Touchstone Exploration (TSX:TXP) — Investor Presentation

36:28 Really appreciate that and appreciate everybody taking the time. I got some advice over the last couple of days on when we knew we were gonna do this Q and A from one shareholder and actually it's not somebody that I recognized but said, you know, please take the time to answer all these questions as best as you can and that certainly I will take that advice. The only caution I would say is there are gonna be some questions that were pre submitted and not very many, but that would be sort of classified on insider information or tipping. So obviously we can't answer those, but we'll deal with that as we go forward. So what I'd like to do is I'll start out answering some of these pre submitted questions. I'll pass it off to Ken and Brian, you know, the appropriate person to answer it. But let me start out with the first question, which is how much VAT is owed and what is the status timeline degree certainty on recovery of the VAT? Is any portion now contractually enforceable rather than reliant on government discretion?

37:26 I think the key thing there is at the end of the year right now we're forecasting somewhere between 8.5 and 10,000,000 USD of VAT. So that's just to give you an idea of that, that would be sort of a final month of 2023, all of 2024 and all of 2025. So it's a big number. I mean, you can see why it certainly is a big number for us. As far as the certainty of getting the VAT, there's no chance of us not getting the VAT back. The real difficult is on the timing. And you know,

37:58 historically when we look back, the governments haven't been great on that. At times they've even issued us bonds as a need to pay them back but we've always got the VAT money. But obviously the tricky part for us is to manage our cash flow and that, you know, at $10,000,000 when you're spending the kind of capital we have that VAT makes up a very big portion. Long winded answer to yes, there is certainty in getting it, but the problem is the timing. Some of the other questions that were pre submitted, think will help us kind of walk through how we're gonna manage that. Question number two, the debt covenant waivers only cover 2025. What is the specific plan to satisfy the 2026 debt service test without additional equity dilution? And when will that plan be communicated to the shareholders? Well, I'll communicate it to you right now.

38:49 The reason we needed the waiver for 2025 is because the debt covenants that we got waived are what's called trailing EBITDA covenants. And what we did with Central Block is we, it came in in May. So you've got all that debt in virtually for the, what looks like the entire year but you only have the revenue from Central Block in for about six or seven months. That's why we needed the waiver for this year.

39:14 Going forward, you don't need that waiver because basically you meet the covenants with a full year of revenue from Central Block. So that's why we only went for the 2026. Question three, given the real financial risks the company is facing, executive and board salaries be materially reduced as part of the belt tightening? I'm going to let Ken answer that as chairman, Ken. Thanks Paul. We directed management and Paul to look at a few things. One, a very directed staff reduction plan in 2025, 2026. And to let you know, the board does review not only the executive salaries, but we see a full list of all salaries that we review typically every February, March time period with management to ensure that they're at a proper level.

40:05 Yeah, thanks for that Ken. I think the other thing, you know, it's just not the base salaries that we're looking at. You know, there's things like our, we shut down one of our regional offices in Rio Claro in Trinidad and various other things that we've done, you know, renegotiate office rents and all those kinds of things. So, I think it's a bigger picture than just when we talk about belt tightening and that's a great way. It's everything from traveling to where we stay, to how often we go, we're looking at this whole picture. You've spoken about buying shares personally, when you'll be doing that. So we can't tell you exactly when we're going to do that since one of those questions where we would obviously be tipping you if we were going to go into the market. But I think if you saw the RNS out this morning, you know, Ken

40:53 made a fairly significant investment on Monday in buying stock and I think you'll see more activity in that. Maybe Ken, is there any comment you want to make on that? Well, I guess all I would say is that both management and the board are have a whole bunch of blackout periods throughout the year. And often, and in particularly this year with the Shell acquisition, we were blacked out for almost the entire year. And in my case, I think it might not have been the only, but I think it was the first day that I was able to buy, I was able to purchase then this Monday, Tuesday. Yeah. I think that that's, you know, kind of answers that question. Question number five, why was CAS four completely omitted from the last RNS despite being previously positioned as a key offset to CAS five?

41:43 Is CAS four facing undisclosed technical problems And is it still planned for tie in or has it been delayed or deprioritized? What is the cost and timeline once approval is given? There's a lot of questions in that question that could have been question five, six, seven, eight, nine, but I'm gonna turn that over to Brian on the technical side because it's really a technically driven question. Thanks Paul. So right now with CAS4, we really wanna watch our costs on that completion. We're working with service providers in Trinidad and Canada to come up with various solutions to get that completed. We wanna find a cost effective solution for that well to complete it and we'll come up with a plan. Yeah, and I think the other part of that too is that it was in the last RNS, you know, but I think what we want to do is when we get a specific plan, we'll kind of lay that out going but it's not in the approved budget from the board So, right now you know, we're going to do our background homework on CAS.

42:39 Number six, what is the actual status of CAS three? What optimization work remains and what does it cost and why has it not already been completed? I can tell you it has been completed and it was a flowing oil well, but I'll let Brian take it over as to where we are today. Yeah, so this was a flowing oil well. We put a pump in it to increase gross fluid rates. Obviously, we installed that PCP downhole. It faced mechanical issues, not delivering fluid to surface, so right now we're sort of troubleshooting that pump with the service provider of the pump to figure out what's wrong with it, how can we fix it.

43:11 Let's see how that goes, and pending that we may need a rig to go pull the pump and reinstall the pump. Yeah, I think on that CAS three, this seems to be a mechanical issue. We don't know, it could even be a hole in the tubing or something like that. But again, looking at the costs that we're, you know, potentially facing, I think right now, you know, we talked about the belt tightening at the G and A level. We're looking at that all the way through the organization and we just want to make sure that we're spending the cash that we have on the best projects. And, you know, right now the two best projects we see are obviously CR3 and the compression at Cascadura. So, you know, that's why you're seeing some of the things maybe slow down and be reevaluated. Question number seven, what's the estimated cost to drill and tie in CR3?

43:58 What's the realistic timeline for spud to first revenue? The drilling and everything now falls under Brian and his team as a result of the departure of our executive VP, James. And so maybe I'll let you take that one over, Brian. Sure. CR three, we're really excited about this well. The rig's on-site. We're hoping to spud it here at the end of the week. Cost estimate there is about 5,500,000 to drill it and about 1,000,000 to tie it in. Those are gross costs, of course. We're 65%, like I said. So we're really looking forward to this drill. Yeah, so drilled in Q4 and on in Q1. I think, you know, the presentation that you just saw, there's a bunch of different things that we're doing on this drilling, but the CR3 program aligns right along with what we did at CAS5, which was, as I mentioned in the presentation was basically our pacesetter well.

44:48 So that's the model that we're using. So it'll give us an opportunity to look at that again. So it's going be exciting to get that done.

44:54 Question eight, please explain the going concern implications. Can TXP meet commitments through 2026 without dilution or is another equity raise avoidable? You know, I think I've touched on this a little bit but the key component here is this VAT collection. Although there are some other levers that we can pull, but because we, you know, the VATs now basically two years overdue, especially when you go back to the 2023, you know, from an auditing point of view, we can't have any certainty of the timing of when we're going to get it. We know we're going to get it. It's a timing of when we're going to get it. So the answer to that, that's probably the biggest implication of the going concern. Having said that, what the board has done is taken a very phased approach in what we've done and said, okay, we've raised the money, the last equity, let's spend that money on drilling CR3 and the compressor.

45:47 Let's see where we are when those are done. And if we've got a big VAT refund or, you know, whatever the case is, I'll see the results of CR3, then we'll go back and evaluate what we do next in the program. So it's going to be a little more measured in that point of view. You know, I think, you know, we talked about that equity raise and I know a lot of people sort of have asked about that but let's not forget that part of the reason for doing that equity raise was the commitment that we had with the bank to raise an additional 7,300,000 under the loan to buy central block. So, you know, not only this was working capital, but it was an obligation that we had to have done by the end of the year. So, you know, that was the other reason for doing the equity raise it and, you know, it's great that we got it done and got a strategic partner. And I know there's a question that came in here that I'll ask a little bit later.

46:34 Question nine, has heritage agreed in principle to defer amend or waive the 22,200,000 of '26 obligations and 17,300,000 of 2027 obligations? Can a central block well count?

46:50 Will the trigger force funding or asset sales? When will investors be updated? I'm going to let Brian look after this because he also looks after the business development group and it kind of falls in there, but go ahead, Brian. Yeah. So I think the question is probably around the license with the ministry on the exploration wells. So not heritage per se, but I think it's important to note that our established fields, Cascadero is an established field, Central Block is an established field, COLA is an established field, that's not part of this. This is more the license term and the exploration commitment we have.

47:24 We've worked with the government before to extend as we need. I think in the presentation we did touch on all the prospects we have across our land base. We have a lot to get to, but our board has been quite clear that this has to be funded out of cash flow. So we're going to focus on the near term projects we have right now and have this our future. Yeah, so we can take the time now to, you know, work up the licenses, work up the CECs, everything else so that when we're ready to go, we can go on those pretty quickly. Question 10, based on current cash debt obligations, interest payments, how many CB wells can realistically be drilled without the new funding? It really depends on that VAT number. Know, if you take a look at those, that first CR3 well, the debts about 3,500,000 net to us to drill it. And we're talking about 10,000,000 in receivables in VAT. So, you know, I guess depending if you assume that VAT came in on day one of next year, you could really fund three more CR wells in 2026.

48:25 But let's, you know, let's figure that one out as we go. What changes will ensure guidance is realistic and data driven? Do you acknowledge the previous guidance misses have damaged shareholders trust? You know, there's no doubt about it that our guidance has been difficult, but I think we have to recognize that we had great exploration successes right at the very beginning. I mean, we basically had eight wells we drilled that were pretty much exploration wells and we had three successful wells. Unfortunately, they were the first three. It would have been nice if they were kind of sprinkled out in there. I think it would have been a little easier to manage, there was the data that we had at the time was what we gave the guidance on. As we get more data now that guidance should be more predictable and I think when you look at central block as being a really good example, got twenty years of data at central blocks.

49:18 When we bought it, we knew what the forecast was going be and basically it's outperforming our forecast. So I think it's a matter and it's a great question in that the data drives how good the guidance can be and when we see that we have more data, you're getting better guidance, especially, and I would really ask everybody to focus on the central block asset and this example of what we can do with the right amount of data. Question 12, what's the management's technical explanation for why CAS5 has materially underperformed? What new data explains the lower production? And Brian, I'll let you handle that one. Sure. So I think it's important to note first off that CAS five's only been on stream for about eighteen, nineteen days. So we're still gathering pressure data. We're still gathering rate data. It's very early in the life stage right now.

50:07 It certainly underperformed our expectations. It is different in terms of pressure and rate. What we saw here is not that high IP and sharp decline on the well. It kind of just came on at that stabilized rate. We're still obviously analyzing the data. It looks like it could be connected with the CAS2 sand package, is just offsetting it. An exciting part, of course, of this well is the oil production we're seeing, which we haven't seen in the other CAS wells to date, 26 API flowing oil. You know, although underperformed expectations, it is nice to see that incremental oil production. Thanks, Brian. Will the monthly option issuances be suspended? Shareholders have already heavily diluted. Why does this continue?

50:54 Ken, I'll let you take that one. Okay. Thanks, Paul. It doesn't really it's not continuing, I guess, is the short answer. We haven't issued any options now for two years. There's still some outstanding options that were there before. I'm not sure those will be exercised at the current pricing level. I think on another note though, we did suspend as of November 1, the ESOP. So the employee stock option purchase plan is now over. So we're not utilizing that anymore. Correct. What is the cost of timeline to perforate additional intervals in CAS two and five?

51:30 Why has this not already been done, Brian? Yeah, so I think I touched on that in the last question. This is, I assume the, probably the oil zone. So on CAS five, that lower section we perforated is producing oil. We now see that section in CAS two as well in block B. So this is a project we'll obviously look to do. The cost is not significant here. It's about 50,000 to $100,000 per perforation. You can do it without a rig. You just need a mast and a wireline to do the perfs. So let us evaluate, obviously, CAS five, get the data in, and then we'll look to, you know, exploit this oil zone across block B.

52:10 Next question, when can fracture stimulation on two central block wells be executed? What is the cost, the TXP financial capable of doing this now?

52:19 So first off on costs, preliminarily, we're working with service providers. It's about 500,000 to $1,000,000 for a frac job. The equipment is on the island, but I will say it's not in our board approved budget yet, but we're still working on the technical aspects and getting things in place to do those jobs when the time's right. I think we touched on in the presentation, fracking is done offshore quite a bit. Onshore, very limited. So the equipment's there, people are capable, service provider capable. So let us do the science, do the homework and then we'll go to the board for that approval when the time's right. Yeah. And, you know, we talk about central block fracking, that's, you know, that could also be a cascadero, right? Yep. I think we're looking at both What's of the remaining cost of the cascadero compressor and installation and is TXP fully funded for this?

53:06 Yeah, so we've procured it obviously, it's being retrofitted in Texas. The total net cost for that job, which is the unit, shipping, installation, commissioning, everything is about 5,400,000 net to us for our share. So far we spent roughly 30% of that with the remainder to be spent up until Q2 when it's installed. This is approved and funded.

53:29 Yeah. Next question is how much unrestricted cash does TOUCHSTONE have today? Not working capital, actually available cash. I think the easiest way to answer this would be to look at the financials that came out last week. We had about 12,600,000 of cash on the balance sheet and then we raised about another 8,000,000 after that. So that kind of gives you an idea. There's keeps me this question that keeps popping up on unrestricted cash. And I think, you know, when we talk about restricted or unrestricted, there's no differentiation on our balance sheet. Basically there's a very small sort of for prepays, but besides that all the cash is available to us. 19, how do NGC and Heritage fund their 20 to 35% obligations, pre funding or reimbursement?

54:17 Do they also carry VAT receivable backlogs? Do you accept VAT on scheme to return? They fund and actually NGC isn't our partner in anything yet. They are in the licenses, but not as far as funding goes. Heritage funds all of their costs in advance. So we submit budgets and those kinds of things. It's a joint under a joint operating agreement. So yes, I'm not sure about the VAT backlogs for heritage or NGC. I don't know the answer to that. And do you expect VAT bonds return? You know, the minister, the finance minister in his budget that he just came out within the new government actually took a different approach to the bonds. He says he wants to clean it up and then replace the VAT with some sort of tax that the energy industry would be exempt from. So theoretically it would make this whole receivable issue go away but we obviously don't see, haven't seen the details and I think the details are required to decide on that one.

55:15 20, question number that we have here based on current cash and production assuming no new CB drilling can TXP meet all the scheduled debt repayments to the 2027 reset if capital is limited to compressor completions CAS two five perforations and CAS four tie in? If not, what is the shortfall? How would this change if the VAT refund were received? Right now the only thing we have approved from a budget point of view is the compressor and CR3. I think we've talked about that a whole bunch of times. All the other things that you see in there we're evaluating. And when the VAT refund comes in, that's when the board's going to have to sit down and prioritize what projects we want to go after or accelerate debt repayments or whatever it is, but we'll look at everything. Is there anything you can do to convince us long term shareholders that there's light at the end of the tunnel? You know, think it's a really fair question but I think when you look at the presentation that you just saw you can see the asset base that we've now put together. I mean, are the largest independent onshore landowner producer in Trinidad. We've got all the gas blocks tied up.

56:22 You know, the new marketing that we now have with the Shell facility, the central block facility, as well as, you know, what we've got in the fixed price contracts. Like all the pieces are there. Now we just have to find a, you know, figure out the way that we can take advantage of this. Obviously the big advantage is for us to get into the higher price gas market. The debt covenant waivers only cover 2025. What is the specific plan to satisfy that in 2026? I think I talked about that previously. I think we can move on. Why has the board decided not to pursue litigation regarding the Felt Portillion financing? You know, we reserved all our rights under that by advice of council. And I don't think this is the right form for us to have that discussion.

57:08 You know, we'll deal with that internally. Is central block fully funded is the compressor and its use now funded? Correct, that was the reason in the last equity you saw that in the use of proceeds that CR three and compressor are the funding and the use of funds. In September twenty nine September, you say the compressor for the facility had been acquired, but completion of the project is not expected until Q twenty twenty six. Why is it taking at least nine months to complete the action? I'll let I'll let Brian answer that one for you, Brian. Sure. So there was a picture in the presentation, but these big, big units. They're not off the shelf, they're custom for your process. Due to high demand in The US and Canada right now, a new compressor unit is actually about sixty weeks, so well over a year.

57:59 Through our facility engineers contacts in Canada and The US, he was able to source a new one down in Texas that you know, fits our mold with a bit of retrofit work with installation in only thirty weeks. So in the meantime, you know, we're also doing prep work. So, you know, yes, it's gonna take thirty weeks to get there, but we need to, you know, build up the cement pad a little bit because this is a heavy, heavy unit. We need to create some tie in piping and that sort of thing, procure some valves. So in parallel with this whole unit, we're going do all the ancillary work as well. Yeah, I'll move on to some of the other questions that came in live as well. One of the questions here from Ash was how does TXP forecast to repay the leverage? If you look in the last MD and A, there's a schedule.

58:48 These are all term loans that we have here, which make them a little bit different than other oil and gas companies. So you can see the payment schedule that works out and in the budget and the model that we've put forward, those payment terms are basically met and they're paid down. Most of the loans are paid down over a five year or a six year period. And obviously the central block facility which makes up 30,000,000 of the debt, Its first payment is in May 2026. So coming up in the next little while but you can see how the leverage gets paid down. Now the board may decide to accelerate that at some point if we had extra cash or whatever the case was we could look at doing that. Paul, you might just comment how much we've paid down to date already. Yeah, so the other loans that we paid down, I think we're just over a 9,500,000,000 that we've paid down and those are those quarterly payments. You'll see them there about a million and a half when you look at the financial statements. So, you know, there's sort of this already this discipline going into paying back debt that we see. So yeah, that's a good point and thanks for that in there.

59:51 So the question here, what is the expectation for the revised realized gas price for central block from May 27, currently Q3 is at $3 I think there was a, this question may have come in before we actually got to that part of the presentation, but I think what you can see is you can see that change in the price. And what really happens is the Henry Hub component of the pricing falls away and we get to more of a pure LNG although there is a little Brent pricing in there as well. But you know, if we look at last month, it virtually doubled. It went from 3 to $6 when we were able to sell to that higher price contract. So I think that kind of gives us But this isn't a negotiation. It's different than our Orotois contract. This is actually a contract that we already see. We already see the markers in this.

1:00:39 So we've got a much higher degree of certainty I think from that it's part important to note, sorry there, Paul. Like, obviously, as the markers that go into that price change, which they change every second, they're traded on the markets, we'll see that pricing change as well. So it sort of leads into the balance. We have a fixed gas price and then these LNG prices, can float as well. Yeah. Sukumen is asking about CR three. What is the commercial chance of success? There was a really good slide in the presentation and actually it's on our website in our corporate presentation. I really like it. It shows the Carapal Ridge pool, you know, the sizable pool with the CR one and CR two well in it. You can see the CR three well projection that we're looking to spud here end of the week. It's offset CR1 by about 500 meters or so, and it shows the various well tests in CR1 as well. So, you know, we're really excited about this well. I think that lower section that has the shale on top tested 25,000,000 a day from, we're going to definitely target that. We also have the acceleration zone from the top.

1:01:41 I guess what the budget shows though is that the budget only includes the accelerated zone, right? Good point. Yeah, so our models, CR1 and CR2, they've been on for about twenty years. These are fantastic wells. They came on at about 20 to 40,000,000 cubic feet per day, Ken. So stable production, big wells. We're modeling just the acceleration, which would be an IP of 10,000,000 a day and declining from there. So we're definitely modeling and budgeting a very conservative uphole case. Should that virgin section come in in the lower, I think it's a game changer. Great. Kiefer has a question, what accounts for steady increases in the production of Central Block? Are they sustainable and any further room in production will be coming in from what other measures have been taken? Maybe you can, I know you talked about it in there? Sure.

1:02:36 Our team did a fantastic job. So we took it over in May at the plant at Central Block. Right away, the facility guy went in and found optimization opportunities throughout. So what he did is he lowered the suction pressure through some facility modifications, and basically that causes the wells to see a lower wellhead pressure, which helps them flow more. So we were able to increase production about 20% with that small change, which didn't cost anything. It was just changing some set points and increasing the speed of the compressor. We're gonna continue to look to do that. There will be a limit, obviously, on how low we can go, but we're gonna continue to slowly lower it down and gauge reaction. I think we talked about the CAS compressor project, but the things we see at central block just get us more excited about cascadure and getting compression in there because everything at Central Block with the lower pressures, we see, you know, quite big jumps in rates and at Cascadero, we don't have compression. So we're excited to get that unit in.

1:03:37 Kiefer's got another question here. The sudden departure of the executive VP, you know, was concerned of the market and what are the plans to fill that void? You know, I think part of the whole restructuring that Ken talked about as well was, you know, look at everything that we looked at and basically we've taken a rule there and moved that into the engineering group. Part of that's moved into the engineering group. I'm personally picking up the HSE and the security side of things. So we're just redistributing it in what we're doing and moving it around. Think number one is cost saving, but we want to make sure that all the departments align. Know, idea of moving it into the engineering group is we now have, we start with drilling, we go right through to production, right through to completions, everything else. It's all within one group now. So hopefully that'll compress timelines and get some really good communications between all the departments there. Ash has one other question, what is the goal for TXP for the recent strategic investor?

1:04:32 You know, I think that strategic investor came to us basically saying that he saw a great opportunity here, wanted to help us support us in doing the placing that we needed to do from an equity point of view to meet our banking requirements. He's obviously got, you know worldwide expertise in a number of things but they do have, he does have a bunch of oil interests as well. But I think, you know, the real main focus that he sees is the asset base that we have, the opportunity that we have to grow it. And, you know, we're really excited to have that. And we wanted to try to get some institutional shareholders onto our registry. So it's really nice between him and the Woods Group that did the convertible debenture that we've been able to do that over the last little while. I think it's certainly changed that.

1:05:18 I'm just gonna go with a couple more questions here. Can you please detail what needs to happen? This is from Kirk. Can you please detail what needs to happen to receive the VAT receivable? You know, really is the $64 in our case, 8 to $10,000,000 U. S. Question Kirk. You know, we're gonna go work on that and figure that out. Normally what happens is the ministry will come out with an announcement at some point, but there's no rhyme or reason to it. So what we're gonna try to do is, you know, accelerate that. I think government appreciates that, you know, we don't take any money out of the country. We drill everything back into the country. So if we were to get that VAT receivable, they know that it's going back into the ground. So that's part of the discussion that we'll certainly have with them, you know, in what we've done. The one last question here from Aidan would be, why did none of the executives or directors buy shares during the private placement?

1:06:14 A strange rule under the TSX because the convertible debenture that was done earlier in the year by what was deemed an insider, none of the insiders were able to participate in that placement. We actually were all gonna We all tried. We were all gonna do that. We were gonna try but under the TSX rules, we weren't able to do that. Now I know there's a bunch more questions here. One of them that I really like, the question here would be from WW. We'd like to see Xavier presenting more and taking on some larger roles. Are there any plans for this? Know Zav's got a really good following out there and certainly he's a treasure for us and that he knows all of the Trinidad stuff. So part of that whole restructuring that we've done is he's going be heading up that subsurface team now and he's going to have more direct impact working with Brian and reporting directly to me.

1:07:09 So you will see him more for sure. And, you know, just to give you an example, he spent three or four days with all of our directors and the board at the last strategic review that we just did last week. So he's definitely getting more involved and I'm really excited to see that he's got a following out there because we sure we sure think he's great as well. That's great, Paul, Kenneth. Thank you very much indeed for updating investors. We'll shortly redirect investors, Paul, to provide you with their feedback. But before doing so, I wonder if I may just ask you for a couple of closing comments and then I'll redirect investors for their feedback. Yeah, really appreciate this. Appreciate everybody coming in. Think, you know, it's fair to say that it's been a pretty tough, it's been a pretty tough year this year for us, you know, going right back to when we started to do the Shell acquisition back in May, but I hope everybody appreciates we haven't tried hiding, you know, we've been out here giving the presentations, answering the questions, taking the calls, doing everything that we could do. You know, sometimes we have to deliver bad news. Certainly CAS five was bad news and we, you know, we delivered it. There's no real good way to do it except I think to give everybody, you know, all the information which is exactly what we're doing. And the other thing too, think is, you know, going forward there's lots of plans, there's lots of levers for us to pull here, but I think taking all that away, we have to look at the asset base that we've put together in Trinidad, the team we put together in Trinidad, the opportunities we've got in Trinidad.

1:08:38 You know, this is, we own everything we could possibly want now. Now we just have to implement the plan. And I'd leave you with two examples of how things have improved. I know there's a lot of shareholders that sort of have this concern that we don't implement everything or don't do things in a timely manner. If you take a look at CAS five from the way it was drilled on time, on budget, you look that it was tied in in twenty days and on production, you know, that should give people a real good comfort. If you take a look at the central block acquisition, it's outperforming the curve that we wanted to do. We only bought that thing in May, you know, Brian and his team have ramped up production by 20% without hardly spending any money. We've got a pad already there. We got a drilling move, a rig moving in to drill the first well and it's only been really eight months since we've had this.

1:09:28 So I know we get criticized a lot for not moving quickly. We were joking here a little bit about the question about the sixty weeks for getting the compressor in, but you know, as was said, it's not an Amazon project, right? Like these are things that are big projects that take big times and we tend to punch above our weight for the size of company that we are. And I think when people go and see the assets on the ground, they always tell us that. So, you know, we'll continue to good or bad, we're going to stand in front of you and give you the information and we'll continue to push forward as we go. But we really appreciate your time today.