Good morning, ladies and gentlemen. Thank you for standing by, and welcome to the Tullow Oil plc conference call. During the call, all participants will be on a listen-only mode. If you wish to ask a question during the Q&A session, you will need to press star one on your telephone keypad and wait for your name to be announced. I do have to advise you, this call is being recorded today, Monday the 10th of February 2021, and your speaker for today is Rahul Dhir. Please go ahead. Thank you, Jody. Good morning, everyone. It's a nice, sunny sort of cold day here in London, so hopefully you guys are also doing well. Thank you for dialing into this call. This is our second announcement in the last two weeks. Les and I thought it was important that we have a quick call to cover off things. First what I'll do is, I plan to cover off really the substance of the RNS, so that's the deal announcement from last night. It was a slightly odd time. It was a late announcement, but that was to allow Panoro to complete their book build last night, and I just wanted to put that deal in context. I also wanted to take the opportunity just to provide an operational update and a little bit more color to the trading statement that we issued a couple of weeks ago. That's kind of the agenda. I'll cover that off quickly, and then we'll leave time for questions. This should be a relatively quick call. We're very pleased we've agreed the deals with Panoro, which is worth up to $180 million. What does that include? That includes our entire interest in Equatorial Guinea. That's a non-operated position, 13.25% in the Okume Complex and the Ceiba fields. The way the deal is structured is the cash upfront of $89 million, and then the contingent payment of up to $60 million. The total consideration is $105 million. We are also selling to Panoro our entire interest in the Dussafu asset in Gabon. That's, again, it's a non-operated, it's a small stake, it's a 10%. The deal is structured similarly. There's a cash upfront of $46 million, plus there is a contingent payment of up to $24 million. The total is $70 million. They're structured as two separate SPAs. Two separate transactions with two separate SPAs. There's also another contingent payment which is of $5 million, which is paid once both have completed. That's kind of the overall deal structure. There's some additional details. There is no tax on the disposal. We have full upfront approval from the Equatorial Guinea government. Given the size of the deal and our market cap, Equatorial Guinea will be a Class 1 transaction, so it will require shareholder approval. We plan to have a circular that will be distributed later this month. In our press release last night, you would have seen there was a timing that this was dependent on an equity raise from Panoro. I'm pleased to say this has been successful, many congratulations to Julian Dalley and John Hamilton for a pretty remarkable job in that. Timing-wise, we're expecting both the transactions to complete in the first half of 2021. I want to spend a bit of time just to explain the rationale. You'll remember, those of you who heard us at the Capital Markets Day in November, that we've been very clear, both Les and I have been clear that any asset divestment needs to be value accretive to the business, and it needs to strengthen the balance sheet. From our perspective, this transaction, these transactions, I should say, they do both. From a timing perspective, they're very supportive of the refinancing process that we're going through right now. In that, they provide additional liquidity in the first half of 2021. In addition to the immediate liquidity and the balance sheet impact, what's also important from our perspective is that we're able to redeploy the CapEx spend from these assets to our core, higher return assets. That's a very important thing because you remember I talked at the Capital Markets Day, we have a very, very deep inventory of high return assets. I think you remember I talked about 60+ investment opportunities with an average IRR of 80+%. What this allows us to do is to redeploy CapEx and future CapEx into these. That's a tremendous value creation in addition to the value we get from the assets we sell right now. Also, importantly, we remove future decom liabilities. I think when you look at it from both perspectives, it makes a lot of sense because we have high return assets that we can redeploy the CapEx to and they become available from our perspective as well as from Panoro's. In terms of the actual kind of operating impact, there is about a 6,000 bbl a day production impact and roughly sort of 2P results of 10 million bbl. So that represents about a $9 a barrel valuation. The actual impact of the 2021 production is going to depend on the timing of the completion. Also, I said it's value accretive and it also strengthens our balance sheet. Let me give you kind of a few numbers to frame that. Firstly, there's very negligible impact on our RBL debt capacity. It's only about slightly over 2% of the borrowing base is impacted. This will reduce our CapEx guidance by about 10%, so roughly $26 million. Over a 10-year period, there is a higher impact on CapEx. We see CapEx over 10-year probably reduced by about $300 million. That's the point I was making, which is that money we can redeploy into our core, much higher return generating assets. These are on average higher OpEx assets. Our non-op portfolio, as you know, is about a $50+ OpEx compared to Ghana, which is substantially less than that. This really reduces our group operating costs and makes the business more resilient to lower oil prices. We have decommissioning liabilities associated with this at about $130 million. There's a big issue with that figure. Overall, the 2021 pre-financing cash flow, now you remember that's the number we focused on pretty similarly. That's going to be boosted by about $100 million at $50 price. Right? If you take all the kind of self-help and asset sales and everything that we've done, we take the $575 million, which is from Uganda, the $500 million that we've received. The $75 million that's contingent on the FID, which is expected this year, the $180 million from this, along with the cash savings that we are now sort of banking of about $125 million cost savings of $125 million per annum. Over two years, that's $250 million. That starts to add up to about $1 billion of self-help and asset savings. That puts the company, I think, in a pretty strong position. Looking at the analyst forecast, I think overall the deal is very much in line with consensus valuation. I think we're quite pleased. I think it's a win-win for both companies. I think it fits in with our strategic intent to focus on the high margin, the core assets. Obviously, we've been in Equatorial Guinea for a number of years, have had a very good relationship with the government, and we certainly kind of departing as friends, and there's been tremendous support from the government through this process as well. Gabon remains a core area for us. This is a non-op, relatively small equity stake for us. It gives us the opportunity to refocus in other areas and look to build our business there. That's with respect to the deal. I wanted to take the time since we're all here together, to just update you on the kind of operational and financial performance. This is really building on what we shared with you at the trading statement that was two weeks ago. Just a quick recap on 2020. I think we agreed that we did a good job despite all the challenges. We delivered production in line with expectations of over 75,000 bbl per day. It was a tremendous effort by the team, to really bring the cost structure down, and that's the $125 million per annum that's sort of running through now, this year, and will continue. We executed Uganda, that helped reduce our net debt. We ended the year with a net debt of $2.4 billion. Overall, that means we're about $1.4 billion with average at a $51 realization. That reflected a very successful impact of the hedging program. Of course, we held the Capital Markets Day last year where we set out the new business plan. It's important because that's really what we are focused on right now, which is delivering high margins, high return opportunities that we kind of executed. The plan, just to remind you all, is on track to deliver very material cash flows over the next decade. What it does is it enables us to reduce the debt and generate value for all our equity investors, but also importantly for the host countries. Just talking about 2021, we've had a good start operationally. We just signed a contract with the Maersk Venturer drilling rig. This is for Ghana, and that is now mobilizing and will start drilling in Q2, and I'll talk a little bit more about that. Other things, facility performance continues to be good. We're injecting over 200,000 bbl of water per day in Jubilee. You may remember at the Capital Markets Day, we talked about 180,000 a day of water injection through 2021, so we're doing better than that. That helps you to maintain reservoir pressure, that helps stem production decline. Also by maintaining reservoir pressure, we're able to then reduce the gas oil ratio, which also then helps with production. The water injection is quite an important thing. We also had consistent gas off- takes from the GNPC, that's on behalf of the government of Ghana. That's running at about 125 million scfd, and that's pretty much in line with the expectations. I think the production guidance we gave for 2021, that reflected a couple of things. That reflected the overall impact of the historic underinvestment in both Jubilee and TEN. That's something we red flagged at the Capital Markets Day. In addition, the guidance also reflected that we now have a confirmed shutdown at Jubilee. That's going to be in September-ish timeframe. That's a complete shutdown, so that will impact production in the kind of 5-ish% range. We also, not we, but our partners, Perenco, who are the operator of Simba, we deferred the investment from 2021 to 2022. That had a significant impact, about 1,500+ bbl a day net to us. We had a faster decline on Ntomme- 9 than we expected. Fortunately, that's stabilized now. We're in a good footing for the 2021. With the start of drilling in Q2, we now see a pretty clear path to growing production and cash flows again. Just to give you some more color, we've got four wells planned for this year, just given the timing. We're looking to drill and complete four wells. Three of those will be in Jubilee, and one will be a gas injector in TEN. Just an important thing for this, as I talked about the production decline in Ntomme, one of the factors was the absence of gas injection to support that production. Putting a gas injector there is certainly going to help restore production and stem decline. Now, given the timing of the drilling, what we expect is of these four wells, we'll see only two of the wells are going to have a partial impact, because you're going to start drilling in Q2, you're going to have the first completion in Q2. You'll only have a partial impact on production this year. Importantly, they'll all contribute to production next year. Of course, we're now on a journey having created the kind of headroom from a strong focus on costs. We have high operating margins with the capital discipline. We're focusing capital on the higher return stuff. We're on a multi-well, multi-year drilling program. We expect to drill five wells next year. Again, the same thing is going to happen. The wells that are drilled early in the year will contribute obviously more, that are drilled less in the year will contribute less, but then they'll contribute in the following year. Broadly speaking, what we expect then is that. Again, this program is going to be, and I think we said this at the Capital Markets Day, that is going to be more heavily Jubilee-weighted. The implication of that is that you'll start to see in 2022 a restoration of production in Jubilee, certainly above 2020 levels. In TEN, you're not going to have many new wells, but certainly in 2022, what we expect to see is the ability to hold the production flat relative to 2021 levels. These are just broad sort of indicators. Obviously, over time, we'll give you more specific guidance. Our kind of Central West Africa portfolio, we expect that to remain flat, obviously once deducting the impact of the sale of Appletree and Simba. I think we're pretty excited about that. I think there's a clear path, strong operating base, and a clear path to building the production very much in line with the business plan that we set out on the Capital Markets Day. I also just wanted to say a few words, not a lot, but just a few words on the refinancing. In the trading statement, you'll remember we provided a short update on the refinancing, and we have also announced that the redetermination, which is the process we go through with the RBL banks, which we had planned for January 2021, would be deferred by a month. I had many questions, that's why I thought it'd be good to address that. Many people asked us, was this linked to any major issue? Was there anything sinister about this? Whether it was linked to production guidance or whether it is. Just to be very clear, that's not the case. It's very simple. We just need a bit more time with the banks to run through the details of the new plan. Clearly, the introduction of these two deals that we've announced today, that is a relevant impact with the injection of fresh capital liquidity. That was the reason for the kind of additional time. I think it's been reported in a lot of depth by press and all that sort of stuff, but I just thought it'd be good to just be upfront and kind of share this with you guys so everybody's on the same page. We've appointed advisors and lawyers as part of the kind of debt refinancing discussions. As have the lending banks and the bondholders, the 2021 and the 2022 bondholders. We're now in constructive discussions with this entire group. Clearly, these are multi-party discussions, and they're complex, and they're interconditioned. They will take some time, but we expect that we conclude these by Q2 of this year. Not too long. Just also, I just want to share with you, it's a somewhat complex process. It's somewhat opaque as well. It will be difficult for us to be 100% transparent because also these are commercial negotiations. We won't be able to provide a kind of very detailed row-by-row commentary. I hope you understand that. We'll try and provide you updates as often as I can. The next regulatory release we have is our full year results. Just bear with us because I don't want to make any promises on how much progress will have been made by then, but we'll certainly give you an update as we can. The key point I want you all to remember, and this is the message also that we're conveying to our creditors and the banks, is that we have significant cash reserves. This is a positive injection of liquidity. We've got a robust cash-generative business, which has got a very clear path to deliver the net debt in the range of $1 billion-$1.5 billion, and gearing at the lower end of the 1-2x range. That's over the next four to five years. The problem that we're trying to solve is the reprofiling of the debt to match the debt maturities with the timing of our cash flow. That's the problem that we're trying to solve. That's the process that we're doing right now. We're educating everybody on this and then trying to get everybody on the same sort of page. Look, that's what we intended to cover. I'm going to stop now. I'm going to take some questions. Les and I are here to help you with any questions that you might have. Jody, over to you, and to you please. Thank you very much, sir. Ladies and gentlemen, as a reminder, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. Our first question for today is from James Hosie from Barclays. Please go ahead. Hi. Good morning. Thank you for your time. I just thought a couple of questions from me on the transactions. Was this a competitive sales process? Were you talking to other than Panoro on these assets? Then just in the contingent payments of each deal, can you provide color to you on the likelihood that the production targets are going to be achieved? Were these assets where production growth was being assumed in the 10-year plan you outlined late last year? Let me let Les describe the deal stuff. Clearly, there is CapEx associated with these assets, like I said, roughly about $300 million or so. There is some growth obviously coming from that. The material growth change in the plan is really driven by the assets in Ghana. We don't really see this as having any material impact on the growth of the company. As I just explained to you, we have this multi-well program. Frankly, with the additional capital, we can look to accelerate drilling in Ghana, for instance, and that's a net new value to accretive from our perspective. I'll let Les answer the question on the deal process and structure. Good morning, James. As you will recall, we received over the last while quite a theater of inbound interest on our assets. We took advantage of that inbound interest to also run competitive processes on each of those. Yes, it has been tested competitively. On structure, yes, of course, we've adjusted our position so that we're deliverable. You can see there's quite a bit of detail in the update on both of those, how they're structured from a production and oil price point of view, that we've certainly positioned them in a way that we see them being deliverable. If you look at oil prices as just being an example, we're already sitting today above the oil price that's included in the kicker. Yes, is the short answer to both of those. That's in a good position. Thanks, Rahul. Okay. Thank you very much. Thank you. Our next question is from Matt Cooper from Peel Hunt. Please go ahead. Thank you, and good morning. Congratulations on the disposals. three questions from me. First one is, can I check what the total working capital adjustment to the headline price is for Equatorial Guinea and yourself in 2020? Second question is, do you think there's likely to be any tax payable in Gabon? When do you expect Gabon government approval? Finally, given the disposals and also the improving oil price, are you now considering contracting a second rig in Ghana this year? Thank you. Matt, let me take your third question, and then Les can talk about the working capital and the tax. I think clearly there is a tremendous amount of deep interest, as you know, in Ghana, right? These assets, like I said, there's about $300 million of additional sort of CapEx that we can now redeploy. Clearly, we're going to think about how we accelerate Ghana. I think we're encouraged by the oil prices. I think what we're excited about, frankly, is the underlying potential. We were already contemplating a second rig, and I think this certainly is very much part of that. We're going to go through a process with our partners and start to see the timing of all of that. It's certainly under consideration, but it'd be premature, Matt, to comment on timing of that. As soon as we have definitive plans, we'll certainly share that with you guys. Les, over to you on the working capital and the tax. Perfect. Thank you. Thanks, Matt. On the working capital, because of course we don't know precisely when these deals are going to complete. We're confident they're going to complete in the first half. If we assume for now, given we've got EG government approval, and it's not a long process within Gabon. If we just for the sake of argument towards the end of March, if you take account of the revenues and costs in the intervening period, cash would be in the region of $135. For the both transactions. The only adjustment that we would expect on top of that, assuming an end March, would be our share of the transaction costs, which we've put in the release, which is $4.5 million. Our transaction fees, which is all our advisors that we've used on the transaction, which in totality between the two is about $8 million. $1.5, give or take, adjusted for $8. That's the kind of 2020 number cash impact. On the second, you would have seen in the release, which again, Rahul mentioned in the opening remarks, we've had very good collaboration and support from the EG government. We actually do have an advance of signing. We've got all the necessary approvals, including confirmation that there is no tax due on the disposal. We have the same conclusion and assumption on Gabon. It's a 30-day process that's required for the Gabon government approval. As you can see, we're well positioned to move forward with completion in the first half of the year. Okay. That's great. Thank you. Our next question is from James Thompson from JP Morgan. Please go ahead. Hi, great. Good morning, thanks for the presentation this morning. Just a couple of questions to me on. In terms of the non-operated production outlook, it looks like obviously there is a decent amount of growth. Could you perhaps point to the projects in the rest of the non-op portfolio that kind of replace that to keep production steady over the next 10 years in the plan? Is it really that there was a shift to Ghana, an even greater shift to Ghana on a medium-term basis? That would be the first question. The second one, in terms of the growth CapEx you talk about, Rahul, is that really sort of next couple of years or front-end loaded, 2022, 2023, given the implied ramp-up on the assets in Gabon? Just wondering whether it's quite a big benefit from a CapEx perspective over the next couple of years, particularly. I think on the non-op, again, the big drivers that are very much in the portfolio is Espoir, because there's phase IV coming in that. In Gabon, we have Simba, which is as I said, that would have been a decent sort of contributor for 2021, but that is deferred to 2022. We're also just around Karaba, particularly in Gabon, we see additional sort of potential, similar to what we saw with Simba, which is opportunities to tie back to existing infrastructure. That's something that the team sort of continues to work on. The two tangible projects are Simba and Espoir. I think in terms of the CapEx impact, yes. I think we see broadly from at sort of $55 flat oil, these assets being cash flow neutral for the first five years. That sort of means that it's front-end loaded, so that gives us the opportunity then to say, "Hey, can we redeploy the CapEx particularly to Ghana?" I think, as Matt had asked the question then there is a consideration to say, "Well, can we bring in the third gate?" Or sorry, second gate. Tongue in slip. Yeah. Okay, great. Thanks. Just on a technical basis, what's the rationale behind the different oil price assumptions in the contingent payments? I'll let Les handle that. As with all things, James, are subject to negotiation and processes that I laid out before. It was not by design, it's just how we do things further. Okay, all right. Thanks very much. I'll hang up. Thank you very much. As a reminder, it's star one if you wish to ask a question. Our next question is from Mark Wilson from Jefferies. Please go ahead. Hi, good morning, guys. I'd like to ask, the press release outlines in quite some detail, once again, the director's comments regarding uncertainty full-year results and also repeated at interim results regarding covenant breaches and the potential liquidity shortfall over an 18-month period. I just wondered if you could give us an update on where that uncertainty understanding stands now, given we're in February 2021. Thank you. I think that, thanks, Mark, for the question. I think what's very clear as we look at the business is that we have a very robust plan, which is outlined in the Capital Markets Day, and I've just explained that we're very much on path to deliver that, and you can start to see the start of the investment program, the drilling, the recovery in production, and cash flow and so on, so forth, right? That's been done. I think point number two is that we now through the various self-help measures, we've taken a lot of costs out of the system. We also have, through this asset and Uganda, created really kind of real cash and liquidity. The problem therefore what we're trying to solve is one about kind of matching the maturity profiles to the cash flows now, that's all very clear, and I think you guys can put the math behind and you can very much kind of see that. Till the time those things are not resolved, from a director's point of view, we have to continue to state because there are covenants on the RBL, which have overbooking liquidity tests and things like that. Till the time that those maturity issues aren't resolved, I think we are obligated to continue to put these covenants. As I said, we're on path now through the discussions that we've started and with restructurers, we're certainly on path to resolving this by Q2. I don't know, Les, you want to add further to Mark's question on. No, nothing to add. What we're doing right now is seeking to address that through the discussions we're having. Okay. Thank you. Maturities are one thing that. Sorry, Mark, you're breaking up a little bit. You're breaking up a bit. Oh, sorry. Okay. Refinancing of the maturities are one thing, again, cash flow. Also the restructure options rather than just refinancing on the table, because when I look at where the equity is now versus the business plan you've outlined, there's really quite an equity upside versus bonds that are still trading quite at their usual level. Would you say that's on the table? Sorry. I'm really sorry, Mark. I only got part. Can I request you to say that one more time? Okay, let's try one more time. The refinancing of the maturities is one thing, but I'd like to ask if there is also a restructuring of the traded bonds on the table as well, given that where we see the equity trading versus your business plan, there's quite some upside, arguably, within the equity, which we haven't really seen the bonds take any pressure from that. Would you say that's an option on the table as well? I think just to reiterate, well, firstly, I think the specifics of how we're looking to kind of refinance, I think that's commercially sensitive, right? I think the way we see it is very clear, which is that we've got significant cash reserves. This deal adds to that. We've got a cash generative business. We've got a clear path to deliver lower debt. We will be able to repay the debt, and we have line of sight to say how you get to $1 billion-$1.5 billion, and importantly, to be in the sort of one to two, but at the lower end of the kind of net debt, EBITDA range. There's a clear path to that, and that's assuming flat nominal prices of $55, right? Already that's looking a little bit sort of conservative. The discussions from our perspective really are about matching debt maturities to the timing of the cash flow. That's the problem we're trying to solve. Thank you very much. Okay. Thank you. Our next question today is from Rachel Fletcher from Morgan Stanley. Please go ahead. Good morning. Thanks for taking my question. Just one last from me, please, on the trading update side. It is on CapEx. In the trading update, you noted that CapEx guidance for 2021 is now $265 million, which is lower than the $325 million indicated at the Capital Markets Day. Now, I know some of this is from deferral of Simba, and as I understand, some of it is the optimization of spending in Ghana. I was wondering whether you could talk a little bit about the latter, please. With the deferral of Simba and the redeployed CapEx from this asset sale, should we now expect a CapEx hump in 2022, 2023? Thanks. I think you've started well, Rachel. What we presented at the Capital Markets Day was still a work in progress. We had, at that time, not finalized our RIG contracts, we had not finalized our well contingent services contracts, and we had not finalized Jubilee SURF contracts. What we had kind of shared with you guys were at that time what were our preliminary sort of budgeted numbers. There was a little bit of contingency. The team did a good job working with the various contractors to bring costs down. The optimization really was around better definition and also candidly just a better job that people did on the kind of contract negotiation. It's also a mix of that. That also speaks to a mindset and a culture change that we're putting in place, which is a lot more discipline about how we're spending our money. I think in terms of kind of the longer-term impact on, or medium-term impact, sorry, on CapEx, I don't want to give guidance on 2022 per se. Clearly we're very committed to the current program, which is a multi-year, multi-well program. I think any acceleration will take time in the terms of there is about a year at least of long lead stuff, and then also it takes time to get alignment with partners on program and things like that. That's a very long way of saying, I don't see that in 2022. Certainly, I think, an acceleration of CapEx would probably come in 2023, realistically. We're working through all of these things, so I don't want to kind of give you any explicit guidance on that. Okay, great. Thank you very much. Thank you. Our next question is from Nick Stefanou from Renaissance Capital. Please go ahead. Good morning. It's Nick Stefanou from Renaissance Capital. Thank you for taking my questions. I've got two to ask, if I may. The first one's on Jubilee. I looked at the declines since August, it looks like a production drop by something like 20,000 bbl per day in four months, which is, it's the first time I've seen this kind of decline at Jubilee. I know you stated that it's in line with your expectations, could you give me a bit more color? Is that solely due to pressure, have you seen an increase in the water cut as well? The second question is on the drilling for 2022. You said five wells. Is that more to convert 2C to 2P or is it a 2P recovery? Could you give a split between the two, please? That'd be helpful, please. Thank you. Okay. Nick, I'm not sure if I understood your numbers on the first one, but roughly, if you look at the beginning of the year on Jubilee and the end, we would've seen about a 24% decline through the year. Okay. That, for these sorts of fields, if you're not putting in new wells, that is not unusual. Remember that the way you manage. Take Jubilee. We have a tremendous amount of resource in place, right? You need a certain amount of drilling to keep adding well stock. The more well stock that you have, the more you can optimize. For example, I have a high GOR well, but I have that well stock which is a low GOR well, so I can swap between the two, right? If I have a high water cut well, I can then switch over from that to other water cut well. You need to have an excess well stock to be able to manage that decline. Given that we had not drilled in Jubilee, the last well we drilled, I think, was in June of 2019. That impact, and I said this at the Capital Markets, that if you under-invest in these assets, it will come to haunt you. The good news is that you can turn that around very quickly, and that's exactly what we'll do. Right? That's the idea. The mix, like I said, is that we're drilling to complete four wells this year, but really two will come in. One will come in in Q3, another one back end of Q3. They'll have some contribution, but you won't see the impact much in 2021. Right? The other two wells will only complete towards the end of the year. Right? 2022, you'll start to see a full impact of these. We prioritize, Nicholas, a lot of the infill wells. Those would be 2P wells. I think we have a pretty deep inventory of the 2Ps. I think we'll drill those out for quite some time. I don't have the exact breakdown, frankly. If I look at the program over the next few years as to which is 2C, 2P, I actually don't think about it that way. I'm sure Chris and the guys can If we have disclosed it, I'm sure they can come back to you on that. It's a pretty well-defined program. The debate kind of going beyond 2022 is with the partners and really the mix between Jubilee and TEN. Okay. Got it. Thank you. Thank you very much. We apologize that we will not be able to take all of our questions for today. Our last one is from Al Stanton from RBC. Please go ahead. Yeah. Good morning. It's Al. Can I just ask a couple of questions about the rest of the portfolio? When you're talking to your lenders and they ask you what are you gonna do about Kenya? What do you say? Also, I suppose, if they ask you what revenues are you gonna get from your Ghana gas, what do you say about that as well? Okay. Both good questions. I think on Kenya, we've been pretty clear that this year really is about working with our partners in the government to see can we make the project viable and in a long-term low price world. I think then once we've done that, we will take a call as to what's the best way that has got to be funded. We've been pretty transparent that we, in the past, have looked at kind of farm-out stuff. We haven't really said much to the government or our banks necessarily about whether we want to resume that process or not. The first really job, Al, is to figure out is the project viable or not. My sense is that the project is viable. It's a tremendous resource. If the project is viable, I think we certainly. Can we find the right capital to come in and fund that? Sure. We don't know that yet. That's on the Kenya piece. On Ghana, I think as you know, Al, we have committed foundation gas to the government of Ghana, so that's at no cost. That, I think from memory, runs out sometime next year. We're in discussions right now with the government on a long-term gas contract arrangement. Given the confidence we have in the resource and given the confidence we have in the operating performance, we're actually putting forward to them a proposal where we say, "Look, we're willing to put forward a ship or pay commitment if he's willing to do a take or pay." We can't disclose pricing stuff and all that. What I can say to you is in the value proposition that we would put forward to the Government of Ghana would be very compelling. It would be the most compelling gas that they have. They have a very clear vision, particularly this new administration that's come in, of driving a gas-based economy towards industrialization. We think we have a tremendous role to play, and we will have the most competitive and the most reliable gas in Ghana for the long- term. That's sort of what I can say. I'm not, at this point, at liberty to disclose the actual numbers on the pricing discussions. Okay. Can I just ask one follow-up on Kenya? Obviously, we've been through the bill on the oil price, but are you under any pressure now that the oil price is at $60 to do something from perhaps the government? No, I think that what the government would like to see, and they understand that if we reconfigure the project, Al, and it's attractive and it's viable at $40, I think they understand oil prices have all the time, right? If it's $60 today, it doesn't mean it's $60 forever, right? I've been through many cycles. I think the mission that we have taken and they're supporting is to make it viable at $40, and they know that if we do that, then we will be able to collectively attract the right capital for it. No, I think they're kind of aligned with us on the fact. It's in their interest as well. There's no way that you're going to attract capital if the project is not viable, right? Perfect. Thank you. Okay. I think that was the last question. Again, big thanks to all of you for taking the time at relatively short notice here. We will look forward to speaking again in a month's time, I think, at the results. Take care. Thank you very much, sir. Ladies and gentlemen, that does conclude the call for today. Thank you everyone for joining. You may now disconnect.