Good day everyone, and welcome to Kosmos Energy Webcast and Conference Call Presentation. Just a reminder, today's call is being recorded. At this time, let me turn the conference over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy. Thank you, operator, and thanks to everyone for joining us today. Yesterday, we issued a press release that Kosmos has acquired additional interest in Ghana from Occidental Petroleum. This release and the slide presentations that accompany today's call are available on the investor's page of our website. Joining me on today's call are Andy Inglis, Chairman and CEO, and Neal Shah, CFO. During today's presentation, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our U.K. and SEC filings. Please refer to our annual report, stock exchange announcement, and SEC filings for more details. These documents are available on our website. At this time, I will turn the call over to Andy. Thanks, Jamie, good morning and afternoon to everyone. Turning to slide two. Kosmos has acquired an additional 18% interest in Jubilee and an additional 11% interest in the TEN fields in Ghana from Oxy. We're pleased to present this compelling acquisition, which Kosmos was uniquely positioned to capture. It's strategically consistent and financially transformative. First, the acquisition accelerates Kosmos' strategic delivery, adding significant near-term cash flow from high-margin oil assets. We expect the acquired assets to generate around $1 billion of free cash flow at $65 per bbl Brent by 2026. This near-term cash generation underpins our transition to a more balanced oil and gas portfolio. Second, we're acquiring the assets at a compelling valuation with the 2P reserves expected to deliver around 3x the purchase price at $65 Brent. We know the assets extremely well from our more than 15 years of ownership and are confident in the large remaining resource to be unlocked. Following our acquisition, we now have a very simple partnership whose objectives are aligned to maximize the value of the assets. In a separate transaction, Oxy has agreed to sell its remaining interest in Jubilee and TEN to GNPC on the same terms. Because these assets are incremental to our existing interests, we don't expect any integration risk or additional G&A costs. The transaction is highly accretive across all key metrics. Our independent reserves auditor has a 2P NPV10 of the acquired assets of around $1.6 billion at $65 Brent at year-end 2020, creating material value for our shareholders. The cash consideration is around 1.4x the estimated 2022 EBITDAX of the assets being acquired at $65 Brent. Given the strong free cash flow generation of the assets with a 30% free cash flow yield, the transaction is expected to have a fast payback of less than three years. The transaction remains resilient at lower oil prices with all metrics accretive at $45 Brent. Fourth, the additional free cash flow generated from the assets is expected to accelerate the de-leveraging of the company and enable Kosmos to fully fund its remaining capital commitments in Tortue Phase 1 to first gas. We remain committed to reducing net leverage in the company to our 1x- 1.5x target as quickly as possible. Finally, the transaction supports our ESG agenda. The increased investment in Africa is consistent with our goal of supporting the Just Transition in the countries we operate in, delivering social and economic benefits in Ghana. We're also working closely with the operator and GNPC to eliminate flaring and drive down CO2 emissions across our operations in Ghana and enable the development of the gas resources to provide lower cost, lower carbon power. Turning to slide three, which looks at the transaction in detail. Kosmos has acquired interest in the Jubilee and TEN fields in Ghana from Oxy for a total consideration of $550 million with an effective date of the 1st of April 2021. As a result of customary closing adjustments, total cash consideration paid was approximately $460 million. As part of the transaction, Kosmos has acquired an additional 18% interest in Jubilee and an additional 11% interest in TEN, which are currently producing around 17,000 bpd net of the acquired interest, a price per flowing barrel metric of around $27,000. We expect the assets to generate EBITDAX in 2022 of around $325 million at 1.4x multiple on the cash consideration. We estimate free cash flow from the assets to be around $140 million in 2022 using $65 Brent, a free cash flow yield of approximately 30%. The assets had 2P reserves of just over 100 million bbl at the end of last year, giving an acquisition price per barrel of around $5. As detailed in today's press release, we received government approval concurrent with signing and fully closed the transaction on the 13th of October. The effective date is the 1st of April, which explains the lower cash consideration paid versus the headline purchase price. To fund the transaction, Barclays and Standard Chartered provided Kosmos with a $400 million bridge loan, with the remaining consideration funded from a drawing of our RBL. The company expects to refinance this with proceeds from a future $400 million senior notes offering and an equity offering of approximately $100 million announced yesterday, enabling the company to accelerate the delivery of our financial targets. The Jubilee field is unitized across two licenses, and there's a 30-day preemption period on one of the licenses, Deepwater Tano, which also includes the TEN field. The table on the right shows the interest post-transaction, assuming no preemption. If preemption is fully exercised, Jubilee is only minimally impacted, with our interest in Jubilee reduced by 3.8% to 38.3%, whereas the reduction in TEN will be more significant, with our interest reducing by 8.3% to 19.8%. Even with preemption, the transaction remains highly accretive given the increased stake in Jubilee. Turning to slide four. We are acquiring assets that we know extremely well. Over the last two years, you've heard me talk about the partnership's efforts to improve operations at Jubilee and TEN. As the operator reported as part of their half-yearly results in September, the partnership has continued to make very good progress, and the chart on the bottom of the slide highlights the key areas of focus. First, uptime of the two FPSOs has been high. TEN has always had high uptime, but through the work we're doing with the operator, the Jubilee FPSO is now seeing similar results. Second, Jubilee water injection is around record levels and significantly higher than recent years. With increased levels of water injection, we're better able to manage reservoir pressure, which helps mitigate natural decline. Finally, we're seeing increased commitment from the government to prioritize gas from our fields, which provides a useful outlet for the gas and reduces the need for reinjection into the reservoir or flaring. With growing gas offtake and sustained high levels of water injection, we're better able to manage the gas-oil ratio, which should drive higher levels of oil production in the future, particularly as we add lower GOR wells in Jubilee. Turning to slide five. We continue to work closely with the operator on projects that can deliver enhanced reliability and performance in the future, and we see the greatest near-term upside potential at Jubilee, where we have a larger working interest. This slide focuses on the plans to grow production and margin at Jubilee over the next two years. We returned to drilling at Jubilee this year, adding the first wells in over two years. A producer and injector were drilled in the first half of the year, and the producer came online in July and the injector in September. Initial production has been positive, and Jubilee is now producing over 80,000 bpd gross. A second Jubilee producer should come online around the end of the year, which we expect to allow Jubilee production to exit the year at greater than 85,000 bpd gross. With additional low GOR wells added from Jubilee Southeast in 2023, we plan to grow Jubilee production back to around 100,000 bpd gross. The bottom chart shows the attractive cash margins of the Jubilee barrels. At $65 Brent, total cash costs are around $30 per bbl, split roughly 1/3 OpEx, 1/3 maintenance CapEx, and 1/3 cash taxes, generating a total cash margin of around $35 per bbl. At current oil prices, there's further upside to that margin. As production rises in line with our expectations, per unit economics should continue to improve as some fixed costs are absorbed by an increasing number of barrels, further improving the per barrel cash margin. Turning to slide six. Now that we've described the assets, I want to walk you through the positive impacts it has on Kosmos. As I mentioned in my opening remarks, the transaction accelerates Kosmos' strategic delivery. It does so in three ways. First, the acquired assets generate significant free cash flow. At $65 Brent, we expect the assets to generate around $1 billion of incremental free cash flow between now and the end of 2026, over 2x our initial investment. In addition, the assets are expected to produce through license expiry in the mid-2030s, generating an attractive multiple on our invested capital. Second, we expect the assets to materially enhance EBITDAX and cash flow, allowing us to grow the company organically while reducing our absolute debt. With rising EBITDAX and excess cash to further pay down debt, we expect the transaction to rapidly accelerate the pace of deleveraging to our target level of 1x- 1.5x. Third, after paying down debt, we plan to use some of this additional cash flow to fund our growing gas activities in Mauritania and Senegal, including our remaining CapEx to first gas on Tortue Phase 1. On the right-hand side of the slide, you can see how the portfolio mix is expected to change as our LNG activities in Mauritania and Senegal ramp up. Having high-quality, low-cost, lower-carbon oil assets to support our growing gas portfolio is key to Kosmos' differentiated approach to the energy transition. Turning to slide seven, which shows that the significant value in the assets being acquired based on third-party data from our independent reserve auditor, Ryder Scott. The $550 million paid for the Oxy assets implies an attractive 23% rate of return on just the proved reserve base using our year-end 2020 reserve report at a flat $65 Brent price. On a proved plus probable basis, the NPV10 of $1.6 billion shows there is significant additional value from our current infill drilling inventory, which has identified approximately 50 opportunities. Drill out of that defined inventory has commenced and is expected to increase our return on investment to around 3x. Lastly, there's additional upside from the potential acceleration of production with a second rig and through possible reserves. Both of these, in addition to the potential for higher nets and oil prices, allow for this transaction to generate even more value for Kosmos' shareholders. Looking at the top right chart at Jubilee, total oil in place is estimated to be around 2 billion bbl. The field came online in 2010 and has produced just over 300 million bbl over the past decade, a recovery factor of around 16% so far. With almost 400 million bbl of remaining 2P reserves, the field has a 2P reserves to production ratio of around 14 years on current production, so a considerable runway of future opportunity. At TEN, total oil in place is estimated to be around 1 billion bbl, with less than 100 million bbl produced, a recovery factor of around 10% so far. With approximately 175 million bbl of remaining 2P reserves at TEN, the field has a similar 2P reserves to production ratio as Jubilee. Turning to slide eight, which looks at the financial characteristics of the transaction. As I've said, the transaction is accretive on all key metrics, enhancing EBITDAX, cash flow, and net asset value per share while accelerating our deleveraging plans. On the bottom of the page, you'll see how we plan to utilize the cash flow generated from the business. The acquisition adds material operating cash flow with low maintenance CapEx, adding to an already strong free cash flow profile of our existing base assets. We plan to prioritize the extra cash flow towards debt reduction and funding our remaining CapEx on Tortue Phase 1. Turning now to slide nine, which looks at how the transaction fits with Kosmos' disciplined financial approach. We're on a committed path to lower leverage. In 2020, leverage was elevated through a slight increase in debt and a material reduction in EBITDAX due to record low oil prices. We reduced net debt by around $100 million in the second quarter, with further progress expected through year-end 2021. EBITDAX is also starting to increase, with 2Q 2021 EBITDAX over 3x higher than the same quarter last year. This means our leverage, which uses trailing 12-month numbers, will be significantly enhanced as we move through the year with another step down after our current hedges roll off later this year. The transaction adds material EBITDAX and cash flow and is expected to accelerate our deleveraging plan by several years. We are now targeting leverage of less than 2x by year-end 2022 at $65 Brent and closer to 1.5x at current prices. We have a disciplined returns-focused approach to capital allocation, only investing in the most compelling opportunities across the portfolio. This acquisition generates returns in line or ahead of our organic investment opportunities, therefore, is the right place for Kosmos to invest. Going forward, our development drilling opportunities in Ghana are some of the best opportunities in our wider portfolio. We have an active hedging strategy which limits the downside and retains exposure to rising prices. For the assets being acquired, we plan to hedge around 60% of the production for the next 12- 18 months, with minimum floors around $70 per bbl. Given the attractive levels current futures are trading at, we can ensure we de-risk our deleveraging plans and crystallize our investment returns by significantly removing the price risk from the acquisition. Post these additional hedges, we plan to prudently continue our hedging program to limit downside for our current barrels as well. We will also consider additional M&A, but will remain highly selective and only pursue opportunities that are a strong strategic fit with Kosmos' existing operations and grow shareholder value. Today's deal was very similar to the transaction we did in Equatorial Guinea, where Kosmos was a credible buyer of assets that had a strong strategic fit. For today's transaction, Kosmos' established track record in country enabled us to become the preferred buyer and close the transaction. With this transaction, Kosmos has a very strong organic growth story over the coming years, both from the growth expected in Ghana and with Tortue coming online. We continue to seek out unique opportunities where our differential ability to transact can deliver value for our shareholders. Finally, once leverage is within our target range of 1x- 1.5x, we'll look at shareholder returns through either dividends or buyback. Clearly, this transaction moves us closer to that point. Turning to slide 10. Kosmos has had a presence in Ghana for the last 17 years, with a long history of being a valuable partner to the country. We discovered the Jubilee field in 2007, which was the first commercial hydrocarbon discovery in the country's history. We have had a consistent and highly active presence over that period, with a fully Ghanaian team operating on the ground today, have maintained positive relationships with the key stakeholders in government, business, and local communities. We remain committed to local content and have had real success with our award-winning Kosmos Innovation Center, a program we set up in 2016 to invest in young entrepreneurs and small businesses in Ghana. As we increase our interest in the country through this transaction, we are committed to growing the impact of the Kosmos Innovation Center, as well as investing in other key local projects. This strong track record is the basis for the government support for Kosmos increasing its presence in the country through this transaction, and is a differentiator for Kosmos. Finally, on the environment, the Jubilee TEN partnership is working to reduce emissions across operations in Ghana. We're targeting the elimination of routine flaring by 2025, and are working with the government to develop gas resources to provide lower cost, lower carbon power to Ghana. Kosmos is also committed to mitigating emissions through nature-based carbon capture projects and is already invested in a reforestation project in country in partnership with Shell. Turning now to slide 11 to conclude today's presentation. The acquisition of additional interest in Ghana accelerates Kosmos' strategic delivery, adding strong near-term cash flow from high-margin oil assets, enabling the transition to a more balanced oil and gas portfolio. We're acquiring the assets at a compelling valuation, and there is long-term value in the resource base across Jubilee and TEN, and significant near-term value upside potential from oil price, production, and margin growth. The transaction is highly accretive across all key metrics, including EBITDAX, cash flow, and net asset value per share. We expect the transaction to materially enhance our free cash flow profile and accelerate our deleveraging plans. Finally, the transaction is aligned with our ESG agenda, growing investment in Africa and supporting the Just Transition to deliver tangible economic and social benefits in Ghana. Thank you. Now I'd like to turn the call over to the operator to open the session for questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Our first question is from Charles Meade with Johnson Rice. Please proceed. Yes. Good morning, Andy. This looks like a really attractive deal for you guys. I'm curious, why not take down the whole of Oxy's position? Was that an option? If it was, how did you pick the size of the piece you wanted? Oxy worked a deal where there was an opportunity for both Kosmos and GNPC to gain additional shares. I think the structure of the transaction was good because it's enabled a very simple partnership now. The same players involved. We have a very aligned partnership now with both Kosmos and GNPC having enhanced stakes. Actually alignment around ourselves, Tullow, and GNPC on delivering the maximum value from those assets. I think that the structure whereby there was a sale to both Kosmos and GNPC was good for all parties, and one that we fully supported. Got it. As a follow-up, a little on that same question of ownership structure. Depending on what happens with the pref rights, you guys might wind up with the largest working interest percentage in Jubilee. Conceivably, that could put you in line to become the operator. Is that something that we should think about as a possibility, or is that not on your horizon? Charles, I think we have a very good working relationship with Tullow. I think the new management team have done a very good job on improving the operational performance of the fields. It's been a very collaborative relationship between ourselves and Tullow at all levels. From the CEO down to the working teams. I've got a huge amount of respect for Rahul, we have a very good working relationship, so we have no desire to change that. We're confident of our ability now with a very simple partnership between ourselves, GNPC and Tullow to continue that. The relationship with GNPC is also very strong, and we're pleased that they have a larger stake, and everybody's aligned on the future. The deal is clearly good from a financial perspective, but from a strategic perspective, I think it gives us exactly the partnership we want for the future to create the maximum value for our shareholders and all the stakeholders in Ghana. Got it. Yeah, that slide four you had really laid out the operational improvements over the last several years well. Thanks for that, Andy. Great. No, thanks, Charles. Our next question is from Bob Brackett with Bernstein Research. Please proceed. Good morning. Thanks for taking the question. A two-parter. One on the CapEx. You mentioned the $10 a bbl of maintenance CapEx, but clearly there's a growth trajectory for the assets. Can you help us think about the CapEx over the next several years? Yeah. Go ahead, Neal. Yeah, thanks, Bob. I'd say, it's hard to differentiate between the maintenance and growth CapEx, particularly as the growth is largely coming through Jubilee. It doesn't require additional wells as much as the next phase of growth will come along from the delivery of Jubilee Southeast in 2023, as Andy sort of talked through. It's a bit of a wash in there, but it's a pretty low number. We've carried around $100 million net to our current interest in the past as sort of the maintenance level. That's, I think, what you should count. One of the things we are discussing, as Andy mentioned as well, is adding a second rig, which would increase that a bit, to the extent we want to accelerate some of the activity in TEN, which is part of what we're looking at. It's not a lot of additional capital, which means both our existing asset and the additional acquired interest will be able to contribute substantial free cash flow over the next few years, even as we grow the production levels. Okay, thanks for that. The follow-up would be, I love the concept of hedging with minimum floors on the acquisition. Why not dial that 60% number up, and then why not even think about that hedging strategy across the entire production base? No, appreciate the question. Yeah. I think, in the past, our hedging strategy has been to do around sort of 60%, 65%, 70% of the first-year production and then go out several years out. We've consistently done that, and it's not around speculation, but actually ensuring that we have the cash flow to run the business. We don't take a view on the oil price. What we're trying to do is make sure that we can fund the program and de-leverage the business over time. This is a slightly different situation in terms of we are taking on additional debt. It's clearly very leverage accretive and, given where the curve's moved, particularly over the last two months, it provides a unique opportunity to ensure that we lock in the deal economics and at the same time, get to that leverage goal that we've talked about on an accelerated basis. There's nothing magic around the 60% of 2P level. You do want to make sure that you have some downside, some tolerance for operational shifts. I think we're hedging out enough cash flow to protect the deal economics and get to the end leverage target. Okay. Yeah. What I'd add, Bob, is that with the deal closed, do we have the consents in place? We have the ability now to move on the hedges. We're not waiting for the deal to close. I think that an important part of the structuring of this was to make sure that we were fully closed, and therefore could move ahead. Great. Just to clarify the hedge. In the past, you all have used a range of types of hedges. This sounds like, given that you're retaining the upside, that sounds like you're structuring puts. Is that fair? Well, we haven't put them in. We'll look at the combination of puts, swaps, and collars as we have in the past. Again, the specific instrument we use will depend on the day, but at least we want the minimum floor that we'll get to is $70. We may do better. Great. Thanks for that. Puts, please. Got it. Our next question is from Neil Mehta with Goldman Sachs. Please proceed. Hey, good morning. Thanks for taking the question. This is Nicolette Slusser on for Neil Mehta. We just wanted to ask about the remaining Tortue financing for Phase 1. On the last quarter call, I think Kosmos was targeting to complete the NOC refinancing in the fourth quarter. We just wanted to know, is this still on track? Is the full remaining CapEx now expected to be financed from the incremental Ghana position? If you could just remind us how much CapEx is remaining on the project as it relates to Phase 1, that would be great. Thank you. Sure. Yeah. While this provides the cash flow to fund the remaining amount of Tortue, it hasn't changed our objectives in terms of the financing plan related to Phase 1. The NOC financing in terms of putting that in is still on our list to do, and we're still targeting to get that done by the end of the year. As far as additional capital in Tortue for Phase 1 to first gas, our current estimate on that CapEx number is around $300 million within the 2022, 2023 period. Thank you. Really helpful. Then just a follow-up. In the deck, mentioned targeting dividends and buybacks when that leverage target reaches the 1x- 1.5x range. Is there any sort of preference that Kosmos would be placing in terms of priority around dividends or the buybacks? Yes. I'd say, we'll look at that when we get there. I think a large of it depends on where things are trading at that point in time. It's not something we'd make a decision on today, but we'll evaluate it once we get to that leverage target. All right. Makes sense. Thank you. Our next question is from Nick Stefanou with Renaissance Capital. Hold up. You may proceed. Good morning, gentlemen. It's Nick from RenCap here. I'd like to congratulate you on what looks like a really good deal. Well done. It's been the third [IO 1]. I think you create value quite a bit from M&A. I have two questions to ask, please. I just want to understand how competitive this process was. In general, if I look at the broader kind of landscape, should we expect deals from the market to be at around this kind of valuation levels that be maybe half the price of what it should be? If you could comment that would be helpful, please. My second question is on production. Andy, is that 100,000 bpd for Jubilee, is that contingent on bringing a second rig on, or is it just with the single rig you plan to reach that level? What is it that the second rig will be doing then? Would it actually manage to bring production even higher at Jubilee and kind of like drill a couple of wells each year for TEN? Is that how I should be thinking about it, please? Thank you. Hey, Nick. The competitive process, I think the media has sort of talked about various parties being involved. I think what differentiated Kosmos ultimately in it was the fact that we have a long track record in Ghana. We've been a positive influence on the partnership. Actually have a long track record of a positive contribution more broadly to the country. As Oxy was looking to structure their exit, I think that the combination of increased stakes for both Kosmos and GNPC was the structure that shone through. I think we were able to take advantage of that in terms of our competitive positioning. Look, I think there were plenty of people interested, and I think ultimately we prevailed because at a good valuation, because I think of the track record and contribution that we've made in the past and will make in the future. I think, as you look back at deals that we've done, I think that the differentiation of what you bring is important. We've clearly, as you say, in the Equatorial Guinea deal, as I mentioned in our remarks, I think there was a similar set of circumstances. I think we're careful about where we do business, how we do business, and the deals that we pursue are ones where we believe we have a differential advantage to create value for our shareholders. On the second question, look, I think going forward, we see opportunity in both Jubilee and TEN. We are clear, I think, on how we're going to unlock that opportunity set. There's Jubilee Southeast to pursue in 2023, which I think can actually occupy a pretty fulsome rig line. There's the pace at which we open up new opportunities in TEN. I think it's when we have both of those operating in parallel, which could be as early as the end of next year, that sort of timeline as to how do we then operate with two rigs. I think there's plenty of opportunity. The most important thing now is to get sort of the sequencing of the opportunities right so that we can maximize that recovery and actually accelerate the delivery. I think we see plenty of opportunity. I think ultimately, there is a two-rig line to pursue. We just need to make sure that we've got the timing exactly right versus the build-out of the infrastructure so the wells come on at the right times. It's sort of that optimization, Nick, that we're going through with the operator at the moment. Okay. Thank you. Just a quick follow-up here. When you sold your frontier exploration portfolio to Shell, I think there was a contingency that if the next four wells that Shell would drill there, you get $50 million for each discovery, up to $100 million. I think that some of these wells are about to be drilled, or what's the update there? There could be some potential windfall here, so I just want to know when that'll be happening, if it's going to happen. Yeah, I think obviously Shell are obviously pursuing those opportunities now. I think my best understanding is that the first of those wells could be drilled this quarter with subsequent wells in 2022. That drill out of the portfolio they acquired will happen over the next 12 months. Okay. If there is a discovery, you could get maybe $50 million, or is it conditional appraisals and other things? No, I think the way that the deal is termed is that with a discovery and the submittal of an appraisal plan, then the upside is due to us. Understood. Thank you so much. Great. Thanks, Nick. As a reminder to star one on your telephone keypad if you would like to ask a question. Our next question is from Mark Wilson with Jefferies. Please proceed. Hi. Good morning. Some of my questions have been answered. I was going to ask about acceleration of getting a second rig in, but I think you just answered that talking about the end of next year. Some points I'd like to cover off. The reserves you show, $104 million, are quite a bit different from the operators implied $88 million across those two assets. If you could speak to the difference there, please. I think it may be related to the TEN field. Secondly, we noticed how Oxy had a settlement of a tax situation. We know that Tullow has one as well in Ghana. Just wondering if there is any position or a tax discussion dispute going on with Kosmos if you could just answer that. Finally, production from here is the big question, and the last few years has really seen oil gently declining while gas production has stayed constant. Could you just outline the steps, Andy, towards getting to a zero flaring or lower gas offtake, if that indeed is the case, by 2025? Thanks a lot. Yeah. Okay. On reserves, Mark, it's always hard to actually comment. We have our own independent reserves auditors, Ryder Scott, do our reserves, and we've seen a consistent approach with that. I think the difference is actually, again, I'm not quite sure of the timing, but I think the differences are relatively minor. Again, we have our own track record with Ryder Scott, and obviously we stand behind that. On tax, as part of their exit, Oxy settled their ongoing tax audit issues. Every company operating in every jurisdiction always has tax audits that need to be settled. Obviously, it was important for us that Oxy settle those on exit. With regard to our own position, we don't believe that we have any material issues. Clearly, there's always ongoing discussions with the GRA, but we don't believe that we have any material ongoing issues. In terms of flaring, we've got a really good plan between ourselves and the operator to get to zero operational flaring by 2025. There's plenty of opportunity for the usage of the gas within the country. For us, this is an absolute win-win. We're clearly lowering the carbon from the flaring, but actually the gas is going to use where it's displacing diesel in power generation, which again, is an additive additional benefit from it. I feel good about these are assets which are both low cost and lower carbon. I believe by the middle of the decade with the flaring significantly reduced, then we're in a position where these are truly top quartile oil assets from an emissions perspective globally. We've got very good plans in place to do that. Okay. Thank you very much. Great. Thanks, Mark. Amazing deal. Good luck. Great. Appreciate it. Thank you. Since there are no further questions at this time, I would like to bring the call to a close. Thank you to everyone for joining us today. You may disconnect your lines at this time, and thank you for your participation.