Good day, and thank you for standing by. Welcome to the Tethys Q4 earnings report 2023 conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automatic message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Magnus Nordin. Please go ahead. Thank you very much, and good morning, ladies and gentlemen. Most welcome to this rather important earnings call for Tethys for our Q4 report for 2023. I think we can fairly say that the year ended on a stabilizing and a rather positive note, but the year has had certain frustrations. And the frustration is also partly with the extremely low sentiment for our industry in the market. What we've seen over the year is that we have engaged with a number of actors, and we have excellent dialogues and strong traction on our strategic ideas when we speak to industry players. But the sentiment for oil and gas stocks seems to be on a very low side, at least in part of the European markets. We will get back to that a little bit in this call, but first, let's look at some of the fundamentals. Production from Block 3 and 4, which remain our main producing asset, of course, amounted to 8,397 barrels of oil per day, down a little bit from the previous quarter, but on a clear stabilizing note. Full year production came in at 8,800, down from last year, but again, as we'll see, stabilizing towards the end of the year. Very good revenue and income, $36 million for the quarter, up from $31 million in the Q3, and EBITDA at $21 million. So we continue to see strong revenue and cash generation. We've also seen a lot of investment, so cash flow from operations $21.9 million, with free cash flow after investments $2.5 million for the quarter, which is an improvement over the Q3, which has been a weak year from a cash flow generation perspective. And that's mainly been attributed to stronger than normal, shall I say, investments in Blocks 3 and 4, combined with the lower production. That resulted in an impairment charge of $36.9 million for Blocks 3 and 4, bringing the carrying value down to about $190 million, which I would like to point out is actually quite in line with what we've had over most of the years. And it reflects that we saw increased investment, while also little exploration success, and falling but then stabilizing production. So the outlook here is certainly that we are seeing a stabilization, and that we see strong continued potential in Blocks 3 and 4. But main growth for us is most likely to come for the next couple of years from our other assets in primarily Block 56, but also Block 58. And we drilled an important exploration well on Block 56, the Menna-1 well, which is to be tested for hydrocarbons. We had good log indications in three separate zones. We expect to test it, and of course, it will be an important data point for the continued preparation of the field development plan to commercialize Block 56, which is in strong progress. On another up, up note, on Block 3 and 4, we saw the first phase of the gas-to-power project be completed, and, this is one of the main, shall we say, green initiatives in Block 3 and 4, where we are seeing the phasing out of diesel and the using of associated gas to power the electrical needs of the field. We announced yesterday that the board of directors have decided to initiate a strategic review of the group's, group's portfolio of oil and gas interests. That should again be put in perspective a little bit to what we see as a clear misalignment with the valuations we achieve in the market, and the perceived valuations that we have come into contact with when we have discussed with industry partners about corporations and, as you know, we have conducted farm-out talks on Block 58, et cetera. So the board has decided to take an overall look at how we can best optimize our portfolio, taking into account the full events of the year, but in particular, what we see for the future, and where Tethys should focus its main interests on creating growth and shareholder value going forward. That said, let's continue with production 3 and 4. Main point here is that, of course, we have seen, as you all know, 3 and 4 production fall off from 11,000 in 2021 to 9,000 in 2022, and now 8,800 in 2023. We saw during the now rather distant corona period what turned out to be our investments in 3 and 4. There's still an element of catch up. There's still there have been investments in for the future in seismic, the gas-to-power project, and we saw the year resulting in production stabilizing. And we are guiding for approximately these levels for next year. With that, we continue to see a robust cash generation from 3 and 4, but we also guided for continued another year of strong investments in 3 and 4 before we may expect to see costs start to come down. We, of course, remain fully committed to 3 and 4, and do consider it to be one of our, our most valuable assets, of course, with a carrying value close to $190 million. We are now confident that is something we will be able to see bring fruit in the future years. Turning to the next slide, let's just point out that cash flow has dried up a bit, and the cost pool has been started to build during Q3 2023, during the year of 2023. And in fact, what you see here is that cash has dropped down as the cost pool has been building. So we have seen an increase in investment that we have not been able to recoup immediately through the cost recovery mechanism. That's also why we guide now for a 52% entitlement for the rest of the year, where we expect to see continued strong cash generation, but offset with continued strong investments. That has impaired our cash and cash flow, and for the dividend and redemptions for 2023, the board has decided to defer the decision until we have a slightly clearer picture of where we will end up, both on the strategic review side and also on the use of cash for the year. We are continuing to be committed to growth, and in particular, Block 56, to be able to offer significant such opportunity in, in 2023. We remain fully committed to our dividend policy, and we'll revisit this, matter way before the notice to the AGM, where we hope to bring more clarity as to the dividend and redemptions for the, to be to the AGM in May. Our portfolio is quite strategic. As you see here, we are covering large parts of the flank of the Omani Central Salt Basin. It's an area where we have significant technical expertise and where we also have made significant progress during the year. Block 56 has seen production of 60,000 barrels from an early production system, which has given important information to understand how best we can optimize future production from the block as part of the field development that we are doing. 58 is now understood from an exploration perspective, and we are looking very much forward to a first exploration well on Block 58, coming up in just a few months. 49 is more of a potential unconventional play. We are currently in talks with the Ministry of Energy and Minerals in Oman. All in all, we have a strategically very well-placed portfolio with strong opportunity and still underpinned by strong value in 3 and 4. We are currently reviewing how best to optimize and bring forward, both in the long term, but also in the short term. On the reserves and resource side, with little exploration success in 3 and 4, we've seen the reserve replacement ratio drop down from last year's 37% to 32%. But absolute reserves have actually maintained a much stronger levels, and we actually see a small increase in the 3P side, which thoroughly underpins the long-term potential and value of 3 and 4. The impairment was carried out after we saw increased investments building a cost pool and not necessarily, and we saw no increase in 2P reserves, resulting in an impairment trigger and an impairment trigger, which resulted in an impairment, and we have now brought down the carrying value to under $90 million. It's a number that we are perfectly comfortable with, and we believe is way underpinned both by what we see as the stabilizing production, but also, of course, on the strong reserve and resource base of Block... The year could certainly have been better. We could have had some exploration success, we could have seen a higher reserve replacement ratio. But again, to reiterate, the fundamentals remain strong. The operator has initiated a much more focused approach on exploration. We have covered, the entire Block is almost now covered by new 3D seismic. That should open up any remaining exploration potential to be probed by the drill bits over the next year.... In 2024, we expect more than 40 wells to be drilled, and, among those, we are seeing growth from three exploration wells and almost 20. Block 3 and 4 is still going strong and very much pulling forward. The gas-to-power project has been quite an endeavor, and we congratulate the operator for having brought this on stream. It was commissioned in late December and will, over time, be a major brick in increasing the green footprint of Blocks 3 and 4, but also lowering costs from utilizing associated gas rather than imported diesel to generate electricity. Leaving 3 and 4, let's look at Block 56. Right next door, the Karim Small Field, we have currently we produce 60,000 barrels of oil per day, sorry, for the quarter, not per day, that's a bit optimistic, from Al Jumd. And we are currently testing, or we expect to test, Sarha and Menna along the same flank. We have a number of prospects, and we are working on the field development plan that we hope to finalize over the next couple of months in order to commercialize the Block. Once we have block field development plan approved, of course, we expect to have production, commercial production from Block 56, which should go some way towards also starting a new growth phase for Tethys, where we could see production start growing again, irrespective of what happens with Blocks 3 and 4. 58 is a pure exploration block. We know there is oil nearby, as you can see from this slide. The PDO Harweel cluster is within kilometers away. We're close to petroleum system, but in particular, we have some very exciting leads and prospects with the Kunooz-1 first exploration well expected in the next couple of months, where we are looking at unrisked prospective resources of more than 120. Obviously, it will be quite a game changer, both for ourselves, but also for this area. Lahan is a direct analog to the Harweel cluster. Several prospects have been identified. We're working to complete the prospect maturation and expect to have an idea of prospective resources in the Lahan area. We have discussed, have conducted farm-out discussions with a select group of companies here in 58. Strong traction, but has also indicated the possibility for an increased cooperation over maybe several of Tethys' blocks, and that's part of, of initiating the strategic review, where we're now going to see how we can best optimize both 58 and the potential farmout there, but also potential other of our blocks. On that note, which summarizes both where we stand strategically and what we've accomplished over the year, I will be happy to turn the floor to Petter, our CFO, for a more detailed financial discussion. Petter? Thank you, Magnus, and good morning, all. As Magnus said, initially at the start of the call, we believe that Q4 is an upbeat end to what otherwise was a frustrating year, where we saw production and expenditures colluding to provide slightly lower earnings and cash flow than we've seen in previous years. In the Q4, however, we saw an achieved oil price of $90 per barrel, up versus the Q3 quite significantly, and that boosted our revenues and other income to $36 million, and EBITDA to 21.5, on the back of also slightly lower OpEx and admin costs. Also, we ended the year with positive free cash flow of $2.5 million, which we'll come back to it a bit later. On the full year side, we had revenues of $138 million and EBITDA of $73 million. Certainly not comparable to 2022, but certainly much better than the 2020 and 2021. So it, all in all, actually not that bad in that context and certainly given that we've seen production coming down those years and also seeing quite a choppy oil price environment for that past year. Ending the year with net cash of 25.8, compared to 41.5 a year ago, I would say is a pretty solid number given the year we've had and the significant distributions we made during the course of the year of over $15 million to shareholders. Moving on to achieved price on oil sales. We did see some lower sales volumes in the Q4, however, at higher realized prices. And the mix was favorable in our sales, so we in fact had an achieved price above the average OSP, reflecting that we managed to lift at some higher oil prices in those months when they were available. The underlift position is 18,000 barrels that we roll into the year, and hopefully we should see a bit less volatility in that going forward. Net entitlement, we've been at 52% all year. That is full net entitlement for Block 3and 4. However, the number of barrels that translates into was a bit lower in the Q4 compared to the third, partly because of the lower production, but also because the higher oil prices means fewer barrels to recover the same amount of costs comparably. And in the quarter, as in all the quarters of this year, recoverable cost has exceeded the cost oil allowance, resulting in a growth in the cost pool, as was discussed earlier on the call. At the end of the year, we have $22.2 million in that cost pool, which will be rolled forward, and as soon as our expenditures come under that threshold, either for with cost cuts, higher oil prices or higher production, or all of those factors, we will see that cost pool reduce and adding to a free cash flow. In fact, you can see that as deferred cash flow that we will get back in future. Moving on to OpEx, we've seen OpEx at elevated levels this year compared to 2022. However, they seemingly peaked in Q2, and we saw a stabilization in OpEx related to our producing Blocks 3 and 4, stabilizing in the Q4 versus the Q3. And during the second and Q3, as you may recall, we had some costs related to extended well test, which came on top of those other production costs. OpEx per barrel in the quarter and for the full year amounted to $17.10 per barrel, and that same for the full year is not including the extended well test numbers. Going forward, we are targeting 17.5. I think it might be worth mentioning that we expect the year to start higher than 17.5, as some of the costs for the gas-to-power increases OpEx, and then decline throughout the year to an average of 17.5. Moving on to cash flow. As you all recall, movement on oil prices will have an impact on cash flow, especially when we have those changes as we've had between the Q3 and Q4, going from $76 per barrel to $90. All else being equal, we see that in operating cash flow. So in Q4, we saw operating cash flow grow significantly versus the quarter before. Neutral working capital, which at times has been quite volatile, not least due to the over/underlift changes, but neutral in the quarter, meaning we're a pretty clean number when it comes to that cash flow number on operating side. So going to investments, a big theme this year, we have had very high investment, in particular on Blocks 3 and 4. A lot of drilling going on, lots of seismic, and also the gas-to-power project. For 2024, we will be running with three rigs, and we will also see the completion of both the big seismic program and the gas-to-power. So going forward, we expect that to improve. I think we see some signs of that already during this year, coming down from Q2 levels down to Q4 levels of under $20 million on the quarter. At the end of the year, we did see an increase in Block 56 spending as we drilled the Menna well. But underlying, we saw some good trend in Blocks 3 and 4, and we will continue to see exploration spend from time to time in the quarters. For the full year, we can see investments were almost $82 million compared to $89 million a year ago. But of course, with lower oil prices and production levels, that does have an impact on our bottom line cash flow, that is our free cash flow before any dividends and distributions, which is our next slide. For the full year, we were cash flow positive, or at best, I would say actually neutral. $0.8 million for the full year, but ending the year with $2.5 million, and investments being a big factor in that, of course, as you can see in the slide to the right. Which brings us to liquidity and financing. We have had questions about this in the past, and of course, we have had quite significant cash positions historically. Going back a few years, we had much larger cash positions than were actually intended due to delays in spending and also higher than expected oil prices at times. During this year, we have been putting that cash to work. We are investing in our blocks. We are investing in growth across the whole portfolio. We have yet to see the results of all of those investments, but we believe the coming year will certainly show signs of that. We have seen signs of stabilization on Blocks 3 and 4, and we look forward to significant progress in both 56 and 58. In the meantime, to give us more muscle and firepower and flexibility in light of uncertain oil prices, we have secured a credit commitment for $60 million term loan facility from one of the leading banks in the United Arab Emirates. We expect to close up about by the end of Q1 and ensures that we are fully financed for the future, come what may. Which brings us to our production and financial guidance for the year. We are expecting production to be at 8,200 barrels ±400 barrels. I think we've taken a bit more conservative approach than we have in hindsight done. And having seen that sometimes the production on Block 3 and 4 can be quite difficult to predict at this stage in the life of the block. But we feel confident we have turned a corner there, and we have seen a stabilization at the end of the year. Worth mentioning, though, in February, we do have a planned maintenance which have a sequential impact on February versus January, with a bit more of a week of some maintenance impact on certain parts of the field. Operating expenditure on the basis of that production outlook, it will be $17.5 per barrel, and as I mentioned before, higher at the start of the year and declining throughout the year, as the effect of the gas-to-power program kicks in, and we're able to remove other costs in OpEx. Investment in oil and gas assets remains at quite high levels, $90-$94 million. In part, of course, we see the Block 3 and 4 investments, that's still quite significant levels, but also we're expecting to invest both on 56 and 58, with drilling on higher impact exploration and lots of activity that I think we should demonstrate the value of those assets. We will be able to finance those investments by our own cash flow, the cash on hand, and of course, the external debt that we are working on. But also, as we know, we are exploring farm-out opportunities as well. So there is a full portfolio of options open to us during the year. With that, I would like to hand over the word to Magnus. Well, thank you very much, Petter. So just to conclude, as Petter said, we are perfectly adequate financially, and we are looking forward to a rather particularly exciting quarter. Naturally, we are excited about results of the strategic portfolio review. We see a need to optimize. We see a lot of value that is certainly not visible, at least not in our market capitalization. We want to revisit the shareholder distribution proposal, and we want to do that from a position of strength and a position from looking forward. We're looking forward to the test results from Menna and Sarha on Block 56, and the Eastern Flank resource evaluation, which will be the basis for the field development plan. We expect to be able to present the said plan over the next couple of months, including then, of course, production for prospective resource base, as well as. And Block 58, the Kunooz-1 well, and I would like to remind you that fully financed, where we still continue farm-out discussions, but it is fully financed, and we are going to drill that well. And of course, if it comes in, it will offer substantial upside for increasing. So on that note, which I think shows that there could be some fairly exciting things coming up over the next couple of months, we are more than happy to take some of your questions. Not to say all of them. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for a name to be announced. To withdraw a question, please press star one one again. Please stand by, we will compile the Q&A roster. This will take a few moments. We're going to take our first question, and it comes from line of Stephane Foucaud from Auctus Advisors. Your line is open, please ask your question. Good morning, Magnus. Good morning, Petter. Thanks for taking my questions. I've got really two. The first one is on the strategic review process, and I was wondering whether you could talk about if there were anything specific that triggered it, for instance, were you approached by a company or otherwise? And then related to that, in your view, what would the company look like, assuming a successful outcome of the strategic review process? What would be your ideal company structure or asset ownership in a successful outcome? Then with regard to reserve, I was happily surprised by the increase of reserve, particularly given the water problem. I was wondering whether you could give some color of what has triggered this 32% reserve replacement ratio on a 2P basis, given the quite a few wells have been dry. Was it increased recovery factor assumption on some wells? So some color would be great. Thank you. Thanks, Stephane. I'll I'll start. First, what would our outcome of the strategic review be? Well, that's exactly why we are doing it, to see what is the best way to optimize our portfolio going forward. There are a number of possible iterations here, and that's exactly why we're doing it, and it's going to be an ongoing process, and we'll be delighted to share the result over the next couple of months. When it comes to reserves, well, I mean, there is nothing wrong with Blocks 3 and 4. It's a strong asset with strong oil reserves and quite a bit of continued resources to add to that. What we are seeing is increased investments that has limited the free cash out of Blocks 3 and 4 for the full year. And as we have guided, I think there is a possibility we're gonna see that from another year. I would put that into context of more being the under investments we saw earlier in the 2020s. But as you rightly note, I mean, the reserve base is there, the oil is there, and the operator is working hard to optimize a way of bringing it out. Exploration has been on the back burner. A lot of seismic has been done, but not that much on the interpretation side, not that much on prospect maturation. We expect to see that to increase over, already this year, and we would expect to see exploration to, drilling in particular, pick up over the coming years. But with the reserve replacement, of course, there's not really that much from new oil. It's more from the, a better understanding of the, producing reservoirs, expansion of infill wells that have worked possibly better than expected, and thus resulting in both larger volumes and also high recovery factors in some of the fields. So the, shall we say, the backbone, the base of 3 and 4 is very much alive and kicking. What we have seen weakness in 2023 and possibly in 2024, is more on free cash flow generation than anything else. But there, of course, is investments for the future, and as Petter pointed out, we are building a cost pool that will eventually come back to us from the production side. And we are looking at a 52% entitlement, so we will be looking at strong liftings throughout the year. Does that somewhat answer your question? Yes. Thank you. Did, did I hear correctly that you were expecting the results of the strategic reprocess in a couple of months? Is it so- We think it will take a couple of months to carry out. And so certainly by the time we reach the Q1, we should have, should we say, a clear view of what we will look at the optimal way forward. Okay. Thank you. Thank you. Now, we're going to take our next question. Just give us a moment. And the next question comes from line of Knut Martin Carlsen from Kommandør Capital AS. Your line is open. Please ask your question. Good morning, Mr. Nordin and Mr. Hjertstedt. We admire that it's worthwhile to invest in long-cycle in a climate where short-cycle investments are in vogue for oil companies, believing that will separate the company from the herd. Would like to start with a question with regard to the strategic review, and there's two parts to this. First, did the strategic review come up after initiating farm-out talks, or was it sort of an isolated event? And two, could you please perhaps confirm or disconfirm three possible outcomes? A sale of the company, a farm-out of multiple blocks, or an equity issue from a partner. That's the first one. Okay. First to say, I mean, as often in situations like this, it's not one specific event that's triggered a decision. It's a number of factors pointing in the same direction. As I noticed, and as we discussed in the Q3, I mean, we do have a market capitalization that is considerably below our book value. And clearly, we have to take... We have to look at why that is the case and what we can do about rectifying that situation. Two, we have, as part of the farm-out process, we've also experienced strong industry interest for what we are doing and the portfolio we have assembled. Those talks could certainly lead to an interesting both developments and possible corporations going forward. And third, we see, I mean, we are particularly a growth company. We have been, we haven't seen that much growth. Actually, we've seen negative growth and production from 3 and 4. And, the strategic aim to bring 56 into commercial production, well, we lost a little bit of time on the extended well testing, that really, it was delayed by about 9 months. So we're experiencing a bit of a delay in bringing 56 to commercial production. And, that has created also a, shall I say, an opportunity to possibly realign our focus with a, focus on increasing growth, and, by growth, increasing shareholder value. Which of course is what shareholder value and being a good partner for our host country and being a good partner for all our stakeholders is really what we are all about. That's something we now want to take a very close look at how we can do that in the best possible way going forward. I'm afraid I can't really be more specific than at this time, but we are, that's exactly why we are, as I said to Stefan, that's exactly why we're doing this review, to make sure that we that we really evaluate all the opportunities that are out there. Petter, do you want to add anything on this? Yes, I mean, I just want to underline that, the fact that we, as Magnus said, there are multiple factors leading to this. And it is, we initiate this kind of public process in order to see what opportunities arise without prejudicing them beforehand. And at the same time, we feel that we are fully financed. We are ready to proceed as it stands. However, we would like to see that some of the value that we see becomes more visible also to our shareholders. With that in mind, and that open mind, we approach this process, and hopefully we'll be able to come back with something in the not too distant future. But this does not mean we put anything on pause or in any way, sort of, you know, sort of change our commitment to any of the assets or our plans. In fact, we will go on full speed ahead, but also open to see how we can best realize that value, if it's in partnership or in any other way than we are today. Thank you. Perhaps going a bit further on that, we have, earlier on the conference calls, alluded to, that perhaps tender offers and share buybacks, would be a good idea, and reviewing Tethys Oil capital allocation, we guess it's assumed that management believed there was a higher IRR by investing in blocks rather than repurchasing shares. Could you please reflect on this? And going forward, how do you view IRR for pouring money into the ground in Oman versus the Swedish Stock Exchange, where your stock is highly liquid? Yes, thank you. No, we have from time to time done share buybacks, and it is still a tool in the toolbox that we are very open to. But I think at the moment, we see certainly opportunity in not least our operator blocks to have excellent returns on those investments. The impairment, I think, clearly signals that some of the investments we made during last year on Block 3 and 4 were less so. That is something we can say with hindsight, but of course, as a partner, we are committed to the plans that we enter into, and we did have higher hopes on the results. But I think in hindsight, I think we certainly would have liked to see that capital allocated otherwise. But you know, such is the benefit of hindsight. But that also you know is part of why we are looking at conducting this review. We we need to be open-minded about how we allocate that capital, and not simply follow the sort of path of least resistance of being where we are. Yeah, we should evaluate that, and not least with shareholder value in mind, and if this process leads to a different view on the possible capital allocation, then that I think that will be reflected in our proposals to shareholders and our investment plans. A slightly vague answer, but I think you are pointing to all the factors that are on the top of our mind. Mm-hmm. Thank you. So just to confirm, as of now, we believe the IRR are higher in Oman than the Swedish Stock Exchange? I wouldn't go as to say that explicitly. But I think that is one of the factors that we certainly will look into as part of this process and see. Well, it is part of what we're looking at. Mm-hmm. Thank you. Okay, a question on, perhaps from Mr. Nordin, as co-founder of Tethys Oil, it would be nice to reflect a bit on the company's culture and perhaps the recent, in relation to the development of the company in recent years, both success and failures. And we're asking this because we view an investment in Tethys Oil for the long haul, with all its disappointment and success it entails. And Tethys Oil is a capital-intensive company, where the capital allocation usually determines the shareholder value. So it would be nice to get some words on that, if that's possible, Mr. Nordin. Certainly. Certainly, certainly. No, I was hinting at this a little bit earlier also, and, I mean, ideally, we would have seen a little bit more free cash out of 3 and 4 in 2023, and ideally, we would also have been a little bit further along, and I, here I'm talking months, not years, in the development of Block 56. And the, should I say, strategic idea behind the Oman investments is exactly that. I mean, to draw on the returns from 3 and 4, on what we've learned from 3 and 4, and plow that into other areas in Oman, where we believe we have a strategic advantage on the exploration side, where we can find oil, where just as we were part of the original discoveries of 3 and 4, now 10 years ago, more than 10 years ago, actually, where we can and that way, that we have a strategic advantage that we can put to the advantage of our shareholders and then and of our company growth. Certainly there's been a bit of a mismatch here in, we're not quite as far along in three, fifty-six as we would like to be. We saw 3 and 4 generate a little bit less cash than we were hoping for. That has created a situation where we have to keep a number of opportunities open. But the main focus remains allocating capital where we can see the best returns and also the best value creation for our shareholders. And not least, taking into account, as you also alluded to, the valuation of our projects in the stock market. But where we have to see where do we best allocate capital? Where do we best maintain a base upon which we can grow? And from a cultural perspective, I mean, we are, we started off in the exploration side. We believe that's what we do best, and that's where we actually have an edge in employing the capital. Granted, there is risk in part of the exploration side. Block 56 holds less risk and is closer to fruition and production than, say, Block 58 is. Block 58 is very much, and Kunooz is very much of a traditional exploration well. If it comes in, it could be quite spectacular, but I mean, we are looking at a 20% chance of success. So it's a traditional, a little bit better than a wildcat, but a traditional exploration well. But it's something that we believe is part of our DNA to look at and to try to deliver. And nothing has changed really there from our original idea of how to, shall we say, run an E&P company for the long term. 3 and 4 got us into a very good harvest period. We are seeing maybe now that we are coming out of harvest, and we are have to focus on growth again. That would be a combination of where we think we can see the best return on capital and the best creation of shareholder value. But of course, the plan is to go from harvest to growth and back to harvest again. And 2024 will be a rather pivotal year, I think, for how the strategy is going to play out. As I also allude to in the management letter, three months from now, we could see a highly successful situation with both the field development of 56 presented production profiles that will tally with what we're getting out of 3 and 4, and possibly a success from Kunooz. We may also see a stabilized production from 3 and 4, a field development plan from 56, maybe disappointing results from 58, and all of this will be part of a potential realignment. But at heart, we are an exploration company. At heart, we want to deliver growth from finding more oil and eventually extracting it, and that nothing has changed. Thank you. I appreciate the candidness. That's all for me. Thank you. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad. Now we're going to take our next question, and the question comes from Stephane Foucaud from Auctus Advisors. Your line is open, please ask your question. Hi again, gents. I get some follow-up question, more details. So you talk about the gas-to-power project and the fact that the beginning of the year will see a higher OpEx than the later part of the year. Once the work is finished, what do you think would be the run rate on the OpEx? That's question one. Question two, there is a second exploration with Block 58, planned I think for later in the year. Where would that be? Would that be this South Lahan well, or could it be a follow-up if there is a discovery at the first well? Lastly, generally, what sort of terms are we talking about with regard to the loan agreement that you're securing, maybe just in terms of interest rate? Thank you. Thank you. If I may take the 58 first. A second well could either be a... If Kunooz is successful, we would certainly try and appraise the Fahd prospect as quickly as possible. And then most likely, a second well would be drilled as an appraisal well close to the Kunooz. If Kunooz is not successful, we will be looking at drilling a Lahan well and test that play. And then for the OpEx and loan, I will more happily defer to Petter. Thank you, Magnus. Yes, on the OpEx, well, what I said, I think, is if we start considerably above $17 in the Q1 and significantly below and averaging out at $17.5, I think that's about as much as I can say. But yeah, we are, because it partly depends on also the production levels that we see at the end of the year and how that develops during the course of the year. But we do expect a noticeable decrease in run rate OpEx in absolute terms by the end of the year, that we take with us into 2025. Fuel cost has been one of the biggest cost factors and one of the most unpredictable cost factors in OpEx. You know, buying diesel, consuming diesel, and also renting generators. As we've discussed in the past, a lot more water means a lot more pumps and a lot bigger pumps, more and bigger pumps consume more fuel. So we've seen an underlying increase in diesel volume, but also costs. That whole question becomes more predictable now with the associated gas and the associated cost to that gas, the power system being more predictable and stable over time. Further savings could be done in that project if we were to convert some of that OpEx into further CapEx, but that's something, you know, sort of down the road. But notable improvements in OpEx per barrel that are below the guidance level. When it comes to loan, well, we're not really at liberty to talk too much about the details. We are yet to finalize it. It is a credit commitment. We are in that process. I would just say that we would not engage in a loan unless we thought it was on favorable terms. We believe the terms we have received from our counterparty are very good for a company of our size. I think hopefully we'll be able to say something about that by the end of March, but we feel very happy that we've been able to secure that and open a relationship with that lender, which I think once you see the details, I'm sure you'll all agree. Thank you. Thank you. Dear participants, just as a last reminder, if you wish to ask a question, please press star one one on your telephone keypad. Dear speakers, there are no further questions. I would now like to hand the conference over to your speaker, Magnus Nordin, for any closing remarks. Thank you very much. Thank you very much for your good questions. Thank you for your engagement. And I must say, at this time, thank you very much for your support. We look forward to speaking to you again in about three months' time. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Have a nice day.