Good day, and thank you for standing by. Welcome to the Tethys Q2 Earnings Report 2022 conference call and webcast. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to slowly press star one and then one on your telephone. You will then hear an automated message advising that your hand is raised. Please note that today's conference is being recorded. I would now like to hand over to your first speaker, Mr. Magnus Nordin. Please go ahead. Thank you very much. Dear friends and investors, welcome to the second quarter 2022 earnings report and earnings call with Tethys Oil. My name is Nordin, the Managing Director, and with me is our CFO, Petter Hjertstedt. Allow me to start on slide two, please, Elia, to discuss the highlights for the second quarter. We're focusing very much on the development and further exploration appraisal of our Block 56, our operator block in Oman. We continue to appraise the Al Jumd discovery with two additional horizontal wells that were both successfully drilled and will be hooked up for long-term production tests over the next couple of months. In addition, we continued the testing program of the exploration wells, Sarha-3 and Sahab-1, in the general vicinity of our joint. Everything is good to go in the preparations of the long-term production test. We're hoping to run a test for about six months by using trucking and existing facilities. Everything's being put in place, and we hope to be going by mid-September and have all three horizontal wells hooked up during the course of October, the month of October. In addition, on 56, where we actually have spent most of our exploration expenditure this quarter, we have also completed an exploration seismic acquisition. We're interpreting it currently, and indications from 2D seismic is that we will have leads that could very well contain up to 50 million bbl of prospective resources. Of course, what we are aiming for is for the 3D seismic to confirm this. In addition to 56, we have had the possibility to extend the initial exploration phase of Block 49, another of our operated blocks in Oman, until December 2023. If we turn to the next slide. The production came in at 10,068 bbl of oil per day. That's on average for the quarter. That's down from 10,475 bbl of oil per day on average for the first quarter. All our production, our commercial production, comes from Blocks three and four, which is non-operated by us. What we see is continual impacts from the reduced activity and spending we saw during the pandemic. It has taken time to get wells backed up to where they were. It has taken time, there have been issues also in flow lines, pumps, all sorts of minor things that have added up to a slightly lower production. We'll discuss this in more detail, but we are hopeful that eventually, as time moves on, this will be rectified and that we will be able to return to what we would consider a more normal production. Oil prices, of course, has been a major success story for the quarter and for the year. For the first time in several years, we have achieved an oil price of more than $100 per bbl, up from $80 in the first quarter. Needless to say, with production of more than 10,000 bbl of oil per day for the quarter and oil prices of more than $100, the financials have been quite strong. With revenue and other income at $37.8 million, an EBITDA of $24.1 million, and free cash flow of $7.1 million. That's a free cash flow after investments and after spending on Block 56. Last, but certainly not least for the quarter, after decision by the AGM, an amount of $22.8 million were distributed to our shareholders. That's equivalent to SEK 7 per share, which at the current share price is a yield of more than 10%. Now, let's turn to some details. If I could have slide number four, please. Block 56. We are focusing a lot of effort on Block 56. We have been the operators of this block for just over a year, but we've already drilled five wells and completed a 2,000 sq km 3D seismic survey. The Al Jumd area is where we have discoveries. The Al Jumd discovery is the largest of these, and that's where we have drilled the horizontal wells and where we are now preparing to hook up long-term production tests. Of course, we are hopeful that Al Jumd will perform well under the long-term test, and that we can continue to go into a proper development of the Al Jumd discovery. In addition, we do have a number of leads and prospects surrounding the Al Jumd discovery, including the Sarha-3 and Sarha-1 that are undergoing testing. As the results come in, we hope both to understand the overall Al Jumd area better, and of course, we would hope to get some decent flows out of Sarha and Sahab also. The big prize in Al Jumd remains the central area. Large leads on 2D. Possibility from what we have so far mapped, on the 2D, up to 50 million bbl of prospective resources. The 3D area is now being processed and it looks very good from a quality perspective. Over the next six months we'll do the interpretation. Of course, we hope that these leads will turn into reliable prospects and that we will be in a position to next year conduct drilling program on some very interesting and prospects with large potential in that area. Turning to the next slide, a little bit of a close up of Al Jumd. It's a bit of a Cretaceous structure at a depth of about 1,500 m tops. We've now four wells have been drilled, one vertical well, the discovery well. It was retested almost two years ago now and flowed at 100 bbl of oil per day. Then we did the Al Jumd-2, the first horizontal well, as you can see on the slide. It came in at 700 bbl of oil per day at a 25-degree API oil from a 430-m horizontal section and basically confirmed the prospectivity and that it made sense to further appraise the prospect. We accelerated the drilling program and drilled the Al Jumd-3 and four wells. They are completed, and we drilled similar horizontal sections in Al Jumd-3, as you also can see clearly from the map. The next step, of course, is to hook all these three wells up to the early production system and see what kind of production we will get. Hopefully, we will be able to sell any test production we have. It's not commercial production, it will be part of incidental income, but it would still be a large step towards making Al Jumd a new oil field, which is what we're trying to do by 2023. Turning to the next slide number six, where we have to discuss the production on Blocks three and four. In percentage terms, they are reasonably small fluctuations compared to the first quarter. We have seen gradual or continual downgrades of expected production from three and four over the year. We started at about 11,000 bbl of oil per day. First quarter came in below that, mainly because we had a water breakthrough in a couple of wells in one of the newer fields, the Enas field, that has now been stabilized and the wells are recovering. We saw the remedial action actually pay off in June as production improved. We were advised by the operator that we will have to do a slightly more major overhaul of the processing facility in the Sarha-1 area, mainly replacing pumps and flow lines in the water handling system, which will affect third quarter production with some wells being shut in while this work is going on. We therefore expect third quarter production to drop below 10,000 bbl of oil per day, but then to increase and return to a more normal level during the fourth quarter. This results in our revised forecast for the year where we now expect second half production to be in line with first half production on average of some 10,271 bbl of oil per day for the full- year. Turning to exploration and appraisal activities on blocks three and four. This is a slide that has been reasonably unchanged apart from an increasing seismic cover over the last two or three years. There are a number of prospects. Some are smaller and lower risk near field ones, but we also have some larger ones in particular in the southern part of Block four and also in the eastern part of Block three. With the adding of a new drilling rig, a fourth rig towards the end of the third quarter, we expect the exploration program to continue while we free up also capacity to drill more production wells to catch up on the exploration. Blocks three and four continue to provide us with good production and good cash flows, and there is still ample exploration opportunity. However, being not the operator, we closely follow what happens, and we are confident we are going to see some exploration successes. For our own part, we concentrate on our operated blocks and then in particular Block 56. Quick summary of the projects we have in Oman. The map speaks a little bit for itself. Tethys remains the second-largest acreage holder in Oman with our Blocks three and four non-operated, 56, 58, and 49. We have 100% of both 49 and 58, with 65% in Block 56, where we are partners with Indonesian oil company Medco that operates a field within Block 56, just north of Block 49, and two Omani service companies, Biyaq and Intaj. Blocks three and four, of course, is the start of our success in Oman, and it's worth remembering that more than 100 million bbl has actually been produced since 2011. That has generated very good revenue for the Sultanate of Oman and also for Tethys Oil. 56 is the block where we have gotten the furthest so far with discovery in late appraisal and the central area which has some great and potentially very interesting exploration. 58 is a high potential exploration block with a little bit more risk, but two clearly defined areas, Fahad and South Lahan, and 49, which with a well in 2021 encountered a tight sandstone formation that we continue to evaluate. Quick update on 58. The Fahad area, it was first attracted us to the block. Large prospect, large prospective resources. We still need to do work both on firming up the 2D seismic that has defined it and also understand the potential petroleum system better. That work is ongoing. The Lahan area was secondary when we first got the block, but as we learn more and as we have now in the process of interpreting a 3D seismic survey we shot last year, we can see that there are a number of interesting, very interesting prospects in a proven exploration play in the South Lahan area. From that perspective, we can say that I think it's fair to say that Fahad remains as interesting as we thought it was from the beginning, but Fahad has certainly increased in prospectivity as we interpret the seismic. Again, something we will of course return to both later this year and later next year, where we hope to see also some drilling action. 49, a very different play for Oman. It's in a different basin, the Rub al Khali Basin, which is quite prolific both in the United Arab Emirates and in Saudi Arabia. We drilled the Thameen-1 well now almost a year and a half ago. Encountered hydrocarbons, but nothing came to surface. The reservoir is quite tight. We have an extension, and we are looking and working with experts in the field on how best to establish flows from Thameen. That's going to be the gist of the work program for 49 for next year. While at the same time, we are updating our overall geological model of the region and of Rub al Khali Basin with new data that we are continuing to receive. It's certainly not over for Block 49, but we won't see any major action there until late in, later in 2023. For reference, what you see towards the south in here is the block, Block 58 and the Fahad and Lahan. With that, I'm going to hand the floor over to our CFO, Petter, who will talk us through the financial highlights and give some more details on the financials for the year. Petter, please join. Thank you, Magnus. Will be my pleasure to present the financials. Can we please go to the financial highlights slide, please? Looking at the revenue and EBITDA trend on the graph to the right, it's quite clear that we have had a steady progress of increased revenues and increased operating profit, very much driven by the increase in oil price since the low and dark days in 2020, but also some of the tougher moments in 2021. The recovery is very visible in our P&L. As you can see in the quarter, we had an achieved price of $100.10. That's a significant increase over the previous quarter. Some big steps from quarter-over-quarter as the oil prices have risen in the past few months. This is clearly reflected straight through the P&L, demonstrating some of the operating leverage that we have in the business. Now, of course, while the P&L is important, a lot of the focus from our part is on investment, and that's more visible in the cash flow statement and in the balance sheet, and we will get to that. We have some very high investments. $19.6, however, down from the previous quarter, and strong positive cash flow of $7.1 compared to -$13 the previous quarter. This is a quarter where we generated a positive $7 million after investment, and yet we're able to distribute almost $23 million to shareholders and the quarter with $40 million in cash. Standing very, very steadily to invest and plan in the future irrespective of what oil price environment we're in. This has been very much to our benefit in recent years, and it's easy to forget in these heady days of $100+ oil that we've had in the past years. You can go to the next slide, please. As I suppose most of you are familiar with, the pricing mechanism for the oil that we sell is done on the basis of Omani official selling prices. Those reflect at the point, at the time of sale, the spot price two months prior, as traded on the Dubai Mercantile Exchange. Hence we see with a consistent two-month lag, the spot prices feeding into our financials. As you can see on the graph, on the tables, on this slide, how we are moving from 101.8 in average OSP. That's not to be confused with the achieved price, but the average OSP, irrespective of what we're selling, the mix of that, and then going to 107.8 in Q3. A 6% sequential increase in average OSP in the period. Of course, the actual achieved price will in reality reflect a mix of production and sales and so on. It won't be exactly this, but this is the underlying basis. At the same time, we're also seeing a bit of a differential spread with the Oman Blend spreading out versus the Brent that is being traded at somewhat of a discount, $6 per bbl in the quarter and almost $4 in the previous. I think that's a positive. That is a reflection of what's going on in the oil market. It's not only a boom in oil prices, but we are seeing a dislocation of flows and change, and changes in trade flows and patterns that have been set in many years. That does cause some disruption in the pricing and a bit of volatility that especially for a grade like Oman Blend. Still, we are enjoying very high prices, and you can see all this OSP coming in at almost $113, which is a very high level that I think most of us never expected to see again. Moving on to oil sales. This mainly impacts the cash flow and the working capital, and it does create a bit of volatility in our numbers. Really it's more a question of timing effects, but it's good to track to understand how our cash flows really developed from one quarter to the next. Over time, this is not something that really the volatility really does not have a major impact on our business. However, in Q2, we only sold two months' liftings of oil. We have a monthly lifting. Each month, we sell the production that we're entitled to in that month. Then this month we only sold two. As the third one in June got pushed into July, the early days of July, for various reasons at the terminal. This is quite common during the past few years due to congestion and such. It's less common now, but it's really just a question of small delays, and sometimes it happens at the end of a quarter. It's not a something to get very worked up about, but it does have some impact on some of another. That in particular had a bit of impact on the achieved price as the June pricing was not included in the quarter. Instead, it will be included in the third quarter, and that means we'll most probably have four listings in that quarter. It also means we have an underlist, which has a number of consequences, not least an adjustment in value in the revenue and other income, a positive one, but it also has some working capital effects. That's what we'll get to. Moving on to entitlement value and then entitlement barrels. This is really a calculation of the oil we are allowed to sell, what proportion of our production we are entitled to sell, after the government has received their share. The most recent quarter is 42%, and that's mainly a consequence of higher oil prices, meaning fewer barrels are required for us to recover the cost that we have incurred in the period. It's really not something that should be seen as negative or be viewed as a particularly dramatic development, because you can see on the left side, the value of entitlement is in fact going up. We are not losing any value. We're just getting the same value with fewer barrels, and as a result, we get more profit oil barrels, which are in fact the barrels that create value in for the company. We'll get back to that in a bit later on how to do that. Moving on to OpEx, the operating expenses. A key component of the cost being generated in our production on blocks three and four. Our OpEx is purely from blocks three and four, and we have seen a slight sequential decline in Q2, which is customary, as Q1 is always a bit boosted by annual payments of benefits and bonuses. We've seen a bit of a decline in Q2, which is to be expected. Also a decline in production sequentially will have impacted some of those costs. You can also see that trend-wise, they're a bit higher than in previous quarters, which is to be expected as we're coming back from the pandemic situation and work from home. Now we're seeing business travel, training, and other costs being incurred that were being deferred previously. The comparison base is not an entirely fair one. If you go back to 2019, you'll see that these are the kind of levels that we saw then. However, the production has some impact on the OpEx per barrel, and that's mainly then driven by the production levels and not so much the absolute cost in OpEx. We are therefore guiding for $13 per bbl compared to $12 with a small standard deviation. Really that is very much a function of production. There's no real change in our view of OpEx as such. But we have seen possibilities for some further savings. At the same time, it's important that operations are run smoothly and without disruption and that given some of the challenges with production, it's reasonable to see a good level of staffing to manage that. Moving on to cash flows, which I believe for many are the most essential metrics to look at. If you look at the operating cash flows, they have been very stable and growing. We're seeing that they're being driven by the increased oil prices and the increased value that is being captured in our entitlement. It's very stable, it's predictable and increasing as you can see. However, working capital reacts a bit differently to increasing oil prices. That we can see in the volatility of lifting volumes and under- and over-lift, and it's very difficult to predict the oil price in that scenario when you have a rapid change in oil price. That means we quite easily have a big difference between actual production and actual entitlement and the lifting that we nominate in advance. Hence that causes a bit of volatility on working capital. However, that does not have any sort of value implication in the long run, but it does create a bit of, let's say, a distortion in the short term. I think it's worth to look beyond that, and you will see it evens out over time. Moving on to investments, the next step down in the cash flow. We have seen a rapid increase in investments as our ambitions on that exploration have started to be realized. In Block 56 in particular, we're seeing fairly elevated levels of investments in recent quarters, and there's been seismic acquisition and drilling. We also see a step up in Block three and four investments as is to be expected to step up the activity from the low pandemic levels, and adjust the activity levels in general and catch up some of that spending that was deferred in the past. A very big part of this CapEx is in fact drilling, and that is probably some of the best investment you can do in the short term, because it will have fairly immediate effect on production. Therefore, we see that this is very much money well spent in all cases. Certainly from the short term perspective, if we're looking at production and cash flows. Full- year guidance has been revised a little bit. It's a small adjustment from 91-87. It's really just a reflection of some savings in some areas, a bit of underspend and a bit of deferment of course into 2023. We are seeing that there are pretty long lead times for certain items and also for manpower. That means we're going a little bit slower on some projects, meaning that spending does not disappear as much. It's simply pushed a bit in the future. We've seen a bit of that in the past as well, as I'm sure you'll recall. I think it's also so good to remember that Blocks three and four CapEx is being recovered immediately as part of the entitlement and thereafter the liftings. The costs we receive back the same quarter as we incur them, as we are operating under the threshold. We're under the roof level of what we're allowed to recover, meaning we get our money back immediately. But on Block 56 and Block 58 and even 49, these are recoverable costs in the future scenario of production. It's not just money well spent on exploration, but it is also money that we potentially get back if we achieve commercial production. That's something to keep in mind when we look at these investment levels. Which brings us to free cash flow. That is the cash flow after investments. This is a metric of what cash we have left to either distribute to shareholders or add to our cash pile or do other strategic investments with, for instance. We've seen a bit of volatility there as well. Of course, that's a consequence of working capital and of course, a lot of the discretionary spending in exploration that we saw peak at the start of this year in some of our operated blocks. We had a negative quarter in 2021, but now we're back in the black and we're positive $7 million. I think that's a testament to the strength of the underlying business that we can make quite significant investment on a number of exploration blocks and spend the money when it needs to be spent and have the financial strength to really only have one quarter with the negative cash flows after investments. That's something worth remembering. You can see on the next slide with the cash flow year to date. We have combining the quarters, we're spending $44 million. That's the same as the operating cash flow generated by the business, leaving us with a negative net cash flow of $6 million, more or less, give or take, within CapEx, which is something that we will get back. At the same time, we distributed $23 million to our shareholders, which is pretty much half of our CapEx budget. That's a significant distribution. I think also a testament to our financial strength that we can both invest heavily and distribute cash significantly. We ended the quarter with $40 million and have ample room to continue investing in the business and have distribution alternatives open to us. Netback trend, I think this is something we have not spoken very much about in the past. But netback is an interesting metric showing the net that we receive of bringing the oil to market. That is the oil revenue after transportation and OpEx. We can see that trending very strongly in a barrel on the right-hand side, from $16.5 million to almost $30 million over a year. In absolute terms, we're getting about $27 million in this past quarter. After subtracting CapEx, which of course is an important component in the long-term growth of our profitability, we're seeing in the quarter that we generated almost $12 million in netback after CapEx. I would encourage you to view that as a proxy of free cash flow or even profit oil from Blocks three and four, which is not always easily calculated. This is essentially the profit margin we are receiving from three and four without the distortions of working capital and liftings and over- and under-liftings. This is a good indicator of the underlying profit level that Blocks three and four are core assets, many years' backbone assets are generating at the moment. That is under circumstances of quite heavy investment. With that, I think I'll leave the floor back to Magnus to talk a bit about the oil market. Magnus? Thank you, Petter. Indeed. Let's look a little bit at where we stand on the oil market. If we look at the supply/demand situation, I think a major take is that demand is forecast to remain quite high as the world comes back into a more normal way of living. With demand forecast at above 100 million bbl per day, which is a lot for next year. At the same time, if we can have the next slide, we see that supply remains tight. Blocks three and four are not the only oil fields that are experiencing delays in coming back after the two pandemic years and the drop in oil price and drop in production associated with those years. OPEC has indicated that they are not in a position to increase production and that they don't have large amounts of swing production, as we also can see from these slides. In the United States, we are not seeing a massive inflow of investments into production. We're actually seeing a fairly stable trend when it comes to both fracking fleets and drilling rigs. I think maybe the most telling graph is the one here with the OPEC compliance rates. With these oil prices, if there was any time to really cash in and produce as much as you possibly can, this will be the time to do it. We can see that with a compliance rate of 300%, there is ample room for a number of OPEC countries to produce more than they are. The only reason that they don't do that must be that they can't. On balance, I would say the outlook for the next couple of months and also for next year is that we are going to continue to see a rather tight oil market with a subsequent higher price than we've seen on average for the last five years. That is, of course, something that we believe will be positive for us as an oil company, and that we will continue to see good cash flows from Blocks three and four, and hopefully also over next year, some cash flows coming in from Block 56. If we turn to next year, we discussed the production guidance at 10-71 bbl per day on average for the year, which is down from the 10,500-11,000 range we gave in May. Still, we are looking at a very healthy production of 10,000 bbl of oil per day that of course yields good cash. We continue to be confident that the operator of Blocks three and four will eventually overcome the hurdles, and we will return to a higher production trajectory. As I mentioned, we are not the only ones within the open-class family. Coming from a doom scenario where cost-cutting and maximizing savings was the mantra of the day in 2020, and to last three months in 2021, to having to now maximize production instead and get back, not only get back to where you were, but also preferably increase, is a bit of a challenge. In three and four, we are trying to face up to it. If we look at operating expenditures, they will again be higher than we guided for. They are not up in absolute terms on the operating side, but of course with the lower production to divide the barrels on, the barrel is going up. As for the work program budget, this we expect to spend a little bit less than the previously guided $91 million, down to some $87 million. This is a combination of increased investments in three and four but also decreases following deferments and some long lead times that we push into Q2 2023. We've also seen an increased investment as we accelerated the Al Jumd program with the two horizontal wells that we just completed. Of course, with more than $40 million in cash at the end of the quarter and with healthy cash flows, there's absolutely no problem with us financing this. It will come from operations and available cash. As we move on to the outlook and summary, we are in a very healthy financial position with large cash reserves. We are focusing our efforts on getting the Al Jumd area into production and also maturing the promising leads in the Block 56 central area. We are continuing seismic interpretation, confirming our leads on Block 58. We expect to retest Thameen on Block 49 next year. We expect oil prices to remain buoyant for the rest of the year and at least for the first half of 2023. We'll see as we get more data on what happens there. We expect Blocks three and four to stay on track and eventually get out of the shall we say, adjustments that are currently taking place, and by next year be back in a more normal fashion. Thank you very much for your time. Do stay with us. We will certainly try not to disappoint you in the long run. If not before, we'll be happy to address you again on November 8, when we publish the report for the third quarter of 2022. On that note, we would be happy to take any questions you have. Thank you, sir. As a reminder to ask a question, you will need to slowly press star one and then one on your telephone and wait for your name to be announced. Once again, it's star one and then one on your telephone. Please stand by while we compile the Q&A roster. This will take a few moments. We are going to proceed with the first question. Please stand by. We have the first questions coming from the line of Teodor Nilsen from SP1 Markets. Please ask your question. Your line is open. Good morning, Magnus and Petter. Thanks for the presentation and thanks for taking my questions. I have three questions. Just on production, of course, maybe slightly disappointing the production year to date, but I just wonder the regarding exit rate for this year, i.e. production, by end 2022, going into 2023. Should you expect a higher production than the 10,300 bbl per day that you're guiding for the remaining of the year? That was the first question. Second question on Al Jumd discovery. Could you indicate any resource or reserve potential for that discovery? My third question is maybe on oil market related question. I just wonder on the oil that you are selling from Block three and four, have you seen any competition from Russian oil, particularly in the Asian markets? Any comments around the competition from cheap Russian oil would be useful. Thank you. Thank you, Theo, and thank you for a good report on us earlier today. To take your question first, since we are guiding for a drop in production in the third quarter, obviously we would expect production in the fourth quarter to be higher. Following also an exit rate to be above the full what we've had to do to make our guidance stand. By third quarter, I think we will be able to give more details on this and also start looking into next quarter, 2023. On the second question, we expect to look at the resource potential of Al Jumd once we start getting data from the long-term project. We would expect to be in a position to release resource data later this year, or as far as the trading goes. Sorry, Magnus, I would just like to add there on Al Jumd. While we're unable to comment on the resource numbers at this point, the fact that we've expanded the appraisal program, I think is an indicator of how we view this post the drilling of Al Jumd-2. That, yeah, we're clearly optimistic on the prospects of it. A lot remains to be done, but we certainly wouldn't have expanded our appraisal program if we were not confident that this has real potential for us. Thank you, Petter. That is, of course, very true. Getting on to your final question, Theo. We are certainly seeing trades realign, and we understand, although we don't have any direct knowledge that Russian trades are being diverted to the East. We have not been affected in any way in a different lifting pattern. We could still sell most of our oil to China. So far the Oman official selling price based on Oman Blend has kept up well with Russia. For as much as we see and we hear trading patterns, has not affected in any way, in fact. If I could just have to add there, that we have seen a bit of an expansion in the differentials in the paper market, but I think that in the traded prices in the paper market, I think that's more a reflection of financial positioning around those trade flows rather than the actual trade flows. You know, we're seeing a bit of that, but we haven't seen it realized really in the physical trading of the crude. We've seen other qualities faring much worse, such as the Iranian, which is quite similar to Omani, but I mean, struggling. Various other reasons there as well. It is a very popular quality, and we expect that irrespective of these disrupted trade flows, it will find a happy customer in the end. Okay. Understood. Thank you. We are going to proceed with the next question. Please stand by. We have the next questions coming from the line of, Stéphane Foucaud from Auctus Advisors. Please ask your question. Your line is open. Good morning, gents. Two questions for me. The first one, you talk about today's slight change in the CapEx guidance, but some items went up, some went down. I was wondering whether you could give an updated split, by field, and particularly how much for Block three and four, and how much for Block 56 of this new $87 million guidance. Second, now you have drilled Al Jumd-2 and Al Jumd-3, and I know that what really matters is the forward, but I was wondering on what you saw on those horizontal legs, how does that compare with the model that you are expecting? Thank you. Petter, you want to give the details? Yeah. I think we're not at this moment commenting really on the exact breakdown. There is a bit of movement at the moment, and there's a bit of spread in how it could land around the year-end as always. It's fair to say that, you know, our CapEx budget is really dominated by three and four and 56. While we are increasing in both of those, you know, year to date, I think we've done quite well on the 56 in terms of getting good value for money, and three and four, I think, the operator is spending wisely and focusing on the pressing questions that are on the mind. That might mean some other investments that are less production-oriented may be pushed a bit into the future. That's a bit too early to tell exactly the scale of it. We are seeing a bit of movement in all places. Certainly, I think in most cases, the drilling is taking priority. Magnus, would you say if you have the question? Yes, certainly. Would you repeat the question please, Stefan? I was wondering on the two treasure well, Al Jumd-2 and four, so they have not been drilled. I know that what matters is really about the testing, but I was wondering how does what you have found so far on the horizontal leg compare with the model that you had in the previous estimate? Okay. Al Jumd-2, as you know, tested at 700 bbl oil per day when on initial flows. Three and four drilled as horizontal, similar lengths. They came in similar to Al Jumd-2. We would certainly expect them to flow. We will need a month or so, at least of flow data from all three wells before we really can update the model. From a drilling perspective, they have been very similar. This is what you were expecting, that they would be similar to number two? There have not been any major surprises. Again, as I say, before we've tested them, we really don't. I'm not in a position to do a massive update of our model. So far everything looks the way we would want it to be. Great. Thank you. Once again, if you have any questions or comments, please slowly press star one and then one on your telephone. We are going to proceed with the next question. Our next question has come from the line of Luke Martin Coulson from Comenta Capital. Please ask your question. Your line is open. Thank you, and good morning, Magnus and Petter, and thank you for a great presentation and for being great stewards of our capital. Just a short question on the EPSA contract on Block 56. Will Tethys be able to recover the cost incurred by Oilex in 2008 and Medco in 2019 to 2020? Thank you. Magnus, I'll take this question. Yes. On Block 56, there is a cost pool of historic costs, which is deemed recoverable and having been incurred according to the regulations. We expect to pick up the cost pool, at least from the start of the former operator's operations, which is Medco. I don't believe we will be recovering anything from the operators beyond that. Anything from the previous operator, Medco, we were operating during the first phase of exploration and anything incurred now with the exception of the minor sort of government payments and any renewal bonuses. Essentially anything operational we expect under commercial terms to be recovered. Any potential test production that we're, you know, long-term tests that we're conducting going forward will not be deemed as commercial and will have slightly different terms than it would if they had been commercial. A bit more limited, but we would expect. Yeah. In the future. Just so Petter, yeah, quite right. Just to clarify. The current exploration production sharing agreement, the current effort, was entered into by Medco in, I think four years ago now. All costs incurred under the current effort is accumulating a cost pool to which we also have access. However, the work done by previous operators under other efforts before the current will not be included. Okay, thank you. We have no further questions at this time. I'll hand back the conference to you for any closing remarks. Thank you. Thank you very much for listening. Good trading. Hope to see you again, if not before, say on November eighth. Thank you very much indeed. Thank you very much, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect your line. Speakers, please stand by. The conference will begin shortly. To raise your hand during Q&A, you can dial star one one.