Good afternoon, ladies and gentlemen, and welcome to our conference call for discussing the financial results recorded by Romgaz Group in the first half of 2022. After introducing the speakers, Mr. Răzvan Popescu will make an opening speech. Thereafter, the Q&A session will take place. Please be advised that this conference is being recorded for internal purposes. On behalf of the company, the following speakers attend this conference: Mr. Răzvan Popescu, Chief Financial Officer, Mr. Andrei Bobar, Finance Director, Mr. Marius Veza, Accounting Department Director, Mr. Ion Foidaș, Production Department Director, Mr. Octavian Păunescu, Exploration Appraisal Director. Sorry for a second. There's been a technical error on our screen. We go on with the participants. Ms. Gabriela Trânbițaș, Head of Financial Reporting and Accounting Methodology, Ms. Cornelia Sârdan, Head of Prices Department, Mr. Cornel Chertreș, on behalf of Investments and Project Management, and our Investor Relations Department. Now, I would like to give the floor over to Mr. Răzvan Popescu, who will open the conference call with an opening speech. Thank you. Good afternoon, ladies and gentlemen, and thank you for joining our conference call to discuss the results recorded by the Romgaz Group in the first half of 2022. We released the Board of Directors report last Friday, and this comprises the detailed presentation of our economic and operational performance and also the consolidated intermediary financial statements. Also, an overall presentation of the group is available on our website in the investor section. I will start by highlighting some aspects of the gas market environment in the first half of 2022 compared to the previous period of the previous year. We estimate that natural gas consumption in Romania decreased by 13% year-on-year, while imported gas volumes advanced and reached 29% of consumption. In the second quarter alone, gas consumption declined by almost 19%, with imports maintaining a steady quarterly rate according to our estimates. It is worth noting that compared to other European countries, Romania still enjoys a high independence of gas imports, but consumption presently relies heavily on the domestic production. Regarding the transactions done on the Romanian Commodities Exchange, the wholesale average price was five times higher in April 2022 compared to the same period of 2021. These prices are considered as of the month of delivery for transactions concluded on this market segment. The average reference price on the Central European Gas Hub in the first six months also increased over 5x year-on-year, according to the data provided by the National Agency for Mineral Resources. Regarding the gas and energy sector legislation in Romania, our activity was influenced by two main regulations in April 2022, the Gas Release Program and the Government Emergency Ordinance 27/2022. In the GRP, according to the ANRE Order 143/2020, large gas producers had the obligation to offer 40% of the previous year gas production on centralized market with a minimum 5% discount on the previous 60-day average price of standardized products. The program started July 1, 2020 and was suspended on April 1, 2022 by the Government Emergency Ordinance 27/2022. This government ordinance is effective during April 1, 2022, and March 31, 2023. Main provision applicable to gas producers include regulated selling prices of RON 150 per MWh for the gas sold to households and RON 250 per MWh for the gas sold to heating plants to produce thermal energy per household. Exemption of windfall profit tax or revenues for the gas sold at regulated prices and computation of gas royalty based on these prices instead of CEGH prices. Also, gas suppliers have capped selling prices for some categories of final clients as follows: maximum 310 RON per MWh for households and a maximum of 370 RON per MWh for power plants, for the gas used to heat the households, and for industrial clients with annual consumption below 50,000 MWh. For the whole energy market, the ordinance also imposes pricing norms as well as an 80% windfall profit tax for energy producers during the application period. Regarding the operational and financial performance reported by the Romgaz Group in the first semester of 2022, we can highlight the following results. Natural gas production was 2.52 billion meters, exceeded by 2.3% the budgeted figure, with only a marginal adjustment compared to 2021. We continue to consolidate our production through exploration programs to stake new wells into production rehabilitation projects in the main mature reservoirs, workover and completion operations to reactivate high flow wells, and optimization of wells operation by using modern techniques. As regards investments in our gas production facilities in the first half of 2022, we put into operation the gas dehydration plant in Coșereni, an investment of 31 million RON for the development of the Zagra project. We completed one production well and designing in progress for eight other wells. We finalized nine surface facilities and seven others are in construction and 19 others are in different preparation stages. We also performed a completion, reactivation, and repairs for 106 wells. In addition, the external audit of our gas portfolio that was performed by DeGolyer and MacNaughton was finalized at the end of June. The audit states that total gas reserves are 65.9 billion cubic meters and total gas resources are 55.9 billion cubic meters. We increased even more our already strong position on the Romanian gas market. Our market share exceeds 43% of total deliveries in Romania and 61% in the consumption cover for domestic gas, according to our estimates. Regarding the gas sales to third parties, volume decreased by 8.9% year-over-year in H1 as a result of lower gas consumption in Romania. We mentioned that volume changes in the GRP were lower, impacted by the high price environment and the status of Engie România and Engie Constanța as captive clients that had a negative effect on growth. Nevertheless, total revenues from the gas sold reaches historical high in H1 to RON 6.68 billion, almost 3.4 x year-on-year due to a significant increase in our average realized gas selling price that overcompensated for the volume sold. Revenues for electricity added RON 499 million compared to RON 43 million in H1 due to higher production and favorable prices in the market. Revenues from storage services reached RON 100 million, higher by 48% year-on-year, mainly due to higher revenues from capacity reservation and injection services. Overall, the group reported total revenues of RON 7.50 billion, over 3.3 x higher year-on-year at a historical high. On the expenses side, we can underline the windfall profit tax increased over 70 x year-on-year to RON 3.67 billion, coming from RON 231 million in H1 last year. Also total royalties that rose five times to almost RON 1 billion. Altogether, these two taxes reached RON 4.59 billion from RON 400 million in 2021. These accounted for over 61% of total revenues in H1 and almost 83% from total expenses. Bottom line, we reported a record high profit of RON 1.73 billion, more than double compared to the same period of 2021. Profitability rates declined in H1 2022 as a result of the substantial taxes and expenses, but were still at favorable levels. EBITDA margin standing at 29.1% and net profit margin at 23%. For the second quarter alone, we can highlight the following main results. Natural gas production edged up 0.02% to 1.21 billion cubic meters. Total revenues were higher 3.9 x to 3.57 billion RON. Net profit was at a record high of 746 million RON, up 2.5 x year-on-year. Profitability rates continued to decline with EBITDA margin of 26.8% and net profit margin at 20.9%, but still standing at favorable levels. Regarding the strategic development of our company, the latest achievements are aligned with the development strategy for 2021-2030 that was approved by our shareholders on November 4, 2021. Our strategy included important objective: development of onshore blocks under concession of new perimeters and exploration of offshore gas in the Black Sea, production of sustainable energy, and a 10% reduction of carbon, methane, and other gas emissions. In line with our objective, on August 1, Romgaz successfully completed the transaction with ExxonMobil for the acquisition and transfer of all shares issued by ExxonMobil Exploration and Production Romania Limited, representing 50% of the rights and obligations related to the Neptun Deep project. The acquisition was partially financed through a credit facility in the amount of $335 million that was signed by Romgaz on March 13. In the next period, we will make efforts to pursue the development production phase as soon as possible. Regarding our new power plant, the legal norms released in Q2 will help us finalize construction works by the end of 2023 and have expenses reimbursed by mid-2024. On the CapEx side, Romgaz Group invested a total amount of RON 218 million in H1 2022, 3% lower year-over-year and 55% of the amount budgeted excluding the Neptun Deep project. CapEx was focused 26% on geological exploration, 67% on equipment upgrade, and 3% balance on the electricity and storage segments. Also providing the national and European legal requirements for non-financial reporting in June as well as releasing the 2021 sustainability report, which addresses relevant issues regarding corporate governance, ethics and anti-corruption, as well as our economic, social and environmental performance. Finally, I would like to mention the distribution of dividends to our shareholders. Payment started on July 27 to the shareholders in the registry on July 6. Please recall that the shareholders meeting in April decided upon total gross dividends of 1.46 billion RON, or a total gross dividend per share of 3.8 RON, which results in a gross payout ratio of 76% from the 2021 net profit. With this, I would like to close our presentation and thank you for your attention. Thank you. We will start the Q&A session. The line is now open to take questions. I would like to remind you that you have two options to address questions. Either you raise the hand and turn on your microphone, or you write a written question. Hi. Hi, this is Iuliana. Hello. Hello. Hi. Hello. Yes, we can hear you. Please address your question. Hi. I have a question. This is Iuliana Ciopraga with Wood & Co. I have a question regarding the offshore law. How much of your current production could benefit from the amended offshore law, which now allows onshore deep to benefit from the same taxation as offshore? Yes. Thank you for your question. At the moment, from Romgaz's side and what exploration we have on onshore, we do not benefit from the new Offshore Law. As time will pass and probably we will have investments in more deep onshore projects as well as the onshore project, we'll have a probably a response for it. At the moment, Romgaz does not benefit from that modification in the Offshore Law. From Caragele, I understand that there, you started some production in Caragele Deep. Yes. Yeah. There are two different sites in Caragele. There is the Caragele Deep and the Caragele shallow, and we currently extract only from the shallow part of Caragele. The deep is in exploration at the moment, and we are actively trying to finish two wells that are being built there. At the moment we do not extract from the deep part of Caragele. Can you- Sorry. I want to add something. Regarding this deep production onshore, I want to mention the fact that the National Agency for Mineral Resources has the authority to issue clarification of which fields are considered to be from deep production. Because we have wells in a certain field, we have wells at 2,800 m. We have also wells drilled at 3,200 m. What is the production that we will consider in which we will apply this favorable taxation? The one that only for the well that is below 3,000 m or the entire production of the field. Take into consideration that there are certain wells that are below 3,000 m. At this moment, the National Agency for Mineral Resources is working to issue a statement for identifying the respective fields in which we will apply this favorable taxation from the Offshore Law. Okay? You might benefit from the new Offshore Law. Yes. It's not clear yet. Yes. We don't have a clear picture at the moment to issue a. Potentially, how much of your production could benefit? I mean, you already have a view, an overall view, how much is produced below the 3,000 m. Well- Until we have the regulation, the rules for establishing which fields will be considered and which is the production that will be considered, and applicable to this Offshore Law, we cannot make any statement. Okay. We have to obtain clarification from National Agency for Mineral Resources because the quantities can vary significantly depending on how you assess the ultra-deep fields. Okay? Okay, I understand. Regarding Caragele Deep, there have been some comments in the media regarding Caragele Deep that the reserves might be higher than they were initially estimated. The initial estimate was 30 BCM, but there were some comments that reserves could be higher. Can you provide us any details on this and when do you expect production in Caragele Deep? Yeah, we cannot comment on what has been stated in the media regarding these reserves. Romgaz has published the reserves that were audited by Mm-hmm. Yeah. Those are the published reserves, and those are the reserves that are calculated on the procedure that are used in the European Union. Those are the reserves that will be taken into account. Otherwise, we cannot comment on any speculation. We can't comment on the declarations being made. When do you expect production in Caragele? I would assume this is, Caragele Deep would have been included under resources, right, in the latest report on Târgu Lăpuș and Nord. Can you repeat, please? The Caragele Deep, has it been included in the resources in the latest report? Yes, it is. They are included also in resources and reserves. The deep part I would assume is included on the resources, right? The 30 BCM that was mentioned initially, where will we find that? Where do we find that? When do you expect production in Caragele Deep? That's a lot of questions. I mean, in Caragele Deep, it all depends. We started the acquisition procedure for the rebuilding of two wells that have been dug up, but we encountered technical problems. It depends on how fast everyone can move. But I think it somewhere should be the end of the next year. It also, it depends a lot on the technical papers and the technical specifications of the wells, and also if we will encounter any type of accidents during the drilling. It's very hard to say at the moment to give a correct answer. These two wells that you mentioned, this would not be a production of plateau from the. No, no. Right. Sure, not at the moment. Exploration. Yeah. No, no. For sure, not at the moment. They are production. They are also production wells. They are not exploration wells. Regarding the DeGolyer report, we have one well producing, starting with 2019, that produces from this ultra-deep field. The other part, the most significant part, it is not proved reserves. You already are producing from Caragele with Radu. Okay. Only from one well. You will by the end of the year you should have two more wells in Caragele Deep, in principle. Production wells, not exploration, right? The exploration field is also ongoing. There will be also other wells drilled this year. Also, seismic prospections will be made also further in the northern part. Okay. Thank you. We go on with a written question received from Mr. Tamas Pletser. What was the reason that electricity generation posted negative result in the second quarter of 2022 period? As mentioned in the segment notes and in the financial statements, in the first semester of 2022, we started changing accounting policy, meaning we changed the way gas and electricity are provided inside the group. Before this change, gas was received in the electricity segment at cost. Now, it's received at market price. This increase generated the loss. Thank you. We continue with another written question from Raluca Moica. How do you comment on the impact of the windfall tax and royalties on the first half of 2022 results? What are the expectations in this respect for full year 2022? Well, in terms of the first semester, we didn't miss by much. In the budget, they were a bit higher than budgeted, and of course, a lot higher than 2021. That being the direct result of the price, the average price that we managed to commercialize the gas. I think at this moment we are close to the budgeted results. Also till the end of the year and taking into consideration the OG 27 issued and the quantities that will be issued on this quarter months, and also the royalties and windfall tax being paid at the effective OG 27 prices, we should see a small decrease in these royalties. Miss Irina Răilean, you may now address your question. Please, unmute. Hi. Can you hear me well? Yes, we can hear you. Please. Okay, sure. Thanks for the presentation. I'd like to ask something about the management view on the evolution of natural gas prices. I mean, we see very high prices now on the BRM market, something like above EUR 400 per MW for the entire year 2023. I mean, what is your view? Are these level, high level of prices truly reflecting the current market situation? How do you see this context? I mean, it is very hard right now to comment on market prices given the fact that the European markets are interconnected. When you look at the BRM, you also have to look at the CEGH, you have to look at the TTF market. I think everyone right now is trying to benchmark itself through these markets to get a better glimpse. We are looking at the BRM market that's quite in connection with it. Of course, you know, because before it gave arbitraging opportunities, and now it's normal that you have a connection of prices. For a producer, we don't see them as sustainable for the long run, as it could lead to demand destruction. That will create problems for any upstream company in the long and very long run. Okay, thank you. To conclude and just to follow up, I see that your average realized price is below what's indicated on the BRM. What should explain this? Just because. Yeah. Those are historical contracts. These contracts have been yearly contracts stemming from last year, which were given a fixed price. That was the market price at that time. We try to have our consumers and our clients given stability for the period. For now, even our price will be in conjunction with the market. You also see much higher prices probably starting the next gas year when your off-contract should be updated. Exactly. Here we have, let's say, a clash with GEO 27/2022 that has allocated most of our production. All pre-production in the period that GEO 27/2022 is applicable has already been distributed. We will probably be capped for the moment. I wouldn't be able to tell you the appetite the market would have at the market prices at the moment. Because there is definitely. Okay. Thank you. Distortion on the BRM and also on the bilateral market because of these agreements. Yeah. It's a very big difference from BRM and bilateral contracts right now. I just wanted to- Yes, it is. It's also, I saw that they are happening in the market. Taking into account that we have two captive clients, which you know about in terms of detail. They have been offered a fixed price that was in the market last year. When those contracts will be over, the prices will definitely be higher. What you can see is the prices every quarter have gone up. It is normal to go up also in Q3 and in Q4. Okay, thank you. Thank you. We will answer the written question from Raluca Moica. Can you disclose company's estimate as of today in terms of revenues, EBITDA for full 2022? At this moment, we cannot disclose the figures for the full year of 2022. We go on with another question from Mr. Tamas Flecher. If Iernut generated loss by purchasing gas at market prices, why did you not sell the gas instead of running your power plant? Also, when do you expect new Iernut power plant to be operational? Thank you. Yeah. We had the gas year last year, so we tried to maximize the profit. The change to the accounting standards has been done after the gas was supplied to the Iernut power plant. Also, we have to take into account that near the Iernut power plant are low-pressure wells, which are going directly. The gas from those wells is going directly to the Iernut power plant, and they could not have been put into commercialization. They are not linked to the national transport system, which makes it a bit complicated. Now we have to look also at the stability of the electricity production and also of the profit that will stem from selling the gas directly or from the opportunity of transforming it to electricity. We expect the power plant to be finished by the end of 2023 and to be put in production on the parameters that were in the contract. I want to add the fact that if you look at the consolidated financial statements at page 16, you can see the fact that in the second quarter of 2022, practically the loss has increased. It is very important to take into consideration the fact that as Răzvan said, our CFO, there are some certain wells that will be unable to deliver the production into the national transport system. There are also other fixed costs that are not emphasized here if we stop the electricity production. For example, we have personnel expenses and other fixed costs that if we decide not to deliver natural gas and produce electricity, we still remain with certain costs. The opportunity to deliver the quantities in other to third parties, not to Iernut, it is more complex to assess and is not emphasized in the financial statements. Hope I was clear. Thank you. We go on with another question from Irina Răilean: Do you have any updates on Iernut? How is your current estimate for completion? What are the amounts of grants you received up to this point? Thank you. We have started negotiations with the oil association regarding the restarting of the works. We have issued, as we said in the report, an invitation for them to participate. The negotiations are in course, and we have a target date for finishing the power plant at the end of 2023. We continue with another question from Raluca Moica. What is the status of gas reserves audit? When should the results of this audit be available? We have published the results and they are available online. The results are presented at page 12 from the presentations for investors, which is public on our website. Another written question from Irina Răilean: What amounts does the company expect to collect as overdue receivables from clients by the end of the year? Thank you. Except the two big clients that have been declared captive consumers, we do not have any other overdue payments to collect from other clients. Another question from Irina Răilean: What are the amounts of grants you received up to this point for Iernut? To this point, we received around RON 230 million from EU. From Iuliana Ciopraga, another written question: What should we expect, regarding power production in the following quarters? The power production, well, we will try to maintain steady if nothing happens to the power plant. Of course, it's quite an old power plant that is a bit difficult to keep in maintenance. We've done periodical maintenance to be sure that it's going to be operational, but we do not know if it's and how it's going to hold. We are doing our best to have power production to be kept at the same level as in H1. Another written question from Iuliana Ciopraga: Can you comment on the receivable risk regarding ELCEN and Electrocentrale Constanța S.A.? We do not see any risk at the moment, being that both companies are in solid state. It would be a great risk to them to not, you know, make the payments in due course. They have been paying everything, like clockwork. Until now, we have had no indication that they would not do so. Another written question from Irina Răilean: Could you disclose the capacity utilization rate for the storage facilities for the second and third quarter? Yes, this you can find, I think, on the local website, but it's around, to my knowledge, it's around 66%-70% at the moment. We continue with another written question from Raluca Moica. Can you disclose which is going to be the overall average sale price under bilateral contract for full year 2022? No, not at this moment. Another written question from Irina Răilean. We have noticed an increase in the D&A in the electricity segment. What caused this increase? Is it related to the aforementioned change in accounting policy? No, the change was not caused by the change in accounting policy. The increase is due to an impairment expense of about RON 3 million. We continue with a written question from Iuliana Ciopraga. In your personal opinion, the prices for households and heating producers will remain capped after March 2023. The answer is that this does not depend on us. It depends on the government and what kind of measures will be taken in the next period. Another written question from Mr. Marius Chiș. What is the average duration of contracts for gas selling? The term for gas sales contract is a year, a gas year, meaning from September until October the following year. We continue with another written question from Mr. Oleg Galbur, Raiffeisen. Could you explain the increase in the intra-group revenues of the upstream segment? What else besides the change in the accounting policy of the gas sold to Iernut triggered this increase? Thank you. The change was caused just by this change in accounting policy. We have a hand raised. Unfortunately, we do not have a name, just a phone number. If you hear those figures, please unmute yourself. It's 40214 and the number ends with 92. If you would like to address the question, please unmute. Hello. Can you hear me? Yes, yes, we can hear you. Yes, please. Hi, I'm Ioana Andrei from Alpha Bank. First of all, thank you for the presentation and for the figures regarding the sales on regulated prices. Partially you already answered one of my questions, but I will try to have a clearer answer. Considering that you are soon close to signing the contract for the next gas year, can you tell us what are your expectations regarding sales after April 2023? Do you take into consideration a prolonged OG-27, or do you consider selling your gas volumes onto the market? At the moment we are working under OG-27. We cannot presume or assume what the government will do next to and after this period, and we will find the best solution and the best way to go forward in the commercialization. I think right now the market has to get a bit used to the OG-27 until we can make a decision regarding selling the quantities for next year. I think that as the current environment states at the moment, we should be a bit patient and evaluate all our options. Okay, thank you. My second question is regarding the GRP program. If my understanding was correct, you sold roughly 7.8 BCM were delivered under the first half of the year, mainly first quarter. Do you have any contractual obligations of further delivering gas in 2022? Or the volumes not delivered in 2022 will be delivered starting with January next year? No. The country's calls for on the GRP market with those specific maturities will be honored by Romgaz. Of course, there are contractual obligations to deliver the gas as it was traded on the BRM under the GRP program. We will have certain deliveries through the end of the year as well. They are not signed. Can you give us a rough estimate? No, I don't have that estimate at the moment. I would not want to induce an error only on because you're asking only on GRP, and I don't have it that detailed at the moment. Okay. I have another question regarding the new audit report on reserves and resources. Are these numbers including Neptun Deep? No, they are excluding the Neptun Deep. Because it had been ordered before the acquisition of the company, which was finalized August 1, and this audit was ordered way before that, and it takes into account all the reserves onshore that Romgaz has. Okay. Now that the transaction was finally completed, when we can expect some more figures, details regarding this project? Yeah. We've just, you know, finalized the transaction around 16 days ago. Well, you'll have to give us a bit of time to work with the new operator to have, let's say, a timeline for the FID and also their numbers. Okay, thank you very much. Thank you. Thank you. We'll go on with a written question from Raluca Moica. Looking forward into 2023, do you have an estimate for the mix of sales, bilateral versus regulated? No. It's very hard to have a overview of the whole year if we do not know if this legislation will go on after its initial end date. That's why I said we are looking at all options that we have. I could not give you this kind of forward guidance, as we don't have it as well. Also, it all depends on how the government will see things going forward for the gas law. Another question from Raluca Moica. Do you already have bilateral contracts for 2023? If yes, for which quantity? We don't. No, we don't have it. We don't have quantities contracted outside GEO 27/2022 through bilateral contracts for 2023. We have a hand raised from Iuliana Ciopraga. Please unmute. Hi. Just a clarification. The accounting change, did it affect, I mean, did it affect the first quarter as well? Do you restate the first quarter figures or not, or only the second quarter? Yes, we restated the first quarter and the previous year also. Okay, thank you. You're welcome. Miss Irina Răilean, you may address your question. Thank you. Just a follow-up on, Yes ... mix of sales from 2023. Basically, I wanted to ask what will happen after first of October or when the current contracts will expire. I mean, the government will not probably issue any regulation this quarter. This will probably happen sometime in January or February. What will Romgaz do? I mean, you assign contracts only until 2023, until March. How will you proceed? I mean, you don't have enough visibility, but old contracts are expiring, so you should update them. How will you proceed? How your strategy? Well, Romgaz is abiding by the GEO 27/2022 regulation. We are also committed to deliver all quantities of gas that were contracted. At that moment, we first have to see what the quantities we'll have in storage, and then we'll decide what will happen. According to the GEO 27/2022, all our quantities coming from the actual production have been distributed by the OTS. This is for the first quarter of 2023? The first quarter, yes. When will it happen from April? Or you don't sell at this point with delivery. I think that at this point the market is looking to buy for shorter periods of time. First we have to see how this will go through starting, you know, first of October, and afterwards think of how we will commercialize this gas. If the market environment will permit, of course, we will start commercializing it after October. I could not give you an exact point in time for any of your questions. No, I mean, if you have a client wants, natural gas with delivery starting April or starting May. This is a bit more complicated because this has to be in accordance with our commercial strategy. I cannot disclose our approach in this sense because there are different types of consumers, there are different type of clients. These things all relate to the commercial strategy. I mean, you will not tell your client that they will have to wait until the current OG expires. You probably will try how to No. -to call to- Not necessarily until it expires, but until we have visibility on what will happen in the market. Because Okay. As you have also seen how prices act, I mean, the market is quite volatile, and we have to have everything very well set up and how it will be and how we're going to commercialize the quantities when we receive. Okay, thank you. Thank you. We go on with the written question from Raluca Moica. At the end of June 2022, there was a press article according to which Government Emergency Ordinance 27 was under analysis in the parliament, and the regulator was exploring the possibility to oblige gas producers to secure quantities for population, even if this would mean violation of bilateral contracts. Can you please comment? I cannot comment on that, but Romgaz will not default on any contract that it has signed before. I don't think that modification in the GEO 27/2022 happened, from my knowledge. Romgaz will definitely provide all the quantities that are under contract and under obligation. If there are any other questions, please feel free to address them. If there are no further questions, we will conclude this conference call. Thank you very much for your questions. If you need further information, please contact our investor relations team. The conference is now concluded. On behalf of Romgaz team, thank you for attending today's conference call. You may now disconnect. Goodbye.