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spk06: A warm welcome to first quarter 2024 presentation by BW Energy. This presentation will, as usual, be hosted by our CFO Knut Setra, our COO Lynn Espy, and myself, Carl Arnett. It's a pleasure to welcome you to another eventful quarter for the company. But hopefully you will see that it's eventful in a very good way. So I will dive straight into it. And please note our disclaimer. And then we have the first quarter risk highlights. Our net production from Gabon and Brazil was 27,300 barrels per day. average, and we achieved first oil from Hibiscus South in early March, and we're very proud, rightly, that this was five months after initial discovery. The second Hibiscus South well confirms the northern extension of the Hibiscus South accumulation, and again with good reservoir quality. I will come back to that in more detail later. We have also made a substantial oil discovery on the northern flank of the Hibiscus main field. And that will also be covered in more detail later. We also executed a sale lease back of the Marboma facility with 10 year lease term in April. $150 million. The Q1 EBITDA. was 109.7 million, with a net profit to company of 47.4 million. We had three liftings in total of 1.9 million barrels. And our cash position was still healthy at 150 million. We do invest significantly, as you can understand from our program, but that's all to the benefit of our shareholders. The Golthino prepayment facility was extended and increased to 120 million. We managed to stabilize production at a higher level, even though we're still pending ESP, new ESPs, and we managed to put new wells into production. But so we have managed to recover. but we still haven't finally solved the ESP problems. With respect to our LTI, we recorded no LTIs in the first quarter of 2024. We further had no environmental incidents, and we continue to progress very well on our local community initiatives, and we are a very active participant in a number of programs to help local communities where we operate. So a bit more granularity on the DUSIFU status. In terms of production, the net production in the first quarter was 1.66 million barrels equal to 18,260 barrels per day. OPEX was reduced suitably down from current or previous levels to 23 dollars per barrel and that was we did achieve significant operational efficiency gains and of course also some production growth compared to previous quarters we are progressing on the esp solution we have three conventional esp systems ordered And we aim to install these shortly as per our work over schedule. We have an additional four conventional systems that is expected to be delivered in the Q3 2024. And they will also be installed as per the work over schedule. Presently, the FPSO Adolo is shut down for annual maintenance and tank inspection. We expect this to take a bit more than three weeks, a bit early to say yet because of the tank inspection. But of course, we are progressing as quickly as we can. And of course, we are continuing unabatedly with our drilling program. Again, Hibiscus has proved to be a very prolific area. We established First oil from Hibiscus South in March, less than five months after discovery. And the well is producing 7,800 barrels per day, which is, of course, very useful. The 2P pilot or the Hibiscus South pilot number two has confirmed that there is a northern extension of this Hibiscus South field. And we aim, of course, to put this in production later in 2024. And it's currently being evaluated in the totality of our very, very much ongoing extensive drilling program. We also made a pilot and discovery in the northern flank of the Hibiscus main field. This is the first instance where we see a common gum bud and tall hydrocarbon accumulation. And it's very, very, let's say, it gives us a good indication that there will be a notable increase to the oil in place and the recoverables reserves of hibiscus. This again, underpins the very good performance of the hibiscus six h which is flowing naturally still and flowing very well this i think shows that our strategy of infrastructure-led exploration or appraisal is working out extremely well and we are adding to we are able to add significant reserves to the already discovered resource. Back to the Hibiscus Rouge drilling program. We are discussing a significant extension of the drilling rig contract with our supplier. We will of course aim to complete the two production wells. The well into the northern extension of the southern Hibiscus south. and the northern extension of the Hibiscus main. We are, of course, also planning to do a number of work orders related to the workovers related to the installation of the new conventional ESPs that we have on order and is being delivered as we speak. And of course, the objective is to increase juice and fuel production up to the Adolo nameplate capacity. Another key target for the company is to drill the BRBL, Prospect B formerly called, as the fourth appraisal in this drilling campaign. Then on to Golfino. I would very much say steady as she goes. We have had very stable production at Gofino. We achieved 82.82 million barrels in a quarter, about 9,000 barrels per day, with an average cost of $48 per barrel. We are progressing very well with the infield development plans towards FID this year. These are two wells that will give us, very low risk wells they are, so that will give us additional oil and gas production. This will of course be useful in reducing our per barrel cost and we also expect significant positive impacts on the reserves. We are in the process of securing all the long lead items, and we are looking at various drill or rig opportunities to entertain this program. Then on to Maromba. Not a lot of new things to report on Maromba. We are progressing. We are in discussions with Costco, shipping heavy industry related to the conversion program. And we are looking at the Wellhead platform concept and discussion with companies to undertake that work. Again, to repeat, the expected annual production is 30 to 40,000 barrels per day. The project economics is very solid and We are beavering away to have a FID as soon as we can get all the I's dotted and T's crossed and get everything organized. Kudu. Super exciting. Another major discovery outboard of us by GALP reported 10 billion barrels of oil in place. 60 kilometers distance from us. We completed our 3D seismic processing in May, as we have previously reported. We have, however, in light of the new discovery, and we have been able to access further seismic data just outboard of our block. And we have decided in light of the recent developments to bring that into our data set and to extend our analysis of our own position. And we see Of course, we find this extremely interesting, and it gives us a lot of good data points. We have secured long lead items now for a 2025 exploration program, and we are in the process of exploring various rig alternatives, and we have very productive dialogues with the other operators in the Orange Basin. We're also progressing on our concept development for the kudu gas to power project. That ends the operational update. I think I will then leave the word to you Knut to take us through the financials as usual.
spk01: Thank you Carl and welcome to the financial section of the first quarter 2024 results. First of all, we have been busy on adding on new financial resources. We closed a prepayment facility for Gofinio that we had in place already, but we managed to extend and increase that from $80 million to $120 million. And that new facility, that's a 12 month facility that was fully drawn at the end of the period. In addition, entered into an agreement on a lease or sale and lease back for Mabomo. The agreement was for gross $150 million, where of $110 million were to BW Energy, according to our ownership of the license. So this is to fund further our growth strategy, including the Gabon development projects. So this is a 10 year lease with an option to repurchase the unit from the end of year seven. We've also been active on other financings mainly for Maromba, where we're working on Chinese ECA financing and also with banks in the Middle East and also with other international RBL banks. To the income statement for the first quarter, we had operating revenue of 185. We had three liftings of 1.9 million barrels in the quarter versus four liftings of 2.7 in the fourth quarter. the main reason for the reduction in revenues, number of liftings. We had a loss from oil derivatives of 3.3. However, 3.8 of that was unrealized. So we'll see how that goes for the next quarter with the current oil price. Operating expenses was lower, $72 million. which then gave us an EBITDA of close to $110 million for the first quarter, so another good quarter for BW Energy. Depreciations and amortizations are in line, giving us an operating profit for the quarter of $73 million. We had the usual Interest expense, the main difference there was actually more from the fourth quarter where we had a capitalization of interest. That's why you saw a positive number there in Q4. So for Q1, we had interest expense of 2.9. What stands out here is other financial items. That is a continuing payment for the Golfinio cluster. So we paid a week. paid about $20 million to Petrobras. That was a contingent payment for the Golfinio transaction. And some of that comes up as other financial items, totaling $5.5 million. So the profit before tax, $61 million. Income tax expense of 13.8. As in the previous quarter, we have some deferred tax assets, for Golfinio that is a tax income. So that helps on the whole tax situation for the company. So that ends the quarter with a net profit of $47.4 million. To the balance sheet, as usual, we are always, as long as we have our investing activities, we're adding assets to, to the ENP tangible assets. That's mainly from the Hibiscus Rouge development, a little bit from Maromba as well. We had an increase in inventory that is mainly because of the oil inventory we have on board the FBSO Vittoria for Golfinio. Trade and receivable assets, that was a big increase that is due to the DUSAFU March lifting and a DMO delivery. That was a trade receivable at the end, but it was then paid in April. So the trade receivables are more back to normal as we speak. We ended the quarter with $150 million in cash and over to the to the equity and liability side of the balance sheet. Here you can see the effect of the continuing payment to Petrobras of the 20 million reduced our long-term liabilities. You can also see that we have a very high activity on the investing side, giving us also quite high trade and other payables. So, there was an increase there as well due to mainly due to drilling. And you can also see the effect of the, uh, increased prepayment facility in Brazil to, uh, to 120Million dollars, uh, on interest bearing current debt as that is a 1212 month, uh, facility. So, uh. All in all, still a very strong balance sheet with more than 40% of equity ratio and net interest bearing debt of about $260 million. Quickly to the cash flow overview. We had the cash at the end of December of 194. We had operating cash flow of 99 and net investments of 80. mainly related to DUSAFU, but also the $20 million payment to Petrobras for Golfinio is included there. Then net financing activities of 14 gave us $150 million of cash at the end of the quarter. Here we have some guidance to our lifting schedule and also a few words on hedging. So to the graph on the right-hand side, you can see the quarterly lifting schedule to BW Energy divided between Gabon and Brazil for Dusafu and Goldfinio. On Dusafu, we had two Q1 liftings, both in March, totaling 1.4 million barrels with an average realized price of $83 per barrel. We also quite recently had a lifting in the second quarter of 730,000 barrels net to BW Energy. In Golfinjo, we had one lifting in Q1 of 490,000 barrels in February at $82 per barrel. We have two liftings in Q2. 500,000 barrels lifted in April at the price of $90. And then we have another lifting that is planned for June of 500,000 barrels. And a few words to hedging. As we've mentioned before, we have requirements to hedge in the RBL facility for Dusafug. where we have to hedge 40% for the year one production and 25% for the year two production. So currently we have 4.2 million barrels hedged for 2024 and 2025. This is a mix of puts, zero cost colors and swaps. We have also entered into some swaps for the Golfinio barrels, about 20% of the annual production has been been had using swaps for for golfinio then over to to the summary on the production guidance we have maintained that for the quarter is still still early days and we're still heading for 10 to 12 million barrels net to bw energy On the production costs, same, no change in the guidance, $35 per barrel. There we are trending towards the lower end of that guidance. On the net capex, we have increased our guidance somewhat from 250 to 300. The new number is 280 to 330. So we have an increase here. related to DUSAFU reflecting the good results that we've had on the exploration side, which then leads to additional completions and work that we have to do to complete these wells. And on the GNA, there is no change to our guidance. So to our final slide, as a summary, on the production side, Target is then to complete all ESP change outs and maximize the DUSA-FU output. And then we will, we have, of course, had the success from Hibiscus South just after five months of finding it. And now we will complete the second Hibiscus South well later in 2024. On the exploration side, later in the drilling program in Gabon to drill the Bordeaux appraisal well, and also to complete the 3D seismic evaluation to assess the CUDA potential and prepare for the exploration program. On the development side, it's to complete the Hibiscus Rouge drilling campaign, sanction the Golfinio infill wells later this year, and finalize Maromba development plan and the financing. And also continue to progress the KUDU gas to power project. On the corporate side, we will continue to fund investments through strong operational cash flow supported by our debt facilities and lease financing. And the intention is then to pay dividend of up to 50% of net profit when we have Maramba in full operation. So that brings us to the end of the quarterly presentation. And then I leave the back word back to you operator for questions from the audience. And then we will continue here with the questions we have received from the web.
spk00: Thank you. If you do wish to ask a question, please press 5 star on your telephone keypad. To withdraw a question, you may do so by pressing 5 star again. There will be a brief pause while questions are being registered. The first question will be from the line of Theodor Sven Nielsen from SV1 Markets. Please go ahead, your line will now be unmuted.
spk03: Good afternoon, and thanks for taking my questions, and congrats on a strong quarter.
spk02: Three questions from me. First, following the two Hibiscus Discord Rays that you recently announced, do you think there is some upside potential to the production profile you previously have shown? I noticed that you didn't show that in today's presentations, but you have previously shown a production profile, so I just assume there's some upside to that. Please confirm. Second question. You didn't announce any volumes on the northern flank, the Hibiscus northern flank discovery. Are you now in a position to discuss or put us in a position to guess something around all those volumes? And my third and final question, that is, could you just provide an updated capex for the Marumba development and preferably the full capex number from now until the first oil?
spk04: Thanks.
spk06: I think maybe, Lynn, can you take the first two questions? Sure. Thank you, Carl. And hopefully my connection is satisfactory. But in terms of the first question, yes, the discovery of additional reserves will lead to increased production profile. So those additional reserves will have to be produced, which is a good thing. That'll ultimately manifest itself into the production profile. We do have a cap on the production facility. Potentially we can increase that, or otherwise we would be able to extend the production plateau. And then the second question on, we haven't, you're correct, we haven't announced increased volumes on the most recent announcement, and we're very excited about that.
spk01: I think we lost Lynn here.
spk05: Yeah. See if he comes back.
spk01: Yeah. But to your third question, Theodore, We got the same question in the first quarter, and there is no change. And the answer in the first quarter was still early days, but roughly about a billion dollars up to first oil. Are you back, Lin, to say something about volumes?
spk06: Can you hear me a little better right now?
spk04: Yeah.
spk06: Okay. But no, it's too early to provide any guidance on updated volumes from this most recent successful appraisal of the northern part of the business main field. We need to give our subsurface team a little bit more time to fully integrate all the data.
spk05: Yeah, and I think we can also say that this is the first time we have encountered a continuous phase of oil through Gamba and Dental. the implications of this is going to be very interesting. But that's where the geos need to get their thinking caps on and do some further thinking. And I think also, Lynn, it's correct to say that, you know, we have seen exceptional performance from 6H. And this... explains some of that performance, which has been better, far better than we had reason to believe initially.
spk04: Absolutely. Okay. Thank you. Thank you, Dior.
spk00: Thank you. The next question will be from the line of Tom Erik Kristiansen from Paredes Securities. Please go ahead. Your line will be unmuted.
spk07: Thank you for taking my question, and congrats on a good quarter. On Kudu first, is drilling next year potentially in the plans, or will it take a bit longer to assess all your options on how to deal with that? Much more exciting upside now than we used to think about it. And then on the safari, how long do you think a tour can be maintained now in your current plans with the success you have had? And then secondly, with the deeper success just discussed on the call, do you think that has a widespread impact on research across the block, or is it more separate to the discovery you made now? Thank you.
spk05: I got your first question, I hope, which was to the drilling. We have intensified our activities.
spk06: First of all, we have managed to secure the necessary, let's say, long lead items to do drilling in 2025. Due to the increased drilling activity, we also see a much improved availability of drilling rigs. And we have very fruitful dialogue with the other operators in the Orange Basin. And we it looks like we may be able to get access to drilling capacity earlier, much earlier than we had previously, let's say, anticipated. And, yeah, we are absolutely going to try to benefit from that. So we will go as early as we can, I think, in 2025. The second part I didn't quite catch, there was some noise on my line. So could you please repeat that question?
spk01: Yeah, there was one thing that I got that was reserves across the block with recent success on hibiscus, whether we expect to find more in the area that could add on to reserves? Maybe, Lynn, if you can take that one?
spk06: Sure. We do expect our reserves overall to increase by, as a result of the recent announcements, the final number is to be determined. But there are additional upside, potential in that area. So we've always been very excited about this block, and we continue to remain excited about the upside potential of the Dusafru block.
spk01: And then the first part of Dusafru, I think we all missed that one, Tom-Mary. Can you please repeat?
spk07: Okay, I apologize for that. Yes, I'm just thinking. It looks like Plateau production can be maintained for a while longer than people expect now. Do you have any internal ambitions as to how long you think you can stay at Plateau with what you have now? And will you step up drilling activity to backfill with more exploration and hopefully success, given that you're back on track with back-to-back discoveries?
spk06: how do you plan now how do you have your kind of accelerated activity level you plan to do on the block and how long do you think you can maintain well we've um we haven't issued guidance yet on the extension of the plateau let it let the team finish the uh the subsurface uh work uh to verify that but we have increased our uh drilling activity into sufoo we've uh um We've been from the original program was going to be six development wells. We were increasing that to a total of eight development wells. And we've also added a few of these appraisal pie holes to to continue the appraisal of the business field. So any further work we're going to we're going to we're going to.
spk01: incorporate all the learnings that we've had recently and then if uh uh how we choose to increase activity program going forward we'll have to come back and share that with you i think it's fair to say that with you know a larger inventory and a more diversified uh set of wells um we could stay longer at plateau if you can say something about that lynn
spk06: Yeah, for sure. That's how it will have to manifest itself. So increased reserves will either increase the production plateau level or if we're able to de-bottleneck the FPSO, potentially to increase the plateau. So how exactly it will manifest itself, we've got to work through that.
spk04: Just to follow up on that, I remember a couple of years ago we talked about
spk07: increasing or de-bottom-decking, as you mentioned. How much do you think the potential is there? Could it be 50,000 euros capacity or even more? And the second question, a bit on the side here is, with all the organic growth initiatives you have in the portfolio now, is M&A a bit more off the table, or are you still actively exploring that as well? Thank you.
spk05: Well, I can answer that. I think...
spk06: The nameplate and normal design tolerances of a topside facility would be typically in the range to 10 to 15%.
spk05: So we would, if and when we have the oil available, we would expect to be able to, without any
spk06: significant investments to increase above the nameplate accordingly.
spk05: We may, of course, hit new problems, which could be foaming or emotions and other things, but that can normally be solved by chemicals. So we're quite hopeful that we will be able to...
spk06: exceed the nameplate without, as I say, significant investments. That's normal design tolerances. The second part, remind me, what was that again?
spk01: The M&A activity. Since we have a lot on our table, are we still having appetite for M&A?
spk05: We are looking at lots of things that comes our way. People want to talk to us. We're extremely appreciative of that.
spk06: And we will always look, but you are right in the sense that we feel we have a very, very attractive portfolio of assets. But of course, If we were to find something that we would find even more attractive than what we have in our portfolio today, sensible, let's say, financial development is then to go for the most attractive you have first, which is, you know, that's the normal thing we will do.
spk04: So, yes, we're constantly looking at M&A opportunities. Okay, thank you very much.
spk00: Thank you, Tom Eirik. As a reminder, please press five star to ask a question. The next question will be from the line of Nick Menine from Sectan. Please go ahead. You'll now be unmuted.
spk03: Thanks. I had a couple of questions, if that's okay. The first one is just to, I guess, understand or clarify the situation with conventional ESPs. How many do you have currently or in the next few weeks that you are ready that they could be installed? And do you expect to have eight within the next few months such that you could replace or install or replace ESPs on all of the existing wells? Or what's your expectation in terms of the number of conventional ones you can get?
spk06: I can take that one. Right now, the first batch of conventional ESPs have arrived, are arriving, all the bits and pieces, and so that's a total of three. So that'll get us started. The second batch, additional four, are due to come within the next couple of months. So if the timing... holds and there is, you know, in this supply chain market right now, things are a bit tight, but things work according to plan. We should have a total of seven here all within a few months. And then we have an additional third batch coming in behind that as well. So it's a bit tight, but we're making good progress to replace all the wells with conventional ESPs. And just as a reminder, a couple of wells have mobility flow naturally, so we have a little bit of flexibility on how we execute all these ESP replacements.
spk03: So the two recent discoveries that I guess you're now going back to complete as development wells, would you put ESPs immediately on those, or you can just see if they free flow and maybe leave that until later?
spk06: That's... That's an option that we have. I think our base case is we would go ahead and put the ESPs in them because eventually if they flow naturally, they'll need the pump. Our base case would be to install the ESPs in them, but that is a little bit of a flexibility that we have. We could choose not to do it and flow the loads naturally initially if need be. OK.
spk03: Lynn, I guess regarding, just to clarify regarding the dental, am I right that there were no dental wells originally planned at Hibiscus? And why was that? Did you think it didn't exist there or you thought maybe it did exist but it was too tight? Or what was the original understanding that has now changed?
spk06: Good question. If you recall over at Tortue, we do have the Dental oil discovery. That's the field Tortue, 20 kilometers away. But the original discovery wells in the Sibiscus area, the oil was only present in the Gamba. We didn't have the Dental sand is there, formation is there, but it was water burned. And the subsequent appraisal was we never found any hydrocarbon in that formation. So it's encouraging and exciting that we found some hydrocarbon now into the dental. Now to the extent of it and what that all means to be determined, but it opens up a new avenue for us to evaluate.
spk03: Okay, and Hibiscus North, if I remember the last update on that was that there was maybe a few million barrels there, maybe commercial, maybe not. Does this potentially change your understanding of that?
spk06: No, well, that Hibiscus North, that's a separate accumulation a little further north than what we've just drilled. Now, I know it may get a little confusing. There's a lot of, Hibiscus South, Hibiscus North, and the northern flank of Hibiscus South, and now the northern flank of Hibiscus Main. But that Hibiscus North is a different accumulation, and our understanding of that resource is still in that quantity that you just mentioned.
spk03: And on Namibia, can you talk a little bit to specific Prospects that that you think you see an and whether those specific prospects are gas or oil or or gas condensate.
spk06: Well, we haven't. We haven't announced publicly too much specifics on the targets that are out there, but we have shared that we have two different play types that we're looking at. Gas played the original Voodoo Discovery, which is a Beremian Age formation. We feel like there's greater, significant greater upside on that, and that's gas. As well as we have plays that we also think we have looking at is the Santonian Campanian, which is more analogous to what the folks in the blocks adjacent to us in Outboard are. uh, have made, uh, recent discoveries on. So we believe we have both type plate types in our block that we're looking at.
spk03: I'm sorry, Mopaine, that's Centonian Campanian, or that's something different again?
spk06: Yeah, that's exactly, that's in that age bracket. Mopaine discovery on the Gal block is in that Centonian Campanian age.
spk04: Um,
spk00: Thank you, Nick. As no one else has lined up for questions in this call, I'll hand it back to the speakers for any written questions from the webcast.
spk01: Thank you, operator. We have a couple of questions here from Ole Eikanor in SCB. Before the maintenance shut-in, what was the production rate at DUSAFU? I think we had a pretty stable production of around 30,000 barrels on Dusafu before the FBSO was shut in now in mid-May. And then the second question, when you say Golfinio is to double production from 2027, is that a doubling of today's production rate? I would say yes, 10,000 and target 20. I don't know if you want to say something more about that, Karl-Olin?
spk06: No, that's... That is our expectation, so I think we... Yes, good enough. And that's oil and gas equivalents?
spk01: Yes. Yes, there's one oil well and one gas well. And the gas would most likely also reduce our OPEX somewhat. which was another question on development of OPEX going forward. So obviously when you measure that in OPEX per barrel, that will go down. So first of all, it's getting the dosafu production up to nameplate that will drop OPEX per barrel downwards. So currently we're running at 22, $23 per barrel. later this year we will be around 19-20 and with a more stable higher production we will be at 15-ish. And obviously also then for golfinio but that takes some time so as we go along production might drop a little bit so we might see increased opex per barrel until we have those two new wells going and if we double production the OPEX should be pretty stable or it should actually go a little bit down with the additional gas well. So I'm currently running at a little bit below 50. It's 20 to 25, I guess, that we see on the Golfinio OPEX per barrel. Then we have a question from Eivind Svensson. There are some concerns about ownership where the largest owner approaches 75% ownership. This causes concern in relation to possible delisting of the company from the OSE and forced redemption of minority owners. Would you like to comment on this? And is there a plan for a possible listing of the company on the US Stock Exchange? Will you take that Karl?
spk06: Yes, we do have an owner with a close to 25% ownership stake after Group acquired BW Offshore's stake. I think the good thing about that is that it has removed a sales overhang as investors were expecting BW Offshore to sell out. That is the positive, yes, of course. We have then a very large owner. That large owner has so far stated that they are interested in building the company and invest in the company, and they have the intention to keep it listed. I think we should believe them on their word. And I don't see that they normally change their position on their listed companies. Yes, there's evidence in the history that they have taken companies private again, but that has normally been associated with some sort of refinancing, total refinancing of the company, which is clearly not the position we are in. So I expect us to remain a listed company. As to the place of listing, we will constantly, of course, monitor if we see benefits to different listings. We have reviewed that in the past as well. So far, the conclusion has been that the marketplace in Oslo is a suitable marketplace for a company like BW Energy and our scale. But this will be under continuous review. And if we see benefits to the shareholders, we will act accordingly. to do differently, but it's just something we will continue to monitor and think about.
spk01: Okay, and then there are lots of questions around the FBSO capacity, the bottleneck and how to potentially increase and also about the volumes in hibiscus. I think we have been through all those, so we have to be a little bit more patient on the volumes. So let's move on. Then there is a question from Antonio Logiano about KUDU and seismic data, data room, FID and KUDU's infrastructure related to other blocks in the area. Maybe you could start with that, Carl?
spk06: Yeah, I'm not quite sure what is meant by other. There is no infrastructure, basically, in the Orange Basin today. I have heard, but here I'm just referring to the press, that GALP is looking at potentially doing some early production systems to test their discovery. We are working on our gas to power project, but I think we will come back and cover that in more detail when we go through the results of our seismic analysis or the 3D seismic that we have have shot. As I said in my presentation, we have completed that in May as we told the market we would do, but we have decided to add more information with the additional acreage of seismic we have purchased that has become available and we also of course want to add the information we can glean from other discoveries. So I guess we will be completing the work we are now doing in a couple of months time. That's our ambition. And then of course it is what we find and then how quickly we move if we find something to establish any infrastructure. We certainly have the capability to establish infrastructure in Orange Basin very quickly. As I'm sure you know, we have already purchased a very, very useful vehicle in that regard with the semi-submersible rig we have. laid up precisely for that purpose.
spk01: Good. Then there is a question from Michael Sandstrom. Do you have plans to do more exploration slash appraisal drilling around the northern flank further down the line after the current drilling campaign is over?
spk04: Good question.
spk06: I hope the answer is yes. Let's come back to you once we understand the geologic appraisal of it and see what options we have going forward. But I think it's a little premature at this time, but the hope is that yes.
spk01: Good. And then there is a question from Eivind Svensson again. Given a positive discovery for Bordeaux, is it relevant to utilize the other jack-up rig? Surely there are synergy effects here that you can already use, the same scope and redevelopment as for the Mabomo.
spk06: Yes.
spk05: absolutely the case and of course we we do have uh these are sister jackups so we know exactly what to do to convert the sister of mabomo into another production facility again this is our strategy to be uh very uh to act very quickly from discovery and go to production. I think our last, you know, we did it in 18 months when we started at Doosafu first time. We managed to put, although we did have, let's say, a small delay due to COVID, but we did manage to put hibiscus
spk06: In production, I would say very quickly. And of course, we would be able to do that on any discovery we make on Birdall as well. So yes, short term between discovery and production, that is company strategy.
spk01: Good. Then we have covered... the questions from the web, Carl, so I'll leave it to you to close.
spk06: Well, I will, again, thank you all for participating and listening into our webcast.
spk05: It's been a lot of very interesting questions as well. More questions, I think, that we've had in some time, so that's very positive.
spk06: So thank you for your interest and thank you for your participation.
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