Seascape Energy Asia (LSE:SEA) — Post AGM presentation

0:00 Good morning, and welcome to the SEASCAPE ENERGY ASIA PLC post AGM investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. 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 publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to the management team. Nick, good morning, sir. Good morning, and good morning to all of

0:33 our shareholders. We are coming to you from a very hot and sweaty London in the offices of our law law firm, KNL Gates. Unfortunately, James Menzies sends his apologies. He's under the weather today and and won't be able to join us. But today, you'll have myself, Nick Ingracia. I'm the CEO, Pierre Elliott, who is our executive director and runs our business in Malaysia. We've got a short presentation for you today, and then we will open up to some some q and a. Let me see if I can just put this on full screen mode. Where did I have to do that? Ah, here we go. There we go. For the people, we've got a few people in the room as well post AGM, so we'll just do that. Right. So we'll just do our usual. We run through a little bit of business for anyone who's new to it, and then we'll go on to talk a little bit about what we're seeing in the market and give a little bit of an update on our assets sort of carrying on from the AGM announcement today.

1:30 Everything is everything is actually going very, very well. We're making a huge amount of progress on the portfolio, sometimes a little bit slower than we'd like, but actually the the direction of travel has has been great. So for those of you who don't know us, SEASCAPE ENERGY is a Malaysian EMP pure play. We've got a market cap of around £60,000,000. We've got a significant amount of cash, partially through a raise that was done at the end of the first quarter of this year that was very well supported by existing and new shareholders. We've got a significant amount of, contingent resources, which are certified by ERC by Sprole ERC, and indeed a huge amount of net perspective resources in several exploration prospects spread across Malaysia.

2:16 We've got three main PSCs just going, I guess, starting from from the West. We've got the Tamar's Cluster. This is our flagship development asset. There are two gas discoveries on this and a huge amount of exploration upside. We'll come on to that all a little bit later and all the progress we've made during the first half of twenty twenty eight. Estimated production of about a 100,000,000 scuffs a day, so that's about 17,000 BOE a day during 2028. And there's been a huge amount of progress, as I said, on on moving that towards a field development plan, will be submitted later this year. Our entry into Malaysia was through Block 2 A, which is a deepwater exploration block off of Sarawak in Eastern Malaysia. This is a giant, giant prospect. We're talking kinda globally giant, nine TCF.

3:05 There's a committed well on that, which will be drilling midway through next year. We have a full uncapped carry on our 10% through a farm in done with impacts a few years ago, and we're also partnered by Petronas and the state Petros there, and we'll come on to that. There's been some, we've been moving forward with that in terms of, finding a rig and and getting in a in a slot. And, of course, our Daywalk cluster, which is a series of of gas, and gas condensate discoveries, shallow water Sarawak, that's moving forward to towards first gas in 2028. EnQuest is our operator there, and we'll have an update for you on that as well. So really interesting portfolio across three PSCs, giving a huge sort of risk reward spread and moving the business towards first production in '28.

3:56 I think it's worthwhile touching a little bit on the macro at the moment. Obviously, we've seen quite a few events during the first half of the year, which is really, I think, in the energy space caused people to sort of step back and start thinking about where do they get their supply of hydrocarbons from. We've shown various stuff in our previous presentations about how important hydro carbons are to the region. Certainly, somewhere like Malaysia, if we're talking about Peninsula Malaysia, over half of its energy comes from coal fired power gen, and this is something they're trying to phase out. So that's pushing huge upward pressure on supplies of gas. And if you look at this slide we put together, it's showing kind of where that gas into Asia is coming from. And a significant chunk of that was coming from The Middle East.

4:45 And, you know, with that having been out of action for several months and I think question marks over the longer term supply, you know, places like Malaysia have grown in importance in terms of getting those volumes into Asia. And we've seen that impact through several things, and it's really an increased deal flow. And Pierre will talk about that in a little bit, but that's all around the security of supply. This Asian gas into Asia thematic people trying to develop their indigenous resources and really pushing and promoting businesses like ours to get after it and get after it quickly. So we think that places like Malaysia are going to grow in importance. And I think our positioning in Malaysia, which is almost an entirely gas portfolio, is absolutely the right portfolio at the right time.

5:32 Know, Pierre, I don't know, maybe if you wanna sort of talk a little bit about some of the transactions we've been seeing. Yeah. That's good. Thanks, Nick. Hello, everybody. We just wanted to pause a little bit on the recent deals in the Malaysian space and and kinda how important they are and the implications, of them. Let's just let's just run through each of them. The the orange on the slide is Total. So Total Energy is farmed in, to a collection of blocks across Sarawak and Sabah through the course of last year. And this was on the back of their acquisition of Sapporo OMV gas field, is Jirun, which produces gas back into Bintudu LNG. This is really transformational for Total in Malaysia, and they now have 18 blocks across production, development, and exploration, operated and nonoperated exploration.

6:20 What's very interesting out of the Total portfolio is that there's a a large collection of gas fields, predevelopment greenfield gas discovered by Charagalli, which Total formed into called Kenya Lang, which sit just south of R 2 A. That's four TCF of gas, and that is being developed by Total. So really very, very a big portfolio now in East Malaysia. Then, of course, we have the the SEARA deal, which is the combination of ENI and Petronas, a combination of assets across Malaysia and Indonesia, across East Malaysia, and, of course, West Malaysia. So really kind of transforming the space and transforming the the operated space in Malaysia and then, of course, in in Indonesia as well as the focus is on developing greenfield gas in Kutai in in in Indonesia.

7:08 And then, of course, recently, we have the EnQuest deal where EnQuest have have really built and boosted their position in Malaysia and East Malaysia and West Malaysia and built in in and and moving their business to a 100,000 a day business across both The UK and Malaysia. So I think we see a very dynamic deal space across these three very different deals, which are very each different in their components, but really show how dynamic the the space is. Yeah. Absolutely. And there's a lot of things driving this. Right? You know, there's a huge amount of opportunity there. We're seeing that as well. You know, something we always go on go on about is access to data Mhmm. Right, through through MyProData and completely open. Yeah. Completely open. All this sort of digital stuff. But, know, ironically, kinda have to be there to get access to that data. So that gives us a, I think, a competitive advantage.

7:53 The regulator, we always go on about. SMPM has been, you know, absolutely fantastic. I think they're swamped at the moment with, you know, so many things going on, but they're very supportive in a lot of the policies that they've adopted and really should have promoted. And I think it's the reason why it's such a top tier investment destination in the upstream. And then and then, Nick, on top of this deal flow, of course, there's the there's the yearly Malaysian bidding rounds, right, with the discovered resources exploration projects. So there's there's, you know, wide opportunity set. Yeah. Absolutely. Absolutely. And, of course, then we should always go on about this as gas short market. Right? Which is that you've got a market that's crying out gas. If you look at some of our previous presentations, we talk a lot about how, you

8:32 know, you've got gas shortages forecast for Ventulu LNG, a massive, massive LNG, complex, you know, producing oil like gas into North Asia, and, of course, gas short market in in in, Western Malaysia and Peninsular, really to as all part of that trying to phase out the coal. And I think that these transactions from what we're seeing are taking place at at as very supportive multiples, versus, you know, where our portfolio currently trades. So we think that is, you know, hugely, hugely supportive of what we're trying to do. Right. So just a little bit of a portfolio update for everybody just building on the release that was out earlier today. So we'll just go through a few sort of operational highlights from from, the announcement. So there has been absolutely significant progress on on.

9:18 You know, it's not something that that you guys sort of see on a sort of day to day basis. Now a lot of it is press worthy, you know, press release worthy, but the field development plan is well underway. The FEED contracts have been awarded, and the well design is complete. These are very big milestones for us as we get towards that whole field development plan submission at the end of the year. And it actually really starts to firm up, the cost of the whole project, which gives a lot of confidence around its economics, and ability to to make money and and, you know, very good returns doing that. We've had the three d seismic reprocessing, finished, that project, which was part of our original bid. That's that's in a number of things including adding some near field exploration, some additional prospects, which are really also very, very exciting. Kier's gonna go through that in a few minutes.

10:06 We've had a lot of positive dialogue around sort of acreage in the Southern Malay Basin. You know, we can't go into too much detail. I wish we've been able to go into a lot of detail on this call. But I I would say that we're making progress, that's all very, very exciting. And and I think it's really additive to our our vision, for what the Southern Malay can be delivering a huge amount of gas into Peninsular. And indeed, you know, some of the factors we've seen sort of playing into this has has meant that that we've decided to broaden, our overall process for finding a strategic partner for tomorrow's and and trying to sort of sequence some of these things to ensure that we really maximize value there. It has been an interesting, an interesting dilemma for us in terms of trying to manage all those bits and pieces. But this is all very good stuff. We're all making great progress.

10:54 But what we wanna make sure is we're getting the best deal for shareholders, the best deal to move this project forward. And indeed, you know, we are, remain very big shareholders in the business as well, so we're very, very aligned. Dewa, there's been a short extension to the field development plan submission. This really follows EnQuest deal in Malaysia, which includes some of the nearby infrastructure near Dewa. So there's, I think, a a little bit of thinking about how that might impact that very much in a positive way. They are the operators. We won't say too much, but, we'll have a we should just show a slide on that. The for Keratang, two a, the rig tender results are in and under evaluation. We're in close contact with the operator there, impacts, and so we're hoping that the, rig will be finally awarded, with, drilling in in the middle of next year. And, you know, I think probably the biggest news out of the press release today was all around Macquarie being mandated to structure a development financing.

11:50 You know, Macquarie is an absolutely fantastic bank. We've you know, I have a long history with them myself. I know them very well, and the team in Singapore is absolutely fantastic. And so the fact that they want to work with us on our exciting projects, I think, is a huge step forward and feeds into all the stuff we're seeing on tomorrow's, and the the the the feed work that's gone underway. So, look. The the the plan is progressing. Just to remind people, we're gonna be focusing on, the Tempekau field initially. It's about 250 BCF, so that's kind of just over 40,000,000 barrels of oil equivalent. It's gonna be produced via two unmanned platforms. That's gonna be tied back to existing infrastructure. There's a huge amount of upside potential if you if look you at that side, and I'll let Pierre talk to it, because he's he's the subsurface man, not me.

12:40 But even though I try sometimes. But, I I think the real important thing here is that we've ordered all these FEED contracts. So FEED is FEED is your front end engineering and design. So this is the instruction manual. And what we're trying to do is get to the end of the year, which has a firm set of instructions which go into that, field development plan approval. This is the thing that will, you know, move the whole project forward and move it forward quite quickly. We've had great responses from people we've gone out to for the feeds. And, you know, the we've really got people thinking about how do we do this as cheaply as possible, as quickly as possible, and and should we get all these different ideas in? And we've showed you there a picture of a a wellhead platform, which will go in. These things are unmanned. They will have solar power on them, so we're gonna have almost no emissions from the stuff, which I think is a huge positive.

13:30 And it also means that, you know, we can keep it very, very simple. The hope is that we can install these using a jackup. They'll be there drilling the wells anyways. So, again, a lot of synergies there, and the pipeline route, you know, we've been mapping that out and having discussions with the, with the host there. Can't go into too much detail at this point, but what I would say is we had a huge amount of engagement. There's a huge amount of support across the whole chain terms in of getting this project moving, you know, a pace, and getting it on stream, in in 2028. Maybe over to you, Pierre, to talk a little bit about sort of Southern Malay. So, I think we've reflected back on some of the calls that we've had in the past and what, James has said on on the Southern Malay Basin and the gas play, that we we really understand that have been really pushing out our understanding of the Southern Malay gas play and perhaps understand this play more than more than most at the moment, really pushing out from Tempekau out into the North and to the East across Tempekau, across the Temarus area and beyond.

14:29 And I think it's kind of no open secret, but we like looking to try to expand our portfolio out north and and east from from from tomorrow's. We've been hoping to say more today, but we can't. But hoping to to to move and expand that extra position over the coming over the coming while. Really securing the play, know very well from Tembekau and then all the prospects we talked about on on the extension across Temerus. And, of course, as you can see there on the map on the right, that play extends to the to the north across across the wider area. You can see on the insets map there some of the prospects outlined that the team have worked up and how they extend out beyond just the pure Timaras area. So it's really about securing the the gas play in the Southern Malay so we can maximize the the resource and maximize the production through the Tembekau infrastructure.

15:17 Yeah. Absolutely. And and, obviously, you know, one thing we don't talk about too much is the Mengkwang discovery, which is up in the north there and, you know, were there hints that maybe that might extend off block? So Mengkwang Mengkwang's very interesting discovery, and I think when Lundin drilled it, quite disappointed with the results. But, actually, when we look at it now and we look at the seismic data that extends out to the North and to the Northeast, very much evidence that the that the that that that extends. Lots of uncertainty there, but it but it still is a lot of potential. So really about trying to secure that that larger and wider area. Yeah. Absolutely. And I think probably just just for folks who perhaps don't know it as well as we do, you know, that is the direction which the pipeline is gonna be going. We're ensuring that the development plan allows us to, you know, plug in additional resource, you know, in in that in that way. And this pipeline indeed is being sized so that it can handle, you know, quite a bit more volume than the initial.

16:09 We know there's the demand for it. We know how important this project is and how important this whole area could be. Mhmm. So we're trying to make sure that we've got, you know, quite a bit there, quite a bit of extra capacity. So just on that, Nick. So on the on the white box, the Tamara's box, the the 250 BCS is, of course, Temecao itself. The $9.50 there is the the prospective resource in the white box of Tamara's only. But, of course, you can see how that potentially extends out. Yeah. Exactly. Sorry.

16:37 And this is a this is a great slide and a testament to our colleague in KL, Matthew Chu, who has been very dogged and worked this very hard and persevered on this project. This is the reprocessing of the the the three d datasets. There were two three d datasets across this area, and we've now reprocessed this across one volume using using new technology. So this is a multiparameter full waveform inversion three d reprocessing project. And I must say the results have been exceptional. And this is just one of the the seismic lines we we pick out to show you today. And this is a new prospect that we call Tuolang, which is on on strike extension from the Tembekau Field to the south. So let's just look at the map on the left. We have Tembekau, and just to the north, we have Tuolang along along just along strike, we call it, or along the fault. You can see the edge on the the the western edge of the prospects is is a straight line, which is the fault defining the prospects.

17:37 So, actually, we have a lot along along the fault, we have a a similar prospect to Timber Cow in a very similar setting. You can see on the seismic line in the middle, the up against the fault, which is in which is in yellow there, the multiple stacked reservoirs and the I reservoirs and the j reservoirs at the base, just above the basement, and potentially up into e reservoirs in the shallow. You can see with the I f eight, there's a gas cloud emerging up at the top there where the fault where the fault comes up towards surface. On the map on the right, you can see Tempecau highlighted there on the bottom right of the map and to allowing as you go along strike up to the north. So this is slightly different to the prospects we showed before because this is really these are really structurally compote constrained prospects, which are which are different to the stratigraphic elements we talked to before in our presentations.

18:29 That stratigraphic play is still very much there. You see it there labeled we had the the prospects we worked on presented in the past, Claudia and Alamanda, and then there's additional prospects, Mengaris and others that we've identified. Is interesting because it's not actually included in the resource base that that we've done with ERC, so that's yet to come. And this seismic is is really hot off the press. I think I think Matthew is perhaps doing another iteration with our with our with our reprocessing vendor, Doug, to really improve these images further. But this is really stunning that we have potentially a a look alike, a long strike from from the. I guess fair to say that that that this is something we kinda saw previously, but the but there's new seismic kind of has given that the stacked elements that that we didn't really recognize. Yeah. Yeah.

19:14 Absolutely. So it's interesting when when, months ago when when Matthew said, yeah. Come look at two, I and I I really dismissed it. Because before we did the before we did the seismic reprocessing, all we saw was the right below the circle there, you can see in the middle in the middle section, you can see a bright that bright there, Nick. Yeah. That's all you saw up against the fault. Whereas now you can see it stacking all the way down right to the right to the basement reflectors. So I think very much improved the story. What I just what I just like is how with a bit of TLC, both in terms of detailed interpretive work from the team and also better seismic, better data, combining better data and and TLC with from interpretation, you get these really exceptional results. So it's kind of really understanding the gas play in this whole southern allay, not only the stratigraphic traps that we talked about before, but also the the structural components. And to me, this is what really gives us that competitive advantage and and why I think Petronas appreciates the work that we're doing and why they're encouraging us to do more and to, you know, push that out. And I think that this is something that people recognize.

20:19 That's something that they really wanna attach themselves to. Just a quick comment on. So the development plan is largely complete. It's gonna initially target two fault blocks in an overall anticline. It's called D 41 and d 41. It's around 200 bees here, so just a touch smaller than Tenpecau in in our TMR's PSC. But there's a huge amount of upside. You know, this is a huge collection of of a number of different discoveries across a a wide area. I don't think all of them will be developed ultimately, but, you know, certainly, are these two, and there's there's another kind of handful as well that will go plug into that infrastructure. You know, following the transaction that was announced last week last week, there there was a request for a short extension to our field development plan submission by EnQuest and by the the joint venture.

21:12 We think that there are potential synergies given where EnQuest is. You can see there on that map two of the fields, that EnQuest has acquired as part of the the transaction they announced, have become, you know, quite interesting in terms of where Day one might go, where it might plug in. So I think it's incumbent on the joint venture to understand that. You know, with all of this stuff, we're trying to figure out how can you do it in the cheapest way possible and the most efficient way possible, which creates the most value possible. And so long as that doesn't have a huge impact on timing, you know, that that's a it's a good thing to be doing. And and, you know, EnQuest has been doing an absolutely fantastic job. We'd love working with them. They've they've really should have done a a fantastic to bring the whole thing along. And there's a lot of, you know, similarities between our two projects. So it also allows us to have a little bit of a check and balance on the stuff we're seeing as operator and the stuff they're doing and actually sort of, you know, share information.

22:06 I must say great. A really good work, from ENERGY ASIA, really good technical work across G 41, G 41 West, but also the other fields. Remember the collection of twelve, thirteen or so fields in the cluster? And I think the the volumes and our understanding of that have really have really matured well. And, of course, in due course, when when these fields these two fields are on on stream, then the others get tied back in due course. Yeah. Exactly. This is the sort of anchor project. That's where we're right. So is which is great. And these are great. The the the the the volumes are great. There's no there's no issue with those fields. The the volumes are there. Yeah. This is this is great. I must say working with Impact over the past few months has been fantastic. They have just, you know, taken all the work that we did, you know, years ago on this two a block and really taken it, matured it, thought about it some more, evolved it, and now planning to drill this well. This is more or less the location of the well. The well location is chosen.

23:01 The budgets have been approved. The well will be drilled, in the middle in the middle of next year, next, next summer. The the reason why we can't be more precise as to actually the timing of the well is that it'll be drilled within the impact sequence. They have a sequence of five wells they will drill. When actually that is within the impact sequence, we don't really know, but, you know, it'll be in that sequence. So it's been worked up as part of that that sequence to be drilled. What's clear is that it will be drilled. And I must say, when I reflect on this, it really is a seminal well. It will be a seminal well in Malaysia in 2027. It's really pushing all the established plays, pushing them just slightly outboard, but in this fantastic structure that is at the right depth to be able to trap a significant amount of hydrocarbons behind a a significant column. So really very exciting seminal well. And I think when I you know, you talk to MPEX, you talk to Petros, you talk to Petronas MPM, you talk to Petronas Charigale, Everybody is excited about this well. So many years of effort to get to this point and many twists and turns, but really fantastic to be here. It's gonna be a really, really highly washed well. I think sort of important things to pull out of this, you see the three different horizons.

24:14 The good news is the well will be going through all of those. We will be testing all of those, each sort of significant in and of themselves. So that's a a sort of good thing. You know, the rig, they are post. So they received all of the the responses to the tender. They really are reviewing that stuff. They're making sure, you know, it's a big program. This is an expensive well. We've talked about that in the past. It's over a $100,000,000 well. And so they are you know, they they they take a lot of time to consider and make sure they get the absolute right rig for that. We've been through sort of well planning meetings and everything, and so but it's it's it's happening. It's super exciting. And, hopefully, we'll have some news on exactly what rigs we can all watch as it gets closer and closer next year. And I think that really the excitement's gonna build as we get into next year for that well. Just, I guess, a quick comment on on Macquarie.

25:02 So we are very pleased to have mandated them to structure and execute some debt financing for tomorrows and and Daywa. This is something we've been sort of thinking about for for quite some time in terms of, you know, how do we get the overall financing package together. It's likely to be a combination of, you know, farm outs and and debt and and and perhaps, you know, little bit of our cash as well. And so the key for us was finding the the right bank who understands this market, who has a presence in region, who knows how to structure these things, and is pragmatic and, you know, proactive as well. Personally, I'm an ex lending banker, so, you know, I I know the importance of having those good relationships with those banks and really finding a a good way to go forward. They've got a great team based in Singapore. They've got a really unique capability.

25:51 They've done this development financing in the past, which I think is really, really important. It's likely to be a multi tranche facility, so it'll have, you know, availability for tomorrow's and day was separately. The availability will be linked to sort of milestones. I I you know, there's likely to be a a group of banks who will get involved in this. Had a lot of inbound from people who want to get involved in this sort of stuff. You know, there is again, going back to one of those first slides, there's this big you know, this whole Asian gas into Asia. You know, local banks are really trying to promote, you know, the development of of the resources in country because it's good for everybody. So I think we're in the right place at the right time, and and Macquarie is absolutely the right bank to be, working within this, you know, as we kind of get through to their field development plans later on the year. So it's a huge important step for us. I think it's really great, and and and we're grateful for their support this far.

26:40 And we look forward to working with the team there at Macquarie. So I guess just sort of to summarize before we go on to a little bit of q and a. So look, we're on the road to first gas in 2028. We've got two FIDs that'll be happening this year for for day one and tomorrow's. Both are progressing in in their own way. So so that's super exciting. We're really looking to exploit our advantage. You know, Pierre was talking about our technical advantage there in the Southern Malay, we're looking forward to push that forward and expand our portfolio there. So, you know, keep an eye out for news on that. You know? And and that all feeds into maximizing our value from that unique position. You know, for us, it's all about sort of sequencing this to make sure we maximize value for for everyone involved. And and so, you know, keep an eye on on that as well. We're we're still working towards, you know, bringing in a strategic partner, but it's gotta be with the the the totality of of the vision because that's really is what's gonna maximize.

27:38 And so, you know, apologies if we can't sort of go into more detail now, but, you know, it it remains on our agenda. I think that that the macro environment is very constructive towards all of this, and and we are moving forward on on all of that. And obviously, we just talked about that's coming up. It's gonna be hugely exciting as we kinda cross through the end of this year and and sort of head down that development track, but also then all these explorations can be happening. So, hopefully, that gives you a good idea of what's been going on with the portfolio. And now maybe what we'll do is we'll open it up to a little bit of q and a. If you give me a minute to figure out how to do that. Just to click on this as well. Oh, hopefully, that didn't do anything too bad. There we go. Right.

28:24 And if you've just given it a second, it's one of these things where it's like walking and chewing gum, at same the time, asking or reading questions and trying to answer them. So I think that there's a question let's see. I'm just trying to summarize. Some of these are a little bit long, so I'm just trying to sort of figure out how to sort of summarize this a little bit. So this is about a question about Malaysia and, you know, you know, given how hot it is and people wanting to come in, you know, what is the investment climate like for people trying to build businesses there? And I I guess, I would say that we've had an overwhelmingly positive, experience so far. Our our you know, the way I describe is our headquarters. We've got a very small office here in London, but our headquarters really is in KL. Anyone who's received our our annual report, the cover of it has, you know, has KL there as the heartbeat of the business, and it really is. We've got all of our staff there. It's almost entirely local.

29:20 You know, Malaysia is very much open for business and, you know, where we can, we really are directing business there. You know, we're talking about trying to get involved, you know, local Malaysian banks. I think a lot of the the contracts we placed for the feed stuff, you know, we're using local providers who, you know, who are very actually cost efficient out there as well. So I think that's it's a very positive place to be. I mean, I won't comment on how others sort of find it, but I think in general, you know, it's it's Malaysia's a great place to do business, very open for business, and and I think the restrictions are especially around something like our our PSCs, give us quite a bit of flexibility about how we procure for our how we procure our contracts and our our kit is is kinda quite open and and straightforward.

30:05 Very, dynamic landscape, I think, and kind of very welcoming and innovative regulator, I would just add, to that. Yeah. I don't know. Absolutely. Absolutely. There's questions about some awards, from the last MBR. You know, I can't comment on on on those, but certainly, I'm sure that that, you know, is is still working on those awards. You know, there's a lot going on in Malaysia at the moment. I think that that has caused some delays in in the system, a little bit. There's only so many people and so many hours in the day, and you can see all this activity that's being announced. So it's all very, very positive. And, I I'm sure that, you know, especially with the new round launching and everything that that that will all kinda get resolved in in the coming months.

30:54 So question about us wanting to be operator, you know, post finding someone for tomorrow's. I would say that operating is important to us. You know, we're able to drive the pace of the developments. We're able to drive the direction of the development and how, you know, we are approaching it. So I think that, you know, operatorship is important to us. I mean, obviously, if someone made us a knockout offer to be operator, we're also pragmatic people. So, you know, I I don't think we're gonna die in a ditch for it. But, certainly, I think our base case is to, is to focus in on on operating tomorrows in in the first instance.

31:37 In terms of day wise, sort of how long is short, it's it's months. I can't go into detail. I think that's one for for EnQuest who's the operator, but it it is it's it's measured in in in a a handful of months in terms of sort of looking at that. And actually, work is still there's still meetings going on and everything. So I I wouldn't assume that a delay means, like, people down tools. It's just it's it's the the meetings keep happening. Things are still going on, and they've been very good at keeping us informed on their progress. Here we go. Someone asking about, I hope remunerations can be held in check as they as they increased considerably in full year '25. We are super cost conscious. We really, really are.

32:23 But we have to balance that with also attracting top tier talent. You know, it is people make a difference in this business. They really, really do. And we need to make sure that we continue to attract that talent, delivers these projects, which creates the value, which have those connections and everything. So I I can I can tell you we are, you know, I'm I'm to the point of being mean about cost in the business? So we take it very, very seriously. You know, we understand, you know, we are all invested. We put our own cash into this, and so we treat that with respect and and care. And it's something that is is not taken very lightly. Let's see. Described

33:10 so okay. So there's a question here around tomorrow's and how much we intend to retain. I would say that we are I would say that we're generally quite flexible. I think what you would find is that if you are gonna retain operatorship, which I is our base case at the moment, you would want to have a reasonable stake, you know, as an operator. So you would find that to be sort of not usually less than 35, 40% as operator. So so I I, you know, I I would think that that, you know, we'll be targeting a farm out of around 50 to 60%. I think that could be done in in it wouldn't doesn't all have to be done at once. It can be done in several bits. Different people have expressed different desires for things. You know, I can't talk about the process too much. So, but I, you know, I think that that the reality is is that what we found is that with everything that's been going on sort of in in the sort of macro, everyone has sort of taken a sort of step back. You know, we've had other things going on in the area we've insinuated.

34:10 So we've looked to sort of effectively sort of pause that process to sort out some other bits and pieces that makes the overall offering that much more interesting for a wider range of people. We've had, you know, certain inbounds from people as well who weren't originally considered for for the process. And, certainly, you know, I think it's all around that heightened piece with, you know, Asian gas into Asia, people looking for opportunities as the sort of world order starts to sort of play out. And, you know, for us, we wouldn't want to take a transaction that was, you know, not gonna maximize the value given the fact how much, you know, other things that are going on. So I think that that's sort of a little bit of background. Think I think we insinuate some of that stuff in our AGM statement around that.

34:57 Why is everything seeming to take so long?

35:03 You know what? It's it's one of those funny things about the oil industry. You know, there's huge investments made, so people definitely take their time to think through and get things, you know, absolutely right. You're dealing with regulators. You're dealing with governments. You're dealing with all sorts of stuff. I would say things have been moving particularly quickly, if we're if we're entirely honest. But certainly before people make huge investment decisions, ourselves included, there's a huge process that has to be gone through. So, you know, I think you have to be a little bit patient with this stuff. We've had a huge flurry of activity, and that sort of so I think that's been perhaps almost unusual in that sense. But, you know, there's good stuff happening. You know, we are doing this all day every day, practically seven days a week, you know, to make this stuff happen.

35:49 And, know, there's definitely good things to come. There's a lot of good stuff that's been going on. So I think we just you know, I think a little bit of patience is key, especially given the sort of turmoil we've seen, you know, recently in in the world. I, you know, I I don't I can't even comment too much more on the process, unfortunately. And I think that's just about it for the for the questions. Anything else that we no? Thank you. Any questions from the floor? We're actually doing this live from after our our AGM. I'm looking around to see if there are any questions from the floor. No? Okay. Alright. Excellent. Well, in that case, I think we'll we'll finish off. Thank you so much everyone for for tuning in today. Really do appreciate it. We will get this presentation up on the website, later on today.

36:39 Thank you for your continued support, and, you know, watch this space. That's great. Thank you for updating investors today. So please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that management team can better understand your views and expectations. This will only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.