Good morning, and welcome to the Berkshire Grey Q2 2022 Earnings Conference Call. Today, all participants will be in a listen-only mode. Should you need assistance, please signal for a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star then one on your telephone keypad. If you would like to withdraw your question, please press Star then two. Please note that today's event is being recorded. At this time, I would like to turn the conference over to Sara Buda, Vice President, Investor Relations. Please go ahead. Great. Thank you. Good morning, everybody, and thank you for joining Berkshire Grey's second quarter 2022 earnings conference call. Earlier today, we issued a press release announcing our financial results. The release is available on our investor relations website at ir.berkshiregrey.com. Leading today's discussion will be Berkshire Grey's founder and Chief Executive Officer, Tom Wagner, and our Chief Financial Officer, Mark Fidler. Following management's prepared remarks, we will open up the call to questions. Before we get started, we would like to inform you that certain statements made during this conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Future operating performance and financial results of the business may differ materially from those expressed or implied in any forward-looking statements provided on this conference call due to various uncertainties and risk factors. Information concerning these uncertainties and risk factors is contained in our filings with the SEC. Forward-looking statements included on this call are based on information currently available to us and represent the company's current view as of the date these statements are made. We do not commit to update these statements. As a reminder, we will be referring to some non-GAAP financial measures during today's call. A detailed reconciliation of GAAP and non-GAAP measures can be found in our earnings press release today, which will be furnished to the SEC and is available now on our IR website. These non-GAAP measures are an addition and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. With that, I'll turn the call over to Tom Wagner, our CEO. Thank you, Sara. Good morning, everyone. Welcome to our second quarter 2022 earnings call. Today, Mark and I are gonna update you on our quarterly performance, our operational execution, our long-term strategic alignment with customers, and the continued favorable macro environment driving the need for automation. First, let's talk about the quarter. In the second quarter, we delivered revenue of over $23 million, growth of almost $19 million year-over-year, and well ahead of expectations. Through July, we secured $23 million in new orders this year, of which approximately $20 million were secured since our last earnings call. We made good progress with winning new orders and expect more to come in the second half, which is consistent with what we've shared previously. As we increase our deployment activities and grow our order book, we are focused on execution. During the second quarter, we actively deployed our solutions with 8 customers across 16 sites throughout the United States and Canada. Deployments will continue to scale in the second half. We continue to prove ourselves and our technology is driving tangible value for customers. In fact, most of the orders we've received this year are follow-on orders with existing customers. Our deployment teams are executing, and our technology continues to exceed customer expectations, which is important for us to meet our growth goals. Continuing the execution theme, we're making progress on improving products margins. Mark will provide more color shortly, but we have achieved cost improvements for all of our products, which we realize for deployments in 2023. The end result is that we're well positioned for overall significant gross margin improvement next year and beyond. Now I'd like to discuss a strategic matter involving one of our major customers, FedEx. As many of you know, we've been deploying our RPSi solution at FedEx sites for a couple of years now. The RPSi solution, which stands for Robotic Product Sortation and Identification, takes in small packages like those produced by e-commerce, and with one system, singulates, scans, and sorts these items so they can make their way through the FedEx network. Our RPSi handles everything from padded mailers, to boxes, to tubes, to envelopes, to poly bags with one system. Based on the success of RPSi last year, we've also secured orders for other BG technology solutions within different operating units at FedEx. Due to our technology and execution, we built a foundation of trust and partnership with FedEx. Last week, we announced a significant expansion of this important relationship. First, we secured an order from FedEx to develop a new AI robotic automation solution to help improve the efficiency of their package handling operations globally. This order means we will build on our technology platform and create a new incarnation of these technologies embodied in a new system. Most importantly, the new system will address a significant need as we believe there is no other solution available today to automate this process. Once the initial development program is complete, we expect it will lead to additional commercial orders. Further, the solution can be sold to many others since it addresses an issue that is commonplace for retailers and logistics companies alike. In fact, we estimate that there's a multi-billion dollar global market for this application alone. By doing this work with FedEx, we build on our relationship and create a new differentiated solution for them while expanding our market opportunity over the long term. Because this arrangement is very strategic in nature, we also entered into an agreement to grant FedEx a warrant to purchase Berkshire Grey common stock. Specifically, Berkshire Grey has granted FedEx a warrant to purchase approximately 25 million shares of our common stock, which vests incrementally. The full vesting of all 25 million shares occurs upon the ordering of or payment for at least $200 million of our goods and services prior to December 31st, 2025. You can refer to our SEC filings on August 2nd for the details. Finally, last week, we also announced that we and FedEx intend to finalize a master system purchase agreement this year, which will streamline and expedite the procurement process for Berkshire Grey solutions across all FedEx operating companies globally. Having this in place can potentially accelerate our follow-on order process. As evidence of the importance of our relationship to FedEx, John A. Smith, CEO of FedEx Ground, commented about our announcement on LinkedIn, stating, "FedEx announced it's extending its strategic partnership with Berkshire Grey to develop extensive AI robotic automation solutions throughout all stages of the global supply chain." He also went on to state, "I'm especially excited to continue the work that initially began at FedEx Ground, integrating robotics into our operations to safely and effectively sort the increasing number of small packages entering our network through e-commerce." John A. Smith's commentary underscores the value of Berkshire Grey to their organization, and we're delighted with the strong relationship between our companies. As we stated on our last earnings call, one of our goals is to build on our success of repeat orders with customers, then move our customers into long-term strategic relationships. The agreements with FedEx certainly mark progress in achieving that goal, and we continue to work on others. Now I'd like to talk about our perspective on the current macro environment. As we've described, we make industry-leading AI-enabled robotic systems to fill e-commerce and retail orders and handle e-commerce packages as they make their way to your door. We automate difficult labor-intensive tasks within fulfillment operations, including picking, sorting, packing, moving, and organizing. Due to our patented differentiated hardware and software, we believe, respectfully, that we automate these tasks better than any other company in the industry. Our solutions deliver upstream and downstream operational efficiencies, broad SKU coverage, maximum throughput, and high accuracy. In fact, one customer recently commented that they were able to more than triple their productivity per square foot by implementing BG in their distribution centers. We deliver the value and return on investment our customers need. The follow-on orders we've received from customers affirm this. When it comes to the macros, the environment continues to be favorable. Our customers continue to be under tremendous pressure to meet consumer expectations and maintain their competitive advantage. One only needs to touch the cell phone in one's pocket to relate to consumer expectations. We, as consumers, demand fast fulfillment of orders, fast and efficient shipping, and if we go to a retail store, we wanna find the items we're looking for in the store. Now, when it comes to competitive advantage for our customers, recall nearly every retailer and e-commerce company competes for consumer dollars. At Berkshire Grey, we offer operational improvements and competitive advantage. In parallel, when it comes to staffing warehouse operations, it continues to be hard to hire and retain people. Our automation allows our customers to redeploy existing employees to perform higher value add functions, which further improves operational costs, particularly when inflationary pressures persist. In short, the tailwinds for our business remain strong. As such, our commercial teams are busy as ever working with existing customers and prospects to offer real solutions to real problems. In summary, we're delighted with our Q2 revenue growth, recent orders, and our strategic agreements with FedEx. The macro environment continues to be strong, and we continue to execute operationally. We are well positioned for growth. Now let me turn it over to Mark to give some details on the quarter and our outlook for the year. Thanks, Tom, and good morning, everyone. I'd like to start off by discussing the results of our second quarter. Revenue for the quarter was $23 million, an increase of over 400% year-over-year and well ahead of consensus estimates. Deployments with customers ramped substantially in the second quarter, and since we've become more efficient with our deployment processes as we've installed more systems, we've been able to realize revenue on some projects sooner than anticipated. These efficiency improvements are an important part of our efforts to improve gross margins, which I will address further shortly. Moving to orders, since our last earnings call, we secured new orders of $20 million through July, including the new order from FedEx that Tom talked about, as well as orders from other customers. We expect to realize revenue for that order over the next 12 months or so. Clearly, we're excited about the overall strategic relationship we've established with FedEx and the growth opportunity it represents. Our backlog is approximately $100 million, including the order we received in July. So far this year, most of the orders represent follow-on orders from existing customers. Our commercial teams continue to be very busy, actively engaged with existing customers and new prospects, and we expect orders in the second half to be higher than the first half, as previously communicated. Moving to gross margin, we continue to implement the margin improvement initiatives we have previously outlined. We're seeing 3 positive trends with these efforts. First, our mature products, which were already generating positive margins, are improving further as we realize efficiencies with each new deployment. Quite simply, we are reducing deployment costs with each new site. Second, we're making excellent progress on all of our product cost reduction initiatives. Let me highlight two examples. As you'll recall, one of our new products we announced late last year realized negative margins, which impacted overall gross margins last year and this year. We recently implemented several design changes and have improved deployment times that will result in lowering this product's overall cost by 10% so far, and we expect further improvements this year as well, which will all be in place for deployments for next year. Another example relates to our most recently released product, which is being deployed for the first time this year. We have already implemented design changes and have improved deployment time substantially, which will reduce costs by over 20% for those systems to be deployed next year. We continue to make progress reducing the cost of all of our products, and we're encouraged by our efforts to date. Finally, we've been raising prices for future orders for many of our products, which will also help bolster margins as well. We're pleased with the progress we're making to improve margins in the future. While overall gross margin is still expected to be slightly negative for 2022, we're on plan to achieve overall positive gross margin in 2023 and beyond, and we remain confident in our ability to achieve our run rate operating metrics of approximately 50% gross margin in the long term. Moving to operating expenses, total OpEx for the quarter was $28.5 million, excluding stock-based compensation. As we've matured as a company, we've become more efficient as an organization. Additionally, we recently have taken some other measures to reduce our cash burn. We expect all of these initiatives will reduce our annualized cash burn by about $20 million, and we will start to see that benefit toward the end of the third quarter. Adjusted EBITDA, which is defined as loss from operations, adjusted primarily for depreciation, stock comp expense, and changes in the fair value of warrants, was negative $30.3 million in the second quarter, a modest improvement from Q1. A reconciliation of our net loss to Adjusted EBITDA is included in our press release. On the balance sheet, we ended the quarter with over $108 million of cash and no debt. Looking ahead, we remain confident in our growth trajectory. As mentioned since our last call, we secured $20 million in orders, and with the July orders, we have a backlog of $100 million, providing good visibility for revenue. Included in that backlog is a remaining deployment of a large system with Target, one of our strategic customers. We have been working with them over the last several months to expand the scope of our project, which has the potential to increase our opportunity with them, not just on this existing project, but for new facilities as well. As a result of these discussions, the current project schedule has shifted, which will have a short-term impact on revenue this year, but has the potential to increase our overall opportunity with them next year and in the future. As such, we're updating our revenue forecast for 2022 to be between $70 million and $80 million. We have strong conviction in our growth potential. Our commercial teams are as busy as ever. Our pipeline continues to grow. Our recent activities with FedEx and other strategic customers further bolsters our growth prospects. To reiterate some key points, we continue to be in strong position to execute. Our technology is proven, in production, and driving tangible ROI for Fortune 100 customers. We continue to expand our commercial relationships. The recent agreements with FedEx is an example of this. Macro tailwinds continue to drive the need for automation. Inflationary pressures exacerbate the need for companies to become more efficient with their processes. Our backlog, combined with our growing pipeline, provides us with either greater conviction about our long-term growth prospects. Now, operator, we'll turn it over for Q&A. We will now begin the question-and-answer session. As a reminder, to ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Today's first question comes from John Walsh with Credit Suisse. Please proceed. Hi. Good morning, everyone. Morning. Hey, John. Hi. Wondered if we can first touch on, I guess since you named this project with Target, can you give us a little bit more around what kind of is pushing this to the right? You talk about potential for a larger opportunity. I mean, is this something where we could see similar to how you announced with FedEx over time? Can you help us dimensionalize what the opportunity could look like beyond 2023? Sure. Let me actually answer a segment of that and so forth. When it comes to Target, you're aware they deployed our technology. They feature our mobile systems in one of their recent earnings calls. Another deployment of our technology was slated to start this year in the second half. We are in discussions with them on a change in scope, which means the deployment could be larger long term, but it's not expected to deliver revenue this year as originally anticipated. In general, our work with them is exciting, and we appreciate their high level engagement. I would add for sort of the long term, you know, Target has been a very strategic customer for us. As we've talked about on prior calls that we are working with all of our strategic customers and other customers to, you know, expand relationships. The fact that we've done projects with them already, we've proven the technology with them. We've made the progress that we've made. They've seen our capabilities. These are. You know, we're getting into much deeper conversations with Target and others about what our opportunity with them could be long term. You know, the goal is to, as Tom remarked in his comments, to ultimately move folks to long-term, you know, relationships. You know, so we're right in the middle of that now with Target and with others. Great. Maybe one more question around growth. You know, great to see that you got 14 partners here in the partner alliance. Can you maybe help us understand how that's a lever for growth? Maybe targeting more new logos through that partnership alliance? Or, you know, is that also for existing customers as well to scale greater with them? Sure. The partnership program actually has a few different elements. From a growth perspective for some of our partnerships, and we have named partners, for instance, like Swisslog. They have their own go-to-market engine, their own customer base where they have established relationships. For relationships that are like that with Swisslog, then we will do go-to-market sharing and do pursuit and help customers together as a joint activity. That expands, if you will, our go-to-market strength and our sales energy. Some of these other partnerships, though, also include things like systems integrators who are helping us to install systems and make them operational and so forth in a cost-effective fashion. Others are technology alliance. We've recently mentioned ABB as an illustration, and we also have some partnerships that are in the WMS and software space. Generally, there's an element of go-to-market in many of those, an element of efficiently deploy solutions in those, and then technology-centric relationships as well, like ABB. No, that's great. Maybe one last one for me, and then I'll pass the baton. Just you highlighted some of these. Well, I guess you say cash saving initiatives, I think to the tune of $20 million annualized reduction to your annual cash burn. You're at $108 million cash, no debt. You know, any update or view on kind of the capital requirements or needs of the business near term? I know we've been talking about that the last couple of quarters. Thank you. Yeah. Short answer is there's no change. You know, we do expect that we still need to raise capital in order to fully execute our business plan, and we remain confident that when the time comes for us to do that we'll be able to do so. All right. I will pass it along. Thanks for taking the questions. Thank you. Thank you. The next question comes from Greg Palm with Craig-Hallum Capital Group. Yeah, thanks. Morning, everyone. Congrats on the continued progress here. Morning, Greg. Good morning, Greg. I guess starting with the Target news, I'm curious in terms of the change there. Production expense, excluding workovers, for the second quarter of 2022 was $25.5 million. This increase compared to prior quarters was primarily driven by higher costs associated with boats, personnel, chemicals, and costs related with increased sales volumes. We expect to see these supply chain issues, higher marine costs, chemicals, fuel and personnel costs, as well as continued inflationary pressures to continue throughout 2022. There is increased competition for the services right now. From a macro level, both the higher demand and the lower supply of services is driving costs higher across the industry. During 2020 and into 2021, due to the lower commodity prices and the COVID pandemic, we saw a decrease in the number of overall service providers across the supply chain. With less service providers, but greater demand for these services with the higher sustained oil prices, we believe inflationary pressures will continue in line with the record revenue generation. Given the expected decrease in sales for the third quarter related to the FSO change-out, full field reconfiguration, and turnaround and associated lifting costs, our guidance range for production expense, excluding workovers for third quarter 2022, is expected to be $18-$24.5 million. Between 30-33 bucks per barrel of oil sales. We are forecasting that the previously discussed inflationary supply chain issues will continue throughout the year. Additionally, we are currently working with the FPSO charterer regarding timing for commencing shutdown of production, schedule for decommissioning and associated costs to assure a smooth transition to the new FSO, which is also driving costs higher. As a result, we are increasing our full year 2022 production expense slightly on an absolute basis to between $82 million and $90 million. As a reminder, we have some production upside potential remaining with success in the drilling program during the second half of the year. This will likely improve our exit rate heading into 2023 more so than impact the 2022 average. As George noted, we are optimistic about the remaining program from a production and reserve add standpoint. The higher costs, coupled with a decrease in expected sales, impact the cost per barrel range for production expense, excluding workovers, and our updated full year guidance is $24-$28. We had no workovers in the first half of 2022, but based on timing, we are forecasting two workovers in the second half of 2022. DD&A for the second quarter of 2022 was $8.2 million or $8.55 per net barrel of oil sales, compared with $4.7 million or $7.59 per barrel in the first quarter of 2022 and $5.8 million or $9.05 per barrel in the second quarter of 2021. DD&A expense in the second quarter of 2022 on a per barrel basis was higher compared to the prior periods presented due to higher depletable costs associated with the 2021, 2022 drilling campaign. We anticipate DD&A to be in the range of $11.50-$13.50 per barrel for the third quarter of 2022 as a result of our ongoing drilling campaign. General and administrative expense for the second quarter of 2022, excluding stock-based compensation expense, was $2.7 million at the low end of guidance, compared with $3.6 million in the first quarter of 2022 and $4.2 million in the second quarter of 2021. The decrease compared to prior periods was primarily because of lower wages and a reduction in severance costs of key personnel, which occurred in the second quarter of 2021. The per unit G&A rate, excluding stock-based compensation in the second quarter of 2022 was $2.81 per barrel of oil sales, which was significantly lower than the first quarter of 2022 and the second quarter of 2021 due to higher sales and lower expense. For the third quarter of 2022, we expect cash G&A to be in the range of $2-$3 million. We did slightly lower full year 2022 cash G&A guidance to $9.5-$11.5 million. Deal costs for the TransGlobe transaction are included in other expense. Non-cash stock-based compensation expense for the second quarter of 2022 was $0.8 million and was comprised of non-SARS related expense of $0.6 million and SARS related expense of $0.2 million. For the first quarter of 2022, stock-based compensation was $1.4 million, and for the second quarter of 2021, stock-based compensation expense was $0.5 million. Turning now to taxes. Foreign income taxes are attributable to Gabon and are settled by the government taking their oil in kind. As a reminder, our tax rate in Gabon is about 52.5% and can be offset by both production and capital costs. Also impacting the overall corporate effective tax rate are non-deductible items like derivative losses, corporate costs, and to a lesser extent, some costs associated with operations like our Equatorial Guinea losses. Income tax expense for the three months ended June 30, 2022 was $46.3 million. This is comprised of $25.9 million of deferred tax expense and a current tax expense of $20.4 million. This was quite a bit higher than the income tax expense for the first quarter of 2022 and the second quarter of 2021. We benefited in Q1 2022, as we had done in the three previous quarters with valuation allowance release, a discrete tax benefit of approximately $12.7 million. Our valuation allowances are now substantially released and our net operating losses from previous periods are being utilized. From a cash tax standpoint, the only tax paid is our profit oil barrels. The tax rate in Gabon is more than the U.S. rate and we are now in a position where we are crediting foreign taxes rather than deducting them. As you can see, our increased sales and higher realized prices have contributed to higher revenue, but also a higher tax charge. I'd like to refer you to supplemental information deck that we posted to our website this morning. You'll find scenarios around the calculation of our cost and profit oil. In 2022, we have benefited from our brought forward cost pool. High commodity pricing and strong production has seen full utilization of that carry forward cost pool in 2022. The FSO and the drilling campaign will allow us to continue to take advantage of our favorable PSC terms to allocate as much as 80% of cost oil through much of the second half of 2022. Within the supplemental deck, we have updated our netback slide that shows the strong cash flow we are generating at current prices. We've incorporated the midpoint of our updated 2022 guidance using a $90 realized oil price. We remain on track to deliver our lower cost FSO solution on time, which will result in substantial savings on an absolute and per barrel basis despite inflationary pressures. With the FSO and field reconfiguration occurring in Q3, we expect lower sales in the third quarter, but a recovery of production and sales in the fourth quarter, with production exit rates for the fourth quarter expected to be between 10,500 and 11,500 net barrels of oil per day. You can see the indicative fourth quarter margins on the slide as well, with lower costs, higher sales, and increased margins. We have generated $94 million in Adjusted EBITDAX thus far in 2022, and the potential to sell as much or more oil in the second half of 2022. We could be in for a record year in Adjusted EBITDAX. With our recent stock price around $5, we're trading a pretty low multiple of EBITDA of 2x despite paying a dividend and being debt-free. At June 30, 2021, we had an unrestricted cash balance of $53.1 million. This does not include the proceeds from our May liftings of $70.3 million, which were received in July and on the first of August 2022. Working capital at June 30, 2022 was -$8 million compared with -$21.3 million at March 31, 2022. The change in working capital is related to the increase in tax payable, aligned with the planned government lift in October 2022. Increased accounts payable, which was partially offset by an increase in accounts receivable. For the second quarter of 2022, net capital expenditures, excluding acquisitions, totaled $37.1 million on a cash basis and $38.1 million on an accrual basis. These expenditures were primarily related to costs associated with the 2021, 2022 drilling program, the FSO conversion, and the Etame field reconfiguration. As George mentioned, for the third quarter of 2022, we estimate our net CapEx to be approximately $40-$50 million. With the increase in the number of wells for the drilling campaign from 4 to 6 wells, coupled with some inflationary and supply chain cost increases to the FSO and the full field turnaround, our full year CapEx guidance is now in the range of $130-$150 million. As has been the case since the second quarter of 2018, we are carrying no debt. Last week, the board of directors approved a cash dividend of $0.0325 per common share that is payable on September 23rd, 2022 to all stockholders of record at the close of business on August 24th, 2022. This equates to a full year 2022 annualized dividend of $0.13 per share. With that, I will now turn the call back over to George. Thanks, Ron. As you heard this morning, the second quarter was a record-breaking for VAALCO. With a successful FSO conversion and full field reconfiguration, additional successful drilling, and sustained higher oil pricing, the fourth quarter could meet or exceed our second quarter's strong results. We are accretively growing production and cash flow while remaining focused on providing sustainable returns to our shareholders. We are excited by the organic opportunities in Etame with our remaining 2021/2022 drilling program wells and the positive impact of our field reconfiguration and FSO conversion. Block P in Equatorial Guinea provides an exciting opportunity once the plan of development is approved, as it will establish another asset with a strong platform for organic growth. We are generating significant cash and have now paid two quarterly dividends thus far in 2022 and announced our third that will be paid in September of this quarter. We believe that prudently returning cash to shareholders is a great way to complement our accretive growth strategy. We have done an excellent job growing VAALCO, and I believe the next step is the accretive and transformational transaction that we are progressing forward with TransGlobe. We believe that by combining these two companies, we should be able to expand and diversify our African-focused assets. Both size, scale, and market cap that should allow us to generate meaningful cash flow to fund expanded shareholder dividends, share buybacks, and potential supplemental shareholder returns at a rate that would not be achievable on a standalone basis. As noted earlier, we have announced a target of $0.52 per share returned in dividends and buybacks beginning post-closing. Both companies have experienced teams that we believe will be complementary and help us to continue achieving our strategic vision. Most importantly, we will remain firmly focused on maximizing shareholder return opportunities and operating with the highest regards towards ESG. We are very excited for the future of the combined company and believe that it provides the opportunity to materially expand our ability to return value to our shareholders while also growing value in the underlying business at a rate that neither VAALCO or TransGlobe can provide on a standalone basis. Work on the transaction is proceeding as expected, and over the past couple of weeks, we've been in discussion with our various shareholders, and we appreciate the support that we've heard. We are confident that the combined company is stronger than either company on a standalone basis and will deliver superior long-term value to our shareholders. We expect to file our preliminary proxy statement asking stockholders to approve the arrangement later in August. Once the proxy statement is finalized, we will mail it to our stockholders and call a special meeting to vote on the transaction. We currently expect to close the transaction in the third or fourth quarters of 2022. Thank you for that, and operator, we're ready to take questions. Thank you. We will now begin the question and answer session. To ask a question, you may press Star, then one on your touch tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press Star then two. At this time, we'll pause momentarily to assemble our roster. Jason, while we're waiting for questions, I wanted to point out to anyone who may have joined us from the webcast, there was a technical problem where the service provider had the link going to a different conference call. That was corrected about midway through the webcast. Anyone that wants to listen to the whole thing again, they will be able to do so a little bit later when the full recording is back on the website. All right. Our first question comes from Bill Dezellem from Tieton Capital. Please go ahead. Hi, Tieton Capital Management, and I have two questions today to start with. First of all, your D2 well that you said you will look at completing in the next drilling campaign. Why wait? Why not just go ahead while you were in the wellbore? I don't think I understand technically the realities around that. Okay. Primarily, Bill, that's driven by the availability of completion equipment. We'd already moved off the well site and had also already selected the additional options that we have for the rig at this current program. I think there's a slide in the supplemental pack that gives some good information. I think it's slide seven, on the differentiation between the phases we were going through on the Southeast Etame well for the D1 and the D9 opportunity, and then we were planning to take the rig post that. The rig was already off the well site and away from the platform by the time we were continuing to evaluate the D1 productivity. By the time we came to the conclusion of that analysis, you know, the rig is actually then on the Southeast platform and performing production drilling operations in the next well. Basically, we have utilized all of our options. We will continue to obviously evaluate the D9 and put the planning in place for going back into that well bore to look at the D9 in the 2023 campaign. That's helpful, George. Thank you. How does extending the drilling program, this current drilling program alter your original plan for the next drilling program? Is that less relevant than how the TransGlobe acquisition will ultimately alter that program? I mean, obviously, we look at. We've been looking at the programs in isolation of the TransGlobe opportunity. It hasn't really impacted at all, other than we see the opportunity to take forward the two wells that we have highlighted. The Ebouri-4H workover and the Northeast Etame exploration well. These were the most mature targets that we had from our seismic analysis that we did from the analysis of the reprocessed and reevaluated seismic that we did in 2020 and 2021. From our side, as we continue to evaluate that seismic, it continues to give us additional targets that we will mature in time for the 2023 program. When we look at the amount of targets that we have in that program, it is not diminished by what we've pulled forward because the opportunities continue to increase as we continue to evaluate the seismic. Finally, how many wells are you planning on drilling in the next drilling campaign? At the moment we have a range of wells between four and six. This will obviously be subject to a ranking exercise that we will do over our whole CapEx program, subject to the combination being approved by our shareholders. Because one of the key elements that we have in this opportunity with the increased acreage and increased capital investment opportunity is to evaluate where the fastest and most efficient economic returns are coming from the dollars that we invest in the ground. Great. Thank you, and congratulations on a great quarter. Thank you. We will have no more questions. With that, I will turn the call back over to George Maxwell, VAALCO CEO, for closing comments. Thank you very much, operator. I think it's testament to the strategy and the work and the effort of all the staff at VAALCO, both in the administrative side and the operational side and the geological side that starting to pay dividends through the second quarter. That's very evident. We have considerable work going on in the third quarter, undertaking some of the biggest changes that VAALCO have done in a number of years in the field reconfiguration. Please have a look at the additional deck that we've added on to this conference call, and you'll see some of the exciting work that is ongoing in the field. As I mentioned, five times the number of personnel currently active in the field at this time gives you a sense of scale as to the kind of reconfiguration operations that we're undertaking. We have a number of exciting opportunities coming forward in Q4 on completion of that. We continue to focus on the transaction, and again, I would direct you to the additional materials that we've included in our podcast and slide deck that was issued on Monday in relation to the combination opportunity. With that, I think I'd like to thank our shareholders for the support we've received over the last since I've came on board the last 15 months. We've seen the market is responding to our strategy. It is responding to how we are executing our business, and it's responding to the levels of transparency that we continue to communicate to the market. With that, I thank you very much for listening to our call today, and I look forward to providing you an update in Q3. Conference is now concluded. Thank you for attending today's presentation. You may now disconnect.