Corcel (LSE:CRCL) — Investor Presentation

0:04 Good afternoon, ladies and gentlemen, and welcome to the CORCEL PLC Investor Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged. They 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 can review all questions submitted today and we'll publish our responses where it's appropriate to do so on the investor meet company platform. Before we begin, we would just like to

0:34 submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful. And I would now like to hand you over to the executive management team from CORCEL PLC. Scott, good afternoon, sir. Good afternoon. Thank you very much. Thank you, everybody, for making the time to join us today. This is the first IMC investor presentation that CORCEL has carried out in the recent past. I would like to just take you through a few initial comments, and then I'll pass on to Richard, who will lead the main part of the operational updates and then on to Geraldine. Together with me today, it's Geraldine Giraldo, who's Executive Director and Chief Commercial Officer for CORCEL Richard Lane, who is our Chief Operating Officer Scott Kings, our Chief Financial Officer and Melissa Bjorn, who's our Investor relations officer.

1:29 So firstly, I wanna talk a little bit about what we've been doing over the last over the last twelve months. So first of all, we start with mid July twenty twenty three. I think as a lot of people that follow CORCEL will know that CORCEL acquired APEX, and that's when the company initiated its pivot to oil and gas and its entry to Angola into the Kwanzaa Basin. Around this time last year, we restructured the management of the company, and that's when I joined the company. We carried out a small fundraise, and our share price was roughly about 0.1 p.

2:16 We we then went on to spend a bit of time assessing our portfolio, assessing everything that the company had been doing and what we were planning to do. We've always been the operator of CORCEL which is our high impact, high potential presold asset on the onshore Kwanzaa Basin. We had 35% of that asset. And we figured that as the asset in our portfolio that we had the most control over and the asset with the biggest potential, we decided to focus on restructuring that. So at no cost to the company, we were able to go from 35% gross to CORCEL to 55%.

3:04 And again, we conducted another small fundraise at the time. We communicated to the market that we were going to look for production opportunities. And through doing identified Brazil as a very interesting market for us to go and do that for many reasons, geological similarities, the opportunities that presented themselves in Brazil onshore. And so we did that around about November last year with the entry into Brazil through the option agreement that we signed with a company called Petrobras. We continue to work on our assets in Angola, mainly around CORCEL 16, doing business development, strengthening our pipeline.

3:52 And when it came to February this year, when our share price had had increased to roughly about 0.15, 0.16. We conducted a fundraise, which generated roughly about £2,700,000 to the company. Those were structures those were structured with warrants, which if exercised, would bring a second tranche of funding to the company. But this fundraising in February was really a turning point in the sense that we were able to attract institutional investors. And it was the first material funding that that that the company carried out over the last twelve months that allowed us to to really put money into operations and really start the activities to be able to deliver on the seismic that we plan to deliver this year on CORCEL sixteen.

4:53 It meant also that we had the funding to look at our business development opportunities and assets that we like to pursue. And

5:06 then we were able to award the environmental impact assessment license, which was really the start of boots on the ground essentially in CORCEL sixteen. Once we had the next sort of increase or step change in the share price, We basically took that as an opportunity to another

5:34 consolidation on the block and that's when we increased our equity on our gross equity in CORCEL from 55% to 85%. We paid $500,000 in cash for that, and we subsequently sold to Centana 5% of that CORCEL sixteen asset for $2,500,000 in cash and a royalty. So this event really underscores what what we've been able to do with the with the company in terms of of monetizing some of the assets that we had and create a partnership that allows us to to then go to the next stage of of growth. Since then, we we've seen further appreciation on our share price.

6:23 And just this morning, we announced a small fundraise, but very meaningful in the sense that we were able to attract more institutional investors, not just in The UK, but also across in The US and in Canada. So to us, this is a very significant milestone. We've been able to do this at a point where after twelve months, the company is going from being $2.3000000 dollars market cap company to a $20,000,000 market cap company, putting us in the radar of institutional investors. So in terms of going forward and what we've been able to deliver over the last twelve months, we've looked at our portfolio, we've consolidated, we've monetized, and with that, we've been able to fund the business forward.

7:18 We've created a partnership with Centana, which allows us to, as a company and as a partnership, be able to to look at opportunities that that we weren't able to look at before, and we're very excited about that. We have strengthened our balance sheet. And, yes, we have conducted some some fundraises, which these have been done in a very disciplined way. And we have really positioned the company for growth and for the next step of of materializing on the potential that we have. Geraldine will talk a little bit about that at the end. With that, I'll pass on to Richard, who will talk about the operational aspects. Thank you. Hi, everyone. Thank you, Scott, for the introduction.

8:06 The So next slide. The CORCEL Angola portfolio consists of three large onshore blocks in the Kwanzaa Basin. And the core assets is the CONS sixteen block, which is where we have that operated and controlling interest of 85% gross, 71 and a half percent net. We also have the Con eleven and twelve blocks in Angola, which are nonoperated with a eighteen and twenty two and a half percent net interest, which we will also be discussing today in in the presentation. But for now, we're going to focus on Con sixteen, and then we'll move on to eleven and twelve in a few slides time. So CONS 16 is considered the core asset in the company for a variety of reasons.

8:56 Our position as operator and our high equity position allows us to control the work program and budget for this highly prospective license, but also we think that we have the most interesting block in the onshore Kwanzaa Basin from a geological and prospectivity basis. So what is what is the short term aim of the Con 16 project? You know, the aim the way I would sum it up is the aim is to drill a high impact company maker well in the near future. And how how do we get there? To to do this, we we've needed to advance our understanding of the Con 16 block and and the wider regional geology, and the company have made great progress so far with only a few things left to do before we can drill that high impact well.

9:50 As a reminder, the block was awarded in in q two twenty twenty three, just over two years ago now. And the company then originally, we started working with the with the original seismic and and well data. And just as a reminder for those those on the call that aren't familiar with what seismic is, you know, seismic surveys are a a tool we use in oil and gas where we use sound waves to create images of the sub subsurface so we can identify where to drill. Basically, it's a tool which we use so that we can identify where to drill our exploration wells. So after signing the the agreements in 2023, we worked with the original seismic and well data to identify the initial prospects and trends in CONS 16.

10:38 And then in 2024, we acquired what we call a high resolution gravity radiometry survey, which we call an EFTG survey over a 100% of the block. And a gravity radiometry, this is a geophysical survey surveying technique. That way, again, we use in oil and gas exploration, which basically, it maps the variations in in subsurface density. So it's another way of trying to image what we have going on in the subsurface in Con sixteen. So so in 2024, we we did this survey of a 100% of of this large onshore block in the Kwanzaa Basin, and that was to complement the existing data and to help us map sort of geological trends and prospects that we've identified, but away from that limited seismic control that we had.

11:29 And now that that is complete, and we've integrated that work with with a new sort of reprocessing, basically, a cleaning up of the of the two d seismic that was completed in April this year, we've now designed a seismic acquisition program so that we can, you know, shoot more, acquire more seismic data, and mature a handful of high graded prospects to drill ready status. And the current estimates is to acquire 300 line kilometers of two d seismic in the second half of this year and then to drill a well based on the results of this work approximately sort of one year after completing the acquisition of the seismic.

12:15 And from what we know today, you know, what would a well look like? The well, you know, the well will probably be drilled to over 3,500 meters depth, and it will be targeting stacked prospects. So what we mean by that is we we think where we'll be drilling the well based on our understanding today is we actually have multiple prospects at various levels, and we think that with one carefully selected well, we can actually tag a few prospects as we drill a single vertical well. So we'll be able to target prospects in what we call the shallower sort of post salt section and deeper pre salt section of the block. And when we talk about pre salt, this is in oil and gas, this refers to targets located beneath thick layer of of salt.

13:04 And previous this has been very successful in in Brazil, for example. And previously, it wasn't possible to image underneath this salt with with conventional seismic data, but now because of technology advancement, it is, and it's also a lot easier to drill than it than it ever used to be. So we can target both these sort of shallower plays and and deeper plays with one carefully selected well, which will give us a much higher chance of success in Con sixteen. As it stands, we'll probably be drilling, you know, within sort of 10 kilometers of an existing exploration well that was drilled inside Con 16, and this well is called Twenza 1. And this is a very interesting and important well that drilled only a few meters into into what we call the pre salt in 1960.

13:55 And this well found oil in the pre salt despite not drilling on on a mat structural closure. So this this is important because it tells us that there's a working oil system in CONS 16 that is sealed and working underneath this fixed salts that we have mapped. Now we just need to target

14:17 a robust structure to properly test this sort of significant trend that we've identified in in CONS 16. What what type of data do we have and what are we seeing in the data to get us so excited? Know, this slide we have here shows an example to the seismic line that that intercepts CONS 16. Now this seismic survey was acquired in 2010, and this was the first time that modern technology was used onshore Kwanzaa. The last seismic activity before this was in the early seventies, so over fifty years ago. And, obviously, technology has advanced a lot since then, so the imaging of this seismic data is a lot better on the 2010 data than it is on the on the old legacy data.

15:07 And, you know, what does that show us? This this survey showed us that there are significant undrilled structures in both shallow and deep depths, actually. And and for the first time, it imaged this world class thick pre salt section in Con 16. So this new technology, new way of shooting seismic showed us that we have this whole sort of play type underneath the fixed salt that wasn't imaged previously before. And what you know, why is that significant to CORCEL? You know, why is it important that we think we've got this thick pre salt section in Con 16? The best way I could sum sum this up would be in in three points. Right? So point one would be all big discoveries onshore Kwanzaa Basin to date have been made in what we call the shallow post post salt. So anything above the salt, anything that's sort of in the shallow sections above the salt. The pre salt is completely untouched, and this basically gives us a high it gives us a chance of finding something highly significant in the pre salt because it just hasn't been targeted properly. So it gives us the chance of finding something really significant on a on a volumetric level.

16:19 The second point I would say is we know that the pre salt works in Con 16. You know, we have oil proven in our block, and there are discoveries offshore, deep water around a 100 kilometers away with the same geology in the same basin that are very large. And the best example of that is the Total deepwater development that is currently ongoing offshore Kwanzaa Basin. So these are the same play types, the same trends, and they exist in in in Con 16. And the third reason why we're excited about the the pre salt specifically is to have access to this type of opportunity onshore is not normal. This is more akin to having a a deep water block. You know? So so here, we get access to offshore deep water type sized opportunities, but in an onshore regime.

17:12 And and what does that mean? You know, that means basically your your tenth of the drilling costs of an offshore well. And and onshore, you've got a much faster development time frame. So, you know, we can drill a well, make a discovery, and if we want to, we can bring that well online, start revenue generation. And if we want to, we can drill another well and then another well. And it's more incremental. You don't have to go through building an FPSO and making a final investment decision and things like that. So it's much faster onshore, and it is around a tenth of the cost. So to have access to those type of opportunities in Con 16 is what gets us what gets us excited. It's worth remembering that since this sort of good quality two d seismic data was acquired in 2010, no new exploration wells have been drilled in the Kwanzaa Basin. In fact, the last exploration well that was drilled in the onshore Kwanzaa was over forty years ago.

18:07 So no one's taken advantage of this of this new data, the new technology,

18:12 and so we're working to make sure that we're one of the first companies to to take advantage of that. So where does that leave us today? You know, CONS 16 has multiple interesting prospects, and you can see from the ranges we've got here, anything from 20,000,000 barrels recoverable to over 300,000,000 barrels recoverable inside the block, and that's on a per prospect basis. And we have, you know, unlike most other blocks in the basin, we have the potential to stack our prospects and target more than one prospect with just one high impact well, and that is also one of the reasons why CONS 16 is is viewed as one of the most prospective blocks in the basin.

18:58 And, you know, here's an example on this slide of an ex of the volumetric ranges per prospect that we have in our portfolio in in Angola. So 16 has a around eight identified prospects in the block, and there will be more. We need more seismic data to image image more prospects. But at the moment, we have eight identified, and the ranges are are considerable, you know, anything from 20 to over 300,000,000 barrels recoverable. But we also have similar types of prospectivity in Con 11 And 12, the nonoperated blocks that we have in the Kwanzaa Basin. These are also interesting, and, of course, they have as well as the prospectivity in in 11 And 12, they also contain two legacy fields, Tobias, which we call Tobias and Galinda.

19:52 So remembering that we still have eleven and twelve in our portfolio, a good thing regarding these blocks that we we really like is is that when we acquire more seismic data to better image image the blocks, like like exactly what we're planning to do in 16, we can also extend that seismic data to cover both the interesting prospects we've identified, but also to cover the legacy fields to Biosyncolinda so we could advance our understanding of both these exciting prospects and the fields at the same time with the same work program. And in q one this year, we announced that two development wells in Tobias, in Con 11, the Tobias 13 And 14 wells, had been reentered by the operator to try and reactivate these wells after a challenging drilling and testing program in 2023.

20:53 The operator is still conducting those operations on

20:56 both wells, and we're waiting for them to make an official announcement to partners and AMPG before we can update anything further. But the operations on those two wells to reactivate them are are still ongoing. So, hopefully, that gives gives everyone a a nice run through of what we're excited about in in CONS sixteen and and eleven and twelve. And now I'll pass on to Geraldine to talk about what we have going on beyond the quanta base. Thank you, Richard. And I'm excited to share our outlook of the future for the future, The operational milestones that Richard has mentioned and the corporate milestones that Scott touched on have reset and positioned us to move decisively to the next phase of our growth.

21:52 The last twelve months, we have focused on restructuring our portfolio, making significant progress in terms of developing con 16 or derisking con 16, increasing our equity position in the strategic block. We've also, as Scott mentioned, increased our investor base. And with the the backing of a strong and supportive investor base, we have revisited our strategy to understand how best to unlock long term value for our investors.

22:26 Our focus has been around evaluating our opportunities in the two regions where we are strategically positioned. We have previously mentioned that we see transformational opportunities across the conjugate margins of Angola and Brazil. These are regions, as we've said before, where we have technical expertise, significant technical expertise from a management perspective, strategic positioning in Angola with our operational history, in Brazil with our collaboration agreements with CORCEL, which enabled us to execute the option agreement with Petrobras, as Scott mentioned. And we've also expanded that pool of strategic partners with strategic partnership we announced with Centana that provides us the opportunity to improve our standing in the Kwanzaa Basin.

23:23 So what we're looking for in terms of point forward is our focus is on opportunity led investments. We have one clear objective, which is the same objective we restated last year as we were presenting our focus to the market. Our focus is delivering a step change in terms of revenue for the company. We had the two smaller production opportunities we were evaluating, but with the acceleration of developments from our corporate milestones that Scott touched upon and the operational milestone Richard touched upon, we now have an opportunity to consider a more robust later production opportunities in both Angola and Brazil.

24:09 As is evident from some of, you know, the announcements we've made, I think that we are now positioning ourselves to acquire a production asset in the jurisdictions in which we are focused in. We think that we are well positioned now with the investor base that we have and the strategic partners that we have. We announced that along with the investments Santana made in CORCEL sixteen, we signed a joint study and bid agreement to look at more blocks in the Kwanzaa

24:40 Basin, which will increase our operational footprint. And at the same time, we are actively working with key stakeholders both in Angola and in Brazil in terms of acquiring our first producing asset. And I think what is more exciting is given the progress we've made, we're now looking at opportunities that are significantly much larger than where we were twelve months ago. So that, I think, is really what investors have to look forward to in terms of, the next few months. So thank you, Scott. Thank you. Back to you. Thank you, Geraldine. So yes, with that, I guess, as a closing remark before we take any questions.

25:27 I think what I'd like to leave is that CORCEL is a company that two years ago pivoted to become an oil and gas company. A year ago, we restructured the management, and we made a set of promises in terms of deliveries, in terms of operational

25:42 milestones that we were going to achieve. We are delivering on those, and we have brought value through our share price, the increase of the size of the company, how we've been able to monetize from the assets that we have and capture a set of investors that will hopefully support our business going forward. So with that, we're very excited about the future. We're very excited about the markets that we operate in. The management team is very experienced in Angola. Been operating in the region for over fifteen, twenty years. We're experienced in Brazil, and we know what we're doing in these areas. So we're very excited.

26:28 With that, we can move on to questions. Thank you. Perfect, guys. Thank you very much indeed for your presentation this afternoon. If I may just jump back in there before we move to questions. Ladies and gentlemen, please do continue to submit your questions just by using the Q and A tab that's on the right hand corner of your screen. But just while the company take a few moments to review those questions that have been submitted already, just like to remind you that a recording of this presentation, along with a copy of the slides and the published q and a, can all be accessed via your investor dashboard. Guys, we have received a number of questions throughout your presentation this afternoon, and thank you to all of those on the call for taking the time to submit their questions. But, guys, perhaps if we dive straight into it, the first question that we have here reads as follows. Your stock has traded between 0.1 p and 0.4 p over the past year.

27:14 What specific news or milestones in 2025 will drive the share price higher? And when might we see some movement? Yep. So I can I can take that question? So if we look at the share price, we look at the share price around about this time last year, we were trading at 0.11, 0.12. We have steadily grown to where we are today, so just shy of 0.4. So I think there's been there roughly about 150%, 160% growth on our share price. And together with that, like I mentioned in the past, our market cap has gone up sixfold.

27:57 So in terms of what we see as the next catalyst, there are many things going on. So one of them is the seismic program that Richard talked about and we plan to start that program this year. We plan to complete that program this year. And that will yield a set of results and we expect that to be a very interesting catalyst in terms of share price. In addition to that, we've got a series of opportunities in our pipeline, business development opportunities. And as some of those materialize and communicate those to the market, we expect some of those to be catalysts to share price movement.

28:44 We've got other operational milestones and other things that are part of the restructuring of the company and building the foundations going forward that when the time is appropriate, we'll be able to communicate more to the market. But what I would say is that this is just the very beginning of a very exciting journey. Thanks, Scott. And just turning to the next question that we have here. What derisking steps have been completed so far for CORCEL sixteen? And how do they shape your confidence going into drilling? And how do we perceive the risk of a CORCEL well as compared to the wells drilled on CORCEL twenty twenty three-twenty four? I can take that one. Okay. Thank you for the question. So the on derisking CONS 16, it's it's the things we spoke about in the presentation. So we've done a few things.

29:39 So we've we've received the reprocessing of the existing two d seismic that we have already in the block. And, you know, that basically is sort of improving the imaging, making it a little bit more reliable, and trying to get the most out of of the seismic data that we already have in in the block.

29:59 The next step we've we've taken is acquiring that high res EFTG survey over the entire block. So that covered the entire license in a high resolution, so geophysical survey. It's basically to to fill in the gaps in between the seismic data so we can map those trends that we see across the across the block. The plan sort of 300 line kilometer seismic acquisition program will really take us to that draw ready stage. So at the moment, the seismic lines that we have, the sort of the the imaging of the subs that we have, they're quite wide spacing. So we need to infill those those lines just so that we can really firm up the interpretation and mature those prospects to sort of what I would call, like, drill ready. So by shooting the 300 line kilometer survey, that is the final derisking you need to do to move that those prospects, and it will be a number of prospects to to drill ready status.

31:03 So it's really a we we've taken a sort of a phased approach. You know? You you reprocess what you've already got to make it better. You know, we've acquired that high resolution gravity survey over the entire block, which which is really helping us in our understanding of the license. And then we, you know, we infill the existing data that we have with seismic data to mature everything to drill ready, and then we drill the well. So we we

31:27 feel like we've got a really sound plan, and we've gone you know, we've done everything we can to sort of derisk derisk drilling a well in in in the block. On the risks compared to wells in Con 11, it's completely different. So, yeah, they're very, very different projects. So Con 11, the two wells were drilled in a in a mature field that didn't take advantage of any new technology. So those those wells could have been drilled in the nineteen sixties with the rest of the Tibet's wells. You know? It didn't take advantage of new seismic data, of this EFTG data, of new you know, acquiring new data. They were just drilled based off, you know, existing understanding of the field, and it was a very different approach to to to field development.

32:22 And, also, it's it's different. It's it's a different risk in that it's a different we're not operator, so it's a different type of risk in that we are not so in CONS 16, we are we've got an 85 gross interest. We are in control of the the timing of the work program, what we do, where we do it, how much we want to do. We've got complete alignment, and we're in full control of that. In eleven and twelve, we have a great relationship with our partners, but we are a nonoperator. So we cannot we do not have that level of control. We are not drilling though we did not drill those wells. CORCEL did not drill those wells. That was done by the operator, and so we have less control. So it's a different type of risk, geological and sort of operational. So I see them as as as very different.

33:12 Hopefully, that answers answers the question. Thanks, Richard. That's great. The next question that we have here asks, how do we see CORCEL's interest in con eleven and con twelve fitting into the company's go forward plans given their historic prominence?

33:30 Yeah. So I I could take that question, and it really ties into the answer that Richard just gave to the last question. I think in terms of being strategic fits for in the portfolio, Con eleven and Con twelve are well positioned, or at least we are well positioned in that respect. Con eleven and Con twelve have brownfield redevelopments in the Tobias and Galinda fields providing opportunities for near term revenue if executed properly according to a more conservative or traditional exploration program. In addition to that, looking at some of the G and G work that's being done both internally and through peer reviews, there is still significant post sold potential and presold potential if you're talking about con twelve.

34:18 So there is an opportunity to realize value in con 11 and con 12. We do know that we can probably create more value, as Richard mentioned, if we have some measure or an increased amount of operational control. We are actively working to be able to deep reduce the risk in these two blocks by aligning ourselves more with all the stakeholders, including our current operators to be able to influence the the the, you know, the forward exploration program for the two blocks. So we do think they were they are important parts of the portfolio, and we are actively

34:56 working to deliver value from these two assets. Thanks, Geraldine. Just turning to the next question. Why focus on Brazil as well as Angola? Why not just go all in on the Kwanzaa Basin? Yeah, can take that question. So there are actually several reasons for that. So if look at CORCEL, we have mainly exploration assets, right? So CORCEL sixteen is an exploration asset, CORCEL and CORCEL eleven, they have produced in the past. They are somehow brownfield assets, but by and large, they're explorations assets and the fact that they're not producing. So we always thought that we need to find revenue somewhere.

35:50 Now if we look a year back when we were a $2,000,000 to $3,000,000 market cap company, getting any type of production in Angola was not going to be feasible. I mean, Angola is an environment where you have super majors, where you have, I would say, well sized junior players and transactions are in the hundreds of millions of dollars. So we looked at areas where, a, there would be geological similarities, b, where there would be a market where we could transact, and Brazil very much fitted in in line with that. In addition to that, the team's got significant amounts of experience working in Brazil.

36:40 Richard spent many years working in Brazil, so did Geraldine and and myself. And and, Brazil made made made a lot of sense. Just to give a little bit of background on on Brazil onshore, Petrobras, who had essentially monopoly onshore Brazil, embarked on a strategy to divest some of their onshore assets. That created essentially what I like to call a secondary market. And we looked at that as an opportunity for us. So within that secondary market, have three buckets of potential acquisition targets, and that's assets that produce anything below 500,600 barrels. Then you've got assets sitting between that and 5,000.

37:28 And then you've got opportunities from 5,000 barrels upwards. So we figured that by doing a transaction in the first bucket would allow us to use that as a pilot, bring some value and some revenue to the company and then being able to move to the second bucket and then so on to the third bucket of larger transactions. So we were able to complete the first part in the sense that we signed an option agreement. We were able to put in place everything that is required to be able to operate and transact in Brazil. So yeah, really, it's the complementary nature that that Brazil has with with Angola in that respect, our experience, and and the opportunities that are are available there.

38:19 And, you know, now where where where the company is today and and where we have grown to, we can now assess those opportunities and also start looking at opportunities in Angola. So I think the key for us is when we're looking in terms of production, we want to do that in we want to have geographical diversification without spreading ourselves too thin. So these are markets where we can do that whilst continuing to be absolutely laser focused on our high impact exploration potential that we have in Con 16 and in the Kwanzaa Basin. Thanks, Scott. We have a question here which asks, any thoughts on partnering with Aventra for Con sixteen? Looks like they'd be an excellent choice.

39:14 I can go with that. So I think, the first part of that answer is I we are already operational partners with Afentra. We are investors in the Kwanzaa Basin at the same time, and so there are synergies there from to improve the operational and investment climate in the Kwanzaa Basin, and this is, you know, along with all the other operators and and investors in in the basin. So we do have a good working relationship as coinvestors in the Kwanzaa Basin. We mentioned for in terms of our long term growth that CORCEL is looking to accelerate its growth, and this is strategically in the onshore Kwanzaa Basin as well as acquiring producing assets so that we can deliver value for our shareholders.

40:01 We are doing this through strategic partnerships with various entities, this could, in the future, include a collaboration with a center. But I think right now, our partnership has been more in terms of operational synergies across the basin. Perfect. Thank you. Are the various presort prospects on CORCEL 16 somewhat correlated? What would be the impact of a dry hole at the first well on the risking of other presort prospects at CORCEL 16? Yeah. I I can take that. Thank you for the question. It it it really depends. So I think the way we look at the the presalt specifically, I think with what was in the question, we see them as of course, it depends why why it would fail, but we do see them as separate. So the way we have our prospects map, they're sort of separate structures.

40:57 They're not sort of linked in in any way there. So they are separate features spread around the block. So a a theoretical dry well on one would not does not necessarily sort of mean that the other prospects would would fail. It all depends why. I mean, you know, there could be lots of reasons for that. But where we're going to you know, one of the main reasons why a pre salt well could fail would because your your top salt, the salt that's sealing them is too thin, and it's it's it's not a good top seal. Right? So I think with our first well, we'll probably be targeting a prospect where the salt is very thick, so then there's less of a chance that the oil is sort of leaking out from the from the salt in into the other shallower formations.

41:46 And it's actually to be honest with you, it's the same for the post salt. So the we've got post post salt prospects, and some of them are linked structurally and some are completely separate. So we have very independent prospects from each other and some some have some some similarities. So so we've got a really nice variety of prospects that are independent from one another throughout '16 and and in '11 and '12, actually. But, yes, sixteen's diverse enough to give us plenty to go on if if we want to. Thanks, Richard. Just turning to the next question. Can you talk about upcoming drilling licenses around our acreage? Yes. I can take this one. So, yeah, the drilling around our acreage. So, there's a lot of activity in the basin.

42:39 There isn't, at the moment, any drilling happening onshore Kwanzaa, and we'll have to see who the first you know, I don't think there's gonna be a well this year in in the basin onshore. So, really, it's it's a case of who's gonna be first next year, and there's plenty of operators that could potentially drill a well over the next few years. We think we're probably gonna be one of the first, if not the first, to drill a well, but we can't really speak for other companies, other operators that are around us. It's all we can say is we've got our path. It's pretty well defined. You know, we've been sort of twelve months of shooting our seismic. We should be drilling. I I can't really comment on on whatever companies are planning to do, but you would imagine that their work programs would be fairly similar. Now whether they can move as quickly as we can, that's that's another discussion.

43:37 Con sixteen is we're very fortunate that we've got a very simplified sort of ownership structure there, and we've got good alignment with our partner, our 15% partner. So if we want to accelerate and drill quickly, we can. That's not the case in other blocks. So we'll have to see. We are expecting wells. This to be a very sort of active basin over the next few years, and we'll have to see who the first sort of who the first company is to drill a new well, a new exploration well in this basin. But I I I would personally expect the first exploration well to be drilled, in 2026. Thanks, Richard. We have a question here asking, I would assume that you'll be looking to farm out the CORN 16 ahead of drilling. If that is the case, when would you be in a position to kick off the farm out process?

44:26 Yeah. I I can answer that. I we're looking at, you know, different ways to be able to fund the first well, which would be a as Richard mentioned, one targeting the post salt and the pre salt. Our farm out is one of those considerations. I think we're still in a phase where we are maturing our, you know, our slate of alternatives, and so we would be looking to do something once we've completed the seismic, but this is really more in terms of determining what is the path we want to take. So I think at that point, we'll inform the market. Thanks, Geraldine. Afencer is targeting h one 2027 for Quengela reactivation and drilling in con 15 and con 19.

45:13 What makes you confident you can do it faster? Well, I think yeah. So start. Do you wanna No. Go for it. That. I mean, so I would I I mean, obviously, I can't really comment on on on what Afincha is doing. But what what we can say is that, I mean, we we've started. So we we've we've got boots in the ground, like I said earlier. We we're going to be conducting our seismic this year. And together with that, we are starting to think about our plans for The Well, which we've made clear to the market that we intend of starting that towards the tail end of next year. So I think can speak from our team essentially is about our experience in Angola, our experience in terms of our backgrounds.

46:18 Spent the first half of my career in the services sector. And I think we're quite clear on what we need to do to get a well done. The onshore Kwanzaa Basin in onshore Angola, it's a market where it benefits from the fact that the oil and gas industry has been present for many, many years. So I think there's a pathway to do things in a timely manner. And what I can say is that as a company, we're getting ready to deliver on some of those commitments we made. Perfect. Thank you, guys. And perhaps the final question that we have here. Are you looking at the Congo Basin onshore licenses and beyond that to West Africa?

47:13 So, like, I can take that. Yeah. Go for it. So like many other companies, I think we're always, you know, evaluating a wide business rate a wide array of business development opportunities. But as we mentioned strategically, we see, you know, transformational revenue opportunities across the conjugate margins of Angola and Brazil, and that's where our focus is. Specifically, on the onshore Angola, we are more focused on the Kwanzaa Basin. We think we can have operational synergies if we're focused in the basin. We are strengthening and deepening our geologic knowledge of the area, and I think that as we mature Con 16, Con 11, and Con 12, we position ourselves to actually do better in in in the onshore Kwanzaa Basin. And so even from an operational perspective, once we conduct seismic, when we start drilling, when we start development, having our operational activities in one area could also improve the margins on any of the developments that we have in the future.

48:11 So on that, our focus from a business development perspective really is in Angola and Brazil at the moment. Thank you. Perfect. Thank you, Geraldine. And that actually concludes all the questions this afternoon. So thank you all for being so generous of your time then addressing all of those questions that came in for 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. But, Scott, perhaps before now, really looking to redirect those on the call 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. Well, first of all, thank you very much to everybody for for attending this this first IMC. We intend to do this more regularly.

48:58 But but, yeah, I I I guess the message from us as a management team is that we are committed on delivering in all the operational aspects that we have talked about. We've got an excellent team that is focused on delivering on that. We are committed to delivering shareholder value, and we're going to do that in the most disciplined manner that we can. So we're very thankful to all of our shareholders. We're very excited about the future of CORCEL. And with that, I will say thank you very much. Perfect, Scott. 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 the management team can really better understand your views and expectations.

49:53 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 CORCEL PLC, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.