Valeura Energy Inc.

Hi, everyone. Thanks for joining for this Valora Energy webcast. Today we're discussing the news we released earlier today, our Q2 2025 results, as well as commentary on the recent FarmIn announcement. My name is Robin Martin, Vice President, Investor Relations and Communications. Joining me on this call are Sean Guest, our CEO, Yaseen Ben Mariam, our CFO, and Greg Kalowski, our COO. We're recording the event today, August 7th, 2025, and we'll make a replay available through our YouTube channel and website later today. Running order for the event, we're going to start with prepared remarks by Sean, Greg and Yaseen, followed by a Q&A session. For that portion, I'll guide us through. Options for asking a question are you can press the raise button in Teams, which will indicate to me that you'd like to ask a live question, in which case I'll make your microphone available. You can press the Q&A button to type a question to us or you can email us using IR at ValoraEnergy.com. So with that, Sean, go ahead and unmute your microphone and I'll hand over to you.

Thanks, Robin. If you could just step forward a couple of slides, just past the disclaimer slide, let people review that at their leisure to the first slide we've got. Yeah, thanks very much. And thanks for everyone joining us here today. Last month, late July, I was actually up in Bangkok for about 10 days straight on some business. And as I kind of reflected back on that, I was thinking, you know, the reason for that trip and a lot of the business is doing at that time was really more related to the longer term future of Valora in Thailand. Now, I know a lot of the time when we're talking to you, we're very much focused and remain so on the cash flow, on the near term value add. But really all of that trip I was up there was very much focused on the longer term value, not what are we going to do in the next year or two years, but what is Valora going to be doing in Thailand in the next five to 10 years? Obviously, one of the key elements is we finished the negotiation at that time of the deal with PTTP, the strategic farming that we announced in late July. And at that time, I was up there as well with Coon Montree, the CEO of PTTP, and we did that announcement there. Another reason I was up there was we actually had a whole exploration workshop within the company, really looking at all the acreage we now had, the whole of the Gulf of Thailand is to where the opportunities for the future of the company. And then finally, the other thing was we went out with a group of us from the company to tie it up on Steel's yard and they've started the construction of the Wasana platform now. And it was just really good to go out there for the first official steel cutting and to look forward to that this facility is extending the field life out to forty three and really allowing even the future development tiebacks there. So really, it was that focus on the longer term view and the change we made in the company and not just looking at that cash flow immediately, but how do we great this company to grow into the future? So I'll start with a bit of information on the strategic farming. I'll then hand over to Greg for a couple of slides on with Q2. We took the FID on Wasana and then finally over to Yassine to really talk about the details of the Q2 financial results and to bring us to conclusion there. But what's really nice is looking at the share price as well, we see the good uptick we really got in that strategic deal with PTTP. And that's why I'll focus on that quite a bit. I just look at some of the market data and that one thing to note in recent times is we've actually seen Bailey Gifford, who's been a long term supporter and one of our biggest shareholders, actually increase her position over the past month.

OK, Robin, next slide, please. So the deal with PTTP,

now

PTTP

are the largest oil and gas operator in Thailand. They're the largest acreage holder in the Gulf of Thailand. They are really the leading player within Thailand. For us, it's a great honor to really be able to do a deal with them and come in across a lot of their exploration acreage there. So we'll be getting a 40 percent position with them still holding a 60 percent position and operatorship of the blocks. Now, we do know through a year or two of discussions with them that they really do see us as a natural oil operator in the Gulf, whereas they are very much focused on the gas. And that's why they see the value that we could bring to the party was really in what we're doing with the oil operation, what we're doing in extending field life in the oil fields. But for us, what it actually brings is that diversity of bringing gas opportunities into the portfolio. And I really want to emphasize here that what we like about these blocks, too, is that they're right up against producing infrastructure and that's both gas infrastructure operated by PTTP as well as our oilfield Nong Ngao down in the south. So it's not that we're looking at exploration blocks that we see bringing on first production in five or 10 years. There are existing discoveries in these blocks. There's been new wells drilled that have actually had discoveries. So we see quickly able to convert what is exploration acreage into cash flow in these areas. And then it is PSEs, the strength that then comes to you is that you're in a cost recovery realm. So your further exploration that is all able to be cost recovered against that existing production and cash flow that you've got. The entry cost for us is really largely at ground floor. Paying them, you know, we estimate as of June 30th, it was 14.7 million net. We would pay for the back costs. And that includes the cost of getting into the blocks. But also it includes four wells that have recently been drilled. The one element of carry we have in there is that we will carry PTTP on some extra 3D seismic that we've requested to be acquired right next to our Nong Ngao field. So you can see a grill expansion in the acreage position and access to gas. That can be immediately tied back as well as in future long term exploration prospectivity. And it's just activity is already commenced. Wells have been drilled. 3D seismic should start to be acquired in the coming weeks. And we know that the PTTP team are already starting to work up some development potential in the two blocks.

Next slide. So this

is a block to the north G1. And one of the things I'd like to point out, and Robin kind of illustrated this to me, he said to give people in Canada some context on the amount of land we have here, this block would extend from Calgary up to Edmonton and be on average, I think it's about 30, 35 kilometers wide. That is a huge swath of acreage immediately next to a major block of land. And that's the major producing hydrocarbon province. But you can see the initial focus areas that you hear reference are the Jarmjuri South gas discovery area. And while it's a gas discovery area, there are also oil discoveries in there and you've got a mixed phase of production happening around that. So we know that PTTP are looking for the opportunity of platforms that may not just be producing gas, but may be producing mixed phase gas back is that's able to be handled at the producing facilities around there. So three wells have been drilled in there and we're obviously quite excited about getting into look at those with PTTP. The southern area, Martiti Musaba, oil prospect area. Now that's immediately around what is the Rossican oil field with the experience that we and Chris Energy, who we acquired have around that area. We already have a worked up portfolio of oil prospects in that area, but we're going out to expand the 3D around that to obviously then come with a complete set of oil prospects around that area that could be tied back. So we really expect drilling there once you have the seismic in kind of late 26 at the earliest or into 27. And the next slide. And Robin, again, just to illustrate the size, I think on this block Robin's description was this one extent would extend from Calgary down to the US border. So again gives you just the vast size we have there and up in the northern corner, you can see our producing Nong Yao field in the bright yellow, the fields in there and we'll look to acquire seismic really to the northeast of that. We know there's an existing undeveloped discovery called Ubon that exists to the Northeast and we believe there could be an oil fairway there. So we want to really work up that new 3D to look for us on what will be the next phase of development for Nong Yao. Will we go down to the South where we've had the Nong Yao D discovery next or is it more perspective and better to actually go to the Northeast? And then looking down around the towards the South of the block, that major gas field that stretches along the eastern edge is the Bonkot field. I think currently what is producing of just under a BCF a day of gas to put that in context, I think that would be about a third of the total production for the UK area. So very a lot of production there. There are a number of gas discoveries within the block and obviously we've had a recent well drilled. There was a gas discovery. So, you know, we'll see with PTTP what we work up there is looking at tiebacks. It could be planned immediately there and how that develops in the future. Okay, next slide. So this is a slide we've showed in our corporate deck on the portfolio quite a bit. And, you know, when we just had the producing fields and really without going into detail on it, what I wanted to emphasize now is when you look at the northern fields in Menorah and Jasmine, we've talked many times that these are late life or midlife fields, you know, we're really managing a slow decline on these fields to extend the life. We have the other two fields, Nong Yao, Wasana down in the south. We showed last year a new development on the Nong Yao field to expand that and we're currently drilling on that field. So that field still has expansion and obviously as does Wasana with the new FID we've taken. But the addition of the two expiration blocks bring two elements. One, we see more near field development that we can bring on there. So again, bringing expiration blocks into cash flow, but then that longer term future of expiration. So what we've done is really created now a full life cycle company within Thailand with, you know, late life production, midlife growing production, new development and expiration into the future. And just looking at that package, if we were to step back three years ago and we stepped into Thailand, this really would have been our objective as to where we wanted to take it. We've demonstrated the cash flow from the producing assets, building that foundation of cash. And now we're starting to expand that into the future of not just two, three, four years of production, but looking out in production late 2030s towards 2040. So with that, I'll hand over to Greg to just talk a bit about Wasana.

Thanks very much, Sean. Hello, everyone. So, yes, let me just share a few points on Wasana redevelopment. First of all, just as a reminder of what this project is designed to achieve, it really is about exploiting the significant volumes in the ground of oil that we have now confirmed in the Wasana license that go well beyond what can be recovered with this existing relatively old MOPO. And so we're building a new central processing platform with a higher capacity of 62,000 barrels per day that at plateau in the second half of 27 should be producing, the field should be producing around 10,000 barrels of oil per day. Relative to a no further action scenario with just the old facility, it adds 18 million barrels of recoverable reserves. So they are now included in our revised year end reserves for restate for 20, end of 24. It extends the life of the field by another 17 years to 2043. And it brings very strong economics with unit OPEC we expect on plateau in the range of 12 to 16 dollars per barrel. So that's very much comparable to the best that the field we have at the moment, which is Nong Yao. Very strong IRR around 40% and a PEP in 18 knots. And all that is just the main central development. The way the field is designed, the facility is designed is such that we can tie in satellite developments from the volumes that we already have confirmed in the north and in the south of the field. And obviously you would expect that economics of those incremental developments are very strong and they would further extend the life of that license. So that's the objective of the project. Project is on track. We have just achieved around 20% aggregate progress. We have placed purchase orders for all of the major packages of generators, pumps, main pieces of steel and construction is already underway. So Robin, if we could go to the next slide. This just gives you a few pictures from the ceremony of the first steel cutting that Sean was referring to. And I guess, you know, what I would really highlight is that what we see so far with the project progress with tiny steel really very much validates the high confidence we have with this contractor and validates the selections we have made. They have over 40 years of track record in the Gulf of Thailand. They are these days building over 10 platforms for the Gulf of Thailand for multiple platforms. And so we very much look forward to smooth progress further with this project and bringing it on time to first oil in Q2 of 2017. So if you go to the next slide, Robin. So just again as a reminder, I think you have seen this story about ongoing extensions of the field life and reserves replacement that we have been able to achieve and was on a redevelopment is really now a standout in terms of additional 17 years of field life. And overall, this now brings our reserve life index for Valoura to just under seven years for 2P reserves. Now with that, let me hand over to Yacine for Q2 results.

Thanks, Greg. Greetings, everyone. Let me walk you through Valoura's financial performance for the second quarter of 2025. It has been another quarter of robust cash reform operations, continued investment in growth, discipline execution in our project and importantly as well further strengthening our balance sheet as you can see on the screen. Our production for the quarter averaged 21.4. This was in line with our internal expectation and plans and this represents the lowest production for the quarter this year, for this planned year. The current production, I'm happy to report that the current production has already increased to 23.2 thousand barrels per day, which represent around 8% increase from the numbers that you have in front of you. We've lifted and sold 1.9 million barrels and had a realized price of 67.9. The realized price was lower than the previous quarter and that's effectively in line with our mirrors what we've seen in the broader market globally. Importantly, it's worth highlighting that our crew still command a premium to both Brent and Dubai and we're very pleased to see that premium still continuing even in low-price environment. On the cost side, OPEX remains stable at 55 million for the quarter, though on a unit basis, the OPEX per barrel was recorded at $28, which is an increase compared to the last quarter and even to our guidance. However, we have to look at it from the perspective that this quarter we had the lowest production compared to last quarter and indeed even expectation in terms for the full year. We expect these numbers to go to the right on the right side in the next few quarters. We invested around 49 million of CAPEX during the quarter of which 11 million was associated with the Wasana redevelopment. As you are aware, we've cost of the last quarter is still the same. As Craig has mentioned, it's now in the execution and indeed slightly ahead of schedule thus far. This has led to a revenue of around 129 million and recorded in EBITDAX at 62 million during this quarter. Look, I'll talk a little bit more on the cash flow from operation later on, but looking at the balance sheet, the balance sheet continued to be strong and keep strengthening. As you can see on the street on the screen, our cash increased to 242 million during the end of this quarter, which remarkably represent a 65% increase compared to last year. And equally as well, more impressively, I guess from an adjusted cash flow from an adjusted working capital, which we recorded at 262. The strengthening of the balance sheet to a certain extent mirror the share price performance over the last 12 months and then the increase of 100% in share price. Now, looking at the cash flow bridge, as I mentioned, the quarter's cash remains strong. It has been driven by the high margin barrels that we have and also with the low fiscal burdens, which have resulted in a robust adjusted cash flow from operation around 52 million and indeed a free cash, you know, an adjusted cash flow from operation post-tax of 51 million. Now, during this quarter, we didn't accrue any PTAX liability and this is the effect of the tax consolidation that we've done late last year. So those far we have used, during the quarter, we have used 20 million of those available tax losses. Also worth noting that the timing of the lifting and the sales tend to be, you know, have led to a modest inventory build up during the quarter to up to close to 930,000 barrels. And now this inventory is available for sales in the subsequent quarter and support indeed the strong revenue visibility heading in second half of the year.

Next slide, please, Robin. As I mentioned, we exited the quarter with 242

million in cash and that cash position, again, no debt on the balance sheet. The adjusted working capital, as I mentioned earlier, on around 262 million. During this quarter, we've paid 16 million of taxes from the previous year, that's the 2024 taxes. And we also allocated around 4.3 million to NCIB and anti-dilution measures. These anti-dilution measures is really the monetization and the cashing out of options and PSUs and RSUs to avoid the dilutions ultimately to the shareholders. We also allocated around 4 million for exploration during this quarter and this is really primarily to the RACHI well on the Jasmine. Now, even during the quarter when we had the lowest plant production, a tax payment, strong investment in growth, you can see that liquidity position continued to improve, which reflects ultimately the underlying strength of profitability of our business. Next slide, please, Robin. Now, with Q2 behind us on strong production already in place, we can read the status for 2025. Our production, as I mentioned earlier on, is a profile, our production profile is weighted to the second half of the year and the recent wrap up in production to 23.2 thousand bars per day confirmed that trajectory. We also on track on terms of capital plans and including approximately the 40 million of the Wasana FID and indeed as well in terms of our drilling overall. It's worth highlighting that for the purpose of our presentation here, we have combined the capex and exploration into one bucket and that's why you might see the difference compared to previous announcements we've made. Focus right now is still on development drilling for the remainder of 2025. It's worth highlighting that out of these capex and exploration expenses, we do not include the G1 and G3 farming cost at this point in time. We will only do so once the transaction has closed. So subject to closing the transaction this year, we will come back with another guidance if it happens.

Next slide, please, Robin. I think you've seen this before,

but just as an over day overall, it's worth highlighting as Sean said earlier on, since we took over these assets, these tie assets, Valora has delivered enough compound annual growth rate around 80%. Our current NAF as you can see on the screen implies share price of around 14.84 Canadian dollars per share. What is also which is in line with the brokers NAF consensus is of 13 and indeed even the range of around 13 to 17 Canadian dollars per share. We believe that the discount that you can see currently between our NAF and our how our peers trades and even our brokers consensus NAF remains significant and I think the team here we are working quite hard to try to close that gap by just keep on delivering. And I guess with that I'll hand back to Sean.

So just in conclusion, at this point, I think we're on to the Q&A session. So I'll give it back to Robin just to lead that.

Sure, thanks. Thanks, Sean. We've got a bunch of questions come in related to M&A and just for efficiency, I'm going to combine some of these together. First question being given the extended acreage with the PTTP farm in, do you expect that any future M&A would be further out now given that capital will be required for this as well as the Wasana redevelopment?

Yeah, good question. What I can say is that when we took the Wasana FID back in May, and that was just a month after Liberation Day and all the uncertainty that was kind of hinging on the market, the sharp decline in oil prices, we spent quite a bit of time sitting with the board and really going through the cash position we had, the cash flows we had, and even looking at an oil low oil price environment. Now, at that time, we were also almost certain we'd be able to land this deal with PTTP. And we included in that both the cost of the exploration, the farm in, but also even looking at potential developments in that area. We were very confident, even at a low oil price around $50, that we'd still be able to manage all of that and even have some cash available for M&A. So, no, I don't see that there's any delay in our M&A plans because of this. We're very pleased to get this deal done because of what it's done in Thailand. But no, we still remain very focused on M&A.

And another question on that note, where specifically are you looking for M&A opportunities? Is it exclusively Thailand? Is it within Southeast Asia? Is there a chance you'd look further? And specifically one question is, are you looking at somewhere as perspective and far away as the Falkland Islands, perhaps?

No, if for anyone who knows, that would be a conflict of interest for me. So, no, we're not looking at the Falkland Islands. No, we remain very much focused on Southeast Asia. That's where our business is. That's where our strength is. Obviously, right now, all of us, actually the three of us are spread around and looking at different opportunities in different areas at this point in time. So, we remain focused on looking at Malaysia, Indonesia, Brunei, Vietnam as key areas, as well as even keeping an eye down on Australia. But very much focused over in these time zones over here in Southeast Asia. We just see so much potential for growth, so much energy demand and a great number of opportunities and skills where, you know, areas where we can apply our skills of a lot of late life fields where we believe we can extend the assets.

And what's the prospectivity for a large transformational gas deal in the works?

Looking, I was just trying to decide with the word gas in there. We remain looking at transformational deals. We again, we would, you know, gas or oil to us were ambivalent. We will look at both of them. We would like to bring gas in. But no, we've said that we're still looking at those opportunities. We've obviously seen some real changes coming even within Thailand. And then we saw some recent deals we saw announced of, you know, Chevron able to conclude their deal with Hess, which had really locked up a lot of asset deals immediately following on that has sold or then Chevron sold a major asset just south of our G3 block to PTTP. So you're seeing the deal flow starting to happen. I know that some of these things are coming off.

We have a specific question on that note as well, Sean. Any changes in the M&A landscape that you perceive after Chevron's takeover of Hess? Has that changed the M&A landscape?

No, the only thing I don't believe it changes it at all. I still think, you know, these companies have their strategic plans globally as to what they like to do. I think the larger they've been working with them, it's just a matter of you can get kind of stuck when you're locked in a major deal that you don't know if it's going to close or not. So hopefully, you know, the ability of Hess and Chevron to conclude that deal will announce some deal flow to come into some some sales processes to come out of that for both Hess and Chevron assets.

Great. I'm just going to pause there and remind everyone listening in that if you wanted to ask a live question, please click on that raise your hand button and that'll be a cue for me to unmute your microphone. On that note, we've had a few people ask to ask a live question and we'll go to those now. Charlie Sharp, I'm going to allow your microphone. And when you're ready, you can unmute and go ahead and ask a

live question. You there, Charlie?

Can you hear me? Can you hear me? Yes, we can. Lovely. Thank you very much. And thanks for the presentation. Really appreciate it. That was very helpful. Two questions very briefly, if I may. One is around Wasana and what are the critical path items that you see in terms of delivery of the timing of first oil and then the capacity for the field to deliver that 10,000 barrels a day in the second half of 27? In other words, you know, what are the main risks that you see to those items? And then secondly, it's helpful on the two new licenses and the potential. Obviously, it's huge and lots of different things to go for in its early days. Do you feel comfortable in providing some sort of indication of where these four particular targets that you've described? What sort of size they might be?

May I let Greg, do you want to speak to the Wasana question first?

Yeah, hi, Charlie. So I think in terms of the critical parts for project delivery, you know, some of them go through major equipment purchases of things like generators, which typically have relatively long lead times. That's why we have placed some of these orders early. And that's why I did make that point that all of these packages have now been ordered and are well within the required dates for delivery on site. Right. So, so again, I would overall just reemphasize I have a lot of confidence that we can and will deliver this project on time.

That's great. Thanks. And the 10,000 barrels a day, is that just a question of the number of wells that you drill?

Yes. So that's our expected kind of production level timing of a sequence of development wells and going into the second half of 27. So again, we've got quite a lot of data on Wasana. Obviously, we've got 18 producing wells right now. So again, I believe our production expectations are well calibrated to what we already know about the field. That's great. Thank you.

Yeah. So, Charlie, you know, you're asking on volumes and, you know, obviously it's a step we'll go through is working those up. And I expect we'll actually go through an external reserve audit. So we're able to kind of speak of those numbers and provide those out to the market. You know, once we get in there, get into the data and we're officially in the block, you know, is rough guidance. I think what I can say is what you're talking in each area, you're talking to the 10 to 10s of MMBOEs in each kind of areas where kind of our view sits right now on those. Obviously, something down in the South like Busevong, you may see that increase as you drill and find more gas and start to extend it. But that's kind of currently our view now. Very helpful. Thank you.

Just to stay on topic and maybe follow on Charlie's questions, a couple of type questions that are related to that. First on Wasana, can you comment on any cost inflation at the Wasana redevelopment?

Yeah, it's a good question. Now, with the way we've set up contracts for delivery of this project, well over 80% of the total cost is in fixed price commitment. So again, high confidence that we can manage costs within the numbers we have advertised, right, which was 120 million for the facility, all in with tie ins, pipelines, etc.

Okay, and following on another of those that line of questions, what remains to be done to at the two discoveries on the blocks with PTTP? Is this just desktop work or do we require further drilling?

So, no, look at the, you know, well, obviously we have to get together with PTTP. They're working up based on the existing discoveries and the new wells, looking at where you can justify putting in platforms, platform or platform. So obviously we'll see how many of those they come forward is that word progresses over the time. So at this time, you know, all we're hearing from them, you know, as we've started our first meetings with them is that they are looking at potentially sufficient hydrocarbons to put in platforms in each block. So we'll see what numbers come back. But again, it's a bit early at this stage to kind of say that.

Okay, we'll go to another live question now from David Round. David, I've allowed your microphone. You can go ahead and unmute.

Right,

right. I think I'm unmuted. Sorry, there's a bit of a lag. Two for me, please. Firstly, back on the new acreage, obviously non-operated for a change. So just wondering if that was something that you're happy with, had to get comfortable with, given the speed of activity, I guess, is out of your hands. Would also be interesting sort of just if you could elaborate on how the decision making process will work there between yourselves and PTT. And secondly, on operations, you said you're back up at twenty three point two already. Just interested which asset has driven that step up. And if you are able to potentially say what peak production at Nong Yao could be this year.

So on the production element, there's a couple of things going on. So Nong Yao, we are back drilling on Nong Yao. We're getting a good response there and that production is increased significantly back up to almost where it was when we brought on Nong Yao Sea. So getting towards the limit of the facility there. So that's good. That's going very well. But there are some other things like the Wasana production was down because there's a single water injection well there and the water injection well was not performing well. It was very hard to inject. So they went in and did a work over that that increases the amount of throughput you can have on water management and hence you've increased the oil production. So we've had that kick up as well. Come on. And we hope for further uptakes in Wasana there as we kind of deep bottleneck that flow a little bit further. But the main the main jump we've seen is really on bringing the Nong Yao back on. And then you were you were asking about the operatorship. So obviously the deal has yet to close until the deal closes. We actually, you know, we're not contributing financially. However, there is a whole approach that's been defined already for how we work with the operator, how we decisions are made during this interim period before close. So we're very confident is how that's gone and how that's been set up after close. You follow back into much more of a normal technical committee meeting, operating committee meeting. But no, we're not we're not too worried with the pace at which PTT EP moves. We are still required to agree on a lot of the elements. You know, if there's something they really want to do and we don't, they have the freedom as you do in almost all .A.s to proceed on their own. So it's very standard oil and gas practice.

OK, great. Thanks. Maybe just a quick follow up on the new blocks and just looking at the size of them. I mean, ultimately, are you going to need data over all of it?

No, I don't. I don't believe you are. And look, we actually have quite a good database because, you know, Chris Energy that we took over in that had a lot of these blocks originally. So there is existing 2D. You know, you've got magnetic data, gravity data in that. So you have a very good understanding of where the basins are there. So there's a lot of area that is really barren basement high that you're likely going to be able to relinquish. And you're going to be focused towards, you know, along the edge of the major hydrocarbon producing basins that are known. But there are also some some sin roof basins that exist exist within the highs where you also see menorah existing in one of those. The bullion field, another operated field there. So there are some potential other basins we could be looking at in there. And that was one of the reasons for having this exploration workshop.

Right. Thanks,

Sean. Next, we'll go to another live question. Phil Heinrich has been waiting patiently to ask a question. Phil, I've allowed your microphone. You can unmute and go ahead.

It looks like you're still on mute. We'll give you a second.

OK, perhaps we've lost you. Feel free, everyone who's listening to the type of question using the Q&A feature in Teams or to press that raise hand button to signal to us that you'd like to ask a live question or you can email us using IR at Polaroid energy dot com. In the meantime, I'll ask another question that came in by email back to back to M&A related related matters. There was some news yesterday about the M&A. There was some news yesterday regarding Chevron and Bangchak announcing a farm out of their large exploration block. Interested to know whether you view this as a serious competitor or how investors should be looking at this partnership as it relates to our ambitions in the region.

I think the first thing that's exciting to see is again more players coming in to the Gulf of Thailand. You're seeing there's interest in the play. There's interest in what's going on there. Bangchak are a major tie tie refiner, you know, very well a finance company and that and they have kind of had upstream assets at time, not always in Thailand. They've been in the Philippines. They're a major shareholder of a Norwegian company as well. And I know, you know, through discussions with them as well, that they were looking to review opportunities within the Gulf of Thailand. So we're not surprised to see them come in or to come in with Chevron on that block. So we wish them all the best, you know, as they kind of move forward there and we'll obviously follow what they do is they're right by our Wasana field.

OK, another typed question that came in on capital allocation. Given the extension of acreage with PTP, what does this leave? How does this leave older assets such as Menorah and can Menorah still compete for capital?

Yeah, no,

definitely. So obviously our first priority still remains on production, right? Production is what yields the cash flow. If we have a in the new blocks, we have an opportunity for, you know, a good development that can yield very strong production and cash flow, then that has to rank up against Menorah. But immediate production, immediate cash flow is going to rank very highly within our books as we look at those opportunities.

And your favorite question, Sean, any comments on Turkey?

Yes, I can say there's still still discussions ongoing and we look to hope to be able to achieve a result there that would allow us to see us back in the field. Watch this space.

Sounds good. I'll just give another chance to fill if you're able to unmute your microphone. We'll just give you a second. Otherwise, happy to follow up after

the

call.

No, looks like

we've lost him. All right, everyone, that's that's it for the Q&A that we've had. And I remind you, you can reach out to us at any time. Our contact details are at the end of this presentation and available on the website. And with that, I'll hand over to you to wrap up,

Sean. Just again, thank you for everyone taking the time to join us here today. And as Robin said, you're well, you know, please feel free to reach out at any time. I know we do these sessions, but we're always willing to take calls at any time and address issues people might have. So we're very pleased with the results to date. I'm really looking forward to getting production back up there as we progress into the latter half of the year and watching how it was on a field progresses. It's a very exciting piece of kit to see and to be out in the yard and just see the number of platforms these guys are constructing. It was very impressive. So with that, I'll say thanks again for joining us.