Sound Energy (LSE:SOU) — Annual General Meeting

0:00 Good afternoon, and welcome to the SOUND ENERGY PLC Annual General Meeting. Throughout the recorded meeting, attendees will be in listen only mode. Questions can be submitted at any time by the Q and A tab situated on the right hand corner of your screen. Just simply type in your question and press send. The company may not be in a position to answer every question received during the meeting itself. The company can review all questions submitted and publish responses where it's appropriate to do so. I'd now like to hand you over to Graham Line, executive gem. Good afternoon, sir. Thanks, Paul. Well, good afternoon, ladies and gentlemen. Welcome to our SOUND ENERGY annual general meeting.

0:33 Just to clarify for those online, you won't be able to ask questions during the annual general meeting. But for the presentation afterwards, questions are most welcome. Before commencing the proceedings, I'd like to introduce myself and my colleagues. I'm Graham Lyon, executive chairman of the company. To my right, I've got David Blueden and Christian Bookovits, our nonexecutive directors, and to my left, Puja Panchmatia, our company secretary from Amber COSECs. So before we start the formal proceedings, may I pass over to our company secretary to explain the process, the procedures, and how we will follow this, annual general meeting.

1:18 Good afternoon. Before Graham takes you through the formal business, I would like to advise that the company is exercising its authority contained in the company's articles of association to call for a poll to be taken on the resolutions to be put to the meeting. I will now detail the poll procedure we will follow for this annual general meeting. After after the resolutions have been proposed, there will be an opportunity for you to ask questions about the resolutions. If you have a question, please state your name, or if you are a proxy or a corporate representative, your name and the name of the shareholder that you represent before asking your question. Once any questions about the resolutions have finished, you'll be invited to vote by way of poll on the resolutions put to the meeting.

2:06 On a poll, each shareholder present present in person or by corporate representative or proxy has one vote for every share held. If you have already lodged a former proxy, you do not need to vote again unless you wish to change the way you originally voted or unless you did not point the chairman as your proxy and the person you appointed as your proxy is not present. A separate poll card should be used for each separate holding. So if you are representing more than one holding, please ask for additional cards as necessary. You should indicate the number of shares to be voted in the appropriate box on your poll card. If you do not, all the shares registered in your name or in the name of the person you're representing will be included in the account.

2:54 If two or more persons are jointly registered as shareholders, any one of them may vote either in person or by proxy. If more than one of the joint holders votes, then only the vote of the joint joint holder whose name is most senior in the order of names on the share shall be counted. Please complete the poll card and sign where indicated. If you are here as proxy or corporate representative for a shareholder, you should complete the details of the shareholder you represent and your full name.

3:25 Poll cards are provided as you enter the room. Please remain in your seats while the polls are being conducted. Once voting is finished, completed poll cards will be handed to the represent representation from MUFG who will act as scrutineer. These votes validly cast at this meeting will be added to the proxy votes properly received in advance of the meeting, and the outcome of the poll will be announced via RNS. The quorum for the meeting is two members present in person or by proxy and entitled to vote. As this meeting is quorum, I will pass back to Graham who will lead the meeting through the formal business. Thank you, Puja. So we'll start the formal business of the meeting. This notice convening the meeting was sent to shareholders on the 05/15/2025.

4:16 And I would propose with your agreement to take the notice of the meeting as read, and then I'll read out the short form of the resolutions. Okay? Thank you. I will now propose the resolutions to the meeting. The first item on the agenda is resolution one to receive the audited annual accounts for the financial year ended 12/31/2024 together with the director's report and the auditor's report on those annual accounts. Resolution two is to appoint Crowe UK LLP as auditor of the company. Resolution three is to authorize the directors to determine the remuneration of that auditor.

5:04 Resolution four is to reappoint myself, Graham Lyon, as director of the company in accordance with article a 124 and a 125 of the company's articles of association. Resolution five is to authorize the directors of the company to allot shares in the company up to an aggregate nominal amount of £6,241,868.37 pounds and 37p, provided that it is only used to allot shares for cash on the basis that it's pro rata with shareholders' existing holdings as outlined in the notes of this notice. With a separate authority to allocate shares up to an aggregate nominal amount of £12,483,736 and 74 p, in respect of shares being issued by whatever rights issue.

6:03 If given, this authority will expire at the conclusion of the annual general meeting to be held in 2026 or the 06/30/2026, whichever is the earlier. Resolution number six is linked sorry. Yeah. Resolution, six is linked with resolution five in that it concerns authority to allot shares of the company where and where it differs from resolution five is that it is in particular concerned with a situation where your directors propose to allot these shares for cash on a non preemptive basis. Your directors are seeking authority to disapply preemption rights in respect to an aggregate nominal amount of £4,161,245.35.

6:54 If given, this authority will expire at the conclusion of the annual general meeting to be held in 2026 or on the 06/30/2026, whichever is the earlier. And resolution six, this one is a special resolution. Resolution seven gives authority to the directors to make market purchases of ordinary shares in the capital of the company of up to 10% of the company's issued share capital as at the date of mailing the notice of this meeting. If given, this authority will expire at the conclusion of the annual general meeting to be held in 2026 or the 06/30/2026, whichever is the earlier. Resolution seven is also a special resolution. Now before putting the resolutions to the meeting, are there any particular questions?

7:44 There being no questions, I appoint MUFG, the company's, registrar, as scrutineer to the meeting, and I will now put the resolutions to the vote. Please complete your poll card, and the company secretary will come and collect them from you. Okay. I'm not sure how many there are, but okay. Okay. They've all been collected. So as there are no more poll cards to collect, I declare the poll closed. Ladies and gentlemen, that concludes the formal business of today's annual general meeting. The outcome of the poll will be announced by our RMS. Thank you for your attendance, and now I now declare the meeting closed.

8:30 What we'll do now is we will for those online, and Paul, if I can pass over to you, we'll we'll start the investor presentation. Fantastic. Thank you very much indeed. Let me just hand over. Obviously, it concludes the formalities of the AGM. We'll now run through the investor presentation followed by q and a. Graham, if I can just hand back to you and the team just to turn through the slides, and then I'll pick up from you at the end. We'll move into some q and a. So thank you. Thank you, Paul. So thank you very much, everybody, for those who voted online via their proxies. We appreciate that. We'll get the r and s out very shortly. So what what we'd like to do today is for those of you new to the company, those of you long in the company, we'll try and cover everything. And we've got the whole team here to answer questions.

9:19 Perhaps we could swap over if I can, David and and John, maybe Roy and Andy, if you can join me at the table. Is that okay? Just Christian, stay some of this. Yeah. Yeah. Yeah. There were some questions that came in regarding remuneration and the nomination committee, Christian, as the chairman of that committee, will will take over the the question.

9:47 So the present the presentation, I think we all know where where SOUND is. And today, we had a couple of RNSs out to to show you we've been progressing from the purely hydrocarbon business in in Morocco. Our competitive advantage of being a Moroccan player, I think, is well known. We have the largest onshore resource in in Morocco, gas resource, and it's currently under development through the concession. Morocco needs the energy. And for those of you who are able to read the r and s this morning where we talked a little bit about the solar project, you can see that Morocco is very, very keen to expand its renewable energy, but also to just fuel its growth. The growth in Morocco is is quite substantial. I think we'd be very happy to have the same in The UK.

10:40 But, of course, it's all fueled by energy. And and so any energy that we can deliver into Morocco is well received. At Tendera and the concession, we have two projects. The first phase of the concession development is our micro LNG project, and we'll talk a little bit about the progress on that.

11:05 And we are making progress, and we will be delivering gas, in q four this year. So I'm sorry we can't give you a a a an hour by hour update on that, but, you'll see some information, and, hopefully, that will give you some level of confidence that we will achieve our production finally, q one sorry, q four this year.

11:29 The second phase of the development is the pipeline project, and we will be very keen to take FID on that as soon as we can. And with MANNA Energy fully on the seat now, we expect that to be delivered an FID towards the end of this year as well. The financial road map of the company is important. We have an interim CFO here, Andy Mataru, who's who's joined us. He's he's up to speed. He's on top of that, and we'll talk a little bit about the financing of the company, which I know has concerned one or two of you. We have plenty of opportunities for portfolio development, and today announces the first steps in what we're doing in our fueling our transition energy promise in Morocco.

12:17 So both hydrogen, natural hydrogen, and and solar. And then finally, I think it's the way we do our business.

12:25 You know, core to it is doing the right thing at the right time and the right way. For those of you of you, we are a public company. We are acting with true corporate governance. You've met our board, and we work with ESG at the heart of our our business.

12:44 We've talked a little bit about this. The share price performance over the last five years has not been particularly great as we've been transitioning the company from a pure exploration company into a revenue generating full cycle company with production development and exploration. So I don't need to dwell on that except that we're all cognizant of the fact that our share price is significantly lower than where we think it should be. We're not unlike other aim listed companies, but I think as we edge forward to production, we believe we see a a rerating in the stock. Tendrara. What I want to make sure everybody fully understands is what we have committed with the phase one development is essentially our less than our one p reserve. Alright?

13:36 Adding the pipeline project takes us to a reserve volume that we have a ten year take or pay contract below our one c. So there's plenty of room for growth in production, growth in reserve monetization. And our two c resource is about 377 BCF. You know, we've we've we've contracted to sell less than or around about half of that. So plenty of room to to grow on that. And and with the global geopolitical political situation, I can't see the demand for for gas being any lower than it currently is in Morocco, and I certainly can't see the price of gas being any lower than it currently is in Morocco. The key for us is the first phase.

14:23 We have MANNA Energy now as the operator, and they are, as I say, on the seat. We are supporting them where we can, and we've offered multiple areas of support. And we are helping them in in areas. We have Africa Gas being ready to lift gas in q four with their transportation system and their loading system. So between MANNA ENERGY who've moved this project along quite nicely in the few last few months And Africa Gas, we're we're we're we're trying to do everything we can to ensure gas in q 4. Some of the pictures of where we are at the moment, there are various bits of kit pretty much all on-site. The bottom right hand corner is the the actual guts of the LNG.

15:13 That's the heart of it. That's the the fabrication plant of the micro LNG. So raw gas comes in or cleaned raw gas comes in one side and liquid minus 162 comes out the outside.

15:26 Above it is the aiming units. You've got the plot plan. You've got the layout. You've got a picture of me wearing some sunglasses if you look carefully. This also gives you a feel for the size of the plant. The LNG tank, you can see that is painted nicely. You know, it's pretty much ready. On the right hand side, you see the flaring of the of gas t six. That well has been opened up to available for production as it has t seven. So we have now burst the discs. Those wells are flowing dry gas, no water, no liquids, no solids, very nice cleaning. So we have gas to surface.

16:13 And once the the processing plant is ready to accept gas, these wells are are gonna be flowing into them. What we want to do is switch to a little video now. So, John and Paul, if you can show the video.

17:11 Thanks for that. We'll move back to the the slides now. And so I I think what we wanted to do by showing that that video was to to confirm that we have two wells. Both of them are flown gas. They're both open. They're ready for I mean, they're obviously secured and safe, but they're both available to deliver 10,000,000 cubic foot a day of of of sales gas once this plant is fully commissioned. Part of the the business we have sold to management includes our exploration. I know there's lots of questions about exploration, but nobody better to answer than than than John here. Okay. Thanks, Graham. So I'll give a a sort of quick summary just to turn to, you know, the opportunity rate we have here to unlock what, you know, I've always believed and obviously still believe.

18:02 You know, it's a really significant gas resource that we've got available Morocco. So we have an exposure, those that are new to the company, to a huge area of high potential exploration acreage. It's held under the premise that historically, this is very much an underexplored play beneath the salt, and and these petroleum systems are prolific right way across North Africa. So in Eastern Morocco, they can see on the very small map. I know there's quite a lot of information on on there, but we have the Grand Tendrara and Anuar exploration permits. A combined area of some 24,000 square kilometers. So enormous area, completely surrounded, you can see in the middle of the t five horse development, the gas development we're putting in place, phase two b in the

18:43 pipeline, with enough mileage pushing that pipeline to allow us to tie back any future discovery. So a really key anchor development project to open up the basin should more reserves be found. So the good news is, obviously, as everyone's aware and those new to the company, the operator is their manager, and they're carrying us for the cost of two exploration wells. We've actually technically matured three prospects, which are highlighted up on that map. The SBK 1 structure, that flowed you know, it's an old well drilled in 2000. It actually flowed gas to surface without stimulation, about 4,410,000 scotts day. That target there, we estimate has a proven, you know, p mean volume of around about a 140 BCF, upside of 200 BCF within tieback distance to the to the development.

19:32 Immediately to the south of the T 5 Horst is the T 4 Horst, and hopefully, you can see see on that map there as well. That was drilled back in 2006. Unfortunately, that well was drilled, you know, quite a way down dip on the structure. The reservoir, unfortunately, there was tight. The idea being that we we drill up dip on that structure in the hope we find better quality reservoir there. Then you get, you you got p mean volumes there of 270 BCF in place, and upside of 400 BCF. So, again, a, you know, very nice, you know, upside volume to the development. It's just five kilometers south that can be quickly tied back in. Now for me, the real sort of exciting wildcat exploration well is the MVI structure, which is up on Anahuau

20:16 in there. It's an opportunity to drill this reservoir in a different part of of the basin. It's a very large structure. Think it's one of the largest undrilled structures left in the basin there. But what I really like about it is we can see on the seismic by about 400 meters of TAGI Reservoir there as opposed to a 100 meters on on the horse, so four times the reservoir potential thickness there. So it has a, you know, gas in place about a TCF, upside, you know, 1.7, possibly two TCF in there. So real game changer for the basin successful. Now I know what everyone wants to hear is obviously about the drilling and the timing of those wells, And we're obviously very keen to, you know, progress that as well as much as our shareholders are. So post the divestments to the new operator, manage them, there are number approvals, and you need to close some discussions, manage them do with the ministries of energy and finance, certainly Graham, in order to get these licenses.

21:14 And until those approvals in place, you know, we we we can't drill those wells. We need to have those approvals in place to to progress drilling. You know, the team, we're heading across to Morocco next week for both technical management meetings to progress, you know, that that work as we hope to have news on our our turn. Okay? Thanks, John. We've got a couple of questions about that later on, and and we'll go into some more detail as we can. I I think one area we've we've touched on before, but, you know, these are the five areas that our board has set the company to deliver on this year.

21:58 And, clearly, the most important for us is to get production from the micro LNG plant. So that's that's very important, and I'll I'll I'll reiterate, you know, we're confident that q four is going to be achievable. The second part is to progress the second phase development of the concession. So that's the undertaking of the FEED study in EPC for the construction of the pipeline and the processing plant

22:31 to close the Attitude Offer Bank there, to close the gas sales agreement with O and E, all of which are in place and but require the FEED and the EPC contract. And then, essentially, it all comes together with a final investment decision. John's mentioned the expiration and the bottom part of that. You can see that there's also some work on city moctar that we can undertake once we've perfected the license on that. And, we've announced the first move into the hydrogen and helium, natural hydrogen and helium, development that we're thinking of. Andy Mataroo is here with us helping us on balance sheet strengthening and looking at optimization of our our debt position.

23:20 Growth is another area for the company. We've been looking at opportunities in transition energy. So, again, this morning, with our partnership with Gaia,

23:30 that's that's coming through. We're we're you know, we'll also be opportunistic if it if it, if if it's appropriate, and we'll look at other opportunities in Morocco should they become apparent. So five key areas for us to focus our attention on this year. But let me pass over back to John to he spent six months working with GTEC developing this, so best you discuss it. Yep. That's as I'm sure people are aware, at the end of October, we announced an exploration collaboration agreement with GTEC. It's to undertake a regional screening study for the whole of Morocco. It's not just our, you know, our licenses. It's the the whole of Morocco exploring for natural hydrogen and helium. We said we'd deliver the results of that by, you know, second quarter of of this year.

24:18 I'm pleased, obviously, that the study has now been completed, and I'm even more pleased to say it has identified a number of areas which certainly, you know, have potential to require more detailed evaluations. So we're taking a slower

24:32 steps in in this space, but a phased, you know, approach, which which I think is appropriate given the, you know, the sort of understanding of the science and and where hydrogen is going, particularly natural hydrogen. But, you know, I'm sure our investor community is very aware, you know, of the, you know, the capital and the interest in natural hydrogen across the across the energy sector. So GTEx methodology you saw in the RNS, they use a you know, their own proprietary geologically genetic work And what I mean by that is that it's a structured science based approach, and it's really tracing, you know, how and where the hydrogen and helium are naturally generated, how they move through the the Earth's crust, and where they may eventually, you know, end up and get get trapped in the subsurface and making them accessible for exploration. So it's a science science based approach. I call it sort of a bottoms up approach rather than sort of top down. It may see, you know, other competitors and other methodologies in satellites, soil cell disease detection.

25:36 This is, you know, starting from the bottom and and tracing whether a hydro can could could be. So as I say, the initial study there is to identify some areas what, you know, I'm, both of us really believe, GTEC and ourselves, you know, have significant potential. ROCCA has all of the key elements for these systems to exist and certainly sufficient to warrant further study. So we're going to enter you know, we intend to enter a joint venture with GTEC that will deepen our relationship, and then we'll negotiate jointly exclusive rights for exploration of Hyphen and Helium in Morocco together. So, clearly, we, you know, we see this as a strong validation of our approach. It's a, you know, very much a meaningful step forward in our strategy, you know, to establish, you know, Sound Energy and GTEC as, you know, in a leading position in what is, you know, an emerging sector, which is attracting, as I'm sure Andy will mention to you, a quite a lot of capital interest.

26:28 Okay? Thanks, John. Parallel to that, and we I'm I'm Roy Kelly, our technical director here, has been very focused on, again, following the same model as with GTEC picking a coventurer and moving into as an early mover into the liberalization of the medium voltage power power market in in Morocco. So these are it's not rooftop solar, and it's not the gigantic gigawatts of power for desalination or or dreams of cables into The UK. This is medium voltage, around about 270 megawatts of power in over a four year period to utilities, to to things like schools, hotels, big businesses.

27:27 Currently, they take their energy from the the grid when they can get it, but also farms, etcetera, who will need to look at their greening credentials. So in partnership with Gaia Energy, who are Moroccan centered company, but have developed about three gigawatts of power all over Africa, wind and solar, and are actually an operator of renewable energy in Morocco as well. So we we formed a relationship with those guys. They they are very advanced on selecting various sites, even leasing the sites, and we'll be now applying for capacity to enter into the grids. And there's there's a whole lot of material that needs to come back on that. So we we have structured an exclusivity with Gaia, which was hotly contested.

28:21 And we will form a joint venture company with Gaia to optimize our position in renewable energy in in Morocco and the liberalization of the medium voltage grid. Cash flow generating quite quickly. One of these projects when they come on from start to finish can be within twelve months. So the opportunity to generate cash quite promptly.

28:49 Clearly, this is part of Morocco team Morocco with SOUND's relationships in Morocco that we've been able to develop this relatively unique opportunity. I'll let Andy introduce himself a little bit later on as but I think you the the not a lot has changed in our financial overview compared to the last time we we spoke. We still have the the Eurobond debt, €25,300,000, which is due due in December 27. And and and that hasn't gone away. And, yeah, currently, we're we're satisfying the the payments. And but we have some rolled up interest that we have to look at at the end of twenty twenty seven as well. We also have our $18,000,000 debt with Africa Gas, which is not due the principal's not due till 2028 and paid over a six year period.

29:53 Not a lot of changes in our key shareholders. Ogif and Africa Gas are two still the two main shareholders. They support us. And as you've probably seen in the share price, and the liquidity is pretty low, so it's not a lot of turnover in stock. Everybody's waiting for production, I think, or an expiration event. And, hopefully, what we've been doing in our move to diversify our portfolio, as we said we would, and we have done that now into the renewable energy and into, you know, more carbon less carbon intensive fuels. So we're working on that. We're watching our pennies as as usual, and we'll we we have, as you couldn't expect, several questions on financing. And, Paul, this is a picture of me when I was standing up on the deck. Apologies for those of you who've made it here today.

30:47 We can't use, even though it's a beautiful sunny day, we can't use the deck today. That's been prebooked by somebody else. But Paul, can I pass back to you, please? Fantastic, Luke. Thank you, Graham. Thank you and the team for your presentation and update. Ladies and gentlemen, do please continue to submit your questions just using the Q and A tab situated in the top right corner of your screen. Just while Graham and the team take a few moments to review those questions submitted today, I'd like to remind you the recording of the presentation, along with a copy of the slides and the published Q and A, can be accessed via your investor dashboard. Graham, as you can see, you had a number of questions both pre submitted throughout today's meeting. If I may just hand back to you where appropriate to do so if you give responses directed to a member of the team, and I'll pick up from you at the end. Thanks, Sam Paul. So, yeah, look, I'll do it the normal way. I'll read the question out. I'll either try and answer it myself, or I'll pass it to one of my colleagues, to, to capture.

31:42 And the first one is a a difficult question that's come in, but we're, you know, we're gonna try not to shirk these things. And, of course, it's about me. So I've asked the the my senior independent director, Christian Bukovic, and also the chair of the REMCOM to answer it. So let me read the question. In 2024, salary costs nearly doubled, and the CEO was paid an eye wateringly large amount. Can the company explain the specific metrics and KPIs that were met and the logic behind the level of remuneration given the shareholder value destruction the team have presided over during the last five years. It seems like there's no link between exact pay and value generation for the owners and the funders of this company. How can the CEO honestly justify that? Thank you, Graham.

32:29 Graham joined SOUND in February 2020 when the company had basically used up all its funds on drilling of high risk and potentially high reward exploration wells. There was no money left for the development of the one significant asset, the gas discovery, Tindara Horst T5. And a month later, corona pandemic struck the world. Energy prices tumbled. The company was essentially doomed. Over the last five years, in a very hard struggle, Graham together with his leading his management team and with the board that he renewed has completely turned around the situation as you have heard in many previous presentations and today.

33:21 Now for those who joined more recently, one of some of the milestones worth mentioning were the gas sales contracts agreed, the vendor funding secured for building the micro LNG plant, many other steps. But the crucial achievement was the final completion of a farm out agreement, as communicated last December, that secured funding for all the elements of the development that are not covered by the wind of funding of the plant, and crucially also the drilling of, two exploration wells, many other aspects to it. A very important aspect of the whole deal is also that it put SOUND in a very favorable position within the country Morocco.

34:10 So this is an absolute crucial and very, very decisive breakthrough. But perhaps many of you cannot fully appreciate how difficult it is to achieve funding for upstream oil and gas projects in Morocco. Morocco has seen E and P activities for more than one hundred years. I believe almost all major companies and many small oil and gas companies have been active in Morocco, short seismic drill drills and failed. Some of the companies have gone in, out, back in again and left. There has for all these long period of activities, there has not been one significant field discovered and developed other than ENERARA.

35:03 So in order to achieve the farm out, initially SOUND had to approach more than 100 companies and institutions. That took almost three years, tense contacts. Many of these institutions and companies were very interested and looked at data and very well organized data room, negotiated with some of these companies. Negotiations were long, protracted and hard, and Graham led that effort from the front. He traveled almost on a weekly basis to Morocco, to Egypt, other places to secure a deal. Many small cap oil and gas companies in the same challenging period, because the last few years were challenging for small cap oil and gas companies in general, many of these companies have delisted from AIM or the standard list, and quite a few of them have actually gone out of business completely.

36:04 With the relentless efforts of the team, are in a very different position and we actually now finally in a position where we can consider meaningful growth beyond Tindora. But all this time, Graham has worked for very low remuneration compared to his peer group. We have as a ramcom commissioned several independent studies done by specialist consultancies. His pay level, both just looking at the base pay and looking at the total package, is in the order of 60% of the medium of the peer group of companies. And that's not one year, that is the period 2020 to 2024.

36:50 And in that period, didn't have any significant cash bonus, and he is also not throwing a pension fund contribution or health care insurance or other benefits. So keeping all that in mind, and of course David, my colleague on the remuneration committee and I have been very closely working with Graham and with his executive team over the years. We're probably much more, connected than many entities are with their respective boards and management teams in other companies. So we were in a very good position to just to judge just what outstanding exemplary efforts were made by Graham in particular.

37:37 We have carefully considered that and concluded that a quite substantial bonus award primarily for the achievement of the management deal, but also for the whole constraint effort of the last five years was in order and appropriate. And I hope considering all these factors, you will agree with me. Okay. Thank you, Christian. We can talk about it. If you wanna come and have a chat with me afterwards, then please do. Next question was, we've got Dan Slater at the back here, our and our SOUTH research head. And why is the company and its broker, SOU, still providing phase two timeline guidance when it's been so poor historically at understanding the time it takes to progress that project and even more so now as it's entirely in the control of the third party manager?

38:30 Well, first of all, don't think it's it's Zeus you should be going on on about. You know, it's it's SOUND ENERGY and what it it advises Zeus. And but I I would say ZEUS was presently Dan and I were at site back in January, and and Dan had the opportunity to to talk with management firsthand and also the construction guys, the facilities guys at Itau fluids, the the partners. So, you know, it's it's it's the assumptions that we have to take. And, it's true sometimes things take longer. These things don't always work the way we expect.

39:17 And what we've gotta do is give you the most realistic, a estimate of when these, these will be delivered. But I think the thing you should take into is into into thinking or cognizance is the MANNA ENERGY is a public company in Morocco, but it has a large shareholder. And they bought into this project to deliver gas for Morocco. Yes. Of course, they're in it to make money, but they're in it also to do what Morocco needs, which is deliver gas. And so there's no way Manor Energy is going to be sitting there wasting its time, not looking at getting a phase two going. You know, we have the ONE gas sales contract in place. We have actually bank debt in place. We need to refresh the FEED study. Now, yes, of course, Mano Energy is a mining company by background.

40:13 I'm not quite as up to speed on how oil and gas projects go. But, but I tell you they're learning fast and they're picking up. And and, of course, we're here to help them. So, we we meet them in Roback next week. There's a management committee meeting, and this is on the agenda. And and Manor Energy will be, presenting their current plans. So, when we're able to disclose further information, we'll we'll let you know. Next question was as part of the sale of the large percent of our assets to management, we legally passed a large percentage of our ownership of Tendrara to them, and they've got operation shipping, by the way. In return, what cast iron legal certainty do we have that Managem will actually drill the two exploration wells, M 5 and SBK, Carrying sound on those wells forms a material part of the consideration of our asset.

41:07 We pass to them. But what legal certainty do we have that they'll drill the wells and in a certain time frame? Is this another case of SOU shareholders getting screwed over in a little mentioned detail of another corporate deal? Well, no. The exploration wells are defined very specifically in the sale and purchase agreement, and there are deadlines by which those have to be drilled. And if they're not drilled by in good time, the SBA, the sale and purchase agreement, requires ManageM to pay the equivalent amount of money in cash. The the wells can't be drilled until, as John alluded to earlier, the the licenses are perfected. And so we're we're we're pushing the Manor Energy to engage further with the ministries and with to to get that activity finalized for the legalities of the licenses so that the exploration drilling can move ahead and the planning for that can move ahead.

42:10 Here's the next question. Am I taking it or are you taking it on the Eurobond? Take it. Okay. Let me read it. And Andy, our interim CFO, has come in. Phase two revenue will not materialize for some time, and SOUND ENERGY has to meet its Eurobond debt in 2027. Is the debt collateralized against SOUND's interest in TENDRA? If so, what are the near term plans for renegotiating the debt? The threat of foreclosure is an obvious huge drag on the share price. Let's sort this one out once and for all. So is the uncertainty of a raising finance for Citi given the large dilution that resulted from the '20 so sorry. So is the uncertainty of raising finance for Citi. So given the large dilution that resulted from the 2023 loan notes for a very modest cash raise.

43:02 Okay. Well, firstly, the the Eurobond loan notes are not securitized or got a share charge across the Chandra asset. They're actually got a share charge across Barocco Energy South Limited. We're very aware of of the issue with the with the Europe bond maturity date of December 2027, and there are a number of conversations that are ongoing at the moment with ways to restructure, the bonds, which would hopefully tie in with the timing of the phase two revenues, when the when the the that bond could then be more easily serviced.

43:47 My knowledge of of the bond since it was put in place is that it's already been renegotiated and restructured on two separate occasions. So I think that once we get into some revenue from phase one, that will also help us put us in a better position with conversations with the bondholders to to restructure the bond. But this is something that's really at the at the top of my list and really focusing on at the moment. Thanks, Andy. The share price remains at the lowest as there's been absolutely no news and there's lack of confidence in any of manage m's funded promises are gonna happen soon. Yeah. You can say that to us. I'll try saying that to manage them. SOUND has no revenues. It's running out of cash. Is there a stipulation in the management agreement regarding the scheduling of phase two or the funded exploration drilling?

44:39 When can we expect any news from management? Well, it's a sort of repeat of the same question that I answered a minute or two. The SPA does specify the two exploration wells, does have timelines, and it does have a monetary equivalent if those wells are not drilled within those timelines. Regarding phase two, again, no. In the SPA, there's a commitment for funding of the phase two development. And but there is no timeline other than everybody wants to get on with it sooner than and and management didn't buy into that project to sit on it and do nothing. So, no, it's it's it's it's very much on their agenda. And as as John alluded to, we have a management committee meeting with them on Monday week.

45:28 An update on phase one progress would be appreciated. How near completion is the cryo plant and first LNG? How long will testing and commissioning take, how many months, years will it be before full capacity and full phase one revenues. Well, I mentioned some of the progress in the in the slideshow earlier on. You can see pretty much all the kits at site. It's all being painted, made ready, and then it will be commissioned. I believe commissioning is due in about August. And you've seen the wells are able to flow gas Bolting it all together essentially is is what's going on at the moment. Full capacity, those two wells can whack out full capacity on day one.

46:15 But you also saw the LNG tank. It's painted. It's structured. It's there. That size is about 6,200 cubic meters of liquefied natural gas, which is around about ten to twelve days of of of production. So what I understand from Africa Gas is that they will bring on a new client every couple of weeks. So, we will not necessarily be selling the full volumes of gas on the first day. We can produce the full volume of gas on the first day. And the kit, the LNG, manufacturing, plant, the LNG core coal box, that that works at certain, rate. So it's not sort of, like, scaling it up and only having a bit at a time. We can you can knock it in straight straight away quite quickly.

47:07 So fully commissioned, I would I would say we'll be on plateau within a month. So, Andy, again, what progress has been made regarding repayment or renegotiation of the bond and realistically, the expectation that any phase two revenues will be ready for repayment by that time? Okay. So the bond needs to be repaid at the end of December twenty twenty seven. We may be in production by then on phase two depending on the timing of the FID when that's taken on phase two. But, you know, regardless of that, we're in conversations with bondholders and representation representatives of the bondholders to restructure the bond so that it is comfortably within the the revenue phase of of phase two.

48:01 Thanks, Andy. This is a question again from Christian, more about remuneration again. Graham made the comment that SOUND is not a one man show. You can clearly see it's not. And that he's backed by a strong supporting team, so you clearly can see that's true. After Graham's very generous bonus, are any other members of that supporting team going to be granted bonuses? If so, would this be in the form of shares or cash? Shareholder confident is not helped by such a low board of director shareholding. Maybe I'll just answer that one first. I bought a few shares over the last month or so, but it's very rarely we're in an open period. And today's RNSs, I believe, puts us back into an open period.

48:48 But, Christian, can I ask you about the Don't be afraid? This will be a shorter answer. Yes. The remuneration committee and the board have, of course, carefully considered and evaluated the contribution made to all team members. And we have decided on awarding individual cash bonuses as appropriate. Thanks, Christian. So, yeah, everybody got something. The the next question's come in today, and that's interesting. Could the company explain for shareholders what the partners see SOUND brings to the solar opportunity today. SOUND are not experts in this field, and I'm just curious about what's bring what we bring to the table, to some extent, the hydrogen opportunity, please, too. Thank you, Ashley, for that.

49:43 Maybe I can start that, and then Roy or John can chip in. We've been in Morocco quite some years now. We have very strong shareholders. 25% of our shareholding approximately is the oil and gas investment fund of Morocco, which is in itself an SPV that is owned by Attiguwafa Bank, pension funds, etcetera. So we've been in country a long time. We're sort of getting to be the poster boy of British investments into into Morocco and a success story. Britain and Morocco have recently announced collaboration and support for each other, and we've finally recognized the Southern states in Morocco. So that's excellent news about the cooperation between The UK and and Morocco. And so having British companies invest in Morocco is well liked, and having companies with international flavor to them is also well liked. But we have a we have strong relationships.

50:46 On the solar front, Gaia Energy are over over Africa, but they're a private company. Multiple strands to their their their instruments, whatever, without mixing metaphors, strings to their bows, but on renewable energy. And I think what they were looking for for us is to give them some support in Morocco as they've been mostly working in Africa even though they are Moroccan. It's a great opportunity for us, I think. And maybe I can ask Roy just to the liberalization of the medium voltage and maybe give an idea why why we're not sort of trying to do a me too rooftop solar strategy and why we're not doing the gigawatts of power that cost billions of dollars for green energy. So can you can you add a little bit about why we like the solar opportunity?

51:40 Yeah. Sure. We're we're talking about 10 or so sites of probably 20 megawatts. So so if you got a solar panel on your roof, that's a lot more than on your roof, but it's not utility scale. It's another form of energy, but you have to think of a very different risk reward regime from oil and gas. The risk is really significantly lower. You get commensurately, you get lower rates of return than one might expect on a highly success highly successful oil and gas project. So these are low risk sites in a in a company which is liberalizing its medium voltage grid. So that's the grid just before it comes into your house.

52:25 We've chosen 20 sites, 10 or so sites around the population centers. You might why are we not in the desert with the sun shines? Because no one needs electricity in the desert. So it's a well thought out plan to take advantage of this liberalized grid. Add to that, we can bid for and be awarded the grid capacity, but not use it, and it becomes tradable. So we don't have to put solar panel. And it and it's tech tech technologically, it's very simple. So solar panels you see in if you if you live in Essex, see there's a big layer of 50 megawatt plants. One of those. Conventional solar panels, very, very, very simple at that photovoltaic.

53:14 So we like it. Some of us have been involved in that before, not on this scale. But, you know, it's it gives the customers to whom we sell electricity, the green credentials. It's it's a profitable venture, and it's low risk, and it's another form of entry. We also bring, in addition to our contacts in country, with some project execution skills. They like the way we're challenging them on that and getting cost down to the bone, revenue up cost down constantly in in the planning stage. So I think those are the things that we bring to it, and those things that it brings into. So, and if we start tomorrow, there's cash flow in six to nine months. It's not like a oil and gas cycle of get the license, planning, drilling, appraisal, development. It's a much quicker turnaround.

54:07 Thanks, Roy. We just a second there. We I I would also add that why we also like these is very much like our gas sales agreements where it's ten years of flat revenue, you know, constant and not declining. Like, you'd have exactly the same in solar. You know, we'll have long term power purchase agreements. Yes. Sorry. You you Well, I was just gonna ask what our financial commitment is to guide on this. Sure. Sorry. I'm getting a bit old. My hearing's going. Sorry. I just wanted to ask what our financial commitment to guide. Yeah. So at the moment, we're under an exclusivity regard. We're we're finalizing all those agreements at the moment.

55:00 The the idea with the joint venture company that we've put together is that joint venture company will be getting some debt funding in to to run it. So because as Roy said, you get cash flow within six to nine months of each project you put in, you recycle that that money. So it's true to say that there'll be a small financial commitment from our side at the closure of the transaction, but it stayed minimus relative to what we're going to be doing. And it's because we recognize the work that Guy have done in the last three, four months. And we've been essentially, the old in oil and gas terms, it's called farming into a project. You come in and join something that's already up and running.

55:45 John, can I ask you a little bit of why GTEC like us? Yeah. Sure. I I think first of all, it's I'd just like to step back a little bit and hopefully, you know, shareholders will see that, you know, what we're doing here is passing the operatorship across the manager of the of the gas development. The gas development is always gonna be our sort of prime business at the moment. It's always been part of our strategy that we've communicated before. We've diversified the portfolio into some of these renewable areas, and we're doing that gradually. And passing that operations on back in December has allowed us to you know, the team here to have a bit broader bandwidth, if if you will, to be able to deliver these. And we've delivered these two projects, and there's more to come, isn't there, Graham? You know, as as we as we move forward.

56:31 Now for the Hygiene itself, what do we bring to the table? Well, I think it's, you know, it's a melding of of of two companies with, you know, quite sort of separate skill sets. So GTEC traditionally is a gravity and magnetic based company with a subsurface consultancy on on that basis. What they would like to do is start adding some assets to their business and and growing in that direction before. So that's a new step for them. What we bring to that that space so, of course and another piece that they have is, obviously, they have a lot of technical technical skill and knowledge of both, you know, hydrogen and helium in the subsurface, okay, on that side. They are right on top of that that side, so on where it is as it's emerging in this present day.

57:18 What we bring to that space is, you know, as an oil and gas company, there are synergies, you know, in the in the geology and some some of the workbenches and processes there. But importantly, you know, we are in a holder assets. We've operated assets. We can deliver operations on on the ground, and we have a strong network in Morocco itself. So that's what we bring to the piece. So that joint venture together with two extremely complementary companies outfits bringing those two two skills. So we're definitely much stronger, you know, together, and I've been really enjoying the collaboration, you know, with the team there. It's it's been great. So I I say, you know, it's a perfect marriage. Oh, yeah. Yeah. Well, the I would say just to add to to John's is the relationship we've had with ONIM, who is the regulator or is the what's what's the right? Administration Mhmm. Of the regulator, that's something that GTEC doesn't have. So, you know, John knows them all in ONIM, so that's that's also why it's helpful.

58:19 Sorry, sir. Yeah. Sean, can you get you can you check the microphone works? Because I I'm just that's good. Yes. Thank you very much. Yes. I've been a long term shareholder, and every year, it's very bad news that you've been producing. But maybe this time, we have got some better news. But is it only the one well that's producing the gas? What about the the city of Mata? How far away is that from production? Okay. If it's all. Alright. No. Two wells are able to produce, and both wells have been tested and flown. You only saw the video of one. We weren't able to show you the other one, but but we have it.

59:07 And, John, do wanna answer? The city mock target is nowhere near Tundra. Yeah. Let me let me just be very clear. So those those two wells, okay, the the the discipline burst on the on the completions there, they are flowing gas. You also would have seen on that video as well, which is quite important to point out that, you know, when you see a gas flare, sometimes you see a lot of soot or, you know, no. It's it's clean gas, dry gas, no water, no solids coming up through there as well. So, you know, the completions hold everything. So that was a really successful result. Changed up the tubing. They are ready to be plugged back for long term production. So that's good news. It's not one well. It's those those two wells that are ready to go. Now for to move over there, as you know, is in the you know, so the exploration phase is early much earlier in the cycle of exploration phase there.

59:52 So we're still looking to farm that out. I'm still engaged, know, you in various parts of bringing the farming to fund that seismic survey that we need to do on that on that license. So, again, you know, watch this space. It's all about the moment we've got this, you know, more bandwidth, you know, to focus more on getting these things over the line. You've seen, you know, two deals that we brought up and brought this morning. There there's more to come as we move forward. Okay. As we grow this business. Yeah. Sissy Mukta is in the West, isn't it? It is. Yes. It's one of Have you got any evidence there is gas on that area? Oh, absolutely. Yes. Okay. So the Sydney Muktar license itself, they they surround the Muscala Gas Field. And that that gas field is, you know, it's a small gas field. It's operated by by Olim. It's been developed since the nineties, but that gas field flows gas from the presalt, the sub salt reservoir, which is the TAGI reservoir, you know, to the surface.

1:00:45 So it's proven that that play in that area. So that that play we know works. We've got gas charges, a gas accumulation that that we've seen there. Okay? And then importantly, that area has some 60 exploration wells drilled. So and then, Christian, you mentioned that, you know, there's companies over the last hundred years been looking at this area, but there are very, very few wells. I mean, count them on one hand of the finger that, you know, drilled down into that pre salt section. So it's very, very un you know, it's underexplored that area. Many companies have avoided not come down there. It's over pressured, which is a good good thing because it means that salt is sealing, you know, the trolling system beneath there. And then what we've noticed is that on the existing vintage seismic that we collected, which was collected back in the seventies and eighties, it's very old, quite poor quality imaging. It's because of the historical nature of the seismic. Yeah. You know?

1:01:37 So, you know, we need some new seismic. What we have seen is some large fault blocks, which is simpler structures than Mascara gas bill, which is quite complicated compartmentalized. So large fault blocks. We've actually much thicker reservoir that we see, know, across those than we do with Mascara itself. So it's an interesting opportunity. So, you know, I'm, you know, again, I'm I'm I'm pushing that and, you know, trying to attract, you know, someone in to carry that that that survey for us. So, yeah, So, again, can you Do people live in that area? City may not. They do. Mostly, it's farmland. I think there's some people in the room that they have visited that that area, but I would say it's, you know, it's not generally populated. But that area there, as I've mentioned, there's 60 wells being drilled over the years. They have seen seismic surveys before, and, actually, we can conduct this survey with, you know, very little disturbance to the communities that live there.

1:02:31 But, also, you know, more importantly, we know, for these types of surveys in Morocco, we are welcomed by the local community because we provide work and jobs to that period that survey is going, you know, ahead. So for example, when we undertook the seismic campaign in Tendrara and Anoal, so there, we employed you know, the crew was in the order of a 130 to 135 crew at any one time on that survey. So quite a lot of people. 110 to 120 are employed from the local community to lay out the sensors, to lay out the cables for cooking, you know, life support, driving, and and also driving the fiber sized trucks as well. So some quite technical roles as well. So we provide a lot of employment in in there as well for that period of. What about just the hydrogen site?

1:03:20 Is that near there, or is it near to the other site? So I I would love to you know, obviously, I I cannot disclose for for the interest of, you know, the company and the shareholders and our partners, you know, we I simply can't comment on where that is. It's quite a competitive environment. There are already other companies working in the hydrogen space. There are other companies that have already entered with memorandum of understanding with ONIM for hydrogen exploration in Morocco. It's publicly known. I won't name them, but you can you can look them up. So there are companies working there. So I'm I'm not I'm not going to say anything about the locations and where they are because that would we would I'll be giving away our competitive advantage. That was that was part of the reason of working with GTEC because of the techniques and the database they've got. It's quite unique.

1:04:13 And so we've been able to do some studies, which we hope have something quite specific that nobody else knows. Others others don't. Yeah. They have unique It's probably many years ahead because it's not a viable proposition, hydrogen at the moment. So we'd to wait. I'm sure Let's find it first, but it it can be viable. Don't worry. It can be viable. Yeah. And finally, whereabouts are those electrical distribution areas? Are they near a city or are they Yeah. Still in in Yeah. These are sub these are substations. They're all the ones we've chosen are near main conurbations really more you know, it so these all exist. Right? And what we're looking at is the land around them to put the the solar panels so that we can tie into the substations.

1:05:05 So, yeah, they already yeah. I mean, they're already existing. This was all nationalized up until 2023. Right? So and it and it's re it's federal and regional. So you've you've gotta have regional relationships as well as federal relationships. Can I do a couple more questions? And then Yeah. Yes. You can well, thank you for that. Well, you know, we'll we'll we'll take some more in a second. I've got a question here, which is actually quite an interesting one. Are Graham's and Mohammed's job full time? I I'm currently executive chairman. That means I'm chairman of the board, chairman of the of that of that group of work, but I'm also the CEO. So I've got two jobs, and I can tell you it's full time. Okay? The other one is is Mohammed's job full time. Mohammed doesn't work for us anymore.

1:05:54 Mohammed is now with MANNA ENERGY, and so he he's full time with with Manor Energy. What we have got is two new part time, and then I'm sure they're smiling at me already because the part time seems to be seven days a week for them. But Andy Mataroo, who's an engineer by background, but has also been in investment fine corporate investment financing and on the the research side and brokering side, and is a personal high net worth investor in start up listed companies. And we got Roy Kelly here, technical director of and who's former partner at well, he's probably still is a partner at Kerogen Capital.

1:06:41 And they and also ran a couple of very quite well known petroleum consultancies. So we're very lucky to have attracted two excellent people to join our team. Admittedly, they they think they're part time, but we're working on five days a week. So thanks for that question. The next question from Mike is I'm not quite sure I understand it. The gas holder, has it passed all the testing necessary to prove there are no leaks in the structure? And if so, long, how does it take to bring the tank ready to receive the LNG? I mean, Sean, that's Yeah. The the LNG tank hasn't been hydro tested here. That's that's planned for this. I think you guys go back for leads or within the next So so the commissioning of individual bits of the equipment, whether it's the pumps or it's the, you know, the tank or the aiming unit or or whatever, they're all starting to come through in sort of August, and then it will be connected up together to flow them all together. Alright? So so that's that's it. I think would there be any other questions from the floor?

1:07:54 I have a friend here. Thank you. Once it's commissioned, the energy is fine. And there'll be a real period of sort of customers coming in, the income coming in. How long before will there be a setting come every month, I guess? Right? Would that it can be within the next by December enough to keep the company, like, fluid? The the the income being Are you talking about the cash flow from the so so revenue yeah. We we're under a take or pay contract. Okay? So ten year take or pay contract.

1:08:40 And whether it's taken or it's paid for, it comes in every month. Right? But there is a period, and there's also some things in the gas sales contract with makeup volume. So if they don't take it, we have to supply more than they'll pay for. But there's a flat ten year take or pay contract. So, yeah, it's it's consistent revenue once once we've ticked all the boxes, everything's working, and everything's flowing. With the contract and the price being set, I don't know if you can give a figure of what it could be on that base. No. I think we've disclosed the gas sales agreement, what the minimum and the maximum are under the the micro energy project you're talking about? Yes. It is. So probably people know that. Yeah. I mean, we're we're I think it goes up to I can't remember the exact number. Eight eight some $8 something? Dan might even know.

1:09:32 Okay. So I'm talking terms of your daily supply Yeah. And the monthly supply. Yeah. Yep. What is what could that figure be? Mineral or maximum? Well, net net to us, they they when and a yearly basis, it's 6,000,000. Basis, the the revenue to us once the phase one gets running is about €6,000,000 per year of revenue. Okay? And out of that revenue, there'll be some g and a costs at the project level to be Operating costs too. Operating costs to come out of it. But but top line, you're looking at at ten years of $6,000,000 per per year. Is that shared with management? No. That's net worth. That's to our 20%.

1:10:18 That's our 20%. Yep. Don't forget the real No. The the real increase or the real revenues of of this project kicking in in phase two. Okay? Once we start to scale up and get the production into the pipe gas, there's a step change in in volume, and that's just on contracted gas. Then there's some uncontracted gas, which later on could be contracted at an even higher gas price. But that that stage, that's when the revenues will will undergo a step change again from $6,000,000, but up up to much greater amount. So that is that immediate news from what we get we have income coming in Mhmm. As investor.

1:11:04 The income coming in, they feel that but once this money can leave the company, all the work done. Mhmm. And then it's I understand the step change with this too. But initially Mhmm. There's money coming in at last. Yes. Yes. And that's definitely within the year. Right? Yeah. Yeah. I mean, what was So within the year, we'll have money coming in, which is important to you. Mhmm. Second question, sir. I keep hearing locally. Can can I hold it a bit more like that? Locally. Thank you. Regarding the because of the exchange. Yeah. And the Casablanca exchange partnering partnering with the LLC and also appearing to there'll be company de list de listing. Now is there I don't know. Is there anything about SOUND ENERGY being dual listed?

1:11:51 Or there's a blockage there? Because Oh, we we yeah. Okay. So we've we've looked at I mean, AIM is not a very exciting market at the moment, as you know. Casablanca, in Morocco, they have foreign currency exchange control issues for investors. So Moroccan, if they wanted to invest in SOUND, and they don't have an international bank account or what if they can't, It's very difficult. So could we dual list on the Casablanca exchange? Yes. We we could if it if it was appropriate for us. And the fact that the LSE and the CSC are, you know, having a relationship, a dual listing in Casablanca is a possibility. Could work. Part of the criteria is you've got revenue.

1:12:37 Okay? So until we've got revenue, we've looked into it. There's there's a growth exchange, and there's a couple of other things that you can do in Casablanca and get exemptions and things. But the far simpler is start showing everybody you've got money coming in regularly, and then you can list on the Casablanca exchange. Awesome. Is management car in Morocco, SOUND ENERGY East? What is their interest in SOUND ENERGY South? Nothing. Nothing. Okay. Okay, Paul. I think we have answered every question and tired the people out in the room. So if I can pass back to you. Fantastic. Look. Thank you very much indeed. Thanks for covering off all those questions. As you say, of course, any further questions, the company have the ability to review those, and we'll publish responses where appropriate to do so on the investment company platform.

1:13:27 Graham, just before redirecting investors to provide you the feedback, which is no particularly important to you and the team, if I could just ask you for a few closing comments, please. Well, thank you all for supporting us at the AGM and this investor presentation. The r and s will be out with the poll results very shortly. I'm excited that we have entered into two new opportunities more formally, both into into Morocco playing to our strengths and but also partnering with very credible counterparties. That's on top of our prime business, which is to get the 10 Dara gas flowing. You know, from what we've seen in the preparation for our meeting with manage them next next Monday, you know, we see that they are fully focused on delivering gas in q four this year. So, yeah, first first production q '4 this year, and, we'll be pushing very hard to get the exploration moving and to get phase two, going. So thank you for your time. Thank you for your patience with us, and, we'll see you again in the not too distant future.

1:14:39 Thank you very much indeed to the board for updating attendees today. Please ask attendees not to close the session. It should now be automatically redirected to provide your feedback in order the team can better understand your views and expectations. It's gonna take a few moments to complete, and it's greatly valued by the company. On behalf of the board of SOUND ENERGY PLC, we'd like to thank you for attending today's general meeting annual general meeting and presentation. Good afternoon to you all.