling on Tambakau for the development, you actually have an opportunity to do appraisal and exploration wells throughout this whole license area. Obviously it'd be nice to do one of these super brights up in the west there. Also, you see there are a number of channels that go between Tambakau to those very high brights, and those are, we call them the I80 channels. I80 is very high quality rock in Tambakau. I think one of those channel systems that sit between Tambakau and the super brights in the west, I think we'll target also potentially for a well. Let's see how we go when we reprocess the seismic and train the seismic with the AVO. I think that sums that up. Did I miss anything on that? No, just kind of, you know, I just will come on to a little bit about how, you know, we think that possibly the play extends, you know, off the block and that surrounding us is open acreage at the moment. Yes. There's kind of further potential and kind of getting embedded here with tomorrow I think really sort of puts us into a pole position to then sort of pick up additional acreage in and around there. What's great with this, Nick, is, you know, when you train your eye, when you know what you're looking for, you can really de-risk it. Obviously, these channels extend out to the west. Right, you can see that. Our eye will be from—we know what we're looking for from this work over the next year or so, and we'll be able to de-risk the play as it continues adjacent. It's not a play that is. It's not a classic play for, for this basin. It's. It's. I wouldn't say it's new because obviously these were discovered a while ago. I don't think many companies have really chased this play and there isn't really any reason why it doesn't extend along the flank of the Malay Basin further north. Yeah, you could still have channels coming off that high given it's a strap play principally. I think if we can get our eye in and sort of have a leading edge as Pierre is describing, particularly using some AI techniques, I think we're going to be really well positioned to go chasing this even further north as well as to the east. I mean we could go in every direction. I was thinking, James, about why some of these features haven't been drilled and I think it's really. And why Tambakau was drilled first because Tambakau is really a structural play and that's why it was targeted. There's a lot on this margin, a lot of structural plays historically being drilled, but shied away from the more stratigraphic features. Yeah, yeah. I think an element as well is my segue into sort of, you know, my slide here, which is around the gas market, which is that, you know, historically Peninsula Malaysia, so western Malaysia, has been effectively oversupplied gas and that has resulted in a lot of underinvestment. That underinvestment now has kind of put Peninsula in a situation where they're now short gas. They're actually importing LNG and of course they're also relying on coal-fired generation, which still supplies a huge amount of power here. Now there's this wonderful transition story of kind of lowering carbon emissions here, filling up Peninsula with these developments and indeed reducing sort of energy costs here in general, from, you know, so that they can continue to export the LNG. You can see there in that chart on the left, you can see the production, the forecast developments, then those LNG imports which are currently going at the moment. I mean that's been a big discussion point this week at Energy Asia. A lot of LNG contracts signed. You know, Malaysia wants to be a net exporter. A huge amount from Sarawak goes, you know, especially up to Northern Asia. Bringing those cargoes over here just does not make a lot of sense when you have this huge amount of gas resource right near infrastructure. You know, we are lining up a situation where we think, you know, there is a huge market for it. We are right near infrastructure there. As you can see on the right. You know, we have a number of options about which way we can send the gas. You've got Sotom, which is the closest bit of infrastructure, but I think lacks compression. A little bit further away is Anxi, which does have compression, so we can get higher rates. The idea here is very much to replicate what we've got at DEWA, which is really unmanned platform, so cheap and cheerful. We think probably the CapEx is going to be in that similar range. We've started doing the work obviously to win the bid. You know, we've done a lot of this sort of base kind of screening work. Now for us we're getting the team together to really get into those details. We can see CapEx probably in that similar range to DEWA, which we've guided to sort of $5-$7 a barrel. You know, this stuff still ends up being hugely economic. We've gone through this in the past with DEWA, so this is the same type of PSC, the so-called SFA, the small field asset PSCs which result really in a sort of a net economic take to the contractor of 50%. We are really excited about being able to push gas into a market which has a huge amount of demand at a low cost and hopefully do it really quickly. In terms of our upcoming catalysts, we are just really trying to zoom in on Q3 here. We have got Block 2A, there has been some great work going on. We have been sat down with INPEX recently. We're really excited about all of the good stuff they're doing, especially on the subsurface as they're kind of getting ready to make the well commitment that should be coming during the third quarter and after that they'll be looking for a rig and we'll have a little bit better idea on timing when all that is, when all that is kind of confirmed. In terms of the real near term on tomorrows, I think the thing to focus in on, we've talked about the seismic reprocessing because that starts to unlock these other plays. It gets us thinking about the surrounding acreage and where else we can chase this. I guess for both Temaris and DEWA in the near term we've commissioned a CPR because I think it's sort of, I think it's important that we get a third party looking at this to try and confirm some of the things that we've been talking to you all about. Now these will be contingent resources. There'll be 2C resources to start with. Until we sort of have firm development plans that's when they transfer into 2P. I think that CPR will cover the 2C. We will also get some idea on the upside on Temaris commission. The report will include prospective resources. Again, trying to frame the price here, which we believe is quite significant. You know, we can use that CPR for many purposes, including, you know, starting to think about financing this project. I know there are a lot of questions. I won't do that now. I know everyone has sort of question on that, so we'll come on to that maybe in the Q&A. Just to sort of close out the sort of main bit of the presentation, you know, tomorrow is just this major step forward for us. I mean, it's no secret we've been trying to get a hold of this asset actually for a while, since we were Longboat, which is sort of unbelievable. The fact that we kind of have it is. It really blows my mind. The fact we're able to beat up the competition and get this is just fantastic. This gives us that material growth. We've been talking about our current portfolio. If we were to stay at the equities we've got, we'd have 20,000 barrels of oil equivalent production per day within three years, which is just enormous. From where we are now, we are in the driving seat. That's what we really like about tomorrow is we can stick our flag in the ground, we can move this forward a pace, which is great. We've talked a lot about the low cost of capture. We still at the moment have a limited balance sheet. We felt that the best way to create value has been using that to grab these resources. We're investing in the people and then the work underneath that, rather than having to buy resources. These are coming effectively for free, for a small work commitment. In that we can really leverage our network. This position that, you know, that Seascape has built, you know, in large part to Pierre and his very deep relationships, as well as James and myself, you know, to really sort of make sure we know about these things when they're coming and be able to target them very specifically. We have this huge amount of upside. That's really what we like about tomorrows is not only is it a simple, straightforward development, you know, relatively cheap, actually, this huge upside which could double the resource and then maybe chase it even further afield in Peninsula Malaysia, which remains, I believe, hungry for as much gas as we can put into it. All in all, absolutely fantastic. We're over the moon, delivering what we said we're going to deliver. Yeah, couldn't be happier, actually. Couldn't be happier. With that we'll just kind of stop and we'll get to the Q&A. Perfect. Nick, James, Pierre, thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do so just by using the Q&A tab situated on the top right hand corner of your screen. Just while the company take a few moments to read the questions that have been submitted today, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via Investor Dashboards. As you can see, we have received a number of questions, both pre submitted and throughout today's live presentation. James, I'll hand over to you to run through the Q&A and I'll pick up from you at the end. Yeah, certainly. Thank you. I'll pick up on some themes because a lot of these questions sort of replicate each other. One theme that's been pre-submitted early on is all about business development. I know we've spoken quite a lot about it, but saying, are we still keen to build the portfolio further if we pull the trigger on something? How hungry are we for that, for that next step? I mean, I think we have alluded to two other things nearby tomorrow, which is at the forefront of our mind right now. Nick, do you want to comment on. Yeah, look, I mean, we're very much keeping our eyes open. It's part and parcel of what we do. I don't think we could stop keeping our eyes open for BT if we tried. It's kind of in our veins, right. There's no reason not to go out and try and build this business more. We're in this unbelievably unique position. You know, there are very few peers, we have this huge competitive advantage, so why not try? I go and exercise that. You don't get times like this very often. I think that the key for us is maintaining that high asset quality and making sure that we don't just sort of take something to have it. You know, production deals remain, you know, fully valued. You know, we would love to do a production deal, but you know, we're not just going to do one just to say we've done it. You know, I've never insisted on paying a dollar for a dollar, really have to see upside or have a sort of unique situation. But we have, through a number of times here and also through our careers, sort of found interesting opportunities. Absolutely, we're still keeping our eye open for BT opportunities. Someone else. Are you aware of who else is competing for tomorrow's? It was a, I mean, it was a very short time fuse from announcement to bid submission. It was extremely tight and, you know, the team did a fantastic job of getting a very full, comprehensive, high quality bid in. I think maybe I'd answer it by saying, we know there are, I'll spare that, you know, I'm not, we won't name names, but there are a couple of people who did bid who we would be concerned about as competitors. Why us? I think because one, our pitch to PETRONAS in part was we want a flagship. You know, we want one thing to wake up in the morning about and worry about, you know, we don't want to, it's not five different developments that are ongoing that, you know, we have one and this is. We're going to make it work. We're going to live and die by it. You know, I think they like that. I think they like that determination, that sort of, that focus. You know, there are very good reasons, strategic reasons, why I think they were encouraging us strongly and, you know, we could feel they wanted this for us. Costs is obviously another theme which is popping up. What a cost to drill a well. Also, you know, I think generally development costs. Yeah. I mean, just to reiterate, you know, we think it's going to be somewhere in the $5-$7 million range to develop this. You know, we're going to be working on this, we are going to be giving more information out. I mean, hopefully we'll be able to give a little bit more guidance around maybe the time the CPR, maybe even to the time of the interims, once we've had it, we've had it for two days. So please bear with us. You know, we are really working as fast as we possibly can, you know, and the intention really is to bring our shareholders along on this journey as well. I think that's the key is sort of, you know, we're helping, you know, understand these different milestones that we need to go through, really being, you know, good in our communication, which I believe we are so far, so that, you know, we, you can understand what's going on here as we move the project forward. Very good. Maybe, yeah. Is there a liquid splay to be chased here? No. The gas, it's pretty dry. It's pretty dry, yes. This is really a gas play? Yeah, yeah. Actually it helps in terms of the geophysics. The fact that it's gas actually helps it enormously. It's much easier to discriminate on a gas charged sand than an oil filled one. Very good. Could you perhaps tell us a little more on why these fields weren't previously developed? I think the. So Lundin, when Lundin discovered it and then appraised it, I think there was question marks over Peninsula Malaysia gas price at that time and I think and also demand, but that's completely, completely changed now. Not only the growth of the Malaysian economy now, but also Malaysia is also going to create a data center hub for Southeast Asia in Malaysia, which is going to increase the demand for energy even more. I think the whole piece on gas demand has completely changed and I think what's happened over the past five years or so or since it was created. IPC, which is the Lundin follow-on company, has been completely focused on Canada, and we know that the projects in Canada have been very highly CapEx intensive, particularly BlackRock, which is just in the main CapEx intensity phase right now and last year and year before. I think this really fell on the back burner and was no longer a priority project for IPC. At least that's my take on it. Yeah, that's understanding. Nick, what are the options to farm down tomorrow's and what percent would we like to keep? The brokers mentioned 50% did that. Don't tell them that. Yeah, look it's a really, really good question. I tend to think of farm outs in the broadest sense possible. You know, farm out really is a, you know, it's laying off some of the risk on another financial counterparty and there are many ways to do that. You can think of it in terms of asset deals, you can think in terms of joint venture deals, you can think of it in terms of just raising bank debt. There's lots of different ways of laying off that sort of risk and I think we will approach this with the widest possible lens. We have done lots of different types of transactions. Those of you who knew Longboat, for example, we did quite an interesting transaction in Norway bringing in a large partner to provide a huge amount of finance. We could not find assets to deploy it on. You know, that is a sort of example of an interesting joint venture sort of type that you can do. You could sort of sell the asset down probably in pieces as you are hitting different milestones and the value kind of inflects. We are just going to kind of keep a really open mind when it comes to that. We would like to keep a material stake in this asset. For sure, for sure. A very material stake. You know, it is not beyond question that we keep 100% but we really have to weigh up, you know, what is the best value, creative way of doing that versus the financing options available to us. Expect us to take a very, very material stake and you know we will for the time being, you know, 100% moving this project forward, especially the next six months, getting a very good definition around it is the most important thing for us. That as we get into 2026 we have lots of options and optionality about what we do with the asset. Excellent. Can you give any thoughts on what you think the Seascape share price should be given the known resources, potential upside. I've yet to meet a CEO who said his shares are overvalued. If Nick says that I'm going. To need my hat. I like this thought. No, it's definitely undervalued. Look, we have a now very, very material resource base. It's just something that, you know, and it's been incremental. For those of you who've been following us for a while, you know, we're building on, building on it and sort of success begets success and, you know, going back to what we were talking about earlier, especially with PETRONAS, you know, we've, and that first slide is that we've been delivering on our promises and I think you all see that, I think PETRONAS sees that, you know, all of our stakeholders see that and that's why, you know, we've been able to do that. Now that we've got this material resource base, I think it's massively undervalued. Malaysia is absolutely the place to be and we've got, you know, a great, great and growing portfolio. Just, sorry, just to add to that on the comment on PETRONAS. I mean, we were with PETRONAS, or you say lunch with them, and they are hugely supportive of this project. They think we're the right company for this asset, it's the right size for us, and they really want for us to get out for it. So, hugely encouraging. One here, Steve here. Why did the Mengkuang discovery fail to find Lundin's pre-drill estimate? And why did Lundin not test the larger DHI seen in the west of the license? There's a good reason for that. I know that it's an old license, but it wasn't in there. Yeah, it wasn't in their license. Wasn't in their license. They didn't have it to that side. Just so that everyone can kind of see. Yeah, sometimes this is such a visual, this one. Yeah, yeah, there we go. Yeah, Mengkuang at the time I think was quite a disappointing one in terms of the volume, the volume that was discovered. Actually now it's hugely valuable because of the understanding of the reservoir and delineation of the reservoir. We have three wells penetrating these sands. It's super helpful in terms of defining the AVO, define the play. The prospects to the west there weren't actually in the original box out of things for Lundin, and Lundin weren't actually looking at the sands that are slightly shallower up to the west as well, and the stratigraphic nature to do as well being high risk. Excellent. Just a question here. It is quite a good question actually. It's a simple one, but just stepping back, what are the obligations on tomorrow and what are the time frames? Just very basically, we've signed up for this. What exactly have we signed up for? Definitely. I'm happy to, I'm happy to do that. Really, this is again mirroring what we've got in Delaware, which is that there's the main commitment to deliver a field development plan, so called the FDAP here in Malaysia. We need to deliver that by the back end of 2026. We've got 18 months to deliver a field development plan, which you would then take and then sort of kick off the development. In order to get there, we have promised to spend $2.1 million. There's just a touch over $2 million, some of which is kind of, it's really the underlying work that we need to do to get it all ready to go. I think we refer to the bank guarantee, which kind of covers that work program. We'll be spending money on effectively reprocessing the seismic, which Pierre has talked about, and then doing that engineering work and the subsurface work to get this ready to kind of go and develop. You know, again, that cost of capture versus the size of the resources is just, it's astonishing. Okay, just a couple of, just two more and then we'll call it a day. Someone asked will we be surprised if a shareholder turns up to the AGM. Now, can I just ask anyone listening or viewing if you could speak to your broker and vote please, the AGM, because we have a lot of retail holders and, you know, I know retail are sort of reluctant to vote on these things because it's a bit of a pain. It would be nice to get some people voting for. Hopefully you'll vote for all the resolutions, I hope, that would be great. Last question. What is the plan to attract more funds and investors? I think I'll answer a little bit. I'm sure Nick and Pierre could chip in. We did bring in, we had a little fundraising. We did bring in some new institutions in a very, very small way at the time of day one, sorry, the 2A farm down. We really would like to see them step up. We are going to have a bit of a push on marketing this story to institutional investors and you know, you should expect to see that. I see volumes have been quite good in the last few days. In the back of this news, I think we're starting to see quite some liquidity but obviously there needs to be a transition for these people to buy the stock. You know, people got to sell it and we do not have many shares out there as you know. All we can do is push hard on that. Yeah, definitely. We've got the AGM coming up next week again, you know, another sort of, please vote if you can, if you can figure out a way to do so through your trading accounts. Probably on the back of that, on the back of all this sort of great news, you know, it'd be nice to get out and see some institutions and tell the story. You know, as the market cap grows, as we get that momentum, you get that liquidity and that sort of helps with institutions' ability to, you know, take bigger positions. I think that the, you know, the door is open. We're seeing a lot more institutional interest in the space in general. It's kind of quite constructive. You know, EMP is no longer a dirty word. I think that we are, we're in a great place for that. We'll be doing that. We'll do a, we're going to do another IMC next week, probably reasonably short and more just kind of Q&A sort of stuff following the AGM. Please tune in for that. Otherwise, you know, listen. Thank you so much, all, everyone, for listening in. Today the presentation will be available on our website. You know, we are absolutely over the moon. We've been delivering on our promises and we're going to continue to do so. We're entering a really exciting phase for Seascape Energy Asia. Very good. Thank you very much. That's great. Thank you very much for updating investors today. Could I please ask investors not to close this session, as you will now be automatically redirected to provide your feedback so the management team can better understand your views and expectations. On behalf of the management team of Seascape Energy Asia, we'd like to thank you for attending today's presentation and good morning.