Hello. Hello, everybody. Good afternoon. It's a pleasure here to be with you all. My name is Paulo Mendonça. I'm CEO of Maha. Just making here also introducing Bernardo Guterres, CFO of the company, and Alan Johnson, the COO. We also have here with us our friends from DBO, which we will introduce them. I think we have just announced a press release that we concluded this transaction. Very happy here to have concluded this important milestone for the company. I think the idea here will be just making a presentation, trying to update all of you about the company and the main steps. I will call here the team of DBO to introduce yourselves, our new shareholders here in Maha, subject to some present conditions. We will open here for questions and answers from all of you. Thank you for being here today. I think just a quick introduction. This is the FPSO of Papa-Terra, one of the assets that we are acquiring here from DBO. Just wanted to show here the relevance of and the size of this asset for the production on the offshore of Brazil. Here I have myself, Bernardo, and Alan. Be happy here to answer all your questions after this presentation. Here, starting here with one of the updates from the company. I think on October, we made a. The company had a change on the shareholder structure where Starboard, a Brazilian private equity firm, which was the archetype of a 3R, that is an offshore- onshore company in Brazil, who actively participated in the divestment program from Petrobras. Starboard entered here at Maha, and it achieved 19.9% of ownership as well as representation on the board and the management. The company also successfully achieved a capital increase in December 2022, raising $20 million. I think this not only strengthen a lot the balance sheet of the company, but we were very happy that new long-term and fundamental investors approached the company on our part of the shareholder structure of Maha. The company also announced the sale of Maha Brazil in December 27th. This deal is still subject to a closing, which we expect to happen this month. The antitrust agencies have already approved the transaction without restrictions. Finally, we signed today the definitive agreement with DBO Energy, which will acquire 15% in 3R Offshore's assets, namely Peroá and Papa Terra. With this new reshuffling of assets, the company is now actively looking for M&A opportunities, mainly in Brazil and Latin America. We do strongly believe that a company having this equity position in cash is a very powerful tool to be in the oil and gas space here. It lacks a lot of equity in the oil and gas space in Brazil and in Latin America. We do believe that with this cash, we will be able to really acquire very accretive transactions, very accretive assets, and always with the focus of being cash flow-oriented oil and gas. This is the main approach that Maha will have here for this year, is a very strong M&A work stream always with this approach: assets with a large P of production, a very low exploratory risk, and very cash flow-oriented. I think it the acquisition of Papa Terra and Peroá, they already proved that. Assets that are producing, that have reserves. I think the Peroá brings to Maha a gas production, which we believe it's not linked, not 100% linked to oil, so this also provides some stability here to our revenues. This is something that we believe it's very important here, for the construction of the portfolio. Finally, we announced, at the end of January, the farm-out, and JOA agreement with Mafraq Energy, in which we assigned 35% of Block XVII Oman to a local partner. This, was basically the last step for us to really initiate production and testing for the field. We expect to start producing still this quarter. This is, our team, our technical team here, Alan will answer if you have any questions as well. We are very excited here with really starting this in the very short term. Giving here, a quick introduction of Maha's assets. Today, the market cap of the company is of $131 million US dollars. In terms of Swedish krona, SEK 1.36 billion. Our production in the last 12 months, of course, this was considering Tiê and Tartaruga, as well as the US assets. We produced 3,300 barrels oil equivalent. As you may have seen, we have disclosed last Friday the new reserve and resources report, in which we have 3.2 million barrels of oil equivalent of 2P reserves of Oman and IB US assets. As we have sold, we have the... As we are in the process of divesting Brazilian assets, the reserves of Brazil have not been incorporated in this reserve report. we also disclosed the net contingent resources for Oman of 21 million barrels, very in line with last year's numbers. This is already our stake of 65%, so originally 100% of the asset is of around 32 million barrels of oil equivalent. remembering that, sorry, these are still classified as contingent resources. I think that the production of this asset will, alongside this year, will allow us to create a development plan and declare commerciality. in case it's economically feasible, these assets could be in the future classified as potential reserves, again, depending on all those economic assumptions. as we have spoke, Starboard has became the reference shareholder for the company with almost 20% with a significant experience and track record. We are here with 3 transactions ongoing. The agreement with DBO, which will be subject to a general meeting the company will realize, and the SP of the Brazilian asset sold to PetroRecôncavo. Finally, as we have also disclosed, the company is investigating the divestment of the U.S. assets, LAK Ranch and IB. Regarding Oman, we're ready here to start production in this quarter. Very excited again with this opportunity and we brought Mafraq Energy, the farmout agreement signed in August, and we closed it last week. Giving here an overview of our assets, we will be strongly in Peroá and Papa Terra, offshore assets, oil and gas, Tiê Tartaruga with this divestment program, also U.S. and our asset in Oman. Regarding our shareholder structure, we have Starboard with 20%, BTG Pactual with 5.7%, a very renowned Brazilian investment bank, Avanza, and others. This strategic positioning, we want really to have Maha with a very strong balance sheet and a very strong capital structure. We do want to deploy this capital in very creative and attractive opportunities with the optimization of OpEx and CapEx. At the end, this reshuffling of the assets once allows us to have a portfolio optimization, always looking at attractive entry multiples. As we saw here in DBO, we really acquired this asset for, in our view, solid and cash flow-oriented approaches. One thing that we always like to highlight is why Brazil maybe. One of the things that we most like is that the Brazilian oil and gas environment is very friendly when we talk about taxes. In Brazil, for the onshore, we sometimes have 5% of royalties, depending on the offshore field, 10%, but those rates can already achieve 7%. In addition to that, if you're located in some specific regions in Brazil, you also have a benefit called SUDENE that is a 75% reduction in your tax rate. This allows us to have a very strong net back per barrel. In fact, we see Brazilian assets having the largest free cash flow per barrel probably in the world for each barrel we produce. Sometimes at current $80 barrel, we have sometimes $65 per barrel of EBITDA. This is one of the reasons that we are attracted for Brazil. We see other countries such as Middle East, even Norway, even U.S.A. with much larger royalties plus tax rates. We do want here to be positioned in Brazil and other Latin American countries. Speaking here about the transaction of DBO, this agreement will hold 15% of the 3R Offshore assets. Remembering that Maha will DBO is a shareholder of another company called 3R Offshore. Maha has the option to go directly to the asset and have access to the cash flow. This is the path that the company is willing to take to have a direct access to the cash flow. The consideration of this asset is around 36.8 million shares. The company decided to pay in shares exactly to maintain its capital structure very solid and with a very low leverage ratios. This would imply a valuation of $33.7 million at a share price of February third. This would increase Maha's net 2P reserves, 18.5 million barrels of oil equivalent, oil and gas, and add 2,000 barrels of net production. I think again, this transaction reinforces our the construction of a diversified portfolio with on a low multiple basis. Also, when we look here of multiples, we're really talking of a price to NAV of 0.39 on 1P and 0.23 on 2P. When we see the market of the offshore assets probably trading at 0.6, 0.7. When we look at 2P reserves, and maybe there's a reason Brazil looks a lot at the enterprise value on 2P, is because we have a very different regulatory framework in royalties. We'd like to see the 2P. We are talking of $3, while mainly the main peers in Brazil are trading at $10, $11, or even $12, $13. According to the certification of reserves published by 3R, only in 2023 these assets will provide a net cash flow of $60 million. When we look also at the multiples in terms of free cash flow to firm, they are also very accretive, with an NPV of $86 million for 1P and $145 million on the 2P reserves. Here, we wanted to highlight the new capital structure of the company. When we look at our, the new Maha, let me call it this way, we will basically have the DBO's assets and a substantial portion of cash position and receivables, plus some other assets, US and Oman. Just making here the disclosure that the contingent resources of Oman, they don't have, as they are not reserves yet, they are not considered here in this calculation of gross asset value. This potential value is excluded from this calculation. We have here, according to the certification for DBO's assets, $166 million, and we have a cash position plus receivables of $204 million, including the cash position, plus the $26.9 million of the U.S. asset and a very small portion of Oman in reserves of around 515,000 barrels. When we discount the debt that the company has in light, this is green, right? In light green, we have $49 million of the BTG's debt. We have this $21 million that we call it a contingent payment from the DBO's assets. This we want, we call it as a debt, but these are contingent payments that are down to Petrobras. We will be very happy if we pay this contingent payment to Petrobras because they are payment that are triggered according to production and oil prices. We cannot say when are we going to pay because this depends a lot in the production profile of the asset. Certainly, if we pay this to Petrobras, it's because the asset has in fact increased a lot the production. We even still we consider it as a debt, even though this is almost like an earn-out payment back to Petrobras. Looking to this graph, we see here, if we discount the cash position and receivables of the BTG's debt and DBO's assets on the $21 million, we're reaching on any, on an N-NAV basis $145 million for Peroá and Papa Terra, $155 million basically of cash position and receivables, and around $27 million of U.S. and Oman assets. Being 50% of this value, cash or almost cash receivables. Vis-à-vis our market cap that we have included illustratively here, of course, is still subject to a general meeting, the market cap that DBO's shares would imply here to the asset. Basically, we would be talking here of a market cap of $165 million. Reinforcing here the multiples for the DBO's transaction of 0.23. The company would be on a price to NAV of 0.51. However, predominantly cash. I think this puts Maha in a very interesting position that the current market cap is really below the cash position of the company. Of course, here, the management and these new shareholders, they really want to deploy this capital at the same multiples that we are thinking on acquisition, 0.2, 0.3. If we are successful in deploying this $155 million, you know, 0.2, 0.3, we would be probably talking here on potentially $700 million-$800 million NAV. Here, talking a little bit of DBO's assets, we do expect... Remembering we have 15% of Peroá and 9.375% of Papa Terra's field. These assets are already under operation of 3R since August, Peroá since August, and Papa Terra since December. This is the net production to DBO according to the certification of the DeGolyer and MacNaughton and Gaffney, Cline & Associates, which we expect to almost double within the next 3-4 years. The Papa Terra's production is predominantly oil and Peroá gas. Talking a little bit here about the assets. I really wanted to give this disclosure for you all. Peroá is a gas cluster located in Espírito Santo, in this region. The gas is, you know, a very important supply for this region. This a region that has a lot of industry, so the gas... When we look at the prices that our gas are being sold, it's really a very high price per cubic meter. We're talking here of in $ per million British thermal units, almost the double when other gas fields in this, in the country sell because of the importance for the gas of this region. Not only for the industry, but also this gas is sometimes used to onshore fields that need the gas for steam injection facilities. Regarding Peroá, we have around 3 million barrels of oil equivalent of gas. These numbers are from 2021. These numbers will be updated by 3R, so we will probably have a new certification in the short term. In terms of NPV, we have $23 million on 2P reserves, and the cumulative net cash flow for the next 7 years of $36 million. This asset has a very important field that is called Malombe. Is a significant upside, and the idea is to tie in from the current facilities for a well on this Malombe field. One of the main reasons we like, also like this asset is because it has a very low lifting cost. According to public information and recent realized prices, the OPEX of this asset is around $5 per barrel. Remembering this asset is located in Espírito Santo, the region where we have that Sudene benefit. In addition to a low lifting cost, in addition to low royalties, we also have 75% reduction in our tax rate. This will allow us to have a very strong cash flow per barrel. One last thing that is very relevant here, not only for Peroá but also to Papa Terra, is that all the infrastructure belongs to the consortium. Not Maha, not 3R, they don't have to pay any daily rates for the platform. It's 100% owned. This also allows to have a very strong cash flow as we don't pay any leasings. Papa Terra, the same thing. We have the net stake for DBO and Maha, around 15.6 million barrels. We're talking here of an NPV of $122 million. When we add up the $23 million plus the $122 million, we're talking of that $145 million year of NAV. A cumulative cash flow of $126 million for the next seven years, and around 1,800 barrels of production. Again, here, this is a heavy oil field. It's around the 100 km of the coast of the state of Rio de Janeiro. We see the location of Papa Terra here is close to very active other oil fields and huge oil fields. Papa Terra, we are talking of almost 2 billion barrels of oil in place, and we have Peregrino, Polvo, Tubarão Martelo, and Maromba neighbor fields. One other thing that is important here in our thesis is that all the infrastructure is owned by Maha. Again, there are no daily rates here to be paid to the platform. Everything is owned. This asset today is producing approximately one hundred percent, 15,000 barrel, 15-16, and there is also significant ramp up of production. One last thing that we like to say, this asset was built by Petrobras and Chevron in 2011, 2012, and they spent almost $3 billion in building this asset. This FPSO has a production capacity of 140,000 barrels of oil, while today it's producing 15,000. Lots of people ask, "Oh, but this asset, Petrobras lost a lot of money." Yes, they spent $3 billion in this asset, but we are assuming its operation for a fraction of this price already with production. In fact, the asset was when they built the asset, the expectation of each well was higher. We are really generating a lot of cash flow, assuming that the assets are owned and that all the infrastructure has already been built. I think the timing of this asset is what makes us very optimistic on developing it. I think finally, I've already spoken that, but these estimates of NPV, they are from 2021 with an oil price between $71 and $66. This might be updated for this new reality of oil curves. Talking here about the production profile according to the public reserve report, as we previously said, we are talking here of almost 18.6 million barrels and an NPV of a gross asset value of $166 million, and $145 million for NAV. Regarding production, if you see here, only Peroá's stake reached almost 6,000 barrels, and we expect to go up to the 1,000 barrels again of oil. Regarding Papa Terra, our 2P reserves, we expect to reach a peak of 3,000 barrels of oil equivalent. Talking here, moving to the Middle East now. As you all know, Block 70 is located in Oman and contains the Mafraq oil discovery from Shell back in 1998. The company, Maha, has already drilled 6 wells, remembering that our commitment is of 8 producing wells, 2 appraisal wells, and 1 exploratory well. We are moving now to the 9th well. 7 producing wells, 1 appraisal well, and we're moving to the last producing well. The farm-out agreement will allow Maha to be reimbursed for 35% of all past costs. This number approximately $11 million-$12 million. Also having a partner to share all the future expenditures on Block 70. We have already had the royal decree by the Sultanate of Oman, which reinforces here the importance of this asset also to the country. In terms of reserves and resources, we have those net contingent resource of 21 million barrels, and the 2P reserves of 515,000 barrels. Just to be clear here, this is 515,000 barrels. It's 1 M and the other are 2 Ms. An oil in place of 350 million barrels. We expect to start testing the wells in the first quarter. We are very optimistic on that. You see here the location of Block 70. We are close to lots of relevant oil fields in the country, which are really producing some of them 50,000-60,000 barrels. We are in a very proliferous region in the country. Regarding United States, the company is investigating the total sale of those assets. We have just updated the reserves report, having 2.7 million barrels of reserves and $20.7 million in terms of NPV10. We had a net production of 314 barrels in the last quarter, third quarter, 2022. I think this is the reason why we are investigating is lack of scale. I think lots of companies, neighbor companies could have a lot of scale in developing this asset. Regionally speaking, we want to concentrate the scale in some specific regions. I will leave Bernardo here to speak a little bit about our financial position. Of course, here, still reflect an image from the company prior to the divestment of the Brazilian assets. After the divestment, we will be even in a much stronger cash flow position and leverage ratios. I will leave this here to Bernardo. Please, Bernardo. I think I can use this. Talk a little bit about the share performance. Yeah. Roughly we're speaking here about the last 12 months, as of the third quarter, ending September. On the next 28th of February, we will publish the fourth quarter results. Basically, speaking first about the numbers, we had a LTM production of 3.3 BOEPD net production with a $90 million revenue, which was pretty solid. An operating cash flow of $48 million and a net result of $30 million, right? We had a very good production in the first quarter and beginning of second quarter, we had those problems with the production in Tiê, which we couldn't find also rigs to make the work over. Our result could even be better, we had this issue. Speaking a little bit about the shares, I believe that our share performance, we can split in two last year, right? The first one, it grew a lot. It increased a lot the price in the beginning because the oil price, our share is very correlated with the Brent. The Brent price increase and our production increase. If you see the beginning of the curve, we had an inclination much steeper when compared to the Brent price. We had, you all of you guys know that we had the issue of, you know, the past management that was kinda like an interim CEO for some time. It coincided with a decrease in the Brent price, this relation, this correlation curve inverted, right? We decrease more than the Brent price. As of the last quarter, right, I think things got a little bit more stable. This latest volatility in the share price has much to do first with the, again, with the Brent price that you guys probably seen. It went to $88. Yesterday it was $79, it's very volatile. I believe that we should also explain to all of you guys all the rationale of what we made in this past 3 months, you know, of selling an asset, buying another asset, doing the capital raise, this ties up. I think from now on, we believe that we can increase this value because first we have cash, right, after the sale, and we have as Paulo mentioned, we have opportunities to try to replicate good acquisitions. We have a very solid balance sheet with very low debt, and this is very important when we talk about a commodity company. I believe that from now on we can expect improvement in our share price. Thank you, Bernardo. Well, now I will bring here our friends from DBO, Svein Harald, Kjetil, Halvard. I just wanted to say that we're very happy with this partnership, I think, not only on the quality of the assets, but the quality of the partners. I think they have a very good reputation in the oil and gas industry. They are people of very good nature, so I just wanted to highlight here that we are very happy with this partnership, and hopefully we build a very strong case of success here. Thank you, Svein. Thank you. Halvard. The idea now is basically to introduce the three of us. We have key roles in DBO, so I guess you, it's good for you to see us. We will also, after the transaction, become large shareholders in Maha. It's me, Svein Harald Øygard. I worked in oil and gas for 20, 30 years. I'm economist of training, then I worked in McKinsey for 21 years. My last position was leading oil and gas in South America. I left McKinsey, and I joined, formed DBO together with Halvard and Kjetil, and I will let them introduce themselves. I will say a few words about DBO. We were established in 2017 with the purpose of acquiring mature assets in Brazil. The idea was that with our background, we are all Norwegians of origin, we have seen what happens as a basin matures, and transferring that knowledge and technology to Brazil, would be important and could be a potential source of value. To qualify to participate in the divestiture process in Brazil, we needed to become technically qualified. We achieved that, among others, by a partnership with AGR Petroleum, which is a Norwegian petroleum consultancy focused on subsurface. They are owned by Akastor, which again is owned by Aker. We got a link between DBO and the Aker group of companies. We were also fortunate to ensure financing from RWE, the German utility, that had a private equity vehicle called RWE Principal Investments, that committed to back DBO in the sense that as we matured potential transactions, we would then get the support from RWE Private Equity to execute on those transactions. We bid on a number of assets, and to bid, of course, you need to do technical studies, you need to review the top side, the integrity, and the total structure and potential of the different assets. It's quite a process, and it's expensive process to place a bid in a way that makes sense. We bid on a handful of assets, I think 6, 7 altogether. We were successful with some and less successful with others. We ended up buying an asset together with our friends in Starboard, the Macaú asset up in northern Brazil, which is a cluster of seven small fields. Right after we had executed the transaction and ownership had been transferred, 3R and Starboard proposed that this vehicle should be IPO'd, and that led to the IPO of 3R Petroleum, which is a company that has gone from zero value to $3 billion enterprise value in four years, and is now top 50 companies in Brazil. As that was IPO'd, we basically merged our asset into 3R and got shares in 3R in return to the DBO shareholders. That was then passed on to all the shareholders, including RWE Principal Investments. They left DBO and we started what's DBO 2.0, which explains the name of the company. It's the second time we do this. It was basically our, the name that we used in our working documents that by a fault became the name of the company. Anyway, now you know the story. In that entity, we again, we're fortunate to get AGR, again, on Aker and Akastor as a key shareholder, which explains why they are now on the list of even shareholders in Maha. I'm not saying Maha becomes Aker company, but at least there's a small thread back to Aker. With this new vehicle, we started the process again of acquiring assets. We looked at all assets that were available in Brazil, in particular in the offshore. We zoomed in on, firstly, I think one asset, which is the Peroá asset, and we brought that forward and took it to 3R and said, "Shouldn't we bid on this?" We decided to bid. Eventually we won. In parallel, we worked on some others. Again, with the help of this guy, who basically was the mastermind behind the Papa Terra transaction, we again teamed up and acquired part of Papa Terra. That's the long story. The question is what do we guys know? I think we know a bit about business development, oil and gas. I think we know a bit of how to play the, kind of the mega trends of the industries and understand the discontinuities. We have learned that oil and gas is basically an industry that's full of ship, ships. Yes. That basically, as you say in Norwegian, that basically move everyone. Well, this is fashionable this year. This is fashionable next year. When we bought Peroá, gas was non-fashionable, and it's only 3 years ago. People hated gas, and no one wanted to bid on a gas asset, especially in Brazil. What people didn't see was that Brazil actually is a gas importer. Now you all know what's happened to the gas prices. They are sky high, Pero, which was basically the lowest asset on the priority list, is now a very high value asset. I think that's an example of what we've tried to do, that we will all now be part of the Maha team, and we look forward to supporting and working with Maha and trying to help Maha and the team of Maha in the positions that we might have. We will be key shareholders, the deal says that we will be here for a long period of time, hopefully, that will help to add value to all of us. With that, I'll give the word. I'm the chairman of DBO. I give the word to the CEO of DBO. Yeah. I mean, you see the whole company on stage here, so we have nice titles, but actually that's the whole team also. There's only Cs, including chairman, CEO, and CFO. I think we covered basically the most important things. My name is Kjetil Solbrække. Say a little bit about my background. I come from the Norwegian oil and gas industry. I used to work for the ministry for seven years. Later was invited to work for Norsk Hydro, where I served as the CFO for their oil and gas activities and later was heading the international business development. We did then the acquisition of Peregrino, that became the largest development project that Hydro ever had embarked on. Then I took charge of the development of the Peregrino and moved to Brazil. Coming to Brazil was a fascinating thing. Then I had been responsible for business development but never really focused a lot on Latin America. It was for me an eye-opener to come to Brazil back in 2006 and to see all these opportunities and also find a country that already at that time I found it to be very well-functioning actually, you know, comparing to... I spent a lot of time up and down in Africa and also in the Caucasus and in Russia. I was really intrigued by all the opportunities that we, that we saw. We did the pre-salt discoveries, and then things stalled, I would say, for quite so many years. The dream of really, being able to get into projects in Brazil was still very much alive. Later on I was CEO for Panoro, that we... We tried to build that into a company that could basically benefit from these opportunities in Brazil, but it never happened. Brazil was still stalling, later on we had the chance together, then Svein and Halvard and myself to start up DBO, and I think Svein covered that very well. I think what we of course believe that we could contribute, and we were, you know, known from different positions also with Petrobras. Petrobras was immediately quite comfortable in allowing a team like ourselves to come on board. We were invited to participate in the shallow water processes and also then looking into these other assets. I think we were very pleased when we then started to talk to Starboard. Paulo and Hallvard had worked together, so they knew each other well, so there was immediately a good connection on the people side. We quite liked the way they were working, very serious, very thorough, and very eager to get things done. I think they felt more comfortable also, to be honest, with having some of our experience into the whole setting. We did, as Svein said, we did the Macau transaction, and started a very long and fruitful collaboration with Starboard. As a more seasoned guy, I think I'm super happy to see what kind of energy and experience they have gained, what kind of energy they have, and what kind of experience they have gained over a short period of time, and very comfortable with the starting up now another collaboration with these guys. We will give them all the support and spend... Yeah, use our experience to make sure that, to keep everybody on the right task because, of course, we are working with oil and gas projects. There's always risks. I mean, anybody that says there's no risk, doesn't understand the business. I think what we are good at and what we have experience in is actually managing this risk, and that's a super important part of the whole game, is to be able to understand the risk, mitigate it, deal with it, manage it on a daily basis, on a monthly basis, on a strategic level, and on the operational level. I think that's something we can really we will contribute with, we have already done it, I will say I'm very comfortable with the portfolio we have. We think Peroá has significant upsides and quite limited risk, I would say, on altogether. Very low cost, as Paulo has been through already. Not more to say. I think Papa Terra is, of course, a much bigger animal, huge FPSO and. We bought it very cheap, so I think again, the risk in connection to continuous operations also because of the price that we bought this whole equipment for is quite low. It's a quite fairly reasonably new piece of equipment with the FPSO. I would say that I'm very comfortable with the level of risk we are taking into also that project. We have seen that the production and the SOR is responding very well. This was actually done by Petrobras and Chevron themselves. This was, you know how big companies are. It's not you turn around very quickly. I think they realized that the wells will produce better than what they anticipated after having realizing that the field had a huge problem and they had then a big write-off. We today are actually benefiting from from the rest of our model work and so on that Petrobras and Chevron did. I'm very optimistic when it comes to the development of these assets. We just came back also from a trip in Oman that we in DBO decided to do also as part of getting to know what we are getting into. Of course now we're gonna end. start up the test phase. That's the exciting thing. Do we know what will come out of the test? Nope, we don't know yet. I think we have to run through the test and have to see them. Am I optimistic? Yes, I am quite optimistic because what I saw and so on. You know, we cannot know before we've done the tests. But I'm really looking forward to it. I'm looking forward to, again, working with Starboard, as I said, and the team. We are here for the long run. We will push, and we will make sure that we manage the risk going forward. Hallvard, maybe. My name is Hallvard Idland. I've been in Brazil for came down there in 2006. Before that, I worked in DNB in Oslo. Been working in banking also in Brazil together with Paulo in Perual and also in Pereto, and also worked some in industry. Went down to Brazil for the ACA group, there is seem to be a link always to that one. And again, what has already been said here now twice, I will repeat it as well, we are really looking forward to doing it again. I think we did it with a tremendous success in 3R. We are very happy to be again together with Starboard in Maha and really looking forward to generating value for all the shareholders in Maha. I think you did mention your favorite story, Kjetil. You mentioned that he was responsible for Peregrino and Paulo showed that Peregrino is neighbor of Papa Terra. The current recovery factor we're working with is 11% in Papa Terra, and Peregrino is 17, right? There's no reason why Papa Terra should be that much lower. Just in the assets we have, we are very enthusiastic about the potential in these assets, and also together with Starboard, that we can find new interesting opportunities like Perual, like Papa Terra, and others we have done before to chase and generate shareholder values. I think that's it for me, yeah. Thank you very much. It's a pleasure again to have you and hope to reinforcing the word of the three of you. Let's generate value for the shareholders. This is the target we all have now. Thank you very much. Now, I would like to open for questions and answers. Maybe Bernardo Guterres can come here and, we are available here for questions and answers you might have. Victoria, is there another microphone? I think we have the... She's going. Try without. Okay. You mentioned Brazil. That's an obvious target under those conditions. What about other countries? Latin America. Oh, perfect. I'm going to repeat the question so everybody can listen. He's asking a little bit... What's your name? Sorry. Ache. Ache. Ache is asking a little bit about which are our investment plans, not only Brazil, but also in Latin America. In fact, our, I wouldn't call it focus, but our determination in looking assets, we see that Brazil has still plenty of room of assets, non-operating stakes, for instance. Again, with that, with this mindset of very cashflow-oriented. In terms of Latin America, I think there's Having equity today in the oil and gas space makes you a very powerful tool. I think we do see here countries such as Colombia, Peru, that are very, that we are very interested. We do want to look to production-oriented assets. When you look, we look at Guyana, there are still massive projects offshore, and they are still in, I would call it, in the development phase. I think it wouldn't be our profile to get into this kind of risk. We do want to be an E&P company with a, with a large P but with a small E. We want to concentrate maybe our focus in assets that are already producing, that have history of production, and we have more predictability even though there is risk, but we want to have more predictability. For instance, Oman is an asset that, of course, now we are in it, but it's an asset that we are still in a stage that we don't know the production. We have a much higher risk in that asset. I don't know if this answered a bit of your question? Thank you. You're welcome. Can I maybe start by following up on that question Marcus had in terms of that? Can you talk a little bit about pipelines? Where you are kind of. Are you having discussions or were these discussions that you had? Kinda where are you in terms of timelines? Because you're talking about employing the capital that you'll get from Brazil. What kind of timeline should we expect in kind of deploying those cash? No, perfect. I think this question was the timing of deploying this capital and our current pipeline. In fact, we are seeing today, mainly because when we look at the oil and gas space, not only in Brazil, but maybe in lots of other countries, with this very significant rise of the interest rates worldwide, we are seeing a lack of equity and debt. We are seeing here, and we are very active in this process of being very opportunistic and very agile. I think agility here is something that we want really to bring to Maha. Our intention really is that within the next 2 quarters, we are able to conclude 3 or 4 transactions that we are, how can I say, very actively working internally. Does this answer your question, sorry? Yes, it does. My next question is just can continue. If I understand things right with the DBO, you will have access to the cash flow, right? You will... Sorry, sorry. Could you repeat it? With the DBO, you will have access to the cash flow, right? Does that also mean that you will take part in the CapEx programs? What kind of CapEx outflows do you expect to the DBO assets? No, perfect. I think today well, Maha is incorporating DBO, and DBO has 15% of 3R Offshore, right? At this moment, we are a shareholder of a company. In a subsequent moment, we are going to drop and go directly to the asset level. We will have access directly to the cash flow of the asset. How would it work? It would basically, we would have the revenues directed to Maha as well as cash calls for OpEx and CapEx, like a regular JOA. In terms of cash flow, for instance, for 2023, we expect. Again, this is according to the certification of reserves, right? For 2023, we have a surplus of $16 million according with an average price of 60-70. For 2024, with the current oil levels, again, I'm just getting the certification of reserves and disclosing this value. We have almost slightly positive because in 2024 it will start a more active CapEx in the fields. For instance, our stake for 2024 of CapEx, we're roughly estimating According to reserve, on the range of $20 million. On the other hand, the assets are also generating cash flow. For 2024, it's almost like neutral. We have the CapEx plan for 2025, 2026. This asset, maybe the beauty of this asset is that the same cash flow of the company is going to be able to bear the CapEx expenses. This is the idea we have. Okay. Can I add a few words as well? When we analyzed and acquired this field, our basic assumption was that this was going to be self-financed from the day we acquired. Of course, as you go along and depending on how oil price develop and how comfortable you get with the field and the development plans, you may want to accelerate CapEx to get a better cash flow and to get a better NPV value, right? Those considerations are there for us to be made together with 3R. The basic assumption and the beauty of these fields is that the infrastructure is already there, so you can drill when there is an opportune moment to do so. You can drill one well, or you can drill five wells, depending on, you know, what the market tells you you should do, depending on oil price, depending on how good the outlook is on the prospects of new wells. If I get you right, just to understand, so you don't actually expect to put any cash into the project, but the project will pay for itself? Yeah ...Then you will get kind of dividends from the project. That's how I. Exactly ...look upon it, right? I think as Howard was saying, for 2023, the expectation is a positive cash flow. For 2024, the same cash flow of the company want to bear with the CapEx for 2024. If we want to accelerate the CapEx, I think there's still room to lever at the asset level. For instance, this asset today, again, with the name, with the certification, they can sometimes generate, depending on oil price, from $25 million-$30 million of EBITDA. When you look at the ratios those assets could lever, we could. Again, we don't want to lever the company. We want to always preserve a solid capital structure. If we want to anticipate CapEx, we could use... One of the beauty of this asset of Papa Terra is that we export 100% of the oil. Levering, anticipating 6 months of revenues is really easy with the trading companies, Shell, Glencore. It's a very easy asset to lever if you want to accelerate part of the CapEx. Okay. Just one more, if I may, I'll come back later. You mentioned, I think, $11 million-$12 million coming from Oman, right? If I got it right. Correct. Correct. When do you expect that inflow? According to the farm-out, it's 30 days after closing. We made the closing on the January 28th, we expect in February 27th, I believe. Yeah, just a strategic question. I mean, the former management was very much operational improvements. You guys seem to be much more into the financial play and M&A and, you know, leverage, which I think is positive given the historic development of the company. Have you also considered more share price management, dividend policy, et cetera? How do you think that ties up with your M&A play and financial play? Yes. I think here we do have a very strong operational team. In Oman, in fact, when we look at the CapEx plan that we have already started, we are not only reducing costs like we have been. We are in the seventh well, we have really the first well since the first well to the seventh well. Seventh well is now in $1.5 million. We have been not only financially improving, but operationally the works are being well done. We do have a very good operational team. We want to preserve this. We want to preserve the team. Of course, in Brazil, we want to preserve some technical people as well to keep with us. Maybe, the first answer to your question. Regarding, I would say the dividend policy, again, we do want. One of our main approaches here is to be a cash flow-oriented company. Yes, we do have plans here to be a company that distributes dividends. And not only distributing dividend, but remember that possibly here, let's say that Oman is a huge success, even bringing partners to help us fund the asset is also in place. I think we do want. I don't know if it was a little bit your question, but we want to be here a high return company. If I- This is our main focus. If I may also help with a financial perspective. I think the main thing that myself and Paulo Mendonça add to the great job that Alan Johnson is doing in the operational side is to help in the allocation of capital. We do believe that, you know, with these guys by our sides, searching for good assets, for the whole experience of the DBO guys helping us to find these assets that are very good to develop, we can together decide where to best allocate our capital. When we jumped in Maha, we saw something literally spread around Oman, the U.S., something very tiny, then something in Brazil, listed in Sweden. Right now what we're doing, we try to do this 3 transaction in order to, you know, optimize our capital, bring up like a war chest for the company. Now we're in a position to allocate best our capital. If we make good allocations, we tend to bring dividends, we tend to enhance the price. We're, you know, refurbishing our IR department. Jakob just joined us. He has a great experience in the oil and gas sector to be more in contact with our shareholders to translate more this oil and gas world to our shareholders. This certainly will bring some good results, not only to the company, but also to the share price. Bringing this transparency will... I believe this will reflect in our share price. Yeah. I would just like maybe give the word to Alan so he can tell a little bit about our operational team. Yeah, that would be my follow-up. Perfect. You know, it was a broad question, sorry about that, not very specific. I think when it comes to operational improvement, Jonas has been all about operational improvement, increasing cash flow from the wells, et cetera, which haven't really been successful, to be honest. I like your financial play as contrasts, but of course I'm very curious to hear from you, Alan, how do you review your predecessor? Yeah. No, I think just a point that I would just add is that Starboard and DBO will be the two reference shareholders basically with the same stake, similar stake. We do one of our highest interest is really to create and to keep with a very strong operational team. Alan, please talk a little bit about our structure in Oman, and also our standards in Oman that are being very highly recognized by the government. I think Oman is it's been an easier place to operate perhaps than the smaller activities we had going on in Brazil. We're able to leverage the fact that Shell has been there for 30, 40, 50 years. The rig that's drilling for us came off a Shell contract. They have good safety standards. They're well-trained crews. Although the first well was expensive, that's always the case on a new project. You come in, you pay upfront costs and you're on a learning curve. As Paulo said, now we're drilling them faster, cheaper. We've learned a lot as a team and the rig team gets more efficient. If we do move in a development phase in Oman, we're gonna invest more capital, we can upgrade the equipment, move forward and get more efficient. There's still a long way to go in Oman in terms of, you know, reducing our costs and cycle time. I think there's a lot we can do there. In Brazil, the company definitely had its challenges, and I think one of the issues was scale. We were a small player surrounded by a lot of big players. That's why the sale to PetroRecôncavo makes sense. They surround us. They have rigs. They've got people. They've got large facilities. They sell their gas and oil at a better price. That's why they're able to pay a good price for those assets, and that's perhaps why Ma has struggled, I think. As we deploy the capital we have here, and if we can get scale, then again we can get operational efficiencies and, you know, be cost-effective and deliver the results that we promise, which is the key. We have to deliver what we promise, and that's the focus as well. Thank you. Okay. Thank you. Yeah. I have a question. Yeah. Yeah. Will the capital you have right now be enough to fund the company or are you planning on new capital increases? I think, can you go to the graph slide, please. When we look at our, let me say, balance sheet, post the divestment of Brazil, we will be a company that we have of net cash plus receivables almost $155 million. We have an asset that the NAV is $144 million and generates, according to the certification, $16 million of free cash flow, so, and $25 million maybe of EBIT, I'm just putting the rate. We will be a company completely net cash with EBITDA generation. We, at least at this moment, we want to use this money to divest. If this transaction concludes, we will be in a very strong cash position, not needing any movements of capital increase. Okay. I was just curious because, you made an additional capital increase, just before you sold the assets. I thought if you knew that you were going to get a lot of money, why then, make a capital increase? Yeah. The thing with the capital increase, is like you raise capital when you can, not when you need. At that moment, the oil prices were high, very high, and the company needed cash. If today, if we hadn't done the capital increase, the cash would be negative. I think, not only the company was needing the cash, I think independent here of the transaction, this transaction we expect to close by February. The company, due to the obligations in Brazil, due to the obligations in Oman, and also the debt of BTG, the company needed this money, otherwise it would have to start renegotiating with suppliers, with debt, and we didn't want to put the company in that position. I think in addition... Maybe this answers... In addition to that, I think that capital increase also put Maha in a strong position to negotiate with PetroRecôncavo and say, "No, if it's not being sold, we have the money to still develop." I think this is a little bit of the situation. The company really needed the cash, otherwise it would be in a negative cash now, right now. Also to add on your question, your question was one of the first question that I thought in how to explain to you or to our shareholders this. We were at a moment where we tried to do everything very fast and very well done. At that moment of the capital raise, as Paulo said, we needed the cash, but we had an uncertainty of the sale of PetroRecôncavo. There was. We were in, like, in the brink of the negotiation. We were about to close the year. We have a month that we need to fund. It's not producing. What we thought, "Well, let's first preserve the company as is," because if something blows up, we are capitalized, and this is our focus. Do. We don't wanna leverage this company. It's a commodity company. Prices go up and down all the time. We want to make acquisitions, we want to have cash. I think this is. At that moment, we couldn't explain because we were like, you know, on a silent period. Today, I think it's. Going back, at that moment, we needed this cash, and we didn't know. We still do not have the cash from PetroRecôncavo. We're still going to close the transaction. It will be paid in 2 installments. Half right now and half 6 months after. This was being negotiated. But going forward, looking forward, as Paulo said, I think we're not foreseeing a new capital raise. We do believe that we can use our, let's say, technology, from Starboard Partners with these guys from DBO Energy to make very strategic acquisitions with the cash we have in hand. If necessary, we want to prove to you guys that, whenever we need cash, it's because it's from something transformational for the company and makes sense for business. Yeah. Thank you for the answer. No, thank you. I have one question. Sure. About the selling of Tartaruga and Tiê fiel d. You have a minimum price tag and then an additional maximum price tag. Yeah. What needs to be, happen to get the highest price tag? The transaction announced was $174 million. From the 174, we have 138 that is crystallized, down payment. The remaining, we have $24 million that are linked to Brent, and there is $12 million that is subject to another earn-out. At closing, we are going to disclose the details of this earn-out. What I can tell is that great part of this consideration has a very high probability of succeeding. We will give the exact details at closing, which we expect is at the end of this month. Yeah what I can tell is that we are high probability of them happening. That's very good. In the value, right? Of $174. Yes. Yeah. Just a quick question here. Thank you for the presentation. My question regards the long term. What are your thoughts on future share issuance, and is the management geared toward more ramp up of production to some sort of plateau, or will it be more purchase and divestment of assets? Thank you. I think the plan here is really Using this cash that we will have available, hopefully with the closing, is really to deploy it at attractive multiples. When we look at the oil and gas space, right? If, for instance, in Brazil, our interest rate or Selic is on 13%, 14%. We want to look at equity return rates in dollars of 30%, 40%, 50%. This is the range that we want to work in. The largest work stream that we want to work is really a strong acquisition, always focused on cash flow-oriented. I think maybe answering his question and then moving to a company with stable revenues, with diversified production. I think one of the reasons that we maybe divested Tartaruga is that we had a very concentrated production. We had 6 wells. Like, if 1 well stopped, then 20% of our revenues went down. We want to have a very pulverized production, hopefully at very attractive valuations. We coming here as the DBO guys and we want here to have a platform of oil and gas that gives us hopefully good dividends for a long time. We are here for the long run, let me say it this way. I would maybe answer your question in this way. It's acquisitions, and we're looking to operatorship and non-operatorship. We do see here that the non-operators' stakes maybe are the deals that can be more attractive because they don't have liquidity, they do not operate the assets. Maybe these assets are the ones that really have some attractiveness to the company. It would be this. Good acquisitions, focus on cash flow generation, and dividends here for the long term. We really believe that the oil and gas space will enable the companies... We are seeing with all the listed companies, they have never made so much money in the last 20 years. I think we think that, we are in the moment to make these acquisitions happen and having a cash flow-oriented company. Do you hear? Do you hear me? Yes, yes. Good. My name is Bengt Andersson. I met you in the beginning of November, I had a question then about the political risks. There has been a change in government since then, I wonder how do you look upon the situation and the future there? Because one can expect that there will be social ambitions which have to be financed by the new administration. Perhaps it can be seen, foreseen what steps they are planning about taxation, royalties, et cetera, and their general attitude to foreign capital investment. What are your views on this? I hope the fog is somewhat lifting at the moment. Perfect. Just want to repeat the question so that I think we have also live. His question was a little bit about the political risk that we have in Brazil, correct? Yeah. I think your question is very good, in fact. When we look at this new Brazilian environment, all of those assets, they have already been closed, right? They are already in the operation from Three Arrows. This is something that they have they're not between signing and closing. They're already closed. They have already been paid, so they already have already been assigned to 3R Offshore. I think this is also very important aspect, that these assets are already with a new operator. We have lots of assets in Brazil that are still between signing and closing. There's a different discussion. We are not part, let me say, of the discussion. One of the things that we see as very important on Papa Terra and Peroá is that we are linked to the not to the domestic market, but to the international market. Our revenues, we have an FPSO that floats, produces, storage, and offload. This go directly to India, to China, to USA. It's not dependent on the domestic market. This is one of the reasons that we liked a lot about Papa Terra, that you're not linked to the. If you produce onshore, again, this is something that when we see the oil prices going up, there are lots of discussions if the country should subsidize the diesel price, the fuel price. If you are onshore, you could have this impact, because if you're onshore, you don't have a way to export your oil. You have to sell it to a refinery, this refinery would be impacted if the diesel or oil prices are being, how can I say, capped. In terms of this political point, we do like here being offshore, let me say this way, because we export the oil. Regarding taxations, until now, there hasn't been any discussion on taxing oil companies. We do have some discussion on creating a cushion to stabilize the diesel prices, but this is not directly affecting the oil companies. We do see here this new government really encouraging the oil companies to still develop on the onshore. I think it makes sense not only to the country, but to the social, socially speaking in specific states and regions where the states fully depend on the oil. We do see here a very friendly environment on still encouraging here development of energy projects. This is what we see. Sven, do you want to add here? Yeah. Maybe as a Nordic citizen, I could add some flavor. Of course, this is a topic that we have looked a lot on, not least from DBO as we invested ourself into Brazil. There's a bit of a peculiarity here because, of course, the largest oil company in Brazil by far is Petrobras, and they operate around 90% of the assets in Brazil. When you get a change of government, what does the new government want to do? Well, what they did last time was that they asked Petrobras to do 3 things. They asked Petrobras to subsidize petrol, and Brazil is actually a net importer of gasoline and diesel, 400,000 barrels per day. When the government tells Petrobras to sell below market, it basically means that the government puts a burden on Petrobras. That's the one thing they asked Petrobras. The second thing they asked Petrobras was to build a local industry, meaning refineries, meaning petrochemical plants, meaning ammonia plants, and so on. With all respect for Brazil, there's one thing which is hard to do in Brazil, and that's to execute big capital expenditure project. The cost per capacity ton in a refinery in India and US is $15,000. In Brazil, it's $85,000. Basically, when Petrobras was given this burden, it also put another drag on the company. The third thing the government asked Petrobras was to only use locally built equipment. If you do that in a country that doesn't have an industry to build drilling rigs, FPSOs, and so on, you put a third burden on this. What happened last time with Petrobras was that they became the most indebted oil company in the world. What did that again lead to? It led to Petrobras having to divest assets. The government is back again, and what are they saying they will do? They're saying they will do exactly the same. What does that mean? It basically means that Petrobras is up for a hard time, and that most probably additional assets will be put into the market for some time, which is for us, frankly, good news. What also happened is that you put a drag on the earnings of Petrobras, and because if Petrobras cannot pay taxes, then the industry cannot pay taxes, which I think in all, yeah, openness is also good for companies like ours. What happened when there was a change of government? The share price of Petrobras dropped 30% in Brazil, and the share price of private companies increased 30%, which is a bit of a paradox when you get a government that actually is in favor of state-owned companies. It just proves that politics, you need to be close to the market and close to what's really happening to basically see what's the difference between the rhetoric and reality, and I think that's one of the strength of Maha and DBO. Thank you. You were asking a question. You were gonna ask a question? I was just thinking about Maha. Are you planning to continue to be the operator going forward or perhaps bring someone else in? Or? I think at this moment, right, even we. I don't have the answer to your question. That's why we're here tonight. In fact, I think we are at the moment that Maha has spent all the money. Let's test the asset, right? Hopefully, it's a success, if it's what we're expecting, I think Maha would really keep on doing the operation. We are liking, we are excited. Of course, if somebody comes, you know, "I want to buy you for 20 times would..." Let's analyze it, I think we don't have this answer today. I think we need to wait to see the testing. I think the operations are fine, are going well. We are very happy with us having this improving the efficiency of timing for well, it's a question to be answered maybe in 3 months from now. It's not an overly complex operation to run compared to some other operations. I think that gives us optionality as to who would operate, whether it's us or somebody else in the future. It's not an FPSO in deep water in Brazil. That's a good place to be in some ways. Maybe one thing that is important that we are in the middle of lots of fields, right? The oil industry works like that if like Petra Conoco. If I surround you because there's a lot of scale on somebody buying you. I agree with Alan. I think it's not a complex operation. We are really in the middle of the desert, there are no social impacts close. We want to wait to see how the testing pro-production go, we are very eager and confident to develop the project and moving forward. Sorry. Yeah. Hi, this is Sondre Salvesen from Fearnley. I have a question on the Papa Terra project. I was wondering if it was possible to comment anything on lifting cost. It's quite a big FPSO in a late life stage. I was also wondering, is this mostly fixed cost that you can reduce the lifting cost per barrel if you were to increase production? Perfect. Today, Papa Terra has around $130 million-$140 million per year. This is 100% of the asset. Today, the well is producing, the wells are producing 15,000-16,000. We do want. When we look at our peers in Brazil, and one, basically the main peer is PRIO that honestly did a fantastic job on getting those mature fields and bringing the lifting costs from 28, 29 to 12, 11. I think, hopefully we want to reach the same level. We want to reach the 11, 12 today. The fact that the platform is owned allows us to reach those levels. I think the. How can I say? The our peers are our mirror, to reach those 12-15, 12, 14, something around this range, these low teens. Thank you. Maybe also a question regarding new deal opportunities. I think I saw in the 6-year program for Petrobras that they're planning to divest $15 billion-$25 billion of assets. Could you just say something about how the competitive landscape is there and how it's evolving to bid for those assets? Perfect. I think the Petrobras program of divestment, this has stopped. Maybe there is one or two assets. What we see a lot is the secondary market, and the oil and gas industry, it's very associative, so you don't compete with your partner. What we see here, lots of partnerships going on, us buying a stake with other partners. I think Petrobras' assets, they are probably doing the final divestments now, but we won't see Petrobras selling any more upstream assets. I think they are looking to sell other things, but for in upstream. Also getting to the question, even if there's an E&P process from Petrobras or any other kind of deal, if you look into the Brazilian market, we are in a niche of company, of operation that is too small for the major companies, but also there are not so many companies with cash, with size to jump in these kinds of deals. Basically what we see in Brazil, we have like three private companies: Petrorio, PetroRecôncavo, and 3R. Petrorio, PetroRecôncavo, and 3R, all of them made lots of acquisitions, so they're in the process of ramping up these acquisitions. This can give you just a brink of what we see in terms of competitive landscape. Maha, though being a Swedish listed company, we are looking to Brazil, as Paulo said, into Latin America. Maybe we think we are well-positioned to, if this opportunity comes, with cash, with good operational team, with good sponsors, good shareholders, we would be in a good position to play the game, let's say. Thank you. Two questions. When are you listing Maha in Brazil market? Tough question. I was waiting for this question. Look, at the moment we're just studying. I think we want to also to be very careful with this potential future movement, because we know that in Sweden there are some fiscal benefits for retail investors, so we are going to be very careful with that. We don't have a timeframe for that, I think. We are studying this very carefully. We do see here a lot of appetite from Brazilian investors to invest, but we could. There are other options such as dual listings. We don't necessarily need to, oh, let's close. No, I think we have some alternative. Yes, it's something that we are studying. We want here to do it very carefully so that nothing is harmed here in terms of reputation with investors and the benefits that they have here. We are studying it, but We don't have any timeframe yet. Just an add-on question to that. What's an incentive of staying in Sweden, on Swedish stock market for you? Sorry. Could you repeat the question? What is your incentive? What's the benefit that you see of staying on the Swedish stock market? I think it's not an incentive, but I think there are retail investors here that own those assets. A dual listing is something that we consider because we would still keep investors here and as well bring the Brazilian market. It's not an incentive. We do want to have access to the Brazilian market, but we can do this with a dual listing because the shareholders would preserve their stakes, their shares here, and the Brazilian market could have access to that. I agree, the Brazilian market, even the American market in the last capital increase, we brought lots of investors long-term outside Sweden. We do want to keep encouraging this to happen. I think probably the best solution would be a dual listing, Sweden and Brazil. Maybe this is a good outcome for that, but we're still studying it with lots of attention and detail. What's your timeframe for that study? Look, there is no timeframe yet, but I think, if we had to say something, I think that we want to have this analysis by this year. Does Jonas still work in the company? No, no. Okay. He's still a shareholder, but he's not in the management of the company. I don't know if anyone has any questions. Thank you very much, all of you. It was a pleasure to have this presentation with you all. We will include. I think it's already in the website, this presentation. Happy here, and available to any questions if you'd like. I just want to introduce Jakob as well, so you can also please Jakob, you can bother him a lot, as our head of IR. Please feel free to reach him as well. He has a very good experience also in the oil and gas industry, so we're very happy with Jakob in the team. Thank you very much, everybody. Thank you.