Pantheon Resources Plc ($PANR)

Good afternoon, ladies and gentlemen. Welcome to the Pantheon Resources Plc post the AGM Investor Q&A. [Operator Instructions] Given the significant attendance on today's call, the company may not be in a position to address every question. However, we can review all those questions post today's meeting, and we'll publish those responses where it's appropriate to do so. It gives me great pleasure to hand over to your new Chairman, Michael Spencer. Michael, good afternoon.

Thank you, and thank all of you who are out there joining us today. I gather it's quite a few hundred of you. So a warm welcome. I -- what am I going to say? Max is here with me, obviously, our Chief Executive. I'm only the new Chairman. I hasten to add. So bear in mind, I've not been here for -- I haven't been here for years and years. I haven't even been here for months. I haven't actually been Chairman for weeks. So bear that in mind. I will focus on answering questions where I think I have value-added and useful input. And I'm going to ask, obviously, Max to choose some of the questions as well.

We -- I think 45 minutes should be enough for this, but let's see how it goes. So actually, I was looking at the questions here, and I found one that really interested me. As Pantheon approaches its 20th anniversary since IPO, do you and the Board have a vision of what success looks like? And yes, I do. And my vision of success is that we actually take this business in the foreseeable future actually to producing some oil. I mean that's what oil companies are for. We haven't got there yet. And that's what I see I would consider that as success. What's another one here? Yes, I've got one here. Investor Relations have been problematic in the past. Do you have a plan to fix it? It is true, I think Investor Relations have not been handled particularly well. I was -- I am a shareholder. I'm a very big shareholder. And I thought it was not handled very professionally or efficiently. And I plan to play a prominent part in making sure that our Investor Relations are well handled. I won't go through the many instances in the past where I think they were poorly handled and resulted in the share price being lower than it ought to have been at the time. But that is -- that I will attend to personally. Max, why don't you choose a few that you think you can answer?

Yes. There's a number of them here, various themes. I think there is one, I think, Mike, you would answer this one very directly. Is there any immediate need to raise funds? The answer to that is a definitive no. A couple of questions about the company. I think it's a G&A focus. Are all the employees at Pantheon required given where we are? The answer is that's something I look at every day. But just bear in mind, there's 14 people in this company. It's a public company. There's a lot of things you have to do to be a public company. We're evaluating a massive resource base here, massive resource base with a very small number of people. And don't forget, we're still executing on North Slope, just because we're not drilling right now, we still have assets to maintain and Alaska is a very highly regulated environment. So the short answer to that question is we look at this all the time. And most of the staff we have are people that I've recruited particularly for our mission, which Michael just said, which is let's produce some oil. So they're very development-focused people that I brought in, seen that done that all over the world as far as the Caspian Sea to Alaska and everywhere in between. So we like where we are with our skill set. It's just how we apply it now is what the Board and I will be evaluating. And a similar question, I guess, is sort of the answer to this given the shift from geology to engineering, which I think is reflecting some comments I made earlier, do we have the right skill sets for that? The answer is absolutely. The reason I was brought into this company was to transition the company from exploration into development. So every single person that I brought in has developed again, resources all over the world. So we definitely have the right skill sets for where we are. And then how far we go, I can have a long, long Rolodex of people that we can bring in through time as the situation warrants. So I'll pause there and go back to you, Michael, and I'll look through some other ones that -- you should...

So one general point I was going to make is, obviously, we said earlier, quote what Max said, I'm pleased to say that we've made good progress in our early discussions and a number of significant energy companies are actively in our data room evaluating the assets. We're pleased with the interest level so far, especially about Kodiak, where we have become -- begun additional seismic processing -- reprocessing, sorry. We're not obviously going to be able to talk in any detail about where we are on farm-in discussions. So I will broadly be avoiding those, not because I want to avoid them because we really should only say anything when we have concrete news. And I promise you, as and when we get concrete news, I will make sure it's shared with you. Indeed, let me find another question.

Well, by way of looking, Michael, I can add a little color to that without being specific. Someone asked the question, well, you've tried to farm-in before, what's different here? There's a couple of things that are different here. Alaska in general, has seen differently than it was a couple of years ago. For one reason being the federal government is quite adamant that Alaska's resources get developed. And there's a presidential executive order to that effect. And one of the examples around that is there was a lease sale in the fourth quarter of last year. And it's public information. A company called Repsol acquired all the acreage around Kodiak. It's public information. A company called Spice Valley got all the acreage for [ East ] and 2 others surrounded us. So the interest in Alaska is quite high. And people -- all companies around the world are looking for renewal at the moment, if you read the press. It's very difficult to get access to the unconventional acreage, the shales in the Lower 48 of the United States. So people are looking for renewal. So contextually, the world is very different. And of course, our appraisal efforts have moved on since the last couple of years as well. And that's why we indicated earlier, we have a number of companies in the data room right now. Go ahead, Michael.

I'm just reading one here. Executive team and Board of most successful companies have a significant stake in the company. How does the CEO plan to demonstrate his skin in the game interest and faith in the company that he is leading and ensure that his decisions will be aligned with Shell ventures? Well, I mean, I'm just only a new boy on the Board, as you very well know. As Chairman, I can tell you, I personally have an interest in over 100 million shares in Pantheon, bought at prices that are all overwhelmingly higher than the current price. It's true that at this time, our CEO, Max does not have a material equity interest in the company. I certainly -- until I became Chairman, of course, it wasn't my job to discuss compensation with him. But looking forward, I will definitely be doing that because I completely agree with what that submission said, which is a Board where the directors have a considerable equity interest in the business generally performs better than one that does not. So yes, I will be focusing that for you. There's another question here, other attempts -- says here, prior attempts at farm-ins have been unsuccessful. Why will this be different? Well, I wasn't there for the other attempts, so I cannot comment. But this is -- we've made it clear, obviously, that we are not going to be raising any more capital from new shareholders. It's happened far too often. The monies haven't really always been used that well or as well as it could have done. And we're sitting back here. We've got a good number of people in our data room. Our job is to see if we can cut a good deal in a farm-in, and we've only just started, but there's no reason we don't believe this is possible. Max, over to you.

A question about the Alaska LNG project. The question is, the Alaska LNG project has set early execution phases. How soon can Pantheon convert our gas sales precedent agreement into a binding bankable contract that can be used to secure debt financing for the Ahpun field development? For those who aren't familiar with our gas sales precedent agreement, it's a volume and a price. We agreed with 8 Star, which is the owner of the pipeline. 75% is Glenfarne, 25% State of Alaska. There's nothing to stop us from executing a fully termed agreement right now. There'll be 2 giant conditions precedent on that agreement. One will be us sanctioning a development, back to Michael's point, time to start producing oil. And the other one is, of course, they have to sanction a very, very, very large infrastructure project called Alaska LNG. And so both of them have to come to FID for that agreement to be meaningful. And so we're proceeding on our part of this, which is to get a field ready for development, and we're cheerleading them that they get to that mega project sanctioned for the State of Alaska in the nation.

There's a question which I feel I'm able to answer here from Jeremy. Is the U.S. IPO still on the cards or has it been pushed back? The answer is it is not on the cards at the moment. One, it was an expensive thing to pursue. We are cutting our cash flow expenditure down to the bone. We want to give the longest possible runway. So we are not -- so we can get the right answer to the question of can we find a good farm-in partner. That is a priority of our project at the moment, and we're going to stay focused upon it, which is why there's another question, what happens to cash flow post 2026? I consider that a hypothetical question. At this moment, it's -- so there we are. Can I hand back to you, Max?

Yes. Michael, there's a number of questions, which are similar about why do you forget about Alkaid? What's the status of Dubhe? Are you shifting your attention to Kodiak? That's a very, very topical question. The way I think about it, I think through time, a lot of people were frustrated that the company went from one well to the next well and the only thing that mattered was that well. Erich Krumanocker, who's our COO and myself, we've embraced a broader picture, which is we have a portfolio here. And the way you describe it is we have a very, very large field called Kodiak. It was the largest field discovered onshore in the world in 2022 according to Wood Mackenzie and made it the fourth largest discovery of any kind in the world that year. So it's a very, very large resource in Kodiak. Around that are a number of what I call satellite fields. Ahpun, Dubhe, Alkaid and various reservoir horizons for each one of those. And so we have a portfolio of one large field. We have a number of satellites. And the question is what is the sequence between the two?. And this will be a conversation, if successful, it's very topical with our partner, which is do you do the main field first and tie satellites into the main field or you do the satellites first to fund the main field? And so what we've been doing over the last couple of years is appraising each of these. So we have a discovery well in Kodiak called Theta West-2, and we're planning, as you know, to drill another well up [indiscernible] of that to fully delineate that resource. The Alkaid well was very close to commercial as one of the questions indicated. We haven't forgotten about Alkaid, and now we're appraising Dubhe still as we speak. So out of all of that comes what is the best way to maximize shareholder value here, not only in the eyes of Pantheon, but also in the eyes of a prospective partner? We need to stop thinking about one well at a time and start thinking about the portfolio and how we maximize its value given the advantages we have, proximity to infrastructure, et cetera, et cetera. And so no, we haven't forgotten about Dubhe. We haven't forgotten about Alkaid. We certainly haven't forgotten about Kodiak. There are all pieces of the puzzle that the new Board and I will be putting together to maximize shareholder value ostensibly in the context of a new partner.

I found a question here from Allan S, wherever you are. Thank you. Question for our new Chair. Knowing what you know now, if the investment case was put to you today on this company, would you see huge value at acquiring shares today at 11.5p? The answer is yes, I would. I mean, believe you me, as I said, I have got a lot of shares and the share prices have risen to 11.5p today. That's probably why you put in that price. My job is not done yet for what I'm hoping to be able to achieve here. So I'm not saying this is going to be a quick journey or a long journey, but I tell you what, I'm determined to really try and unlock some of the values that have so far not been properly captured by the marketplace in our company. It's been a difficult journey. I'm going to hopefully make it a bit more comfortable for us going forward. Max, anything you can find?

I can. Just thinking about that one. The way I think about it -- I can't -- obviously can't give investment advice to anyone on the call. But if you just step back and look at what this company represents, the acreage value, so if you just divide it by our market capitalization by our acreage, it's way less than $1,000 an acre. A similar acreage in the Wolfcamp Shale, the Eagle Ford is $30,000 to $50,000 an acre. So it's very, very low relative to its potential. If you do the same thing and take the market cap and divide it by contingent resources, you get a very low number. So our mission is to convert that from where it is today to a similar figure that you would see in those other basins. And that's the entire point of our appraisal program and moving toward a development is to maximize the value of this resource because right now, it is very cheap resource compared to other basins. Thank you, Michael.

We've just had one in from David just now it says without naming any names, other parties in the data room or super majors, midsize or whatever and asking for where -- David, I would love to give you that information, but bluntly, that would be inappropriate. And clearly, we have NDAs with all the people in the data room and therefore, giving any detail on that, it's not going to happen as you would expect. Another one here. Every single attempt to test the resource has been a commercial failure. I wouldn't say that's fairly true. It's from Tim. I think some have been very, very disappointing, but not all have been commercially a failure. Why would a farm-in partner be interested in joining the dollar bill furnace? Well, they must be interested. Otherwise, they wouldn't be in a data room. Whether what happens next, of course, we have to wait and see. But I don't approach this with a negative perspective.

Yes, I can add to that one because my eyes zoomed in on Tim K's question, too. The wells we've been drilling have been appraisal wells. So the geology of this is fairly well understood. The size of the reservoir, the geometry of the reservoir. And that's why I said we're moving from a geology focus to an engineering focus. Each time we put a penetration well, we're learning a lot about the reservoir. And that's going to inform the way we ultimately develop the field. So this is all appraisal information leading to a development. If those were development wells, they would not have had commercial results, but that wasn't the point of them. The point of them was to gather information about the reservoir, whereby ultimately, we have a very successful FID. And as Michael says, the dollar bill furnace, it says, other people don't see it that way.

There's a question here from Bill H, that says, how do you intend to deal with the issue of the convertible bond, which is a major issue, so you have no way of repaying it? At this moment in time, you're absolutely right, we have no way of repaying it with our current cash, but that's not a surprise. But this is due for repayment in no -- more than 2 years' time. And 2 years is a long time in the life of Pantheon. And I think a lot is going to change. I hope I plan that a lot changes significantly over the course of this year, obviously. And hopefully, our expectation, hope is it transforms our finances. So that is not on my list of problems that we face here now today.

Okay. So Michael, here's -- our CEOs are allowed to ask questions. I like this question. I'm going ask you a question, Michael, off this list. My part of the question is I really have enjoyed the relationship that Michael and I have started over this last month. We work extremely well together. So the question is, Laura Spencer, you have a considerable number of directors. How will you find time to concentrate on Pantheon? That's the question.

I don't actually have that many active directorships. I mean I have a handful that I spend really focused time on. I mean I tend to use my time where I think I can be effective and useful. There are lots of times where I'm good at some things, I'm not good at others. And I think a lot of the situation in Pantheon, some of my skill sets are useful in terms of my communications abilities to the investing community, to my experience in negotiating on quite big transactions. providing leadership in the Board. So I want -- I believe I obviously didn't join this on a pro bono basis because I have shorter work to do because I really think I can add some value to this project working with you, Max, because we've got complementary skills, which I respect and appreciate. You're a proper oil expert, and I'm a finance guy. I think the two of those together with the two of us will hopefully really transform this firm. And we have recruited in some good new directors. You recruited in a very well-respected oil guy. I'm talking to a few other people in London to try and bring another person to join us to share the burden that is always involved in running a public company.

Okay. Here's a macro question. I guess this is a question for an old man like me. Given our current position with 20% world oil stock coming through the Strait of Hormuz, does that help focus the farm-in partner for us? It doesn't hurt, but oil companies thinking capital cycles of a decade, at least, and they will always sort of test everything they do against a range of oil prices. There won't be very many oil companies that make a large capital decision based on a short-term event. So it certainly doesn't hurt us, but that is not going to make someone make a snap decision on us either. Oil prices go up and down for lots of reasons through time. As oil companies, we're in the risk management business when it comes to the oil price. We just need to be viable at low oil price, and we take a lot more value at high oil price, but you have to be resilient through all oil prices.

There's a question here, which although I'm not an oil man, I think I'm able to answer, from Irvin. Will you be relying on the farm-in partner to determine the future of the Dubhe well? I mean, as I understand it, we -- if as when we get a farm-in partner, we have to agree with the farm-in partner what the priorities are. It's teamwork. They are another voice in the room making a decision, and we will partner with them. And obviously, they will bring their own expertise with them. So it will be a collegiate task. It won't be ours alone to make. But equally, it will be not for them alone to make either.

I would complement that. Our criteria is not just to find bank. It's to find someone who has a complementary skill set and can bring something to the table. So someone that has seen that and done that as much as anything else. So as Michael says, this is a very collegiate thing and views of everyone will be required to come to the right conclusion.

Another question for me. Do you think you could bring another institutional investor into Pantheon? I don't know the answer to that question, to be honest with you, it's not -- I've only just arrived. So I will certainly -- I mean, our main brokers in London are Canaccord, if they want to ask me to attend events to, as Chairman, speak about Pantheon, I will certainly do it. And I've got, obviously, through my career in ICAP, which I started in 1986, 40 years ago, 4 people -- and we built it into a FTSE 100 company. And obviously, a FTSE 100 company had a lot to do with institutional investors. So I will be quite happy to go and meet interested institutional investors, yes. I hope the Canaccord guys heard that.

Here's a question, and it's probably best for me as well. Can you tell us a bit more -- this is from Jeremy. Can you tell us a bit more about Mr. Wilkins and how he came to be involved, please? We brought enormous talent to this Board with Michael and David Wilkins. David Wilkins is an example of seen that, done that, has been down the path that we want to go down. He was the Head of Hilcorp Alaska when Hilcorp acquired BP's assets, and BP was the largest operator on the North Slope at the time. And to transform that operation from a super major into the eyes of an independent. And the results of that speak for themselves, triple production, further expansion. He really did an unbelievable job taking over those assets and making them run as a lean independent. And that's exactly the kind of skill set we want on our Board is to be able to guide the management team, been through that path, here at the pitfalls, Here's what I learned in Alaska doing what you're about to do. And I'm ecstatic that they've agreed to join the Board.

We just have a question in from [ James Rose ]. It's okay, I am referring to farm-in. And you say are some -- are the discussions for total acreage or some for only part of the acreage -- is the range of the acreage? James, I would love to answer that. But really, we're not going to get -- we can't get involved in any detailed discussion on the farm-in issues. I promise you, as soon as we have any concrete development, i.e., real news, we can't share with you names. We can't share with you prices. We can't share with you how advanced or unadvanced we are, any of that, regrettably, we have to properly keep confidential until we've got something concrete to build. I don't want to -- I know it's a bore for you guys. You'd like us to share with you everything. But you will understand fully the reasons we have to do that, not at least reaching confidentiality with our -- the people in our data room and also all the other regulatory issues that come with our responsibility as a public company. And other questions as well, previously, the time line was production by 2028. Is the time line different now? You know what -- we're taking this step by step. And we're not going to -- it would be very dangerous for me to attempt to answer that question. I don't think anyone can say anything with complete confidence. So the answer is, the sooner the better, but I don't know when that is going to be. Max, any ones that got you...

Here's one from Flight Deck. Welcome to the Board. Wonderful. Can I invite Max, Michael and David Wilkins to join us for a future fireside conversation and update on the Flight Deck? For those who haven't seen it, Erich Krumanocker, and I did one on the Flight Deck recently, a fireside chat. I encourage everyone to see that. But Paul, we'll get back to you on future ones if -- we just did one. If it makes sense in the future, yes, we would consider that. That was a very nice event and a nice chat.

There's a question here from William B. Please explain why December 23, we were told there'd be no placing and then there was a few weeks later? William, I was surprised myself at the time, to be honest with you, and I wasn't best pleased either. But our job really now -- my job now as the new Chairman is to be looking forward rather than -- there's no value in going backwards. So yes, I felt pretty unimpressed by that, too, but we're going to move forward now. And I assure you that sort of thing will not happen again. Whilst I'm Chairman, my reputation is one of being consistent at least and successful in the past at least.

Okay. Here's a couple of technical ones. Will you be releasing the pressure buildup data at Dubhe? And any news on Dubhe pressure test results in core? As I mentioned, we're looking at -- that's one of the satellites. So we're looking at all these satellites very carefully. As Erich communicated earlier, we proactively put that gauge in the well, knowing we want to do a pressure buildup. You have to run wireline to retrieve it. So that pressure is building up. The data is being gathered. In due course, we'll run wireline to gather that data. But it's premature at this point because we want to -- will have to be shut in longer to get the data. But as we mentioned a few minutes ago, we won't be doing any well operations at the moment. But once we do gather that data and how that informs our overall appraisal program, we'll be communicating that in due course.

There's a question here from Anthony C, saying, Michael, very excited to have you join the Board. Well, thank you. I'm pretty excited to be here. How did you first get involved with Pantheon? What attracted you to the opportunity at the time? I got involved in Pantheon. Gosh, I think I must have made my first investment in Pantheon about 5 years ago. And indeed, initially, it seemed to be going quite well. And I saw the stock price for each GBP 1.50, and I thought all the great potential is about to be unleashed. And of course, it was not, and I have been sitting there for many years. But at the end of the day, I still believe the value of the asset. I'm not going to go here tempting that maybe as to a long diatribe of where it went wrong, who made the mistakes. That's not a profitable investment of my time. You can do it if you want, but it's certainly not a profitable investment of my time. But I still genuinely believe that we have an exceptional opportunity here in Alaska, and I am prepared to roll up my sleeves and help on a recovery plan for this project. Another one here from DL. Please convey my thanks for David, Jeremy and Linda, their efforts aren't gone unappreciated. I will make sure -- we will make sure they get that message. It's very kind of you. They'd get that. It is generous in what has been a difficult time. Mark -- someone here, Mark. Is our main aim now to progress with the farm-out? Correct. That is our absolute priority and total focus. And we're not going to retest the Dubhe in the short run. I think Max said that. we have a cash runway that we estimate will keep us going for the whole of this year, that is plenty enough time to fully explore every opportunity of farm-out.

In the spirit of richer dialogue, as I mentioned in the AGM, a little feedback. We're not in Texas. Unconventional metrics Alaska make no sense and are misleading. This is not West Texas. It's a completely different cost structure. But the point really was there's 2 orders of magnitude between those metrics. So just drawing a very, very broad comparison, not on the margin, but I think it pushed back.

There's one that's an amusing question for me here. [indiscernible], I've never called that before, but that's okay. Would you mind saying what your average purchase price is on Pantheon? I do know. I'm embarrassed to tell you, I haven't calculated it. I don't know if it would make me -- well, it's certainly a lot higher than the current share price, by the way. If I'm having a guess, I would say my average purchase price is, I would guess, in the -- somewhere between 25p and 30p. So yes, I'm, like many of you, considerably underwater. But I don't know exactly anyway. Have you been reducing costs in the past 6 months? Max, that's a question for you.

It's probably for me. As I mentioned in the AGM, we have reduced staff a little bit. We have a very small staff, only 14 people remaining. But the reality is every single thing we spend money on, and I come from lean operations in the unconventional world, every dollar counts. And so when I arrived, that became the exercise. It's just little things everywhere. But a big part of that was suspending the U.S. listing activity, and that happened quite some time ago. That can be very, very expensive to do. So we suspended that quite some time ago. But it really is every single thing that we spend. And some of this is SG&A. So things around the office and people and things like that and studies. Some of this is in the field. And when we paused the testing on Dubhe, we ramped that run rate. We said publicly it was around $150,000 a day, pretty much 0 in a very, very short period of time because every dollar counts on this and the big dollars usually show up in the field. And so in the field, you have to be relentless on cost because suppliers will always want to extend costs and you have to be very, very deliberate about that. So how we contract, how we manage our contractors is a huge deal, and we made enormous progress on that. There's not many people criticizing our execution capability these days because we didn't have the best reservoir results last year, but the execution was very, very sound, both in terms of cost management and efficiency of the execution. But this is an ongoing exercise. If you find yourself requiring a giant intervention, that means you mismanage the asset through time. So the idea is every single day, we look at our costs. And our Chief Financial Officer, Tralisa, is relentless on this, and she has my full support that every dollar we spend regardless of its purpose needs to be challenged carefully.

There's a question that caught my eye. Simon. Do you have a near-term aim for recovery of the share price? Simon, no. I don't really -- I mean, I -- obviously, I ran ICAP as a public company for 20 years, the same firm. And I always took the view that if you ran the company well and did your job properly, that the share price would behave accordingly. And I'm pleased to say that, that strategy worked out very well for me in the long run. So I'm focusing on my job. And my job at the moment is to work with Max on our partners -- not our partners, our participants in the data room to see if we can, with one of them, perhaps more than one, do a deal that will really light our fire. And that is what we are doing now. And in the meantime, we are holding back on expending money on any other stuff. So you asked questions about, are we going to be releasing pressure data on Dubhe and things like that? The answer is, no. That is not where we -- that's not -- this is a military campaign. Focus your forces on what you are trying to achieve, and that is our priority, and we were going to stick with our priorities. Max, anything for you.

Yes. So David M. asked a very good question, which is, is there a time squeeze to get things in order to ensure we're able to drill Theta West-2 this coming winter? For those who don't know, that well will be an open ice well. So there won't be a gravel road or gravel pad there. So the window to do that is in the heart of the winter where you can build an ice road to get to it. And then the rig will have to leave before the ice melts. Otherwise, you're going to inherit a rig for the summer. So we're already planning for the well. We've communicated to everyone that we're reprocessing the seismic up dip on Kodiak. The reason for that is to better understand the resource, but the most important reason is to find the best drilling location to give us the best outcome from the reservoir. So once we get that result, we will start the detailed planning of what turbulators do we need, rig contracts, but we're on track to do that. So is there a time squeeze? There's always a time squeeze in operations in oil and gas. But the way you solve that is through planning, and we're already in the exercise right now to make sure we can do that next January, February or whenever the winter season allows.

A lot of these questions come back, of course, to farm-out. Can we hear about planned operations this year? Are you going to drill an appraisal well on the Kodiak food? Are you waiting for farm-out for further finance? I mean we've been very public about this. And I think rightly so, there's been plenty of interest in the farm-out discussions, and we are focusing on that. There is no purpose in us diverting our own resources now to drilling operations if we -- if our priority is to find a farm-in partner. And by the way, there's another question, do you -- is there a contingency plan in place in the event there is not a farm-in deal? The answer is, we've barely start -- we've barely started the process of exploring the farm-in deal. So it would be -- I think if we were planning on failure already, that's not my spirit of how I approach these things. I don't go into them thinking let's have a plan for failure already. My view is we are here to win the battles, not lose them and focus it accordingly. And similarly to that, is another one, Mark [indiscernible], what is your long-term exit strategy? Is it to sell the company? I don't have an exit strategy right now, Mark. To be honest with you, I tend to take a long-term view on my investment. As you know, I've been a shareholder of [indiscernible] for quite a few years already now. I'm prepared to hang on for quite a few more years if it's the right thing to do. So I don't have an exit strategy or a target price either for that matter. Max?

I'll say a couple here. Thank you very much, Lax Jay says, I'm so glad you've held this meeting. I've been buying shares at various prices. You've definitely put my minds at rest, and I'm rooting for you both. I appreciate your honesty and integrity with your answers. Thank you very much, Lax. As I mentioned in the AGM, and I'll say it now, our shareholder relations haven't been as good as they could have been. So I want to continue getting better and better. Another question, I would refer someone if they're not a reservoir engineer, I would have a go at copilot or ChatGPT, it says, a poor reservoir should build pressure back up in 4 to 5 days, [indiscernible] in less than 2 days. I'm a reservoir engineer by training. Given this reservoir, you need to change days to months there. But you can do your own reservoir engineering analysis on that for reservoirs like this, they do not build up in 4 to 5 days.

I got one here that I quite like. Simon W., with the laser focus on farming, well observed, Simon, in the event of an acceptable agreement cannot be reached, what is plan B?

Well...

I'm not even thinking about Plan B. It's too early to worry about Plan B now. As I said, I don't get on -- I don't normally get on an aeroplane thinking what's my plan to do. But he said, welcome aboard, Michael. [indiscernible] negotiations are absolutely required. I 110% agree with you. I've been there. I've done that before. I back myself. Let's see. Don't -- you say yourself [indiscernible] grumpy, Simon. Let's talk again later this year. Hopefully, you won't be so grumpy there.

Cheery, Simon. More about the data room. Sort of running out of questions here, Michael. I think probably 45 minutes in. I think the last question from Peter M. is one that would be good for you, Michael, which is, what should shareholders look forward in the near term?

Well, I think the answer is, in the near term, if you hear from us, it will be good news because we're not going to be reopening Dubhe or anything like that. So I hope -- we hope -- I hope that within the coming months, we will be -- when you hear -- open your RNS statement, hopefully, you will say, they found a good partner. Those terms are good, and you will be pleased and delighted. That's what I hope to be able to deliver. We hope to be able to deliver in the coming months.

That's great. I think, Max, unless there's any other questions, I thought I'd just jump back in, just double check.

Yes. The ones coming in now are more observations. And thank you very much for them, everyone. They're very supportive. So I don't see any more questions, questions.

Perfect. Well, look, thank you, Michael. Thank you, Max, for your time.

Thanks for joining.

That's brilliant. Thank you very much indeed. If I could please ask investors not to close this session as we'll now automatically redirect you in order that you can provide feedback.