Meren Energy Inc.

Hello, everyone. My name is Nadia, and I will be your conference operator today. At this time, I would like to welcome everyone to the Africa Oil First Quarter 2023 results call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be the question and answer session. If you would like to ask a question during this time, simply press star 11 on your telephone keypad. If you would like to withdraw your question, please press star 11 again. Please note that at any time, participants on the webcast can submit their questions using the Q&A box on the webcast interface. Please note that this event is being recorded. The recording will be available for playback on the company's website. I would now like to pass the meeting to Mr. Shahin Amini, Africa Oil's Investor Relations and Commercial Manager. Please go ahead, Mr. Amini.

Thank you, Oprah, sir. On behalf of the management, I thank you for joining us today for our first quarter of 2023 results call. I'm joined today with our President and Chief Executive Officer, Mr. Keith Hill, and our Chief Financial Officer, Mr. Pascal Nitterdorf. Keith and Pascal will present the course's highlights and the business outlook before we go into the Q&A session. I would like to remind everyone that remarks made during this session are subject to forward-looking statements, which involve significant risk factors and assumptions and have been fully described in the company's continuous disclosure reports. The information discussed is made as of today's date and time, and Africa Oil assumes no obligation to update or revise this information to reflect new events or circumstances, except as required by law. The company's complete financial statements and related MD&E are available on the company's website and on CEDAW. Keith, we're ready for you. Please go ahead.

All right. Thanks, everyone, for dialing in. It's been another good quarter for us. You know, we start these things out saying good news and bad news. Unfortunately, we haven't seen any bad news yet. It's been mostly good news. So I think the most exciting thing is that we are now drilling in both Namibia and Nigeria. So we don't have a lot of results from that drilling to report yet, but the fact that it's taken us some time to get off the drilling and we are now drilling, I think, is a very, very good achievement. Obviously, being as well is not being watched only by our shareholders, but by the whole world, and I think You know, it's probably one of the top wells being drilled in the world this year. So I think that's getting a lot of buzz around it. If people are calling in to try to find if we are going to give any updates on this that isn't in public domain, I'm afraid we may have to disappoint you. That's more for the operator in our department to do than ourselves. But we'll certainly talk about what we can and tell you why we're so interested. The OML 130 drilling intel program is something we've been working on for a long time to get up and running. It took us about a year longer than we wanted, but it's now up and going, and we're hoping to see, by the end of the next quarter, see some results of that campaign. From a financial standpoint, we did declare and pay our dividend last quarter. So, this means in just over a year, we've returned more than $80 million to shareholders through dividends and share buybacks. And we will be looking to continue that share buyback going forward, blackout periods from Bemis drilling permitted. As far as where our balance sheet is, again, we're almost zero debt. Consolidated net debt is only $3.5 million. When you look at the cash we have in the bank of $158 million versus the net debt position, we've got a prime of $161 million. So, again, very good standing on the balance sheet. And then we are, of course, the main difference between our money in the bank last quarter and this quarter is we have invested another $31 million in the impact drilling program. We're going to be paying that in two trenches, and we'll ultimately increase our interest slightly to 31.1%. Again, Venus is probably the most exciting well I've ever drilled, and I think if you read all of the things coming in from Upstream Magazine, Orange Basin probably stands just behind Guyana as probably the hottest exploration play on Earth. Again, I will leave it to the operator and to our partner, Impact, to disclose any details. I'll only talk about what's already in the press today. I think one of our biggest promoters is Patrick Pouyonnais, the CEO of block, kind of referencing to their golden block in Angola. I think everybody's very excited about this block. I think you don't find prospects this size very often. So we are drilling an appraisal well 12 kilometers to the north, and we hope to see the results of that within the next 30 to 60 days. That's being drilled by the Thompson Explorer. We've got a second rate coming, the Deep Sea Mirror Well. It should be in Namibia in the next few days, and it will undertake a testing program. this appraisal well, the 1A. But I think that's one of the critical missing pieces is a test rate. You may have seen in Upstream Magazine, there's some reports from the nearby Shell graph well that the test rates there were quite high. And we are hopeful from looking at the Regis Moore engineering standpoint that we see some high tests on that. So I think that's something we need to confirm. The Tungsting floor will move over to the NARA 1 well when they've completed operations in the Venus a big catalyst and a very important well for us to understand how this accumulation is developing. In Nigeria, again, it took us about a year longer than we were hoping to get our rig on the station, but we've got it on there now, and they're doing a drilling program of up to nine wells on Agena and Akpo. It's a combination of production wells and injection wells. And by next quarter, we should be able to report where we are on the drilling of those as well as what the results of those are in the daily production. So we're also shooting a 4D seismic program over in Dena to get a better idea of how we've been draining the reservoir so far to guide us in the future production labs. But so far, the guidance looks good. We're within, I'd say, within the upper part of the guidance range, and we are quite upper edge of that guidance. We still are working on Prairie Way. I think people have, I've seen questions already about people asking about the license extension. I think Prairie Way, it's important to get the license extension, but we are moving forward on that as we speak. So you may have seen reports in the press that most of the issues surrounding the extension have been agreed, which appears to be the case. But I think obviously working in Africa or, as I say, working anywhere in the oil industry, until we have everything buttoned up, we're not in a position to say where we are on that license extension. But I think we're confident that there's a very high chance that's going to be done possibly even before the end of this month. Again, on guidance, we're in the first quarter, in the upper end of that range, and I think we're feeling It will require some of the wells that we're drilling in Ndina to help us stay in that upper end of the range. But I think, you know, particularly Agbomius is performing very well this year. So, I think we're fairly confident that we're going to be able to deliver as we've stated. So, I'll turn over to Pascal now and let him go through our oil sales. I mean, I think we've had a fairly revolutionary change since we put our treating mechanism in place. So, I'll turn over to you, Pascal.

Thank you, Keith. No, indeed, I think it's been another good quarter in terms of average sales prices. So this quarter we sold, on average, three cars for $81.50 per barrel, which is almost equal to the Brent average for the quarter. And as Keith said, in the last three quarters, we've seen a significant improvement in the sales price we are getting thanks to the new marketing strategy. And before Q2 2022, we were basically selling all our oil forward a few months before the actual cargo date. So when the oil price was increasing, of course, the forward price we were securing was much lower than the actual brand price, which has changed since Q2 2022. As you can see on this chart, the improvement is quite dramatic. We are now selling consistently as brands or as old brands. thanks to the positive quality premium on Amazon. So post-schedule, we also sold two cargoes at $89 per barrel on average. And one more cargo is due to be sold for Q2. And going forward, in the second half of the year, we have six cargoes planned for uptake, which are not sold yet, but they have this average trigger price of $66 per barrel. So unless The actual spot price goes below these figures. These cargos will be sold stopped. So next slide is on capital expenditures. We've incurred $10 million of capital expenditures, our share, mainly at the prime level, of course. And we have a guidance between $80 to $100 million for 2023, which reflects the activity we are and this is to be compared to $24 million last year. So pretty busy year in terms of capital expenditures, which is good news. So in terms of financials, of course, you will see this red bar in Q4 2022, which was the actual impairment we took on Kenya. We had a one-off impairment of $170 million on our Kenya assets. Prime had also booked an impairment due to the H&R Reserve downgrade of $40 million more share. So our quarter is positive. We booked a $22 million net income, which is comparable to the other quarters without impairment. And, of course, the main contributor for this impairment quarter profit is our share of profit coming from Prime, which was $37.5 million. And we are ending up the quarter with a very strong balance, a very strong cash on the balance sheet, $158 million. In terms of performance at Prime level, it's been effective, various lower production, and we're all quite secure, but we still have very strong EBITDA and cash flow EBITDA at $113 million for the quarter. and almost $60 million of cash flow from operations. Prime has ended up the quarter with almost $200 million of cash on the balance sheet net to us and $360 million of debt net to us as well. So, translating this into net debt position, I think it's important to see how this has improved over the past since we completed the acquisition of Prime in June 2021, where at that time, you will remember that we had a $250 million debt at prime at the Africa level plus the prime RBL. Since we've both $300 million paid at that prime level, but we have continued to repay consistently the RBL facility. And we are now, since Q2 2022, at almost zero consolidated net position, i.e. 50% of prime plus Africa's cash on the balance sheet. So that's very good news. And of course, we are waiting for this license to be extended in Nigeria in order to complete the reframing both the prime RBS facility and PXS, and also the corporate facility we have at Africa 0, which is still on hold at the moment.

Keith, over to you. Yeah, I think in combination with this, I think we're quite proud of the significant decrease in flaring we've had. I think if you look at this chart, maybe concentrate a little bit on the dark blue bars for a moment, or I think with dark gray on this slide, that's the egg bombing field. So you can see before we bought it, it was flaring almost 100 million cubic feet a day. Since we bought it, we've actually been very vocal about down to about a quarter of what they were. So we did have a little flaring at Agena this year. This is not a normal thing that happens. It has to do with some of the LNG offtake requirements and associated with some of the drilling that we've been doing. So we don't expect either ACMO or Agena to have recurring flaring. So the one that's always been our troublesome one was Eggnami, and I think the operator, Chevron, has that under control now. So I think, again, We are a catalyst-rich company. The biggest catalyst we've got is Venus. We will be putting results out alongside the operator. I think the timing of those and the amount of release is still to be determined. But I think we see a very catalyst-rich drilling environment in the Venus area this summer with two rigs working full-time as of the end of this month. I think within that, the NARA is really the biggest one of those wells. That is the essentially western extension of the Venus discovery, which has a chance to really increase the volume significantly if it's successful. We are still looking at doing strategic assets, acquiring production assets. It's very specific in what we're looking for. We're looking for producing assets that have current cash flow, and we'll have take advantage of what we still think is a very buoyant oil market for the next three to five years. So there still are a number of producing assets that are for sale, and we've been participating in some of these processes, but we will be careful about making sure we pay the right price for those, but also that we compare these acquisitions with returning money to our shareholders, primarily in the form of buybacks. Again, OML 130, I think we're all feeling quite much more comfortable than we did, I'd say, a quarter ago that we've got all the things resolved. But having been in this business for some years until we actually have everything finished, I think I don't make any promises. But I think we're getting more and more confident that we'll have something done, hopefully, by the end of this month. And when that happens, then we'll be able to refinance the RBL and PXF facilities, both at the prime level and at the African oil corporate level. And we still are working. We're working on the farm auto block 3B, 4B. You also saw that we picked up two new blocks in Equatorial Guinea. We're out looking for partners on those as well. So I think our goal is to have a partner secured on both of those blocks by the end of the year with 3B, 4B possibly coming first because there's obviously a lot of industry interest with everything that's been going on in the Orange Basin. So with that, I will leave you to carefully read the reader advisory and the forward-looking statements. And just say thank you again for dialing in to express interest in the company. And, you know, I do feel we're in a very good spot right now, and I think it's going to be a very interesting summer as we work through not only the Venus drilling, the farmhouse, but also

Okay, thank you Keith. Now I'd like to give a reminder to participants and we are ready for the Q&A session.

Thank you so much. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Alternatively, you can submit your questions via the webcast. Please remember we compiled the Q&A roster. This will take a few moments. Now we're going to take our first question. And the question comes from the line of James Hosey from Barclays. Your line is open. Please ask your question.

Hi there. Thanks for the call. I guess let's start with Namibia. And I was wondering what would you consider to be a high flow rate for Venus? And just what are the capacity constraints in the rig that will limit your testing capacity for that?

Yeah. James, I was always happy to talk to you. You always seem to be the first one on the line. So I appreciate your eagerness, but yeah, I think I was getting into that realm of, I think that's something the operator should be talking about as opposed to myself. I mean, I think obviously the higher the flow rate, the better, you know, you'll see that the descriptive thing of flowing like a freight train and upstream magazine on the graph. Well, you know, I think we haven't seen any hard numbers out of that, but you know, the, the, uh, Flow rates will be very instrumental in the economics. But again, I think I would defer to the operator to talk about the upcoming program and the rates.

Okay. You can't even comment on what the testing capacity limits are in the rig? I don't think that's my place. I think that's probably better for now. Right. One very much for you guys, then, is the buyback and just what needs to happen to restart the buyback. You mentioned blackout periods linked to Venus drilling. I'm just wondering if that means you're going to have blackout periods almost through the rest of this year with the drilling campaign continuing in Namibia.

Well, we believe so. We're just coming out of our, obviously, our quarterly blackout. We've been in blackout for the release of our financials, but we anticipate that we'll be going back into blackout as we start getting results out of Venus. We believe there will be breaks in that blackout because the, you know, as well results are announced, as test results are announced, of that and trying to recommence the buybacks. We bought about half of the shares back that we can under the 10% program, and we still have significant budget to continue that. But I think we're being selective when we do that, and we're being constrained by when we can restart the process with the blackout conditions.

Okay. Thank you.

Thank you. Dear participants, as a reminder, if you wish to ask a question over the phone, please press star 11 on your telephone keypad. Now we're going to take our next question. And the question comes from the line of Theodore Sven Nielsen from SB1 Markets. Your line is open. Please ask your question.

Good afternoon, gentlemen. Thanks for taking my questions. I have a few questions. The first one is just on. On the 3B, 4B farm down process, did you say that you expected to conclude that during the year? And what kind of structure will that be? Should we expect the farm down to be only carry or carry plus cash? Any more information there would be useful. And then on the outlook for dividend from prime, I noticed there hasn't been any dividend for first quarter. Do you have any kind of expectations for the level of dividends received from Prime the next few quarters? And my last question, that is on potentially new investments in Africa Energy and Eco-Atlantic. When do you expect to inject more equity into those entities? Thanks.

Okay. Well, maybe taking them... In reverse order, I would say the equity requirements of both Africa Energy and EcoAtlantic are fairly small this year. So I think we will be standing our corner in both of those companies to make sure that they continue on. Obviously, patience has been required in Africa Energy, but we really like the asset. We think the Ropata Leopard Discoveries will be monetized at some point, and I think we want to be part of that process. You may also have heard from the Africa Energy presentation that we still think there's a lot of exploration potential in the eastern part of that block as well, which I think won't be addressed until we actually find a way to monetize the existing discoveries, but we do like the block a lot. Of course, ECHO has not only a nice portfolio that's and trend in Guyana. So I think we're quite happy to support those companies and move forward with them. As far as the dividend from Prime, I think a lot of that is tied into the license extension. As you can see from Pascal's presentation, it's throwing off a lot of cash. And the real question is, do we use that cash to pay dividends or do we use that cash to pay down debt? Neither one of those are bad things, but I think paying, giving dividends is our preference. So I think once license extension is obtained and we refinance the RBL at the prime level, we'll have a lot more cash to free up in dividends. But I think right now we're kind of keeping cash close to our vest to make sure that we can meet our obligations for a debt repayment in the event we don't get license extension right now. The first one was, it was on the street before we found out at the time. So yeah, I think Again, the reason I say that may happen faster than the equatorial grenade farmout is just because of all the catalysts that are coming out. So I think, you know, with the Shell results kind of partially coming up and hopefully coming out in more detail, not only in the graph, but the drone criminal, with our results coming out on Venus, you may have seen the press that our friends at Gallup have contracted a rig to come drill to the north of us. space and besides probably Guyana on Earth. And I think from the activity we've had in the data room, I think there's a lot of super majors and mid-sized companies that don't want to be shut out of that process. So I believe we will have a deal to be done in 3B, 4B. I think we're fairly

comments on that?

That will take the best deal we can get, but what we've asked partners is to essentially pay back our bank costs in cash, but more importantly to carry us forward on one to two exploration wells.

Okay, thank you. Just on 3B, 4B again, how much do you expect to farm down, and do you also want to give away the operatorship?

Yeah, again, we're talking with several different companies that have different objectives. Obviously, supermajors love to operate, and for the right price and the right deal, we would be willing to give up operatorship. I think as far as giving up interest, I think it's pretty much proportional. We're not that interested in giving up too much interest. We've only got 20%, so I don't think we would go below 15%. I think our two partners have other criteria, particularly re-procure the plus or minus 50% proportionally shared between us. I think that's kind of the goal.

Okay, understood. Thanks.

Thank you. There are no further questions at this moment over the phone, and I would like now to hand the conference over to Mr. Amini for any written questions.

Thank you very much, Nadia. Yes, we do have a number of questions through the webcast facility. I think it's time to turn the attention to Pascal. One question is actually kind of general. A lot of banks are putting out oil and gas fees. What are your views and what are the implications for Prime and the current syndicates?

Well, it's clear that a few European banks have announced that they were reducing their exposure to oil and gas to focus on the energy condition. The fact is that Prime has successfully refinanced their anything facility subject to license renewal of course and we did the same and most banks have stayed in the syndicate even some banks were announced that they would reduce their exposure so I think it's an endorsement of the quality of the assets of prime and the business model and equally for us we managed to double the size of our corporate facility which I think it's a matter of selecting the right banks going forward, but there is still very strong appetite, especially from South African banks and African players for companies like this.

And I think just as a general comment, we should highlight that, Pascal, you were a reserve-based lender yourself for many years, which helps to know the Very good to have that know-how and networks. Just following on from the RBL, there's also one about if we do get the license renewal for 1.30, can you make any comments about what the refinancing could look like in terms of quantum or any particular features?

Yeah, the refinancing would simply refinance the existing RBL facility and the banker. So in total, it would be around $1 billion at current level. a simple RDA reclamping operation, you know, to be able to do one, except, of course, that the maturity date would be put back for five years again.

Okay. And there's one question on impact, which I'm going to put to you as well, Pascal, as you're a director. I know you can't answer this question, but perhaps you can use it. Thank you for asking me. Well, no, because I want to use that as a launchpad into just getting your views about the recent impact fundraising. So the question is that the African world obviously slightly increases interest, so some shareholders didn't participate. The question is, who didn't participate?

Now, I don't know whether you can answer that. Well, of course, I can't name any shareholders, but you can imagine that the impact of shareholding is made of large institutions like ourselves and other large investors, but it's also made by individuals who are former managers and so on, so not everyone could stand their corner in the race, so that's why we were able to get a few more shares into the equity race.

But more broadly, any comments on the success of the fundraising and the support from the major shareholders? Yes, all the major shareholders. Yes, so it goes very well. Excellent. Keith, we'll come back to you on some technical questions. There's a number... on 1.130 infield drilling, which you've already touched on. And I suppose people go into a lot of detail, and as you've said, some of this we've got to defer to the operators ourselves. But in terms of, I mean, we keep talking about 1.130. Any comments on 1.127? We have to act on it, Phil.

is the reliability of the facilities has gone up from like mid-80s to mid-90s. So I think Chevron has done a very good job of kind of turning around some operational issues they had with it and turning around the flaring. You know, the flaring, like last week, there was almost no flaring. So I think there's been a few initiatives that they've done to help that. But again, at Vomi, we look to be drilling some infill wells. We need to shoot some 4D seismic again and see where the oil is being drained before we position those wells. But I think it's being considered on the budget for late 24, early 25. But we really need to shoot and get the results of that 4D seismic first. Right now, I think we're quite happy with Agbami and the way it's performing.

There's another question on the portfolio. We actually get this question on every call, of course, about our current thinking on the portfolio companies.

At the last quarterly call, we talked about the option of maybe spinning out some of the exploration assets into a separate vehicle. We have other options that we're considering now, so I don't think anything has been decided. But I think we do realize that most people have a difficult time trying to value our investment in these portfolio companies. So I think I can say a couple of things. We're not going to be doing portfolio company investment again. I think anything we do on exploration quick way we could get into some plays we thought were pretty hot. I think that it actually worked pretty well. We were able to get ourselves into the Venus project. We were able to get ourselves in the 3B, 4B project through Echo. We were able to get into Guyana, unfortunately. We drilled five wells in Guyana. We found two nice accumulations. They turned out to be a little heavier than we'd like, but we still think there's a lot of potential in Guyana. You can't be right next to 15 billion barrels So we are working with our partners and with the operators to try to come up with a plan to rejuvenate those two blocks. So the point is taken, and I think, you know, I would say by the end of next quarter, we hope to have a resolution to that, but nothing has been decided yet.

Yes, thank you. Now here's a question for you, Keith. This is very close to your heart. Your views on short-term and long-term, well, medium-term, You know, when you look at inflation rates and people get nervous about demand, it suffers.

But those are both little short-term blips, in my opinion. You look at the long-term supply-demand function and you look at how long this transition is going to take us, you know, we are going to be at or around 100 million barrels a day of demand in 2040. There's just physically no way around it. And right now, it's very hard to envision that we've got the supply to meet that demand. The shale industry in the United States really falling off. The big boys are still playing in the Permian, but a lot of the production of the littler guys, you can't finance it anymore. I mean, some of these basins are cutting old and tired. So I have still the ultimate oil goal. I think in the next five to ten years, we're in a very good runway. I think in the next three to five years, there's zero chance we can't be a $100 oil for significant amounts of time. So that's why we're still looking at producing assets. We actually see this little down as kind of an opportunity to go buy things, because some of the prices that we looked at last year in oil ran up to $128 after the Russian invasion of Ukraine. Those aren't there anymore. So maybe people's expectations aren't quite so high. So I haven't changed. I'm still the most optimistic guy in the room when it comes to the oil price and the longevity of the oil market.

Okay. Well, that's the geologist's perspective. And we have the scientist's perspective on that scale.

I think we need to prepare, of course, for difficult scenarios. I think we are very quick going forward. So whatever the actual realization of the other five is, I think we will be in a good position. So I'm also concerned about the future online.

Very good. One question back to Linus.

Keith, do you still expect to see some impact after this current campaign in 2023? Well, again, I think that's an impact question, but I think the impact's been very forthcoming with the market that they are keen to move forward with a sale at some point when they think they realize enough value. So I think the timing and the process, I believe, can impact the comment that, you know, we do see that, you know, keeping up with a multibillion-dollar deepwater development might You know, we've had good examples in the past. I think Kenya was one example where we maybe stayed a little longer than we should have. And I think if a good offer comes up, I think we would be supportive of impact selling sooner than later.

Do you have any comments on that question? No, nothing. That's good. Very good. There are a bunch of questions on Kenya.

Anything you can say? No, I mean, we're still working hard to get a partner. We had a little setback, which one of the two partners that we thought we were pretty close with has pulled out. But, you know, the operator is very actively engaged in replacing that. You know, we still think it's a great project. You know, we still think it's going to solve a lot of energy supply problems for Kenya and East Africa. So I think, you know, it's a challenging prospect project. You know, we've been here for 13 years. And, you know, we still think it's a good project. So I can tell you our role here, CEO of Tullow is very focused on getting a solution to this project to bring it to monetization. And it's really all about getting a strategic partner. Until we have a strategic partner, we really can't move forward. So that's the real focus. But we are doing things in the background. We've done a lot of work on the land, water, fiscal regimes, all of those things I think we're making progress on. But, you know, until we get a strategic partner lined up, I'm not sure that we can move forward on it. Okay. Thank you for that.

Right. Here's a question. I'm a little too respective person to put it to us. The question is, when are you going to get more producing assets taking a long time? I actually think that question

There are things we could have bought, but I think we would have paid too much money for them. I think there is not that much competition, but there is competition. We are focused pretty much on West Africa and pretty much offshore. I think there are other people out there that are focusing on the same thing. I think our opportunities will come. I think we've come very close on a couple of opportunities, but we're not going to overpay. When I... and see if buying our own shares is a better bargain than buying a producing asset. So trust me, this is laser-focused. I think it's in our information circular how much of our compensation is focused on going out and buying a new asset and buying things. So the board and management are very focused on. Pascal, there's a question on Agena and Apple differentials. And what was it before?

And I think it's not right to kind of give numbers out because that's, there hasn't been a lot of movements, right? I don't know if you have any views on that. My understanding is Agena is still doing well. It's kind of at a premium. And Apple are in line with brand. Do you think in terms of long-term, those are the right assumptions? If people are looking to update the models? Yeah, I think so.

premium for Adena. There's a lot of appetite on the market for Adena, which is good. So I think we can expect the premium to stay stable going forward. And yeah, of course, historically, it's been on the brink of that. But yeah, I'm expecting the Adena premium to continue in general terms.

Yeah. I think we have also recorded last year that was phenomenal. Yes. It was about 10, 11% historical, right? Yes. But that was kind of, shouldn't see that as normal.

We've seen a big range on Adena, and I think as two, but as high as 11, on averaging in that four to five range, I would say.

Yeah, and the reason on the chart I was showing on the OCS class, the reason why in Q2, Q3, and Q4 last year, we were able to secure an average overall price larger than the average current is because of the HMI.

Well, I watched lots of notes. There's one comment that it would be good to have a video of it for the Q&A session, and my response losing her. There were lots of video feed for this presentation, but we'll bear that in mind maybe for future events we can have this, have a video feed of Pascal and Keith as well. Oh, this is a good question. Would AY consider acquiring all of Impact? No comment. Okay. I have a question about our share structure, saying, well, your number of issued and signed shares has actually gone up. Is this because insiders are increasing? There are all things, I suppose, with the PSU, most are, but all of the directors, again, best of my understanding, an executive team have decided to basically take stock. So, you know, you have the option of taking casual stock, but everyone wants their equity upside, right?

Yeah, I would say in general, the appetite for equity upside is much greater than just taking cash. You know, there is a tax consequence of getting these. So I think I would say the normal thing that people do is exercise enough of the options that they can pay their tax bill. But I think, you know, in my particular case, I've been trying to get as many shares as I can. But, you know, if you look at my holdings over the last three years, you'll see a pretty marked increase.

Very good. I know there's other questions I'm seeing here. And of course, a few of them are just repetitions of others. And so I think this is a good time, good point to wrap this up. Other than that, Keith, if you have any final comments, Pascal?

Obviously, this is going to be a very exciting summer. These are some of the best wells we've ever drilled in Venus. And I'm feeling pretty good that we're going to get some farmhouse done and we're into us and hopefully ultimately end up in the shareholders' pockets through either buyback or increased dividends due to other projects we may get into. I think we're in very good shape and I do think I'm still bullish about our market. I realize the transmission is moving forward, but we are part of that. If you look at our metrics, we are one of the best performing oil companies in terms of transition metrics, but we're also very dedicated to a a net zero and a carbon neutral strategy moving forward. What's going on? Nothing much.

I think that figuring out the 2023 review is very effective.

I'm looking forward to it. It is. Well, I'm very excited, that's for sure. Well, thank you both. Nadia, over to you to wrap this session up.

Thank you so much. That does conclude our conference for today. Thank you for participating. You may now all disconnect. Dear speakers, please stand by.