Orcadian Energy (LSE:ORCA) — Annual General Meeting

0:00 Good morning, and welcome to the ORCADIAN ENERGY PLC Annual General Meeting. Throughout this recorded meeting, attendees will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just please simply type in your question at any time and press send. The company may not be in a position to answer every question submitted today. However, all questions will be reviewed with the responses published on the investment company platform.

0:26 Appropriate to do so, we'll make these available to you by email as soon as we have those. I'd now like to hand over, if I may, to Stephen Brown, CEO from ORCADIAN ENERGY. Good morning, sir. Good morning, and thanks for that intro, Mark. First of all, let me explain why I'm going to chair the annual general meeting, rather than Joe, who you can see on the screen. That's because only Alan and I are up in the offices of Shakespeare Martino, and it has to be someone physically present making up the quorum who chairs the meeting. If you've decided to join us with, virtually, you're not missing out. There's no one else here. So I'm sitting in front of a few empty chairs, but such is life in COVID times.

1:12 So let me just say welcome to the annual general meeting of the company. The meeting was convened by notice to the shareholders dated 12/17/2021. The business of the meeting is to receive and adopt the report of the directors and the financial statements for the period ended 06/30/2021, and the report of the auditors thereon to reelect Joseph Darby, Timothy Feather, Gregory Harding, Alan Hume, Christian Wilms, and myself as directors of the company, and to reappoint PKF Littlejohn LLP as auditors and to authorize the directors to determine their remuneration, to authorize the directors to allot securities, and to just apply preemption rights on allotment of securities.

2:04 May I take the notice as read?

2:10 And I don't see any questions popping up on the right hand side. And I, therefore, propose that we deal with each of the resolutions by way of a poll vote. I therefore exercise my right as chairman of the meeting in accordance with article 63.1 of the company's articles of association to call for a poll vote vote on all of the resolutions as set out in the notice of meeting.

2:34 Prior to the meeting, prepopulated poll cards using the final proxy voting figures produced by the registrars were completed and signed. I will now move on to announcing the results of the poll in percentage terms only. For resolution one, in favor, 99.99% against point o 1%. For resolution two, I therefore declare the resolution carried as an ordinary resolution. Sorry. I'm reading from a script if you haven't spot it. For resolution two, in favor 99.99% against point o 1%, I declare this resolution carried as an ordinary ordinary resolution. Resolution three, in favor 99.99% against point o 1%.

3:22 I declare the resolution carried as an ordinary resolution. Resolution four, in favor of 99.99% against point o 1%. I declare the resolution carried as an ordinary resolution. Resolution five in favor 99.99% against point o 1%. I declare the resolution carried as an ordinary resolution. Resolution six in favor 99.99% against point o 1%. I declare the resolution carried as an ordinary resolution. And resolution seven, in favor of 99.99% against point o 1%. I declare this resolution carried as a special resolution, and in for resolution eight in favor 99.99% against point o 1%, and I declare that resolution also carried as a special resolution.

4:19 And I think that concludes the formal part of the business. O nine oh, sorry. I said those ones wrong. They were all ordinary resolutions. Resolutions nine and ten well, nine in favor 99.94% against point o 6%. I declare this resolution carried as an as a special resolution, and resolution 10, in favor 99.94% against point o 6%, and I declare that resolution carried as a special resolution. That completes the business of the annual general meeting. Thank you all very much for attending. I now declare that meeting closed, but we did want to give you an update on the company and where we stand, a state of the union address. Well, maybe not quite as grand as that.

5:12 And

5:13 we'll start with, an opportunity for Joe to introduce the board to you, shareholders. Thank you very much, Steve. I'm pleased to be here at this, first annual general meeting, since the company listed in July last year. And let me add my welcome to that already given by Steve to all shareholders and interested parties that have registered to attend this morning. I have to say that since we listed in July on AIM last year, quite a lot has been achieved. There have been a number of successes, and we've made quite a lot of progress.

6:01 And Steve and his team will take you through where we stand today and the challenges for the future in the presentation that he's about to give shortly. But just to start that off, let me just remind you of the team that we have that are responsible for ORCADIAN at this time. On the executive side, Steve, as you know, is the chief executive officer with Alan Hume, the chief financial officer, and Greg Harding, the technical director. Those are the executive directors. But in support of those, three executive directors, we have Morris Bamford, who's our exploration and geoscience manager.

6:48 He does all the mapping and look he looks after the seismic. And Dave Puckett, who's our enhanced oil recovery specialist, and he knows, quite a lot about about polymers. On the nonexecutive side, I'm the nonexecutive chairman and supporting me on the non executive side. Christian Wilms, he's a non executive director with a technical background. And Tim Feather, he's a non executive director with a financial background. So we believe we've got a strong team that's able to take the company forward. Just to give you a little reminder of our history, company was founded in 2014 and awarded the pilot license.

7:36 You probably remember in those days that we were referred to called steam oil, and our planet at stage was actually to inject steam into the pilot field to produce the viscous oil that is it in in that field. We received finance from from Shell, who demonstrated con confidence in what we were trying to do. But having looked at the development plan, we decided that it was more efficient, perhaps less costly, and resulted in higher recoveries and better economics if we switched to polymer. And that was that that occurred in 2020.

8:23 We renamed the company ORCADIAN ENERGY and listed on AIM in 2021. And I just want to say that we are really committed to the highest operating standards, the highest environmental safety and governance standards equivalent to any other oil company that's operating in in The UK sector. We're conscious of the net zero targets for 2050, and we're working our our projects with that in mind. Steve will talk a little bit about what we've achieved during the first half, and he will refer to the oil and gas authority electrification competition that where we achieved some success in, December of last year.

9:20 So with that brief introduction, I'll hand you back to Steve and the team to go through the presentation. Very good. Thank you very much indeed, Joe. That was that that was a great introduction. Let me just move on to just remind you, I'm sure you're all well aware, but remind you of the assets we have. So our key assets, the pilot oil fields, it's a very well appraised field and has 79 millions of seven 79,000,000 barrels of two p reserves. In the CPR, that has a value at $60 a barrel of 640,000,000. The oil price is a lot better than $60 a barrel at the moment. Long may that continue.

10:07 And it's a robust project with a breakeven of $39 a barrel, and it's based on a low salinity polymer flood using an FPSO or a couple of wellhead platforms and a floating wind turbine. And the OGA sent us at the end of November a letter of no objection to our selected concept, which allowed us to move from the assessment phase when you're trying to work out how you might actually develop a field into the authorization phase when we're, going through all the processes you need to with the oil and gas authority to get approval for the project. But it the story doesn't end there. We've got another 78,000,000 barrels of contingent resources in the Narwhal, Elkie, and Blakeney fields, and we have exploration upside potential on acreage around us.

10:55 So this is actually all summarized in this slide here, which is a summary of the license and licenses we hold in the CPR volumes. But I'd like to dwell a little bit on this slide because, really, this describes what we're trying to achieve as a company. And in a sense, it describes what pretty much every other, preproduction oil and gas company is trying to do. You know, there's companies that have lots of prospective resources, and they're trying to move those into discoveries. And to do that, you have to take the risk of drilling a well, and there's a chance that it may may come in, may not. And then once you've identified some resources in the ground, you may well need to appraise them. Actually, that can take a lot of time, a lot of money. We're very fortunate on pilot, that previous operators have spent a 100 and $150,000,000 appraising the the discovery we have.

11:56 And, once you've got an appraised field and a development concept, then typically, those would be classified as contingent resources that are economic. Once you've got a firm development plan, and we now have a firm development plan that's been endorsed by the oil and gas authority, those resources can now be classified as reserves, and reserves are much more valuable than resources. So, at that point, the only hurdle you need to get over is securing the finance so that you can approve the development and move forward with the implementation. And this slide here is a a version of that slide, a version of that process showing what's in our prospects bag, which is a big number.

12:51 We have some discovered resources that we don't haven't actually developed plans for. We have Elke, Norwell, and Blakeney, 78,000,000 of two c economic resources, where we have a very good idea of what the plan is, but it's not as mature as the plan for Pilot. And Pilot sits as 79,000,000 barrels of 2P reserves. And, really, our focus is in securing the finance to make this project happen. And you can rest assured that's all that's pretty much all we think about. So once again, a little summary of the Pilot field. It's really well appraised. It's very high quality sandstone turbidite reservoir, 34% porosity, two to 10 Darcys of permeability.

13:39 A lot of oil in place. The only issue that's ever really been with this discovery is the viscosity of the oil, and polymer is the key to unlocking that. Polymer flooding allows us to recover 79,000,000 of the 263,000,000 barrels in place, and we plan to implement that polymer flood plan with this development scheme. So there's a lot of wells on it. There's 30 over 30 wells planned for the development. That's with quite a tight well spacing. That's key to get the best value out of the polymer because you don't wanna inject polymer and then wait many years for it to reach your production well. You want the wells to be close together to get the best out of polymer. And we're planning to drill those wells from a pair of wellhead platforms. We'd just install one at first oil with a second one to follow, and we process all the fluids on a floating production storage and offloading vessel.

14:37 We've added recently a floating wind turbine into the scheme to provide energy for the development, and that's been part of of an effort we've had to reduce emissions from the project. And, actually, if we look at emissions from the project on a global comparison, low, remarkably low. So, typically, the emissions range from two or three grams of c o two equivalent per megajoule up to as high as 40 or 50. The emissions from pilot will be 1.4. So that's right at the low end of the lowest, 5%. Now it it is the yeah. The screens screen sharing is still working. Sorry. I saw a few things moving in the background there.

15:35 Really, we describe this as a project that's delivering on the OGA's net zero agenda. I won't dwell on this. This also describes how we drove down emissions. If you're interested, there's actually an hour long presentation on the website where I'm talking to the folk at Society of Petroleum Engineers in Aberdeen, and I go through that in a huge amount of detail. So if you're interested, you can you can listen to me and our engineers talking about that in a lot of detail.

16:08 The other aspect of the field is it's actually a highly profitable project. So at $60 a barrel, we're looking at $640,000,000 of value. At $70 a barrel, we're knocking on the door of a billion dollars of value. And, of course, the contingent resources add to that value. Those are the yellow blocks in that chart. And in that chart, I've actually risked them by the chance of the development success.

16:36 Our next step with this project is to secure development partners, and I use that term actually quite broadly. We see the FPSO contractor as a development partner. We see drilling contractors and well service contractors as development partners. And we we also look to bring in financial institutions and, potentially other oil companies as development partners. So we made a lot of progress of the FPSO. We went out to the market not long after we listed. We got three very good expressions of interest from three very good FPSO contractors, and we'll be progressing those discussions through the first quarter. We're also talking to potential financing partners about what the debt capacity on the project might be, and we're always open to hearing innovative proposals for how this project gets gets financed.

17:36 And what you can rely on with us is that we will choose the option that is best for shareholders. And a big part of that is because we're actually very big shareholders in the company, and we're not gonna just push ahead with any solution. We'll push ahead with the best solution that maximizes value for shareholders. So just to summarize a little bit the progress since IPO on the pilot development. We have the letter of no objection from the OGA that moves us into the authorization phase. This diagram that shows those different phases is from the oil and gas authorities' guidance on field development plans. And as I said, we've gone out for FPSO inquiries. We've also done some very interesting polymer core flood studies over in Austin, Texas.

18:31 We use some of the pilot core. We use some of the pilot oil, and we've done some core flood experiments that give us an indication of how a polymer flood will actually perform on pilot. Previously, we've been relying on analog fields. Now we've got some core data around pilot itself, and that's actually been very encouraging. And we're gonna continue with a multistrand approach to financing through 2022. We also acquired some new seismic, and the larger pale yellow area is the area covered by that new seismic. We've had our consultants access, interpret the seismic over Bowhead, Pilot, Blakeney, and Few. We have new maps, new geological models.

19:22 We've much improved the definition of the Bowhead prospect. But probably most importantly, we the pilot field development area has been confirmed with better resolution and confidence in the geological model that we can incorporate into the FTBP process. And we've also had an approach last year from Carrick Resources who are interested in the Carrick prospect that lies, to the east of that acreage, and we're still in discussions with Carrick and actually, the seismic company about how best to progress that. So that's that's continuing, and what you'll find is we'll we'll be keen to find ways to move all of our assets from the left hand side of chart towards the right hand side of the chart in the most economical way possible.

20:13 But in December, we announced that we'd won the OGA's electrification competition. And you might wonder why why are we going off at a tangent and engaging in this. So I'll explain that as we go through this. The the competition was launched by the OGA. They put up a million pounds and opened the doors to industry. There were actually 29 applications, some of which were supported by much bigger companies than us,

20:48 and there were three three winners. So there were ourselves, an Aberdeen based EPC company called Cattoni Engineering, and ORCADIAN, who are probably the biggest wind farm operator in the world. So we we submitted an entry that was offering to prepare a report on an alternative concept to electrify the central grab and field. So that's fields like ETAP, Shearwater, Elgin, so on and so forth. And we've been awarded £470,000 by OGA to deliver a report, but we're not gonna do that ourselves. We're we're going to do it in conjunction with some partners. And we've put together a consortium who are working on this concept and are aiming to deliver two things by the end of March this year. One, a report on what the electrification scheme will could look like, but also a commercial proposal to existing operators to deliver electricity to them in the period from 2026 onwards, probably. And our partners are an interesting range of companies. So, firstly, we're working with Crondle Energy who worked with us to minimize emissions on the pilot project, and a lot of the ideas we have come from work that they've done with us on pilot.

22:17 We're also working with an innovative cable technology provider, ENERGY PLC, allows you to distribute medium voltage AC over longer distances, which becomes really important when you're trying to support a range of platforms from a central location. We're working with VOXXLA as a key supplier of some of the backup equipment. We've engaged Petrofac to be our EPC contractor and O and M contractor. And as an investing partner, we're partnering with North Sea Midstream Partners, who you may or may not know, but they're they're backed by the Kuwait Investment Authority and on the US infrastructure fund. They probably they process or transport about a quarter of The UK's gas, so they're a really very serious player.

23:07 And the concept that we put together is based on using renewable energy, much as we're doing on pilot, to provide the bulk of the electricity to the platforms. And we'd actually size local wind farms at about a 125% of demand. We'd aim to add highly efficient reciprocating gas engines to back that up. We'd support that backup with battery storage so that we don't have to keep those engines running. And then we'd export the PAR at medium voltage. So that's, you know, ideally at the platform bus bar voltage, so probably about 11 k v. Maybe the hub's a little further away from the platform, we might have to export PAR at 33 kilovolts.

23:54 And we'd essentially have an island grid that's delivering reliable, low emissions power to the operators in the in the Central North Sea. And the advantages of this approach are it's scalable. It's pretty easy to deploy. It's

24:07 quite the opposite of the current plan, which is to build a high voltage DC cable from shore to the Central North Sea. It's very it can deliver very reliable low emissions, fully backed up par. We aim to minimize the brownfield modifications on the our customers', platforms. And our initial indications are that this is a significantly lower cost scheme than the par from shore option. So we see, there's a potential for there being quite an interesting business opportunity here. We're not entirely sure how that will evolve, but we'll absolutely keep you up to speed as as we do that. So why are we doing it? Well, actually, it all comes back to delivering a high return for investors.

24:57 We see a business opportunity. We'd like to grab it. But the key for you as shareholders is what we do with Pilot. So our key objective is to fully finance that polymer flood project and Pilot. We've got a multistrand approach to doing that. We will aim to add value through well timed and focused exploration and appraisal activity, but absolutely getting the timing of that right is very important. We think we want to build on success and financing pilot before we go off and drill too many exploration wells. But fundamentally, we'll be aiming to progress all those resources into reserves and onto production. And we're also aiming to build a business that delivers investor returns throughout the transition. So just a final slide, which is why invest in ORCADIAN.

25:50 Well, you know, there aren't too many companies that have a substantial proven and probable reserve

25:57 base with significant exploration and appraisal upside. There's lots of contingent resources, not so many that have pushed through into that next phase where the reserves the the resources are recognized as reserves. The pilot project's really well advanced. It's well in line with the OGA's net zero goals. The, you know, the value of those core projects is over £1,000,000,000 at $70 a barrel, and today's price is knocking knocking in the door of 85. And we have multiple paths forward to finance that project. We've got a team that's got a a lot of experience, and you can completely rely on us being aligned with shareholders and absolutely focused on maximizing shareholder returns.

26:44 And I've just done one little calculation. There's a share price chart from when we listed. We'd like to see a lot more trading in the stock, obviously. I'm sure I'm sure you would too. But here's just one metric for you to bear in mind. Our market capitalization's £23,000,000. If you divide that by the sum of our two p reserves and our two c economic resources, that's 20¢ a barrel. You know, it it wouldn't be a surprise if that metric rose substantially to be in line with some other companies. So, that's all I wanted to say, and, we're very keen to take questions That's very great.

27:33 If you have if you have them. That's perfect. Stephen, thank you very much indeed for updating investors today. Ladies and gentlemen, please do continue to submit your questions using the q and a tab that's situated on the right hand corner of your screen. I just while the company take a few moments to review those questions submitted already, I'd like to remind you that recording this presentation along with a copy of the slides and the published Q and A will be available via your Investor Meet company dashboard. Stephen, if I could just ask all the other presenters just to click on their cameras at the top, just to bring their cameras back on, and then we can have the whole board visible, that'd be great. And then, of course, Steven, you can see that there's been a number of questions submitted. And perhaps if I could ask you to give those your best shot, if you could ask you to read those questions out and just give a response where it's appropriate to do so. Thank you.

28:20 Surely. So so for the benefit of shareholders who can't see what the questions are, I'll just start by reading the question, and then I'll move on to answer it. So we have we have three so far. So from, Michael d, thanks for the update. What's your view on the need, for future funding? So, clearly, you know, you can you can read the annual report. You can read the, prospectus. We don't have the money to do the project. The project's a very substantial project. We clearly need to, attract investors in the project. Our focus is actually, though, just focus on the development project itself and to try and identify the pathway forward for the financing of that project.

29:12 And there may well be a need for some additional financing between now and the final approval of that project, and we've got multiple conversations going for different ways to to finance that. So, yes, the company will will need to raise more money, but you can rely on us wanting to do that in a way that, minimizes dilution to existing shareholders. And Michael has a second question, which is what do you see as the key milestones, for 2022? So, obviously, we we have a plan for what we're going to do to get to field development plan approval.

29:57 And, really, there there's kind of three phases in that. The first phase is when we narrow down, who the FPSO contractor would be and, prepare, the work plan for putting together the environmental statement. So one of the key documents for government approval is the environmental statement. It's hard to write that if you don't know what what boat you're using. So, we think that's important to identify the vessel. Our aim is to do that during the first quarter, early in the second quarter. And once once that's done, we'll enter what's termed the pre FEED phase, where we define the project in a fair bit more detail than we have done so far.

30:51 And that allows us to gain more confidence in what the cost of the project will be. And in parallel with that, we'll need to be making progress on where the financing is coming from and agreeing with the potential financiers, how we handle, the developments and the cost of the project. We then reach a point, and it's hard to it's hard to predict exactly when that is. And I I have a habit of saying, I won't predict the timing of financing, but we'd certainly need some more financing before we kicked off the front end engineering design phase. And that's a fairly substantial process, maybe takes about six months to do, and that's where you firm up all the contracts for the project. So you have a fully agreed FPSO contract.

31:42 You have a contract with a constructor and installer for the wellhead platforms and all the subsea equipment, and you've lined up the rig and the well service contractor. And that's the point where you have all the financing together that you aim to get FDP approval from the oil and gas authority. So just moving on to the next question, which is from Marie c. What is the status of license commitments on the various licenses? So I'll just go through our three core licenses. The P2244 license is in the second term. That's very important.

32:29 The initial term is for exploration and appraisal. The second term is for development planning. We've met all our license commitments on that license. And to move into the third term, we require an approved field development plan. So we're in a very good position on P2244. On P 232 O, which is the license surrounding that, We're in phase a of that license, and we've met all the license commitments that we have to do in phase a. To move into phase c, we need to commit to a well, and we're talking with the OGA about what might be required there and what the options are. So I'm not gonna say any more than that, but we are looking at opportunities there.

33:20 And for p two four eight two, which is actually for the bulk of the contingent resources are and certainly where the bulk of the value of the contingent resources are, we're we're in phase a of that license. We go on that license from phase a into phase b. And phase b is actually an a seismic acquisition phase. So we would then have three years from, transitioning from phase a into phase b to shoot some new seismic and, acquire and reprocess some seismic. And once again, we're we're talking with, people about how to do that, but I'm very confident we'll take 02/04/1982 into phase b of the license. And Tom c is asking, are you planning to farm out part of the pilot field?

34:15 If so, at what stage would you farm out? Many thanks, Tom. Right. So farming out a share of the pilot licenses, absolutely one of the things we're we're thinking of doing. The farm out market in the last past couple of years, for development projects in The UKCS hasn't actually been great. If you think back to 2020, that was the year when COVID struck, and we had negative WTI prices. And, essentially, no companies were interested in taking a new project on in 2020, really because of financial reasons. You know, potentially great counterparties for our project were on their knees in 2020. So it's no surprise that we didn't close a deal then. In 2021, I kinda characterize it as a year that was dominated by anxiety.

35:14 So and it was COP twenty six anxiety in the UKCS. There's a lot of talk about, will developments continue in the UKCS? We're absolutely clear they are. They absolutely are going to continue. The key is that you have to minimize the emissions, and we've done a great job of minimizing emissions on the pilot development. So we're very confident as we go into 2022 that the COP anxieties that the industry felt through 2021 will lift and that the market for a format of pilot will be much better in '22 than it was in '21. So, I'm not gonna give a timetable on that because I never do. So I've I've answered any all the questions. Joe, is there anything you'd like to add to what I've said there? I realize I just rattled through all the questions, but, it it might be might be good to get a few words from a a wise head.

36:21 Well, just to to round off what Steve has been talking about, I think that after any listing on any stock exchange, I think there are a number of challenges that companies have to face. I think the first six months of operation since we were listed has as been overall very successful. I think Steve and his team have made clear progress with the pilot field, and as Steve has explained, that is the focus of of our main attention because that's where all of the value lies.

37:09 And I think Steve has and he his team have made quite a lot of progress. I think there are challenges for the future. COP twenty six was a little bit of a worry, but comments that have been made by government since COP twenty six give us encouragement that they will support continued investment in The UK, in part because as we head to 2050, The UK is still going to require hydrocarbon resources, oil and gas. We import oil and gas at the moment, and I think we feel very strongly that rather than see our imports increase, it's far better for us to develop those resources in our own country.

38:07 We are where we're in control of how those developments take place, and we're in control of emissions, and we can response respond to governments' requirements rather than import large quantities from overseas with all sorts of economic risks, supply risks that that may result in. So I think we feel confident that we're going to get the support of government. We hope to get the continued support of shareholders, and I'd like to reiterate what Steve has said this morning. We thank you all for voting positively for the resolutions that we set at at the AGM. So our thanks for that.

38:53 We hope to get continued support from our investors going forward. We'd like to see trading in our stock increase. We'd like to see the share price going up because we don't really think it reflects the value the underlying value in the company. What we know we've got is a lot of support from our contractors and consultants whose lively who depends upon developments of the sort that we've been talking about. And we've seen the list of contractors and consultants that Steve has assembled and with their support and help, with the support of our shareholders, and from time to time with support from financiers, whether they be banks, trading companies, or others, I think we're in a good position to raise the finance we need to take the pilot project forward. So overall, I think it's been a really good good start. There are challenges ahead in 2021, which we are well prepared to face up up to, and we shall report on the progress we're making as the year progresses.

40:04 So, that's all I would like to say, Steve, at this stage. That that that that's very good to get that additional, comment, Joe. There is just one other question that came in as as you were speaking. So I'll I'll deal with that, and then I think I'll hand over to Mark to wrap up. Tom c is asking, given your involvement in the OGA electrification competition, does that mean you are planning to get involved more broadly in the electrification of oil and gas fields in The UK and other markets? Many thanks, Tom. So the short answer is yes to The UK. We haven't really thought about other markets for the concept we have around electrification.

40:51 It you know, the the North Sea, as well as being a very oily place, is a very windy place. So we do actually see opportunities to get involved in renewable energy, electrifying existing oil and gas fields in The UK. How that works out, I'm not a 100% clear at the moment. We're we're stepping into this process actually supported by the oil and gas authority. So, you know, the net cost of us us of putting this electrification proposal together is being covered by the oil and gas authorities grant, and we see an opportunity to create a parallel business to the oil and gas development business being part of a consortium supplying electricity to those platforms.

41:39 Just how it unfolds, I don't know. But we're definitely interested in that in The UK. And to be honest, we haven't thought about other markets. You know, if we have success in The UK, then, obviously, we we might start to think about other markets. So thanks for that question, Tom. Mark, I don't believe there's any other questions. So I'll I'll just say thank you very much to everyone for joining in, and I I hope if you had a question, you got it answered. That's great, Steven. Thank you very much indeed. You did take every question from investors, so thank you for that. If any further questions do come in, of course, we'll make those available to you. Well, look, thank you very much indeed today for to the board of ORCADIAN ENERGY. Could I please ask attendees not to close this session as we'll now automatically redirect you in order that you can provide feedback so the company can better understand your views and expectations?

42:29 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the Board of ORCADIAN ENERGY PLC, we'd like to thank you very much indeed for attending today's Annual General Meeting. That now concludes today's meeting, and thank you to you all, and good morning.