Seascape Energy Asia (LSE:SEA) — Investor Update

0:01 Good morning, ladies and gentlemen, and welcome to the Longboat Energy Investor Presentation. Throughout this presentation, investors 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 questions and press send. You may not be in a position to answer every question it receives during today's meeting. However, the company will review all questions submitted today and publish responses where it is appropriate to do so. These will be available via your investor meet company dashboard,

0:32 and we will notify you by email when they are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit following poll. And if you would give that your kind attention, I'm sure the company will be most grateful. And I'd now like to hand over to Helge Hammer, CEO from Longbow Energy. Good morning, sir. Thank you, Mark, and good morning, everyone. It's a pleasure to be able to provide you with an update this morning, to remind you of the program we're in the middle of. I have Nick and John with me who would cover the bits, later on. You know, six months ago, we announced, three simultaneous deals with Equinor, Spirit, and Idemitsu.

1:19 We had reviewed a lot of opportunities, and we had built a bespoke exploration drilling program of seven wells. We went on to to complete the deals in a timely manner at the end of August ahead of drilling the first wells. And and and we've been through a very busy period. Three of the seven wells have been drilled, and and we are now at the point where, say, we're soon heading for the for the next one. The three wells we drilled came in as three discoveries. The Egyptian vulture is the biggest target. It's also the target that came in closest to predeal expectation.

2:08 Very promising discovery, and and I'll come to that in a second. The second well road het was also discovery smaller than we had hoped for, but still of significant size, and and we believe that could become commercialized as part of of a bigger development in the area. And we'll also come back to that in a second. The moving the tin well was a disappointment. It was a discovery, but the big seismic anomaly that we were targeting with that well turned out to be a thick layer of coal, which was always kind of considered one of the prime risk factors.

2:57 On the the positive side, we also have three operators who have delivered these three wells in in a very, very professional way. So they've been drilled on time and on budget. So very happy with that. I will then go on to talk about, what's next. We have four more wells to come. They're targeting a huge potential huge potential still to be played for in in our program and and very gas dominated, which we're happy with. As we presented to you before, the wells are all tie back in within tie back distance to existing infrastructure, which we consider a very important part of this exploration program.

3:52 It means we are in areas where these discoveries when when when we make them can be commercialized. We have partners. We have players who would be very keen to to to to acquire and fill up infrastructure where they are infrastructure owners. And it's also a very positive ESG contribution, making discoveries close to infrastructure in in Norway and particularly when it's also gas. And then we will also talk about m and a market and the opportunities. We are Nick will cover that. We we know having having completed the transaction,

4:44 and and and we know we're very recognized player. So we see a lot of a lot of activity in the m and a market, and we are very much an active player for for the opportunities out there.

5:00 Just moving on now to talk about our most important discovery, Egyptian vulture. If you recall, that was targeting a very, very large seismic anomaly, covers over 80 square kilometers. And as you can see it there, it's sitting just to the east of the Maria discovery in a in a graben called Grinde Graben. And and what we were hoping for was to find a good thick section of reservoir in the Cretaceous at the Cretaceous level. And great great news for us to see that that one came in, came in on prognosis, came in on depth, and and we did find a thick section of of 36 meter.

5:56 And and what what you can see here also on on the right hand side is that we have a a 30 meter moderate rest of quality layer at the top of the section, which has good porosity. So so that means that we have a really good setting for for moving this forward into development. We think that that's probably a layer where you can put development wells in the future.

6:29 The what we found was a light oil. Light oil with a volatile oil, which has very high content of gas. If I now move to the next page, just a little bit on what's the next on Egyptian voucher. So we have mapped this and and preliminary estimates of the in place volume is 220 to 440,000,000 BOE. That's a very big oil in place number, and we believe the operator here is providing very conservative recovery factor range. So a lot of the focus going forward is to provide a more up updated and a more work through, recovery factor.

7:24 And we have a lot of activity both in house and with, independent advisers on on on establishing a better range of recovery factor. The key factors there is, of course, the thickening of the reservoir and the and the lateral extent of the reservoir. I move back to the previous page for a second. You see this is a cross seismic cross section, and interesting observation is that as you move in further, into the dome dip from the well location, you'll see a thickening of this, which is, we think is a promising observation.

8:13 And and and the anomaly show that this can extend very widely. So so the thickening of the reservoir and the lateral extent of the reservoir are absolutely key aspects. The last important aspect is the fluid properties because when gas when when when oil is very volatile and light and this is high pressure, you you move into what's called supercritical condition. So you have gas and oil starting to have very similar properties. And I think that our view is that that's not reflected in the recovery factor as it stands. So a lot a lot to come back to in the next round. So what's happening right now is we are we will be working to update, the models, update the seismic interpretation, and we're working with Equinor and PIGNIG, our two partners.

9:05 All of that will take some time. And then an appraisal will have to be very carefully planned, and and and we will come back to that as soon as we are ready to make that commitment. The the, the other message is the setting of Egyptian virtue. As you see here, it's, in a an area where where you have both some giant fields that are now very mature and need more feedstocks. There is a lot of drilling. A lot of successful drilling discoveries have been made. So this is an area of very, very active developments. And and Egyptian vulture is in a prime prime spot to be tied in. It could be tied into Chirihanz, which is just 10 kilometers to the south, or it could go directly to the Christine or the Osgard FPSO's.

10:06 If I move to Red Hat, Red Hat just to comment on Red Hat, it you know, we had hoped for a thicker column, but it's still not insignificant. And interesting thing here is that you have Goliath and the existing you know, the producing oil field here and Alka both needing an export solution, and that's being worked worked on by Voranagiri operator. And and then you have a Roadheader discovery, and you have a discovery called Tonorusa to the north of Roadheader, which is also undeveloped. So there is a and and there are also other opportunities in this area for adding more volume.

10:53 So we see that Red Hat could become part of a an area development where where gas is is is is brought to shore and, could could become part of the of an LNG scheme, or it could also become part of a, new, blue blue, ammonia or blue hydrogen projects. All of that is being evaluated by various players in this area as we speak.

11:27 We now move on to talk about the upcoming wells. And as you will have seen from our press release, Ginny Hermione is expected to spud this month. That's next one. And then we have and and we'll explain. We'll go through these wells. Then we have the the and Kambusola. So is expected to spud in in in March. It's the deep sea Stavanger, which will drill one well for Lundin and then early early in the year, and then it will come on contract to Equinor to drill Queija. And then after Queija back to back, we will drill the Cambosola target, which is a huge test of a very exciting play.

12:21 And then middle of the year, or let's say, beginning of the summer, is the plan done that the Copernicus will, will spud. And and on Copernicus, it's just just working on the rig intake that's ongoing at the moment.

12:44 Just to remind you of Jenny, Jenny is sitting in, also in Norwegian Sea. So Norwegian Sea is an area where we have a lot of expertise. We worked worked at, for years with Faroe, had a lot of successful well. We when we were in Faroe, we we made a Bougie discovery, and we're in the Hume discovery just these these fields just to the south. And and further to the south again, we did the Pilamboova discoveries. It is an area where we have been very successful when we were in Faroe. This is another well in the same setting. It's it's just sitting in between two existing discoveries. You have the gas discovery gas and oil discovery just just to the the West. And then on on the East side, you have which is has been committed, and it's a it's a project ongoing with OKIA's operator.

13:41 So, Ginnie, if if successful, could be tied back either to Droggen or to Njord. So tieback opportunities are are excellent. It's a it's a dual target well with stacked stacked volume potential. So the the primary target is the upper Jurassic, Ginnie, And then we, will drill drill down to the level below, which is the mid Jurassic information. And and, potentially, it's there that they they could both come in, in which case it could be quite a quite a significant, discovery. And this well will be drilled immediately after the drilling operation that's going on on Top End.

14:36 So Top End is a well, actually, Aquino well is ongoing at the moment. And soon as that is finished, the rig will come to our location and and spud Ginnie.

14:51 Then we have a very exciting target, Cambusola, sitting on the Thampin high in between some giant gas and oil fields. The Kritibjorn gas field is immediately to the west of Camposola and and would be a prime target for tieback. Here, are targeting Cretaceous. And, as you see on the map, we have some strong seismic, response, some seismic anomaly on on long offset, really high quality seismic data. This has become kind of visible because of the of the new long offset seismic.

15:37 And, you know, it's it's massive potential here in terms of volume. It makes it makes it very exciting. Lots of gas, kind of gas chimneys and a lot of indications of gas in in this basin. So this will be a this is an HPHT well, and, there has been a lot of success with HPT drilling in this area lately. For example, in the Atlantis, well, it's a bit further to the west of this. If we look next page, we can see here where Camposola is sitting in larger context, the area and and on on the east side of the.

16:24 You have and and and,

16:30 lot of ESG related projects also going on. You have the the windmill project, and you have electrification projects going on. To the east of Kambosola, we have our license where we farmed into with Idemitsu. That that target has very high chance of success. It's it's an it's an inject type play. It's also supported by a seismic anomaly, which is difficult to explain with anything else than oil and gas. It's, in an area where a lot of successful wells have been drilled lately. You see the top undwell that I just talked about is just to the South Of Crete. You have a number of Equinor discoveries.

17:21 Equinor is our operator. You have the Blasto, Equinor, Swisher. They're all Equinor, recent discoveries. So in this area, Equinor is is hovering up volumes for a for a development project. And and if is a discovery, it's very likely to become part of that, of that development plan. And and as I said already, that that would expect it then to spud in in March towards the end of q one. And then we have the last 12, Copernicus, which is further north.

18:10 Osterhunstan, you see there is a it's a gas field that is is is the furthest north and still connected to the export pipeline system. There are some exciting volumes here. You know, Copernicus is, as you see from the volume there, potentially very, very large. And it's also a in an area where you have a good access to the kitchen, which supply hydrocarbons into Osterhunsteen.

18:50 And it's in the tieback distance to to there. So if it comes in, it would it's very likely to be a satellite to Osterhunstan and could then kind of provide gas straight straight down to to Europe and the continent. It's there there is a rig tender going on. The rig, some good offers that are being worked at the moment,

19:17 And is the operator, together with Equinor, done a great job on his, prospect, which also has a a direct hydrocarbon indicator, which means the seismic is very supportive of there being hydrocarbons here.

19:39 I will, then hand over to Nick to update us on the m and a activity. Thank you very much, Helga. Good morning, everybody. So just a little bit on on sort of where things are, the sort of state of the market in terms of m and a, and then a little bit about kind of, you know, what what we're up to at the moment, you know, noting that, obviously, we can't go into specifics to the confidential nature of of of acquisitions. So sort of looking back, I think, at our interims presentation, we talked a lot about where the market was. A lot of private companies doing very large deals. Again, we've seen more of this with the recent, announcement of Neo, a private equity backed vehicle, making a $1,700,000,000 purchase, of a company in The UK.

20:31 And we think that these, large transactions are are likely to to continue, especially on The UK side as as the investment climate is is uncertain with certain announcements or lack thereof from the OJ approving developments to move forward. This has necessarily meant we've been spending more of our time, looking in Norway than on The UK shelf, but, we remain very, very flexible and very opportunistic, when it comes to opportunity sets. Our hope, though, is that with as we move into the first half of next year, as the activity levels sort of shift a little bit, we do think that there's gonna be smaller or midsized deals in the sort of one to two to three hundred million dollar range coming to the market. We think that those are likely to see less competition.

21:24 That's primarily because private equity is focused on the larger deals, and a lot of the smaller players don't have the financial capacity or the strong shareholding base that we do who are are are keen to see us grow this business into a full cycle, E and P. There are several, private equity backed companies that we believe will be coming to maturity in the next, few years. And I think that '22 could be an interesting time in terms of some of those looking to come to market, sell bits of their portfolio, indeed, divest the entire thing. We also see the tax changes in in Norway potentially triggering some further portfolio adjustments and potentially creating some opportunities for us.

22:10 John will come on to the tax changes in the next slide. But it's suffice to say we are are we've been very active in in trying to understand the impact on on us, but also on the wider industry and how that will sort of develop

22:25 over the next few years. We definitely think that there is this will create some opportunities across the value chain that aren't necessarily obvious at the moment. And I think it also buys us more time with our own portfolio because of the nature of of how it will help finance the working capital going forward. It will allow us to more flexibility in terms of discoveries may we make and the option value for holding on to those for a longer period of time in order to really maximize the value there. I I mean, I will say just in terms of sort of overall sort of addressing the market, you know, we are keen to build on this momentum that we generated earlier this year. I've noticed a distinct change in the way that people approach and and have discussions with us. I think this is both from a a sort sort of a on the corporate side, so speaking with peers, but also on on the sort of advisory community.

23:18 We have a proven ability to to transact sometimes in a complex way to raise money, and and we've really seen how that changes the way that the this the types and the the level of discussion that we can have with people. We're very much focused on value driven opportunities here. As you all be aware, we we are all shareholders in this business and have put in a significant amount of capital. And so we're very focused on how we create sort of cash on cash returns, but without using, excessive amounts of leverage. We've seen that destroy a lot of value, through the cycle, with, other of our listed peers, and we're very keen not to do that. And, certainly, that's carrying on from where FARO was and the way that FARO created an enormous amount of of value.

24:06 We also have a history of innovative tran transactions. I know there have been several questions around swaps that have been submitted, and I I I think that that there's definitely potential to do that. We we maintain an an open mind, but it's all about creating a situation where we can really maximize the

24:24 value and picking that right point where where we've got something that someone really wants and then able to lever that into something very exciting and interesting. So I I would say in summary, we are are very excited how the market is developing. We're seeing lots of interesting opportunities. We think those will accelerate, into the first half, next year, especially in Norway. And we see that there's, there's potential to do some interesting things, which create which have the potential to create some very large, long term value in this business.

24:58 So maybe hand over to you, John, to explain a little bit more around the tax changes and and and why we think that that could could benefit us quite considerably. Thanks very much, Nick. I think just before we talk about the tax systems, just an update on our cash position. So the October 31, we had GBP 34,900,000 in the bank unaudited. That's an unaudited number. The reason for that after drilling sort of having that balance while having been drilling wells is that we still have quite a few cash flows to come in during or coming in during November and December, carries some cash flows.

25:43 And also, that number is flattered by the fact that we have received negative tax installments two of our negative tax installments of $12,000,000 as well, 12,000,000. So the Norwegian tax system or the temporary tax system is working. And we've got another we've had another rebate at the start of this month as well yesterday. So but sort of looking forward, depending on the timing of the drilling and what falls into what year, we would be expecting sort of 16,000,000

26:23 further rebates coming through. That's including the amount we've received yesterday and three further payments we'll get next year once we've trued up what our actual numbers were. And that number, dollars 16,000,000, is unaudited and will depend on where the costs of Ginnie fall, whether for predominantly this side of the year or next side of the year. So as Nick alluded to, the

26:48 changes to the petroleum tax system are the consultation period that the government closes tomorrow. We have made responses in that as had many players. We've also made a joint one with sort of the smaller the sort of 10 or so smaller companies in similar positions to us. Let's move to a cash based system where effectively you get 100% writing down allowance in the first year, which gets paid back potentially twelve months later. You're, say, working very much like the EFF in a way, but on a much broader base It's on your losses.

27:34 It's moving from 78% to 71.8 rebate, which we think is okay for us. It's across the broader base, and we're pretty conservative the way we modeled our working capital at the time of taking on these wells. So that is yes, I think that's yes, I think industry is generally quite pleased with the changes as proposed. For us,

28:04 it's going to the good thing here is it's going to reduce our working capital needs in terms of and lowering the financing hurdles for us because instead of building up capital allowances, which get an uplift and then carrying them forward and depreciating them over six years against your production,

28:23 You spend your money now, you get spend 100,000,000 now, you get 78,000,000 back the following year. So that is quite helpful in terms of if you start looking at tiebacks and development tiebacks and things like that. So it's going to change the landscape in Norway. So I think that's I think, in general, it's a really good thing. But what we do need is some clarity from the Norwegian government. We need the continued ability to pledge the tax refund.

29:02 Discussions with our bankers has basically said, look, we'll happily replace your EFF with something from the new system, but we need to be able to pledge that tax refund. That has been requested, and we have requested that as have many of our peers. And then the there's also when is it going to be approved?

29:24 Is it going to be effective January 1? Or is it going to be effective on another date? Because I think approval will be most likely be during Q2 twenty twenty two. So is there a need for a transitional system? So we still need a lot more detail to finalize exploration finance facility or replacement thereof. And as I've said, we are we've been actively engaged in that consultation period and talking to our lenders to make the changes necessary. So I think when you look at it to the industry, it's a good change. Yes, I think it's a system that sets us up for another ten, fifteen years of stability in Norway. It encourages it's going to encourage a lot of these developments and tiebacks, which is all the right things that the industry needs, and we make sure existing infrastructure is used.

30:22 But ultimately, in some way, we need some clarity on the pledge going forward. So back to back to you, Helga. Thanks. Thanks, John. Yes. So it's been a been a very, very busy half year, exciting period for the company, and extremely happy to have made Egyptian Virtual Discovery, which we think is has huge potential and and a very, very promising find. And and looking forward to four wells, which still has a huge, potential in them and and and and enormous upside.

31:09 And and is it right prospects in the right spots, you know, and and it's gas. So the potential is is really exciting. And and then also on the m and a side, I think we are excited about all the opportunities we have ahead of us and and looking to to do something which, you know, is is is really promising and and value accretive to all of us. So with that, I thank you for your attention, and I think we can move to the q and a part of the the of the Telga, that's great. And thank you to both Nick and Jonathan also for updating investors this morning. Ladies and gentlemen, please do continue to submit your questions using the Q and A tab situated on the right hand corner of your screen. But just while the team take a few moments to review those questions submitted by you already during this meeting, I'd 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 Meet company dashboard. I'd also like to remind you that your feedback is important to the company. And immediately after this presentation has ended, you'll be redirected for the opportunity to provide feedback in order the company can better understand your views and expectations.

32:24 Hilda, Nick, John, obviously, investors have the ability to pre submit questions. And Nick, I think you have touched on a couple of them. But just for clarity, just in case there's anything further to add, perhaps I can start off the Q and A with the presubmitted ones. The first one reads as follows. What level of production would you likely be able to swap Egyptian Vulture for in its current state? And would you consider doing an early monetization of this asset? Maybe, yeah. I I can just kind of comment that we would love to do a swap, and we would love to do it quickly. I think from a technical point of view, you know, the the the market and and has to recognize the size and value a bit before the buyer, particularly, would need to, recognize the size of value of discovery.

33:13 You know, in some case, when you make a small simple discovery, sometimes, you know, the market and and and the buyers and everyone would immediately recognize that potential. And, and, Alex, if we go back the days with Farrow, we swapped Maria Discovery in less than a year for, for a quite significant production with Pitoro. It was that was a long time ago, but, the kind of the the, that hasn't changed really in the sense that, sometimes when discovery is not and sometimes you need to do an appraisal before kind of the full potential, is recognized. And so so, you know, I don't know if you wanna add anything to that, Nick.

34:02 Yeah. No. I mean, we think there's a lot of upside in that asset. And, certainly, we wouldn't wanna give that away until we really have a good handle on exactly how big and how exciting it is. And that's an area that I think is gonna get increasingly exciting. If you go back a few slides, you can sort of see, you know, the the amount of development that's going on in that area, the number of discoveries. And and I think Equinor is really trying to, you know, figure out exactly how it's gonna attack all this stuff. But but, clearly, that is an area for them where they are really going to be pushing. And so, actually, I think you're almost better off aggregating more resource there, so rather than sort of exiting yet because I think that that is gonna be one of their key hubs. So so I I I don't think that now is quite the right time. So I I I would I would prefer until we have a a a real good handle on just how big that could be.

34:51 That's great. Thank you. And I think the other two presubmitted questions all around the same topic, so we hope that has given clarity to those. If I could ask you guys to open up the Q and A tab, you'll see that investors have submitted a number of questions during today's meeting. So perhaps if I may just hand back to you guys to read out those questions and give a response where it's appropriate to do so, and then I'll pick up from you at the end. Okay. Thanks. Thanks, Mark. So, we have a question here, which is how pleased are you with drilling campaigns so far? I I cannot I can ask answer that myself. You know, we would have loved to to announce a big discovery that the market would immediately appreciate and and and and the share price jump up by by by a huge amount. That hasn't happened.

35:40 But that said, I think we're we we we see that the Egyptian voucher has that potential. So so we we are very happy with that. Having made one significant discovery out of three wells is is a good record. So so that that would kinda be my my answer to that question. Next question. You say it will take some time to decide on appraisal once for Egyptian vulture. How long do you expect this to take? Well, the the challenge with answering that question is that we are in a partnership with Equinor and Pygmyg.

36:25 So it's not entirely in our control, but I think the expectation is that in the next two, three months, we would we would get kind of we would get the analysis done. So so in in kind of late spring, I think, would be the time when you can expect that we will make an announcement on on the next step and and and and what type of appraisal well and when and how. So then then from that point on, you're then into a a well planning process, which could be half a year or or or or could be half a year to to a little bit longer than that. Then we have a question, which I think is very similar. Why it's appreciating that Longboat and his partner will only start other analysis preparation next step decision with it would be helpful to have some initial thoughts over the timeline for the first meaningful update. I think I think that's the one we just just responded to.

37:35 Concern about current SP Share price. Your price, obviously, and how you will be able to finance any opportunities as they present. A discounted fundraise at this level would not be appreciated. That I think we're all we're all shareholders, so we share that concern. Maybe I don't know if John Yeah. So should I sort of I mean, look. We're we're trying to create long term value here. We're very aligned with with the shareholders, we all own a a lot of stock which we put put our our own money into. And so, you know, we're very it's one of those things that we are very, very focused in on. And so I I would say that that, you know, to the extent that there's an equity element, you know, we will look to first of we'll look to finance these any acquisitions in in a range of of ways. We've already begun to engage with potential lending banks regarding the the longer term future of this business and how we finance it on a on a sort of look forward business on a look forward basis.

38:40 And and so, you know, I I and there are lots of examples out there, believe it or not, of of, of course, people raising capital for acquisitions at a premium to the existing share price. And so, you know, I I I wouldn't I wouldn't discount anything happening, especially if we find something that's very attractive that is gonna secure and help this business becoming a very large, long term full cycle business. Thanks. Thanks, Nick. I think next one, is also for you, Nick. Cambodia Solar is one of the most exciting prospects in Norway. Are you getting any incoming interest, and would you consider farming down or swapping ahead of drilling?

39:28 So, look, I I think it's very difficult to talk, about sort of specifics, on on stuff like this. What I would say is we obviously have a very large stake in in Camposola. It's kind of one of a a trading chip that that we recognize that we've got, you know, and and trying to balance how much our exposure we want to that versus perhaps, you know, using that to to get into other things, is something that that we would certainly consider. But we really, really like that prospect, and it's it's a it's a very, very exciting prospect, not only itself, but I think as you can see in that slide, there's a huge amount of follow on potential on that block. So so, look, we always remain open minded and opportunistic towards creating value. But, similarly, we're we'd be very, very happy. This was a transaction. If you recall, is something we only got 5% of from from Equinor. We liked it so much. We actually went out and sourced an additional 20% from Spirit.

40:21 So so, you know, we we really like this, but, again, open minded towards value creation opportunities. Yep. And we have a question here. Are you happy at the way the market treat you and your share price? Answer is no, obviously. But that said, I think the share price moves on on on very small small amounts of of of trading. So I think it it it goes quickly down when somebody wants to sell out, also can go quickly up when there's some good news or or somebody wants to buy. So so we're not you know, we would have liked to see the shepherd higher, obviously. And and, you know, we we also really try to make an effort in making sure you guys are all updated and know what's going on.

41:11 So so which is why we have this session here today. Don't know if any of you want to join on to that it. To add to that help it moves on some, on some very thin volumes, actually, plus, and I guess it's a reasonably liquid stock. That will change as we grow. Yep. Maybe a little plug for our new Twitter for our new Twitter page as well. So, obviously, we're committed to sort of best in class investor communications. So we've started up a a Twitter feed as well. We we know we recognize that that people get information on many different sources these days. So in addition to to our stuff on on the r and s, we'll also be putting stuff, you know, on that, and we have a LinkedIn page as well. So so keep your eyes peeled.

42:04 And then we have a question. What do you see as the main catalyst for a large share price increase? Well, that's the the the the the most obvious answer is, of course, a very successful, exploration well. I mean, the if we make a discovery, of of of, kind of very, very big, and significant, volume, then, the share price should really kick off. The the other one is is is is a deal is is a really good deal, and and and and we are gonna have a 100% focus on on both. We we're also looking at extending and adding to a program.

42:52 So the deal could also be, both production. It could be assets of various type. It could be more exploration. But when it it it doesn't stop with these four wells. That's for sure. You mentioned m and a. How active are longboat in this space? Are active negotiations ongoing again? We can't comment about anything specifically, but we are we're very plugged into the market, and we are you know, we're always actively evaluating opportunities, both ones that are are kind of in in auctions, but also, you know, abilities to use and leverage our relationships on a bilateral basis into things that are are potential for win wins.

43:44 And so so we are we are very, very active. Hilar, I might just jump in at this point seeing as every single question that's been submitted by investors, you've very kindly given a response to and read out. So thank you to everybody that has submitted the questions today. And of course, if any further questions come in, Helga, we'll make those available to you for your review. I know investor feedback is important. I'll shortly redirect investors to give you their thoughts and expectations. But I guess before doing so, if I may, just ask you for a few closing comments just to wrap up with. Thanks, Mark. Yes. I know. I think very, very happy to provide you with this update. As you see, we are kind of right in the middle of a very, very active period for the company. And, you know, we're very looking forward to provide further updates and hopefully more successful wells and and and deals ahead of us. So thank you. Thank you, everyone, for listening. That's great. Helga, Nick, John, thank you very much indeed for your time today and for updating investors.

44:41 Could I please ask investors not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the management team can really better understand your views and expectations? This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team at Longboat Energy, we'd like to thank you for attending today's presentation. Good afternoon to you all.