Today, ladies and gentlemen, and welcome to the Seplat Energy PLC Half-Year Results 2024. The presentation will commence shortly. After the presentation, we will conduct a Q&A session. If you wish to ask a question, you will be able to ask a question either through the Zoom webinar link provided separately or by submitting written questions using the Ask a Question button on the Spark Live webcast page. If you have joined us via Zoom webinar, please note this call is being live-streamed to a webcast for a wider audience and will be recorded. By participating in the Zoom webinar, you are agreeing that recordings made during this event may be shared by Seplat Energy PLC. I would now like to hand over to James Thompson, Head of Investor Relations, to open the presentation. Thank you very much, Victoria. Hello, everybody. Good afternoon. Welcome to Seplat Energy's financial results for the first half of 2024. On the call today, we have our CEO, Roger Brown, CFO, Eleanor Adaralegbe, and our COO, Samson Ezugworie. We'll first present our business and financial highlights, followed by the outlook, and after this, we'll move to Q&A. Before we start, I'd encourage you to take note of the forward-looking statement on slide two, and I'll now pass you over to Roger on slide four to start with the overview. Roger, over to you. Thank you. Good afternoon or good morning, depending on where you are, perhaps good evening. Welcome, everyone, to the 2024 first half results. We go on page 4, slide 4, and we set out a couple of metrics. Obviously, our first half production is strong at 48,000, just over 48,000 barrels of oil equivalent, and that is right in the middle of our guidance, slightly down than last year at 50,000. We've been maintaining the Q2 2024 core dividends, so this is we've committed to $0.12 a year, and therefore we're paying $0.03 a share, which we paid next month. We are looking at just a revenue of $477 million in line with the six months of last year, and that's consistent from our operations. The final one on that slide is looking at just the EBITDA. So our EBITDA is $267 million ahead of the equivalent period of 2023, so up 13%. And this is obviously on the back of a strong cost performance. So the underlying business is robust, is strong, and this is what we've demonstrated in the first half results. If I move now into the next slide, slide 5, we highlight some of the strategic growth ambitions that we have. We have some slides at the end to deal with this, but we look at the ANOH gas project. So it was very much a monumental period in the quarter of the H1 when we actually had President Tinubu inaugurate our gas plant in May 2024. The ANOH gas project is making progress. We have the spur line, which is the one that connects it into the OB3, and it's reached mechanical completion and the OB3. I'll deal with this a little bit later and give you a lot more detail around it, but it is progressing well. Looking at Mobil Producing, the acquisition, we obviously extended the SPA in May. Quite a big milestone, obviously, was the withdrawal of the court injunction between NNPC and Exxon. That was in June. Obviously, we're looking at various other approvals. And again, I'll get into this in one of the later slides and give you a lot more detail. Under the core business growth, we're seeing really good progress on our upstream assets with Sibiri, which was an exploration we did two years ago. We're now into production there, around 3,000 barrels of oil per day gross and Sam will pick up some of that. Abiala, which is a marginal field we farmed into. The first well is now drilled, and we're on the second. In terms of the TMP pipeline, which is our eastern pipeline, that's now operational again. We're now starting to put some eastern assets production through there. In terms of governance, we announced another board director joining us on the 1st of April, Mr. Babs Omotowa. Then delighted, obviously, Elenor. This is her first conference call with us as CFO, which she took over on the 21st of May. Final one there is just in terms of just Seplat leading the way in terms of Nigeria corporates, we are the early adopters of IFRS S1 and S2, and that really is leading the market within Nigeria. I will hand over to Sam now, who will pick up the operational performance. Thank you very much, Roger. Good morning, good afternoon, everyone, depending on where you're joining the call. I will run through the operational performance for the first half of 2024. During this period, our aggregate daily working interest production closed at slightly north of 48,000 barrels of oil equivalent, split 60/40 liquids and gas. Within the period, we also enjoyed high availability on our export routes to the market, especially the western asset with the TFP and AEP, maintaining very strong availability within the first half of the year. Also, we enjoyed significant improvement in the security on the pipelines as well. We had pipeline losses of 3.1% within the half-year period under consideration. These are consistent improvements in those two areas. And what this translated to as well is an improvement in the overall deferment at 24%. This is also underscored by the resumption of evacuation via the TMP, as Roger highlighted earlier. At the moment, we are stabilizing, and we would get into 24-hour evacuation via the TMP by the end of this quarter. In response to the stakeholder request as well, what we have done at the bottom left chart is to introduce the operating cost charts just to ensure that we continuously demonstrate transparently how efficient we run the operations. If you look at the first six months of this year, our operating cost is at $9.7 per barrel of oil equivalent, a little bit higher than it was in the same period of last year, but much lower than our end year 2023, where we ended at $10.4 per barrel of oil equivalent in terms of cost. Just before I leave this slide, it would be nice for me also to highlight that we remain very committed to our upstream projects. We delivered Sibiri 1 and 2 wells within the period, now contributing about 3,000 barrels of oil per day. We continue to drive our end-of-routine flaring projects to ensure that we stay committed on our emission strategy, as we already guided to half of next year in terms of bringing to an end all the routine flaring projects. If you go to the next slide, on slide 8, you will see our gas business. In the first half of the year, we also averaged our gas production of 109 million scf of gas per day with an average realized price of $2.95 per thousand scf of gas. This increase is supported by higher domestic gas delivery obligations, which is now at $2.42 per million BTU compared to $2.18 previously. This new price regime came into effect as of 1st of April this year. Now, if I move to ANOH, as Roger already highlighted, we made significant progress on the ANOH projects within this period. We achieved 97% completion. Pre-commissioning work, project to operate activities are on track. Spur line achieved mechanical completion. And OB3, also we have completed tunneling 1.1 kilometers of the OB3, remaining 750 meters to be completed while we continue and remain positive to our first gas promise for quarter three this year. If we move to the next slide on our CAPEX program, continues to be on track as well. We've invested $102 million of CAPEX in the first half of the year. This is split between $75 million on drilling activities and $26 million on engineering and gas projects. Our drilling program as well has witnessed some improvement over this period. At the end of the half of the year, we've completed four wells and four additional wells at advanced stages of completion as we speak. We have five wells for the last end of Q3 and Q4 of this year with four active rigs drilling across our businesses. We have a line of sight to delivering the 13-well program that we have for the year. As I highlighted earlier, we continue to make good progress with our end-of-routine flaring projects. Sapele Integrated Gas Plant has a milestone for the second half of this year, and we are on track on that. While other projects like the Sapele and the Western Asset Flares Out projects, the Sapele LPG and the Oben LPG or Haji Flares Out projects are all on track for delivery at the respective due dates. At this point, I would just like then to hand over to Eleanor, who will take us through financial performance for the period. Eleanor, over to you. Okay, thank you, Sam. Hello, everyone, and thanks for joining our call. So I have about four slides that I'll run through with you. So if you go to the first slide, please. So this financial performance actually demonstrates the stability of our operational environment that Sam had just run through with you. So if you look at our adjusted revenues, it's at $477 million. We did indeed benefit from favorable oil prices in this first half of the year. When you compare to the same period last year, it was slightly below. But that was really due to sort of lower production compared to the prior period. Unit OPEX per BOE, fairly flat compared to prior periods. We do have some cost discipline that we've experienced in this first half of the year, and we believe that that will continue. Adjusted EBITDA positive, 13% over the same period last year. And then our pre-tax cash flow from operations also very positive. The Q2 of this period actually had the largest contribution of our pre-tax cash flow from operations. Again, some of that would have been better if we had the lift-in again, because the lift-in sort of shifted into July. It's showing lower than last year, but a lot of that recovery will happen in the coming quarters. Net debt went up, but then this is after quite a number of things that we paid for in this first half of the year, but compared to last year, not too bad. I'll explain a little bit more in the comment slides. Roger mentioned dividend. In line with our policy, our quarterly dividend, we are maintaining that for the shareholders, and we'll be paying that next in the next month. We'll be paying that. It's $0.03 per share. Two other points to highlight on this slide. On ANOH, we are going to draw on an additional debt of $60 million. Again, that will support the completion of the work that we're doing at AGPC. Again, we are in a partnership with NNPC, the NGC. And so we would say that the funds are available for us to draw on. And then finally, on this slide, we've amended our RCF. We received all the necessary approvals needed, and we've been able to keep that facility at $350 million. That then gives us the availability to support our proposed acquisition of MPNU. Next slide, please. So the next slide is a bit more detail on the profit statements and showing the comparisons in a bit more detail. And you can see the points around the oil price that we've benefited from. Again, oil revenue was lower, again, because of the liftings, partially offset by the higher oil prices. Gas revenue dipped a little bit because our volumes dropped, but obviously, we had better gas prices, as Sam had mentioned in his presentation. Lower cost of sales. We had lower costs in our crude handling and some adjustments on royalties. And then we did come in lower on G&A. Again, the same period last year, we had a lot more costs on legal and professional fees. And so we're coming lower on G&A. Again, adjusting for underlift in this period. We had 849,000 barrels of oil that we didn't manage to lift at the end of the first half, which it's not unexpected to have the liftings shift period-on-period. Again, our goal is to try and have that done at the end of the quarters that we are reporting. We also reflected an exchange rate gain. Again, that's really an accounting adjustment, reversing some of the losses we reported in prior period, mostly from revaluation of our working capital, mostly the liabilities. So net finance costs fairly flat compared to the last period. We did see a higher tax expense. What we were showing this period is an effective tax rate of 72%. And that really is the major reason why you see sort of the profit after tax lower than where we were last year. So we did end the period with $50 million, which translates to about $0.07 earnings per share. On the CAPEX side, yes, we've spent about half of our expected CAPEX for the period. So we will likely be at the higher end of our CAPEX guidance. And I already talked about the cash generated from operations. Next slide, please. Okay, so a little bit more on our cash flow waterfall. So we started the year with $450 million generated cash flow from operations of $226 million. This period, there's quite some heavy lifting on our cash and some of what we will not see in the second half of the year. But we sufficiently had enough funds to settle our capital investments. Again, we typically would be funding our CAPEX with our cash flow from operations. And then we've had some tax payments as well. Again, that's also weighted heavily in the first half. You can see the benefits of LTIP and dividend that we paid. And in spite of all that, we still ended with a positive cash at $372 million. And this is in spite of the naira devaluation. Recall that we had Naira valued at a shy of $900 Naira to the dollar at the end of last year. Now it's sort of close to $1,500. We're doing well to sort of manage our Naira going forward. But the impact of that is what you're seeing on this cash flow waterfall. Next slide, please. This slide just highlighting our balance sheet, which remains strong across debt at $737 million. Again, that went down from the same period last year. We've also settled some of our debt obligations, our RBL. We've started to amortize that. And in spite of that, our gross cash came in lower than sort of where we were at the end of last year. So net debt at $366 million. Again, I talked about the fact that we did have quite a number of cash payments that we settled in this first half. But our net debt to EBITDA is still very strong, way below our corporate policy and also very much lower than our debt covenants. So the final thing on this slide is really to sort of refresh, reiterate the points spoken earlier around the RCF. We did get that RCF back up to $350 million this month of July, so post the period end. But that just gives us the flexibility with our upcoming transactions. So our total liquidity is really at $722 million. It was at $605 million at the end of June. The hedging, we've always hedged our crude between 60% and about 80% of our crude we hedge. And it's a deferred premium puts. And you can see the strike prices and the volumes that we've hedged for the Q3 and the Q4. Next slide, please. Thank you. I'm going to hand back to Roger. Thanks, Eleanor. So let me just wrap up the presentation. So the next slide, we presented this before. So it's just an update of where we are on our growth opportunities. I'm going to deal with acquisition of Mobil in the next slide after this one. So just wrap up the other four. ANOH, I think we've covered it in the previous slides. Sam certainly gave us an update on where we are. And the critical thing is the OB3 crossing on that one, which is a pipeline obviously being done with our partner, NNPC. I think we're through the difficult section of it, and it's now coming back up towards the other side of the river crossing. So it looks like there's good progress, but NNPC has taken its time rightfully so. And we see that being completed next month. So that's ANOH First Gas on Q3 2024. We'll see the impact that we've said before. We should be looking at steady state dividends of over $30 million a year. And quite a material amount of money coming back up to the upstream to the wet gas sales, which will probably be an excess of $100 million on an annual basis. It's very, very material for us. And we're looking forward to getting first gas and operations. Obiafu and Sibiri opt in, and we talked about this on Elcrest or OML 40. What it does do is it just extends the two operations there today. And the infrastructure being in place to be able to produce from Obiafu and Sibiri. So first oil for Obiafu Q3, and we're on track for that. Sibiri, we actually hit first oil in Q1. So it's really about getting into steady state. Sapele Gas Plant, again, this is this year's gas plant getting it operational into Q2, well, second half of this year into Q4. And what that will give us is a very long-term monetization of the Sapele gas reserves, which will then mean once it's operational and ANOH's operational, we'll have around 850 million scf/d of processing. So it's very material for us. Next slide. Let me just talk about Mobil as much as we can talk about it. So let's give an update. I mean, obviously, what's delayed us before has been the court case challenge between NNPC and Exxon that was removed in June. And obviously, now all parties are trying to get a fast-track closure of this. It is positive progress. There's some critical actions we're taking at the minute. The first one is the regulatory approvals. So we have two main regulators to deal with, which is the FCCPC, which is the Competition Commission. And that's looking at antitrust. And we need to clear that first before we can then really start to accelerate quickly. And then we have the NUPRC approvals, which is the upstream regulator. And those processes are happening. That process is underway at the minute there. So we're hoping to clear the regulatory approvals in the coming months. And then we actually have two other real main steps here, which is we'll steal the third one first, which is the UK process. So obviously, we need to go through the FCA because this is a reverse takeover. We don't see that bit necessarily being a complicated process, but there is a timeline to it. And it should go in line with the regulatory approvals under one. Then under number 2 there, which is operational readiness, this is getting ready to take over Mobil Producing. And of course, that's the bit we're talking about that we need to accelerate. But obviously, we need to get Competition Commission pre-approval first. In terms of the acquisition itself, just to refresh your minds, $1.283 billion acquisition plus a $300 million contingent element to it. There is an effective date adjustment from the 1st of January 2021. And so obviously, that then reduces the overall purchase consideration. And we've paid a $128 million deposit, and that's ready to be applied. So our focus then is obviously going to be beyond the steps I've highlighted is obviously providing the capital for it and getting the deal closed this year. So we're looking forward to it. We've made some good progress. We all want to make it faster than we are, but I think we are really positive in what we've achieved so far. So let me just wrap up with a final slide. And it's really looking at the guidance and priorities. So it's obviously we've talked about Mobil, ANOH, and Sapele. Sam's talked about the 13 wells. And we're confident that with the rigs we have in place at the minute, we will deliver the 13 wells and support the production. We've committed to end-of-routine flaring projects by the second half of next year. And therefore, this year and early into next year, we're going to deliver a number of key flares-out projects at Oben and Mbuke, Sapele, GCK. And they're on track. We're confident with those. In terms of the financial strength, Eleanor's talked about this. It's really focused on ensuring the balance sheet is strong. We have the cash to make the acquisition. Looking at G&A costs and really looking to drive down not just G&A, but operating costs as well. Then continue with the dividend. Obviously, the dividend has some restrictions with the Eurobond we have. At some point in the future, we will be obviously looking at refinancing options around the Eurobond. But effectively, in the short term, we're paying right up to the core dividend. Then we have the ability to top up with a special dividend. In terms of the governance, we will be going out to some shareholders during this quarter, looking at a stakeholder survey as we're doing it, not just investors, but communities, government, etc. Final one is on the guidance items to refresh the memory. So we are at 48.4 at the minute, right in the middle of the guidance. We maintain that guidance. CAPEX, we are on track for the $170-$200. In operating costs, we're in the $9.5-$10.5. We're $9.7 at the minute. We're confident we will maintain that. So here ends the H1 2024 slide presentation. So I'll hand it back to the operator for Q&A. Ladies and gentlemen, we will now begin the question and answer session. Participants can submit questions in written format via the webcast page by clicking the Ask a Question button. If you are dialed into the call and wish to ask a question, please use the raise hand function at the bottom of your Zoom screen. If you are dialing in via phone, you can raise your hand using star nine and unmute yourself pressing star six. We will pause for a moment to assemble the queue. We'll take our first question from Nikhil Bhat and J.P. Morgan. Please unmute yourself and ask your question. Morning. Thank you for taking my question. I have a couple. First one for Roger. Just how long do you expect it to take you to complete the transaction with MPNU once you receive the regulatory approvals? Just a rough sense of an expected timeline would be really helpful. And then one for Eleanor. Welcome and thank you for your presentation. Question for you would be, do you intend to refinance the 2026 Eurobond and pay down the RCF soon after the acquisition completes? Or how are you thinking about the capital structure post the acquisition? Thank you. Okay. Well, I'll take off the first one. So look, we can run a number of the actions in parallel. So post the regulatory approvals, and we do believe that they will be on the fast track basis. So not setting out exactly when we think that's going to be done, but we probably want a couple of months more than that. I would have thought we would be ready to take ownership. Now, we want to be reiterating, we have to clear a Competition Commission approval. So we don't want to sort of second guess any of that upfront, but that hopefully will give you a steer. Okay. On the Eurobond, yes, we do have plans to refinance the Eurobond again. We are working with our board to put forward a plan and a proposal. We are looking at doing this in the beginning of next year, and we will sort of share more on this once we have all that concluded. Thank you. Thank you. We will now take our next question from Nikolas Stefanou from Redd. Please unmute yourself to ask your question. Hi, guys. It's Nick from Redd. Thank you for taking my questions. I've got a couple of asks going on, and then one on the West assets. So I want to ask, what's going to be the evacuation kind of exit for the condensates from AGPC? Are you going to take them to the refinery? Are you expecting the spare sort of to be fixed so that you can use the TNP? That's the first question. And the second one is, what's the reason you had to tap the extra $60 million on the project financing? I remember a couple of years ago, you kind of lowered the cost on that project. Have there been any kind of cost overruns that required you to raise more debt there? And then the other one on the West assets. So I think we've had this narrative for a number of years that the Western assets are constrained by the transporters, I mean, reliability. And now this doesn't seem to be the case anymore with the EEP. So what's the kind of longer-term outlook there? Are you kind of looking to accelerate oil sort of drilling there more and potentially increase production in the next few years? So I just want to kind of get a sense of where production could be from the oil side on the Western assets. Thank you. Thank you. Let me kick off the first one on Eleanor, you can deal with the project financing. And Sam, you want to deal with the final question. So the options, obviously, the TNP has been problematic for us. It's up and running now. I think everyone's been very cautious at the minute, which is why it's only up during daylight hours. But we're confident during this quarter, it's going to go into 24/7 operations. What we've done at the gas plant is that's one option, obviously, with the TNP, and that's our main option at the minute. We have loading facilities there so we can actually truck. And there's a new road we head towards Port Harcourt. So we can actually, as a backup, is truck as well and barge volumes there. Also, we're working up a routing into the OB3 line, so it gives us another option there. And then longer term, there's been a lot of discussions around potentially a sort of concept refinery at the plant itself. I would say that that has got some work to do, right? But I just flag that as a potential for the future to ensure that we have real solidity in terms of monetizing the volumes coming out of this. Yeah. So Nick, thank you. Initially, when we presented the project cost for ANOH, we had built in a 10% contingency. And bearing in mind that there have been a number of delays on this project, I think we've actually managed to keep the cost controlled. So this additional accordion is part of what we need to get to completion. Thank you. All right. Thanks, Nick, again. And then your question on the Western asset, yes, you're absolutely correct. So in that sense, it's around making sure that the security and availability of both export routes are continuously being worked and improved on, as you can see in the first half of this year. So that is the primary focus in terms of evacuation. We're also trying to build some redundancies within the asset themselves through some buffer tanks installation. That provides us with the flexibility and redundancy to continuously maximize production out of the Western asset. Now, in terms of continuous and looking into the future, the Western asset in its late life, what we also try to do is to ensure that we arrest decline through drilling of new wells within the asset. And those are the key focus for us going forward. Okay. Thank you. And can I ask one follow-up? That's probably for Elenor. On the tax situation, what should we expect cash tax to be going forward? It looks like there's a bit of kind of step up from last year because of Elcrest. Should we assume kind of a more permanent tax rate going forward? Yeah. So thanks, Nick. You picked it up, really. So if you look at what we reported on taxes this period, cash taxes is going to be about half of what we've shown. And we expect the effective tax rate to be around the same levels that we have now to the end of the year. But cash taxes will be very similar to sort of what we had at the end of last year. Again, with these oil prices, it would probably be retained at about the same levels. Okay. And to confirm, there are no any sort of tax synergies if you complete the MPNU transaction? Because each license is ring-fenced, right? Yeah. I mean, obviously, with the transaction, it's going to be a much bigger business. So there would be the tax position would likely be different from what you're seeing right now. So once we get the transaction completed, we would look at that and share as needed. Thank you. Yeah, that's fair. Thank you so much. There are no further questions on the Zoom webinar. We will now address the questions submitted via the webcast page. I will now hand over to James Thompson to read out the written questions. Thank you very much. So a few questions here. First one carries on, I think, from what you've just answered there, Elenor, in terms of cash taxes, certainly for the second half and thinking about an effective tax rate going forward. But another question within that mix was, how do we think ANOH and Sibiri might impact that? You talked about MPNU, but any impact from the gas projects coming on stream? Thank you, James. Obviously, there's potentially some opportunities in view of the executive orders that were released by the president. And so we will take advantage of every incentive that's available to us and update what that position would be. Thank you. Thank you. We've got a few questions, obviously, on MPNU. Roger, you've addressed the one in terms of workflows and what we can say on timelines. A separate one is around, obviously, funding it. The question is, can we give an update in terms of the source of funding for the transaction? Alongside that was a question around the kind of expectations given the lockbox that's been in place for some time now, which I don't think we can answer. But just in terms of the source of funding, it'd be good to give an update of how we intend to fund the transaction. Okay. As you saw in my presentation, we do have sufficient liquidity. As we indicated, we have about $722 million. We'd also shared previously when we released information about MPNU on the banks that will support us with debt as needed. So yes, there is a lockbox opportunity. We haven't sort of shared any more on that, but we do have sufficient funding opportunities to complete the transaction or pay for the acquisition cost. Thank you. One in terms of asset performance, given the last production numbers we disclosed were net 95,000 a day, can you give us an update in terms of the production dynamic in 2024 compared to what we disclosed previously? It's a bit premature to do that now. We're obviously just getting information through on it now. What I would say is that generally, assets of these sort of nature would probably decline by 10% per annum. So if you just work on that basis, I think that's a pretty good steer at the minute. And one of the focuses we're going to be doing once we get through this and get the transaction closed is, A, arresting that decline and then looking for incremental growth, which we see a lot of. I think that's all we can say at the minute. Perhaps in the next time we speak, we can give more. Thank you. Another one in terms of maybe more broadly, but long-term views on LNG in Nigeria, particularly given the contingent gas resource in the shallow water assets. Yeah. I mean, it's a good question. I mean, there's a lot of gas in these fields. There's a lot of, I mean, I said 7.3 TCF of contingent, almost 3 TCF for us in the working interest here. So it's very, very material. Certainly, we will be looking at a range of gas options. So obviously, looking at domestic gas plays as well. And then obviously, we've been approached over the period on various other options of industrial plants right through to LNG, whether it be fixed train LNG, and obviously, Nigerian LNG is an option, but also floating LNG solutions. And again, what we need to be able to do is we need to complete this acquisition. And then obviously, for us, we're going to be looking at a dual track process. One is to monetize this gas as quickly as possible at the same time as ensuring that there's a domestic gas play within Nigeria and an export solution. So it does bring in LNG options for us as a company. And obviously, for us to be able to put a hard currency behind our gas businesses, we think is very additive. Thank you. Just one more that we've got at the moment, just in terms of the underlift. It's been a big part of a big feature of revenue in the first half. What can we say about the underlift moving into or the liftings moving through the rest of the year? Usually, we would try to ensure that we lift all the volumes that we produce. We've successfully done that in prior years. We expect in the second half, our lifting program will significantly improve compared to sort of what we've experienced in the first Q2. Thank you. That is all I had at this point in time, although there was one question here that was asked similar to the one we had just now in terms of production performance, whether it was in line with our expectations. But as you said, a little bit early to talk about that. So I don't have any further questions online anymore on the phones. There are no further questions on the Zoom webinar. One more question for Elenor, actually, if you have time. The profit attributable to non-controlling interest is a lower percentage of the total profit than compared to last year. What is driving that, and how might we think about that going forward? Yeah. So the non-controlling interest is the interest for Elcrest. And so the performance in the assets, which is the Western assets, ANOH 53 was better this period. And so it's probably going to be a similar ratio that you see now. Thank you. Thanks, Eleanor. I think maybe just to add that last year, because they had a tax benefit last year, that's why you saw that much higher. But I think that's normalizing. So it'll probably be similar rates as you see now. Thank you. Okay. Thanks, Eleanor. There's no more questions online, as I can see. I'll hand the call back to Roger to close this handle. Okay. Thank you, James. So just want to say thanks very much, everyone, for joining the call today. We're looking forward to the next call in Q3, most likely. Hopefully, we've got some real positive story and messages around both opportunities. Thanks, everyone.