Orcadian Energy (LSE:ORCA) — Pilot Farm-out

0:01 Good afternoon, ladies and gentlemen, and welcome to the ORCADIAN ENERGY PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via the Q and A tab that's just situated on the right hand corner of your screen. Please just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company will review all questions submitted today and publish responses where it's appropriate to do so, and these will be available via your investor meet company dashboard.

0:33 Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO, Steve Brown. Good afternoon, sir. Thank you very much indeed, Jake. And I'm delighted to be here to tell all of you about the deal we struck to move the pilot project forward. This is something we've been working on for a very long time, and we're absolutely delighted to have been able to announce the deal on Monday. And we thought it would be a good idea to run through a fairly quick presentation and to answer as many of the questions as we possibly can in in this session. So I'll just move through the first slide, which is a a disclaimer. I won't dwell on that. This is actually a slide from our previous investor presentation, which was a a summary of what our objectives were for the company. You know, fundamentally, our objective is to deliver a high return for investors.

1:33 And the way we saw that we needed to do that was to fully finance the the polymer flood project on pilot. We had a multistronged approach. We were looking for farming partners, potential project investors. We were talking to potential contractors, and we're absolutely delighted that we found a farm in partner who's, keen to take the project forward. And we've structured the deal so that we don't have to raise additional capital for for the project at all. You know, fundamentally, our our strategy has always been, pretty simple. We we set out to lay our hands on discovered resources at the lowest cost we possibly could, transform those resources into reserves that are ready for investment, and then to share on some of the upside from from the project.

2:25 And what we've achieved with the pilot project and the deal that we've done is actually completely in line with what our strategy always has been. So, this is just a quick summary of the licenses we have, and, I'll do a little introduction to the pilot field itself, but I'm kind of assuming that people have listened to us, me talking about the project before. So there won't be a huge amount of detail on that. We've granted exclusivity to a North Sea operator to close a deal that will finance the pilot project. I'll go into the detail of the deal in the next slide. The pilot field sits here in the in the middle of the P2244 license.

3:14 It's a really well appraised discovery. It's development ready. It's the development concept is based on doing a polymer flood using an FPSO. We're now looking at a mixture of subsea and platform wells, and we'll aim to electrify this project with a floating wind turbine to minimize emissions, which is a really important part of getting the approvals from the North Sea Transition Authority. But pilot isn't actually the only discovery that we have. We have the Elk And Norville Fields, which sit in a license to the south. When Spruell orders of that, there were 53,000,000 barrels of two c resource. There's actually a really good amount of upside on that. We've got some fantastic seismic data, and I'll show you some of that seismic data that suggests that there's some pretty low risk exploration and appraisal targets there that could double that resource to over a 100,000,000 barrels. So that's in addition to the deal we've done on pilot.

4:15 We've also seen some fantastic low risk prospectivity to the north of pilot based on work that TGS did for us on the seismics seismic data. And we're we're as part of this deal, we're going to be re asking NSTA to run an out of round process over that. We don't know whether they will do that as yet, but that's what we will ask for. And we haven't been idle in the thirty third round. We've actually got three license applications in the thirty third round, and we'll mention a little bit about that. Though, of course, we're still waiting to hear the results of that round. So, let me tell you a little bit about more about pilot itself. You know, the summary of pilot is there are great rocks in the pilot field, just fantastic rocks.

5:07 The oil is a bit viscous, so you have to take a different approach to make a success of the field. And the different approach that we've adopted is to do a polymer flood. And one of the things that gives us great confidence that a polymer flood will be successful on pilot is the success that Chevron and I think are enjoying on the Captain Fields where they're implementing a polymer flood project. And in fact, in February of this year, we went to a polymer flood conference up in Aberdeen, and, the Ithaca representative said that they are seeing consistent success applying polymer flood across the Captain Field. But let me go back to the rocks because, you know, rocks are one thing you really can't do anything about in an oil field.

5:55 If if they're poor quality rocks, they're always gonna be poor quality rocks. If they're great, they're always gonna be great. So our rocks are great. We've got, you know, fifty, sixty feet of sand. Net to gross ratio is over, over 95%. Periocities, 34, 35%. Permeability is a two t at Darcy's. The you you couldn't beat these rocks with a big stick. The the viscosity of the oil is well within the range of what a polymer flood will be successful at. So there's a great project sitting here. What we've been waiting for is the operator who would want to join us on this project and invest in the project and get it on stream. And we've agreed the key terms of a deal to bring pilot into production with a North Sea operator.

6:43 So if the deal completes, you know, when we write our r and s, we have to caveat everything very carefully. But if the deal completes as we envisage, we will have an 18.75% carried interest to First Oil. And being carried all the way to First Oil means that we don't have to find capital for the development phase. And all the value in this deal pretty much is in that carried interest. There is a small payment, $3,000,000 on FDP approval, but, really, the value sits in the carried interest. We've given that operator an exclusivity period to the end of November to conclude the deal. We've also approached NSTA with the operator, and we've requested a a license extension to the P2244 license.

7:37 And we've had some very good conversations with NSTA, but they have their process. They'll work through their process, and we'll see what the answer is. In terms of the project itself and the relationship with NSTA, We've been through a lot of discussions with NSTA about the development concept, and we've had a draft field development plan with NSTA. The feedback from NSTA was, is there a way you can phase this project to derisk it? And, actually, one of the fundamental characteristics of the development approach we're now adopting is to phase the development. So that's one of the advantages of working with this operator, but we're also meeting the request of NSTA in approaching the project in that way.

8:28 We think this is really important for energy security. The UK needs its own oil production. It's not just energy security. It's the balance of payments. You know, that balance of payments was the thing we worried about in the seventies. I think it'll be a I think we worry about in the rest of the twenties as well. We've included an option for to negotiate a new a deal for LK Norville in this, arrangement with the operator, but we haven't settled on terms for that. We settled on terms for pilot. We haven't settled on terms for LK Norville. And we also intend to request an order run process to reapply for the former area of license p two three tool that surrounded the pilot fields.

9:14 So that's that's a summary of the deal. This is how we look at the project now. So we see the first phase of the project be being bringing a redeployed FPSO to the pilot field, making certain modifications to that FPSO, installing the mooring, installing the subsea flow lines, installing some subsea wellheads, and drilling five subsea wells before first oil. So that would be three producers and two injectors. And those five subsea wells will produce about 10,000 barrels a day when when they start up. The second phase, and this is when we would start to contribute to the CapEx, but we'd have cash flow. So that's a much different place.

10:02 Is another five subsea wells in the south of the field where the oil is a bit less viscous. And we have an opportunity to learn about the polymer flood in this approach. And, ultimately, we would likely install a platform and complete the development so so that we can recover the entire resource here. There's a very big resource in this field. The oil in place is over 260,000,000 barrels. With this particular scheme, we're expecting to recover 85,000,000 barrels, something like that. We will be doing a new CPR once the field development plan is properly documented and presented to NSTA. But this reduces the cost. This makes the project much more feasible and much less risky for an incoming partner.

10:49 So a really good combination, as well because rather than building an FPSO with a a very high fluid handling capacity, We're looking at fitting within the fluid handling capacity of an existing FPSO, and that's all to minimize the modification costs. So, another reason, and I want to dwell on this just for a moment, that I'm very confident that we can get this project through the government approval processes, in a at a rapid pace is because of the expected emissions performance of this field. Now this chart that shows what it shows mostly is, the performance of all The UK's oil and gas producing hubs in the North Sea.

11:40 So all of those green blobs are, showing you the level of production along the x axis, the scale of the c o two emissions in terms of the size of the blob, and the emissions intensity, which is the emissions divided by the number of barrels on the y axis. And on average, the UKCS performs at around about 25 kilograms of c o two per barrel of oil produced. Based on our old development scheme, pilot was going to produce 2.6 kilograms of c o two per barrel. That's massively less than the, existing production in the North Sea, and it's massively less than any oil that would be imported to meet the demand in The U in The UKCS.

12:34 There are two things that really are very important for meeting the net zero targets. One is having domestic production, but the other is refreshing the domestic production. And we see this project as being really quite significant, in refreshing domestic production. These two charts will give you a clue as to how the production profiles we expect, will look. What I'm showing on the left hand side is the, expected production profile. Each of the individual wells is a different shade of green. So the green is oil. It's coming on at about 10,000 barrels a day and building towards 20,000 barrels a day.

13:20 With this phased approach, it's you're not getting to 20,000 barrels a day and then falling off plateau. You're gonna stay on plateau for maybe a decade. So this is actually going to deliver a significant cash flow over a long period of time. And, you know, one of the benefits of that is, you know, sometimes oil prices are low, sometimes oil prices are high. It's very easy to predict oil prices. They're gonna be volatile. That's the only prediction you can possibly make. The longer your plateau period, the more chance you have of being around when the oil prices are high. So that's a really nice financial characteristic of this project. The chart on the right hand side shows you what our quarterly cash flow flow profile will look like. So, clearly, we we have virtually no costs, before first oil.

14:16 The cost we start to incur at first oil, the blues are OpEx, the greens are CapEx, and the oranges are taxes. And in this particular model, I'm assuming that EPL operates as the legislation says it will, which means it's gone by 2028.

14:35 And that gives us a a very significant cash flow over a long period of time. And we're absolutely delighted to have struck a deal where we can retain, you know, actually quite a significant carried interest on this project without having to massively dilute shareholders to raise the capital to do the project. So

14:59 that's all based on our preliminary cost of the development plan. We're gonna be working that with the operator in the next the next few months. I haven't put an access on it deliberately. That's not an oversight. But it gives you a sense of what the cash flow from this project is going to look like. But I do want to emphasize that this is not the end of the story. We've got lots more opportunity in the acreage we already have and in the acreage we've applied for. So let me just show you a little bit about the Elk And Norway Wall Fields, which haven't really been our focus until we got pilot up and running. Now that we've got pilot up and running, I'm actually really excited by what we've seen in the Elk And Norville fields.

15:50 So I'm gonna go off on a little bit of a tangent and talk about, seismic. But before I do that, I'm gonna skip back to a previous slide because I neglected to mention the seismic display that's on the right hand side. Now what what that map there is showing you is an attribute that we extract from the seismic. It's called relative extended elastic impedance, and it helps us discern the fluid content in the reservoirs. Where it's gas, it's this red and orange color. So this is the gas cap in the in the East of Pilot, and we can see little four way dip closures just off to the to the east that have little gas caps.

16:48 So you can pick out the gas caps incredibly easily with the seismic attribute. But it's not just the gas. You can see the oil as well. So this is the Pilot field, and this attribute tells you where you've got oil that's thicker than 30 feet. So this this well here just clip the oil water contact and pilot south. It only found 10 feet of oil, but you can see the oil thickening up dip. This this well found 60 feet of oil. This well here found 60 feet of oil. This well here found gas over oil. And this well here found, in the pinch out, just 10 feet of not great quality rock. So this attribute shows us exactly where the oil is on pilot and gives us great confidence in the placement of development wells and that there will actually be thick oil sands that will deliver great production.

17:46 So let me skip back to the Elkie position. Before we had that work that was done for us by TGS, who are now about to become the biggest seismic company in the world, now that they've decided to buy PGS, We had a seismic survey, and we were looking at, an, a particular attribute called the ultra far amplitudes. And we thought that was doing a really good job for us of identifying where the oil probably was. So there's two wells here. One, the the Narwhal discovery well sits to the west. This one here, is the Elkie discovery well, and we could image quite successfully where it looked as if there was oil.

18:33 But just watch here, Elkie North. We thought there was 30,000,000 barrels of oil in that. When we look at the relative extended elastic impedance, it disappears. For me, this is a revelation. It we won't waste a well on that. But we've got great confidence that this part this segment of l key is really there, that this update segment is really there, that area two is really there. And all these, sections at the top are supported by the relative extended elastic impedance measurement. And it suggests that Elkie actually has over a 100,000,000 barrels. Now it will take appraisal and, some analysis to confirm all that in due course, but we don't forget Elkie when you're looking at our fields.

19:25 We applied for three sets of licenses in the thirty third round. And in doing that, we did one license in partnership with another old company, which is really building on our viscous oil experience. That's in the Outer Moray Firth. That's quite an exciting opportunity. Very large, and we we think the the running room there is excellent. But we've sought to add a gas angle to our story as well. We focused on two gas opportunities, one in the Mid North Sea High, that's roughly around about here, which is looking at shallow gas opportunities.

20:10 So low relatively low cost to drill, quite a bit of gas in place. We think there's over 380 or it's about 380 BCF in Leeds on that on that particular license. And then in the Southern North Sea, we applied for, a discovery and a prospect. And the discovery is very interesting. It's a 114 BCF of sales gas. The hurdle to that having been developed in the past was it's the gas that's in the reservoir is about 50% c o two. So there's, you know, over 200 BCF of gas in the reservoir. There's a 114 BCF of gas we can we can sell. And we have a development concept for that, which is based on using a jackup rig, removing the drilling facilities, putting a power station there, capturing all the c o two, the c o two that comes out of the reservoir, and the c o two from the exhaust.

21:10 So we're generating near zero emissions electricity that is a stable supply of electricity. And we think that will make a very interesting project. We tie into a local wind farm to get the grid connection, and we think that's a c o two capture scheme that could, really attract the attention of some of the bigger players, to be perfectly honest. There's also a 150 BCF drill ready prospect near drill ready prospect just on that same license application. We we think it looks a really good prospect, and we we think we understand why it was never drilled in the past, so we're excited about that. And we we now have the opportunity to make the very best of these because we've had, our partner come in and pilot, and that's actually transformed the outlook for the company.

22:08 So I've been very quick in going through the presentation, really, because I wanna give time for questions. And,

22:17 that's essentially all I was planning to say, to introduce you to the deal, the pilot field, and ORCADIAN. So thank you thank you for that, Jake. Steve, that's perfect. If I may just jump back in there. And thank you very much indeed for your presentation this afternoon. If I may, I will just bring up your cameras there. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab that's situated on the right hand corner of your screen. But just while the team take a few moments to review those questions that were submitted already, I would like to remind you that a recording of this presentation along with a copy of the slides and the published q and a can be accessed via your investor dashboard. Steve, we did receive a number of pre submitted questions ahead of today's event. And as you can see there in the q and a tab, investors are beginning to submit their questions for your consideration. So if I may thank all investors on the call for taking the time to submit their questions. And, Steve, if I may hand back to you just to share the q and a session with the team, and then I'll pick up from you at the end. Thank you. Surely. Surely.

23:19 So, what I'll do is I'll I'll start to work through a few of the pre submitted questions, and then I'll pick up anything that, anything that I can answer in in the in the q and a tab that's on the right hand side of my screen. So the first question is, are you pleased with the deal? I've I've I've gotta say, I'm absolutely delighted with the deal. You know, we we applied for pilot back in 2014. We looked at different ways of taking this project forward. We were really excited with the work that Chevron had done on CAPTAIN that really proved that you can do a polymer flood offshore with great success, and that allowed us to come up with a very good development plan for for pilot.

24:11 The incoming operators really added to that, and, like, I really couldn't be more delighted with the deal. So the next question is, will you get a license extension on P2244? Truthfully, I can't know for certain. The NSTA has its own process, and they're very diligent about following that process. So we won't know until NSTA write this formally. But what what I can say is that every interaction we have had with any party who's got any sort of interest in the pilot project so the regulator NSTA or lender on crude market or Shell, our industry partners, TGS, SLB, and Crondle, has has been extremely positive, about what we're doing, and it will be natural for us to expect a license extension.

25:12 The next question is, will we get the P232 license back? We're gonna ask for an out of our own process in that. Hopefully, the NSTA see the logic in running that process, and we're very optimistic that we will get, get that back. But you of course, you can't predict how things how things will go. There's a question there was a prospect you were excited about on that acreage. Do you still like it? So I like it a lot, and I think Morris likes it a lot. I think it's it's the best prospect I've seen in forty years in the business, and we'd be very keen to get it back on their license.

25:59 But I have Morris on the call, so I'm gonna ask Morris a question, which is, Morris, are you still excited? Yeah. Absolutely. I mean, one of the two of the exciting things is it's it's in this it's it's got significantly volume in it, and it's at a low risk. And that makes it quite attractive, and it's shallow. It's relatively shallow. It's deeper than than Pilot, so we would expect it actually to be a lighter oil than Pilot. Very good. Right. I'm pleased you're still excited, Morris. Yeah. Absolutely. Right. The next question, do you expect the potential new operator to broadly keep the same development plan.

26:49 So, it's pretty much the same development plan, but it's phased. The reservoir recovery mechanism is unchanged. It's based on pretty tight well spacings, injecting polymer to push oil towards the producers, and using downhole pumps to get commercial production rates. But it's much it's a much more phased plan, and the fluid handling capacities will be lower. So we think it's actually a great modification to our original plan. And then before I move on to the, the questions that are on the screen, the last presubmitted one is with the new equity, the carry, and the expected recoveries, what would be the net present value per ORCADIAN share?

27:37 So that's a great question. So we have economic models coming out of our ears, and, obviously, we've analyzed this deal to death. One of the biggest variables to look at when you're trying to calculate an NPV is what assumption you make about the tax regime. And, Brendan Long, who's the analyst at WH Ireland, takes what's probably the most pessimistic view on that, which is that energy profits levy stays in its current form forever. And on what basis, his estimate of the NPV for our carried interest is a $129,000,000 at $85 a barrel, and he's pretty close to our numbers for that scenario.

28:23 So with our current shares outstanding, that's about 1.40 a share. If EPL just worked as it's legislative and went away in 2028, the value almost doubles. And that doesn't actually include any value for LKN normal or what we might get in the thirty third round. So we think that's, that's what we think the NPV is. Now, you know, what the market value is, maybe that's a slightly different number, but the NPV is absolutely relevant in trying to work out what the right market value is. So let me just move on then to a couple of questions that are on the screen. I think I'm gonna answer two of them at once. So I'll I'll read them out to you, and then I'll answer the question. So, from Murray, will the farm in deal cover the repayment of the Shell loan?

29:21 And, another question, assuming no dilution of the deal closes in November, what threat is posed to ORCADIAN's equity by the Shell loan due in March 24. So we actually took that loan out from the Shell traders back in 2019. And they've been very supportive partners as well as having loaned us the money. They have a contract to market the first 12,000,000 barrels of crude that's produced on the field. Obviously, when we took the loan out, we didn't expect it to take as long as it has to get to this point.

30:08 So Shell gave us a six month extension just just a few week just last week. And the purpose of that extension is for us to work out the best plan with Shell for how we repay the loan in due course. And we're we're very confident that Shell will be supportive of the project. They they know who's coming in. They know, what the plan is. They are very keen to see the project get into production and to have the benefit for them of the marketing contract. So we we don't see the shell loan as a threat. It's obviously something we have to deal with, but, it's it's not something we're actually worried about.

30:58 So another question. Congratulations on the deal, Steve. Why did it get down to the wire to strike it? What changed? So why did it get down to the wire to strike it? It was it wasn't the best market for farm outs. Let's say that. You know, we have COP 26. We've had Just Stop Oil. We've had, EPL one. We've had EPL two. We've had Harbor going on an investment strike. We've had Apache saying we're not gonna develop anything in the North Sea anymore. Hasn't been the best environment for a format.

31:46 There was a set of circumstances that caused this deal to make a lot of sense for the operator that's coming in and and ourselves. If I went through the circumstances, you'd be able to guess who it was, and I'm not allowed to do that. So I'm not gonna go through what the circumstances were. But I and it did go down to the wire, but doesn't everything in life, especially things that are worth waiting for. And then the last question that's on the screen. So if you've got us a question in your head, type it up here. Given current and certain ongoing political environment, is it not quite likely field will never reach first oil?

32:31 Absolutely not. We will get this field into production. You know, I there's a lot of rhetoric that's spoken about by politicians, but politicians in opposition are not the same as politicians in par. And, certainly, the current government is very keen to approve new projects and to have the benefit of lower emissions, energy security, and great jobs in The UK. So those are great reasons for any government to support this. Keir Stormer, in an article in the Times, you can tell he's a lawyer. He chose his words very carefully. He said there'd be no new licenses.

33:18 Fine. That's what he thinks today. When he's in par, I think he will think differently. But he also said they would honor all existing licenses. And, certainly, the license we have is not just to do exploration, and it's not just to do studies to develop things. It's to win and to get and to produce petroleum. And he has explicitly said he's not going to, he's going to allow licenses to run their course. And existing licenses are there to be produce oil and gas. They're called production licenses for a reason. So I'm very confident that this project will get the necessary government approvals.

34:05 It's actually a it's a groundbreaking project in the way that we're integrating floating wind. We're doing aggressive process heat management, and we're minimizing emissions. It's absolutely what the the country needs. Daniel, do do you see any dilution to existing shareholders in order to finance the project at its more advanced stages? What what I'd say on that is, there probably will be a little bit of dilution because we need to raise some capital. We've been very clear about that. But we're absolutely focused on minimizing dilution for shareholders. I do not see any need for any dilution to finance the project at its more advanced stages. You know, but we're not liable for any costs until first oil. The moment we're at first oil, we actually have a huge amount of debt capacity.

34:58 So even if the initial cash flows were, required us to have a little bit cash available, we wouldn't contemplate diluting shareholders at that stage. Can you comment on cash reserves and burn rate? So we said that in the r and s, the cash reserves at the time were 90,000. Our burn rate was less than 20,000. Clearly, we will be doing a small raise, at some point. I I can't go into any more detail on that, but, this has transformed the company. We have we have a an asset. Know, the NPV of the asset's a $129,000,000.

35:44 We just need a few quids. You know? It's not it's not like we're gonna dilute this to nothing. Does the potential operator have existing North Sea oil greenfield development experience experience? Will this be requested by the NSTA? So the potential operator does have experience of going through the development greenfield development process with NSTA. I don't think NSTA would require that. They're obviously happier with people who understand the process. Patrick h says, what protection is there for you in the event they pull out your cast situation is tight, to say the least? Yes. You're correct on that. The protection is the relationship we have with the operator and the approach we're taking to move things forward.

36:41 Of course, we have to say we can't guarantee that a deal will get closed, but I'm I'm very confident we will close a deal here, that we'll move this into the next phase. You know, the the operator doesn't put themselves in front of NSTA and say, we want to come in on this project likely. They don't do that likely. You don't appear to have mentioned your current restricted working capital. Apologies if I'm incorrect. Well, I I didn't mention it in the presentation. Can we have insight on how you will address the current 90 k cash figure under 20 k a month cash burn as a cash raise incoming. Well, let me just say again. Yeah.

37:28 We've already said we need we need funds. So you wouldn't be wrong to think that we might raise some money. But let me just speak hypothetically for a moment. If a company wanted to raise money and that I have an expectation that a fully termed SPA might be signed and that the NSTA might extend a license term all within the next couple of months, then it would make sense to raise a small amount now on the balance later after the expected views. So our focus is on minimizing dilution to protect all shareholders. You you can't have zero dilution, but our objective is to absolutely minimize that.

38:18 And the last question on the screen at the moment, do you think the project phase two will need to be funded entirely from cash flow, or how do you think debt funding RBL slash debt instruments will evolve in The UK North Sea? So phase two can be pretty much funded from cash flow. Of course, it all depends on what the oil price is at the time. So it's it's a little hard to predict that. On debt funding, you know, it kinda looks to me like the banks are stepping away from debt funding. SocGen just announced they were not going to do any new oil and gas deals. I think they're making a massive mistake for the world, actually.

39:08 The world needs oil and gas. The world runs on oil and gas, and you can't transition overnight. Anyone who thinks you can transition overnight is creating a recipe for spikes in the oil price and actually energy poverty. So, I think it's a a very negative thing to do to dry up that source of capital. But there is another source of capital. The Norwegian bond market is actually very strong, very much open, and we think that'll be a very good source of debt funding for projects and for companies over the coming years. So I'm not pessimistic about access to debt in general. It's just it's changed character. It's rather than it being banks and syndicates of banks and so on, it it's going to be marketing of bonds.

40:01 So post first oil, will ORCADIAN be responsible for capital injection at the same rate as revenues, I. Around 18%? Yes. So once we reach first oil, we'll pay 18.75% of operating costs and the capital costs that weren't part of the phase one scope. So the phase one scope is the FPSO, the mooring, the in the flow lines associated with that, and the first five wells. Phase the next phase are another five subsea wells, and we would pay for our share of those those wells. So I'm I'm running out of questions. Unless unless someone has another question, I'm planning to hand back to Jake for the wrap up. Steve, absolutely. And thank you very much indeed for being so generous for your time there and addressing all of those questions that came in from investors. And, of course, if there are any further questions that do come through, we'll make these available to you immediately after the presentation has ended just for you to review to then add any additional responses, of course, where it's appropriate to do so. And we'll publish all those responses out on the investor meet company platform.

41:15 But, Steve, perhaps really just looking to redirect those on the call now to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that'd be great. Yeah. It's it's been a real pleasure to come along and tell you about the deal we've done. I mean, we've been working like Trojans, as my mother used to say. I didn't realize Trojans work particularly hard, but we've been working like Trojans to get this deal done, and we're absolutely delighted with it. We're really keen to be getting into the next phase of working with the incoming operator to optimize the development plan and get this project on stream as quickly as we possibly can. We are really grateful from the support of shareholders.

42:03 I I think ORCADIAN is now on on a march forward. So, hopefully, we're it's onwards and upwards both for the company and for the share price and for all the shareholders. Thank you very much indeed for your attention. Steve, that's great. And thank you once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it'll be greatly valued by the company. On behalf of the management team of ORCADIAN ENERGY PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.