Strike Energy Limited

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Yep, so we'll just give it a minute for people to join. All righty, might kick things off at 8.30. Good morning, everyone, and welcome to Strike Energy's Q4 FY25 quarterly activities and financial webinar. Thanks for joining us this morning. We're going to run this very similar to the way we have in the past. I'm joined by Peter Stokes, Managing Director and Chief Executive Officer, and our Chief Financial Officer, Tim Cooper. Shortly, I'll hand over to Peter to give a presentation and then we will follow this up with a Q&A at the end of the session. Thanks to those who have already submitted some questions. If you have any questions that you want to ask and haven't pre-submitted, please use the open chat button. If you use the pre-submission, it will be difficult for me to find them. So use the chat button in the webinar. And the session will be recorded and posted on our website around this afternoon. So over to you, Peter.

Thanks, Emma, and welcome to the call as well. I really appreciate the opportunity to talk to you all. And as Emma said, we're happy to take as many questions as we can at the end. And I think the other thing we'll also do is try and address any that we can't get through. We often get quite a few and we'll go through the ones that have been posted already first and then try and address as many as others as we can. The front slide you'll see there, we've had a lot of progress up at South Arigala on our precinct on the farm that we own. You can see in the background there, that's the engine shed. It's about half built now. So the roof and other parts are on most of the shed now as well. And in the foreground, you'll see the makeover of the key gas well that we're doing the work on at the moment. So you can take away from that is that we're progressing really well with our integrated power solution up at South Arigala. We're still very focused on ensuring that we get that online by the 1st of October next year. And we've been getting senior management up there regularly to engage with the teams on site and the various contractors, as well as ensuring that we're still driving that progress and in parallel engaging with key authorities in government to ensure that all of the various parts that we're working towards, particularly with Western Power on the line, the connection line, which we'll come to a bit later, is all in place so that we can go live as planned. If we just go to the next one, please, Emma. So in summary, I think a couple of things. The last time we were on the webinar, we talked about the strategic review. And we're happy to go through some of that. We'll pick up some of the key points from that. And that's a critical part of where we are now and where we're heading. I also wanted to ensure that we've now done the transition Jewel Hoffman has handed over to me to lead the company. I wanted to thank Jewel for all the work that she did while she was in the seat for the last six months or so. Last week, we announced the strategic investment by Carnarvon in the business of $88 million via a placement, in addition to the $10 million share purchase plan that we'll have in parallel, with the option to increase that by another $5 million if there's that level of interest. Ocean Hill continues to progress well and we'll be able to provide an update with the full year results, but the Ocean Hill share 3D seismic work has identified a number of really attractive targets that we're looking to do an exploration well on on the back end of next year. And as I said, the 85 megawatt peaking plant at South Eric Yellow continues to progress well. On that note, I'll hand over to Tim to talk through some of the financials and then I'll pick up the operational part of the business again.

Thanks, Peter, and welcome everyone this morning. Look, it's been a strong quarter to strike. Sales revenue at $18.3 million. The operations team has done a great job in maintaining production at 25 terajoules a day to meet our firm contracts for a total of 2.3 petajoules. The realised price there for gas and condensate, the reduction there is just a reflection of the US denominated contracts and foreign exchange. um excuse me on exploration and appraisal that's predominantly the natter 3d seismic work of which we've we've communicated previously that that's with independent certifiers at the moment and expecting those results and share those with the market in december 25 Development expenditure in line with current forecast on South Yarragoa Peak and Power Plant at $21 million and the Wallyering Compression Project at $1.7 million. That compression is expected online in January to support ongoing production at Wallyering. Available liquidity is a combination of cash at 30 June and undrawn debt of $76 million, and I can confirm that that tranche one cash, $51.6 million, has been received from Carnarvon already. So I think well placed going forward after a strong quarter, and Peter, I can hand back to you. Thanks, Tim.

I'll run through each of the projects, the status in the last quarter. So starting with West Arigula and Arigula Deep. So key part of the strategic placement enables us to continue to work down towards FID at the back end of next year, which is our target. We're working closely with our joint venture partner on doing that. We'll refine the works that need to be done, at least one well and a couple of makeovers over the next number of months. We're working through, as Tim said, on the deep seismic work from the NADA survey, our seismic work. And then we're also looking at working through what the downstream developments look like for both ourselves and our joint venture partner. On South Arigala, the integrated power plant continues well on target for construction, and we're now looking at the option of an additional 15 megawatt expansion, which would come online a year after the current project goes live next year. At Well Yearing, we're producing online, producing at nearly 98% capacity at the moment. We're producing 25 terajoules a day to both with gas going to both Santos and Atlanta. We generated around $70 million of revenue for this last year. The field and we're now working on a number of projects including compression and near field exploration to continue to ensure that we can produce at similar rates and ongoing for that project through to the end of the Santos contract. Exploration wise, the seismic data that we've done around Ocean Hill is in final stages of interpretation. That's being taken through third party verification and we'll share that as part of the year end results. But as we said earlier, that's looking quite prospective from what we're seeing. The strategic placement really enables us to then look at options of how we move that forward of that project, subject to us locking in a couple of other key costs in the meantime. But current intention is to start on the exploration well towards the end of next year. On the next slide, the rationale for the transaction with Carnarvon. So we have a $85 to $88 million strategic placement by Carnarvon in Strike via two-trunch equity investment. Issue price was $0.12, as we had talked through last week, with the tranche two being subject to shareholder approval, and I'll run through some of those dates shortly. There's a non-underwritten SPP for up to $30,000 a shareholder at the issue price to raise an additional $10 million with the ability to accept oversubscription for another $5 million subject to shareholder approval during next month. Key purpose of the strategic placement, it really enables us to deliver on the strategic plan that we talked about earlier. Four key areas that we'll focus on. taking West Arigala to FID, finalising and getting the revenue generated from South Arigala, working through an expansion of South Arigala, doing the additional work that we're hearing to ensure that it continues to produce at current flows. And then towards the end of next year, as we start to generate funds or revenue out of South Arigala, the ability to commence our exploration. at Ocean Hill and then down the track at Catatheni as well. It enables us really to deliver on the strategy of the business, ensures that we can then start to deliver our integrated solution, and it also now starts to give us options about how we and our joint venture partner develop the West Arigala project beyond next year once we've got FID in place. The timetable which was outlined last week, the placement was announced on the 22nd. Settlement, as Tim said, actually happened last week, so on Friday we received the funds. There will be an extraordinary meeting on the 11th of September, and the record date for eligibility in the SPP was at 5pm on the 21st. The documents will come out on the 8th of August and then with an extraordinary meeting on the 11th of September and a closed date for the SPP on the 18th of September with the announcement of the SPP participation and results and issue of shares on the 25th of September. Just to really reiterate what we talked about in this strategic review update, strikers of businesses exceptionally well placed in the WA energy market to be a critical enabler both for power generation and gas. It's very clear from some of the recent announcements from the government and the various authorities that there is a looming gas gap and also a large opportunity for gas fired, both peaking and mid merit power over the next number of years. We will be able to deliver reliable and responsive gas, so our peaking plant is able to start up on short notice. As we alluded to last year in FID, it will run around 20% of the time and fill a critical gap with the renewables that are now in the market. In the evenings, as battery power runs out, the peaking power becomes a critical part of that. It's been strongly endorsed by the government, and that's reiterated by the encouragement to put an additional 15 megawatts, as well as what we've been talking about for West Arigala, where we're looking to use that gas to provide an additional around 200 megawatts of merit power. So as we work through FID next year, those options will become much clearer on West Arigala. It's also very clear in the WA market that there are declining gas reserves, and we're well-placed to provide additional gas through a number of our assets, whether that be West Arigala, Waiyaring, and Ocean Hill, and down the track, Katatheni also. There's also some of the policy shifts that the government is now starting to make are really providing opportunities for us to provide gas into the domestic market as well as additional power into the market as it's required. So in summary, the investment highlights for the business as we are Western Australia's newest gas provider will become the first fully integrated gas to power provider in Australia and thereby unlocking higher margin opportunities for the business. We have a high quality asset base and we've got tier one resources in a location that's very well located, both between the two key pipelines in Western Australia, but also importantly, close to the electrical infrastructure so we can connect into that and provide additional power. We do have options of how the downstream optionality of what we do at West Arigala, and there are a few options that will become clearer as we work through towards FID next year. And so our intention is to get to FID with our joint venture partner by the end of next year, and then be able to, in parallel with that, lay out the options of where we will go with that gas from West Arigala. project was successfully delivered and continues to produce gas at very high availability and it was delivered in a very short timeframe. The funding that we now have ensures that we are fully funded through to develop our core projects as outlined in the strategic review. On that note, Emeril, I'll hand back to you and we can start to go through some of the questions that have started to come through.

Thank you, Peter. Yeah, we might kick off with probably the most asked question that we've had come through, and that is to help everyone understand in detail the cost increase behind the Western Power costs. So what assumptions have changed since FIB? Yeah, if you could help us go through that.

Sure. So I think as we talked to last week in our announcement, there has been an increase in the South Arigala overall cost. The core cost of what we've done there, there's about a 10% increase in the directly controllable costs by strike. And I think that the area that we're working through at the moment, and we've taken a conservative view of what we need to do to link our power plant into the network, We're working closely with Western Power to really get to the bottom of exactly what the costing will be. So what we've got is a total cost to integrate our power plant into the power grid near Three Springs, quite 15 kilometres from our property. A number of parts of that are now locked in and clear. A number of other parts, as we work through with Western Power, it's clear that both the line capacity, the lines are near, or the infrastructure is near capacity And we also need to agree with Western Power what is actually shared infrastructure and what will be ours. And so that's an ongoing discussion with the Western Power team and our technical team. As that becomes clearer, we'll be able to make some announcements of where that gets to. The second part of that is that we'll work with Western Power on different ways to fund that so that we'll look at options of whether there's some joint funding of that of the capital that's required potential to recover some of that then from by Western Power through tariffs and or us through the energy that we provide so that there's not a full up front. But to be conservative, we've taken a view to in our planning that we have the full $30 million in there at the moment. There are some rebates that will come through that as well. But we haven't finalised that yet. So we've taken, as I said, a pretty conservative view to ensure that there's no additional costs that come through for South Arigala. And we're also pushing forward that project forward as quickly as we can, including the testing that needs to be done. So the planning around that testing to ensure that we're on line by or before the 1st of October next year. Yeah, great.

Leads into the next part of the question, which was, have there been any delays to the project? And are you still confident in the 1st of October, 2026 deadline to get the capacity credits? And when do the engines arrive in country?

Yeah. So we maybe take the last one first. So the first of our engines, they're coming in twos and threes each month, the first. arrive late next month, early September. So they're already being shipped. We have 20 engines all together, so they'll start arriving. Yeah, twos and threes each month, we can then start to install those into the shed. All of the infrastructure for the shed will be completed by the end of the month. And then key other components, mufflers and other things have started to arrive. The installation team will start on site over the next couple of months and start putting those in. And then the infrastructure around those is being built in parallel. On the timing, we're confident that we can still hit the 1st of October next year. The back end, several months is in place for cold testing with Western Power. Our joint intention is to try and reduce that testing time for the gensets and the integrated power solutions. And that's what we're working to. But at the moment, our timelines line up with delivery before October 1 next year.

Yeah. And what options are available to defer the payment for that Western Power portion of scope? And if deferment is possible, will this make additional cash available for exploration at Wallyring and Ocean Hill?

Yep. So I think, so just to clear on that one too, so we will do, at the moment, in the way we've done our planning, we've assumed that we have to fund all of that 30 million from capital. Our discussions with Western Power, though, they are very open to different concepts around how they would contribute capital and recover capital. And then also the other part we're working on with them is what is shared infrastructure so that we would actually share the cost of whether that's substations or connections or other things as well. But the options for payment could be through tariffs that we get charged or through us providing energy and we don't get that full revenue, but we effectively OPEX that cost as opposed to capital. Our intention is still subject to where that lands. The funding enables us with both tranches in place and the SVP. We will be funded to do the first ocean hill exploration hole back end of next year, by which time we'll have revenue coming in from both Well Yearing and South Derrigella power plants.

Great. And there is a question around that, which hopefully this is answered, but maybe just to make it clear, why is the drilling for Ocean Hill 2 only planned for the latter part of next year? I know there's a lot of people who are excited to get Ocean Hill drilling and see what that has. But yeah, as Peter said, we want to make sure our development projects are fully funded first.

Yeah, so I think, yeah, I mean, it's pretty simply that, Emma. We want to ensure we've got revenue, the South Arigala Revenue Generating Project up and running and delivering as planned. I think one of the things that we are coming in and seeing this fresh, it's easy to sort of look back. I think one of the challenges Strike's had before is we've tried to do everything at once. The strategic review is very clear on what we're going to do and not do. And we are very focused on the four projects that I talked about earlier. And I think that the sequence of doing those is critical too. So firming up Armway Hearing to ensure that it continues to produce and deliver the 20 TJs every month that we need to for Santos. Ensuring that we get to FID with West Arigala so that we can unlock what is our biggest source, I guess, source of value in the business at the moment. It's a significant asset. and our share of that asset is around 40 TJs a day, so a significant asset that we and our joint venture partner are really focused on unlocking. Then thirdly, ensuring that we've got South Yarra Gallo generating revenue, and then in parallel with that, getting ready to do the Ocean Hill drilling. Some of the drilling that we need to do, there are some longer lead items we're starting to get ready to, or we are getting ready to, get in those longer lead items for our yearing, and then we'll start to look at the early orders that we need to for Ocean Hill to ensure that we can do that. We've secured a rig to do the three holes we want to do for next year. And so we'll start to work through with our rig provider to ensure that that program is clear for them as well and have that locked in to deliver the three wells that we will drill.

Great. We might move to Wolliering. There's quite a few questions coming through on Wolliering. If you could clarify if the proposed Wolliering West well is to support 1P reserves or migrate contingent resource into reserve category, I might take this one. So Wolliering West is a new field, so that's a separate field that sits out to the west of Wolliering. We don't currently have any prospective or contingent reserve or resource in that area. So any success at Wallyering West will add reserves or resources to the Wallyering West field. It's not to support Wallyering field itself. That way it's not a development well. So hopefully that clarifies that.

Maybe just to add on that one is we have done 3D seismic across that now too. So I think one of the things that we are ensuring that we do on all, as we move from exploration into production, we as a group are generally happy with 2D to do exploration wells, although that said at Ocean Hill we've now run 3D. We've done 3D site or combination of 3D and 2D for the west well-hearing well. And we also, the other thing that we're doing on all of these is one, independently verifying our proposed targets. And then also, as we've previously always done independently, we verify all of our reserves and updates that we're doing. And that'll flow into our August numbers when we do, and our year-end numbers when we do an update of all of the reserves across the group. And as Tim said, we'll have that for West Arigala a bit later in the year. We're using another party to do that and that's in progress, but that'll be provided by the end of this calendar year.

Yeah. Tim, maybe one for you on walliering. We've got $1.7 million against the cost of walliering compression in the quarterly. Is that the total cost or is there more to come? Can you provide some guidance around the cost for compression?

There is some further cost to come. We're leasing those units, so we'll see them in the operating cost as we move forward. Yep.

Cool. Great. Peter, what is Strike's current estimate of the amount of recoverable gas in Wallyring East, and is there any chance that that will be tied into the facility in the future?

Yeah. So Whale Year in East currently it's around eight and a half BCFs, but it's still subject to well testing. So we did that well. Our intention is when we do Whale Year in West and do the production testing there, that we would swing that unit across to do Whale Year in East. We haven't given, and we talked a little bit about this in the strategic review update, given where it's located, unless there is significantly more gas for some reason than where we currently think, our expectation is that we'll tie that into the facility a bit later in its life. So get Waring and West up and producing, it's about two or three kilometres to the west of the plant, and we can run the connect that one in fairly simply. The connection to east is a little bit more challenging. We need to run under the highway and it's a little bit further distance and there's some native vegetation that we'll need to get approvals for as well. So we do see it connecting in albeit later into the life of the field.

Yeah, great. What is the expected field decline profile looking like for Wallyring and what is the contingency if Wallyring West doesn't find additional gas? Tim, maybe that's one for you.

If we don't find additional gas to backfill, We have to work with the parties, Santos in particular, around how we manage that gas supply. We are able to buy gas on market to backfill those contracts and supply at an alternate delivery point. We have engaged with Santos early on potential risks around compression and we're quite supportive with Santos in engaging on that flexibility. In a worst-case scenario, there are LDs applicable to not delivering on that contract and then we'll manage that risk as we move forward if it crystallises.

Yeah, great. Back to Ocean Hill briefly, there's a question that's come through from the Ocean Hill appraisal. Is there any obvious location for the exploration well and will the risk resource update be provided to the market prior to the September 11 EGM?

Yes, there is. We have a target there which we're just working through. That independent verification will confirm that, but the team have a preferred location for the well. The update will be provided as part of our August reserves update at the year end, and I think that will That will be clear. I'm not sure there's anything else to add, Emma, to that one, but that's when we'll have an update of the reserves based on the 3D seismic that we've run. One of the other things that I'm not sure is quite clear is we haven't been sitting around waiting to do the seismic work at Ocean Hill. We've had approvals in there for several years. It took a long time to get those approved, given the native vegetation that we needed run the 3D seismic over. So 3D seismic requires a much closer spacing running, you know, obviously at 90 degrees to each other. And so we need, that took a while and we've run that as soon as we're able to. And then that interpretation is running to schedule. But as I said, looking really positive from what we're seeing and we'll be able to provide a lot more detail around that as we get the final results over the next month or so, and then we'll release that with the result, with our August update.

Yeah, great. And apologies, jumping around a bit, but back to Wally Ehring, there's a question that says, in the quarterly, it mentions the fabrication of compressor packages. Are these compressor packages for export gas compression or wellhead booster compression? So just wanted to clear that up and make sure that everyone knows that that's for field extension wellhead compression, not export, as we'd be unable to export gas from walliering at this stage.

And a couple of other things, you know, the cooling and some of the other things that we're doing there as well. So it's a structured, there's a program of, managing the reserves there. And then as part of that is doing the additional well at west. And then, you know, and as I said earlier, looking down the track and potentially tying in the east hole at, you know, once we've got west up and running.

Yeah. So I might touch on West Arigala for a few questions. Noted in the report, the dedicated processing through third party gas processing infrastructure. Does this mean that the AGRG operated processing facility for West Darugulla has been abandoned in favour of third party tolling? And is there any cost to the company moving away from this owed to AGRG?

Tim, do you want to do that one?

Yeah, happy to. Strike's strategic plan, as we've laid out, is about gas to power. And so our plan is to work along the lines of that power plant development. Part of that is to consider maintaining access to gas market and some raw gas being provided through a tolling arrangement, we're still considering all those options and how to best optimise that downstream project. In terms of the AGIG, that is not the current priority and I don't believe we've incurred material costs. Obviously, there's corporate costs involved in progressing that and discussing the opportunity I couldn't give you the value on that, but there is no trailing cost on that opportunity. But to be clear, we're progressing that downstream option in gas-to-power generation.

Yeah, great. There's been a question around the current status of the West Urugula JV. and why there's been another delay to FID and whether you can provide any colour or certainty around what's required to take FID in the second half of next year.

Yep. So I'll jump in and maybe you can add, Tim. So at the moment we're working with our joint venture partner through a couple of things. So one, each year we agree works to be done. That's in process at the moment. So one of the things, you know, we are jointly focused on getting to FID strike as the operator has put a plan to our joint venture partner shortly that outlines what we think needs to be done with FID. Our joint venture partner will then review that. And at the moment, you know, our current thinking is an additional well, well six. and then two work overs during the year that will enable us to have surety around how we get to FID. And then as we work with them, we will start to look at how the lifting arrangement works. There's still some things to work through there if we were to process gas separately or jointly, but that hasn't been agreed yet. So we need to work through that process.

Yeah, look, I think from my perspective, the joint venture is working together to define exactly what steps are required to reach upstream FID. We're aligned in progressing that as quickly and as effectively as possible. And we'll communicate with the market as soon as we've reached that formal agreement on those activities and a timeframe. clearly strikes timeframe that we're working towards is that second half 26. And we expect to do everything in conjunction with a joint venture to achieve that outcome.

Yeah, there's also a comment on here that I just wanted to address that, you know, saying that your explanation was that Hancock needed to assess their options at the two most recent wells on their permits, which have been completed for some time now. If you go to mineral resources quarterly that they released this morning, they've actually outlined that Lock Year 6 is still under assessment and that will feed into their contingent payments. So they're still clearly assessing their fields. Not that it's an excuse, but that is still happening concurrently. Alright, we might move on to the strategic placement that we have a few questions coming in on. Peter, was the placement to Carnarvon or another party recommended as a result of the strategic review? And if it wasn't, when did the company determine it was required?

I think, so having come in on the end of it, I do, through that process, funding options were, through the strategic review process, various funding options for the business became clearer as we wanted to develop these key assets. I think one of the things that became clear, and it's for Tim and I coming in, looking at the project, really challenging the team of where we've got to it, particularly at South Arigala, made it clearer that we needed additional funding in the business going forward. And also enabling us to move the West Arigala project to FID requires additional funding, which we just didn't have in the business. And I think that became clear as we started. So as we locked in the strategic review plans and actions, we have a very strong asset base, as we talked about. We had a The discussions with Carnarvon had started before Tim and I joined and evolved over time to a point where we landed on the placement, which was something that worked for both organisations. There'd been various things considered, but this was the one that ultimately landed that was able to be executed by both companies.

If I could add to that, Emma, just in terms of timing, I think it's important to understand the discussion around long-term funding has been there for some time. The board was considering how best to approach and timing for that funding. What became apparent as we've released recently with South Tarragulla, some risk of well-wearing, et cetera, the timeframe for that funding had shortened somewhat in the very recent past. And so as those discussions with Carnarvon had evolved over time, the consideration for this particular outcome did have to take into account some of the more recent developments within the business and the demand for that cash flow, particularly on the South Aragulla side, where this increase that we're referring to at the moment is to be realised between now and December.

Yep. Tim, maybe this is a good follow-on for you. In the announcement last week there were comments around the strategic partner having oversight on permitted expenditure. Is this a condition precedent reinvestment and is everything that's being proposed broadly aligned reprioritising cash flow versus discretionary?

I think the easiest way to look at it is through these discussions with Carnarvon, we've obviously been sharing the strategic direction as we have with the market. Our view is to prioritise those cash generating projects as quickly as possible and as soon as we have that certainty is to get into exploration and create that pipeline for further cash generation down the track. There is reference to your prioritisation of cash flows in this transaction. So there is, I wouldn't say there's oversight, but we've agreed, you know, Strike is committed to deliver on the prioritisation of this expenditure as we're outlining at the moment. So I don't think there's any sort of obligations beyond what we're committing to market at the moment. That's no different to what we've committed to Carnarvon is to prioritise that expenditure as we've outlined already.

Yeah. Peter, maybe this is one for you. What options will be explored if shareholders vote against the second tranche of funding, and perhaps you can provide some colour on the need for that second tranche of funding?

Yeah. So maybe just step back. So the first tranche of funding enables us to do a couple of key things, ensure that we finish South Arigala as planned, progress with our FID on West Arigala and also enables us to, you know, get and do the Wally Ewing West hole. We start to get pretty tired after that. I think the challenge for us without the second tranche is it really constrains what we can do at Ocean Hill. So I think many of our shareholders have been engaged in this business for a long time as an explorer. We're moving the business to be both an explorer, but also having strong revenue streams in the business. So for me, I think it's an important part to have the second tranche. Should it not happen, I guess we would be looking during the first half of next year, looking at different options about how we would refinance the business, whether that's with some of our current providers and look at other options about what that might look like. But I think it's certainly, for me, I think having a business fully funded makes a lot of sense as a shareholder in the business. I think it enables us to have the opportunity to deliver the key assets we want to, as well as ensuring that we can bring on Ocean Hill, you know, get that into a production status as soon as possible.

Yeah, great. And maybe, and this leads in, there's been a couple of questions around this, and maybe we'll finish on this one, given the time. But perhaps you can just provide a bit of an overview, how successful or were the recent

institutional roadshow that we were on last week provide a bit of color around yeah so um last week we did an investor roadshow on east coast and we had quite a number of meetings i i think um I think a lot of interest in strikers of business. I think there is definitely a recognition that we have a great asset base. I think there's an understanding that without the right funding, we can't bring that to market. And I think that was a clear takeaway from last week. I think clearly we have work to do, being really frank with both our shareholders and potential new shareholders around our credibility. So delivering these projects is critical. you know, having a long-term production profile that while year-end is really important, delivering South Darugella on plan as we said we would. These were the questions that we got asked very similar to today. But I think also importantly, working with our joint venture partner on how we bring West Darugella to market and having a clear plan on that was one of the big areas that we got asked. Overall, I think positive feedback on the company, positive feedback on a reset. I think I'm in a unique position coming in as a new CEO to be able to go look at where we are in the business and say, here's how we go forward with the insights from the strategic review. And I'm very strongly support the four focus areas that we're focused on. And I think that'll give market confidence as we deliver against each one of those. The other thing that we probably took away was regular communication to our shareholder base is really critical. I think we've not always, we haven't done that regularly enough, particularly the last number of months. Without the permanent CEO in place, that was difficult. And I think we will ensure that we keep engaging the market regularly to bring updates as we're able to.

Great. All right, well, we might wrap up there given the time, but thank you everyone for joining. And as I mentioned, this will be recorded and posted on our website in case anybody popped in late, but thank you and talk to you soon.

Thank you. Thanks everyone.