Seplat Energy Plc (SEPLF) Earnings Call Transcript & Summary

Good afternoon to everybody. Good afternoon to everybody online or good morning, depending on where you're joining us from. Thank you very much for joining us today for our Capital Markets Day. It's been a lot of work to get here. That's for sure. My name is James Thompson. I'm the Head of IR here at Seplat Energy. So just before I start, a quick safety moment, very important. Obviously, so today, there's no fire alarms planned. If there is, one, it will not be a practice. Please make your way through the two exit doors on the side here. There'll be somebody from the London Stock Exchange in a hi-vis jacket who will take you down to the master point outside. So we've got a lot to get through today. There's a pretty packed agenda here. I won't go through it in detail because we run through it. But just to say we're going to run for about 1.5 hours for the first section, where we get to the bottom of the operations piece. Then we'll take a short break for 10 or 15 minutes, and then we'll come back for about an hour just to close and give you plenty of time for questions, after which those online will be leaving you, but those that are here in the room can join us outside for a drink. So To get us started, we have our speakers here today, and I'll just introduce them sort of from left to right. So on the left there, Oke Mba, our Director of New Energy, sat next to him is Oladotun. Oladotun Isiaka, who is our MD offshore, then nice to be more familiar with Samson Ezugworie, our COO; Eleanor Adaralegbe, our CFO; and finally, of course, Roger Brown, our CEO, who will start proceeding. So Roger, the floor is yours.

Okay. Hello, everyone. And let me just start by going through -- let me give you an overview of everything, and we're entitled with this presentation today, building an African energy champion, something that separates being doing since its foundation in 2009. And you'll see today quite some changes. So let's go into the next slide. So here we go with our vision of growth. And really today, we -- it's our first opportunity to set out to you the MPNU transaction, the acquisition of Mobile Offshore in Nigeria. And I think now you'll see that the business is truly on its way to being a champion. If you look at the three main boxes there, we're underpinning here on strong production growth. And the key message here is growth, not just in the five years we're showing you here today but well into the next decade and beyond. The significant operational financial effect efficiency is coming, and you'll see that and then a clear pathway to enhance shareholder returns. And we just announced today our revised dividend policy, which is going to turn a lot more return back to shareholders. And underpinning that is all our values. I won't go into too much detail on that at this stage. So what is our investment case? And what are our key takeaways for you as investors and stakeholders? Well, I think our acquisition here, along with our existing business, and we shouldn't underestimate the power of our existing business with the offshore business means that we can deliver enhanced shareholder returns over a long period of time. And what's driving that is our giant resource base. And it is an enormous resource base, which I think gives us the ability to grow production, which will then in turn lead to shareholder returns. You'll see quite a lift of reserves here and contingent resources. We've got a couple of slides on that, and we'll go into some more detail around that. But just the headlines are 2.3 billion barrels of 2P, 2C oil resources and gas. And on a gross JV basis, that's $5.5 billion. So if you put it all together, we have 40-odd percent of it, it's 5.5 billion barrels. In terms of production growth, we're laying that out to 2030, and we're targeting over 200,000 barrels of oil equivalent on a JV basis, that's 500 million barrels of oil equivalent. So this company now is a very sizable company and very material for Nigeria with lots of upside potential, which we'll run through. You look at our strategy and positioning here. And we put this -- I won't go through all the values. You can read that on the website. But the five main areas here just to highlight, scale. So we have high quality. This is without a shadow of doubt, some of the best resource on the planet. 95% of our reserves we operate. And I think that's a very key point here. We have control over 95% of our reserves, which is then generating material cash flow. And you can see there in the six months sales this year, 92% sales are in USD. So it's a USD in dominance business. Leadership, I think that's one thing that we have always set our store up from the start is that we're in a truly indigenous company. You can see that. We're in a leading position and our governance and our positioning on the market of the NGX and LSE is very important to us. So the governance element, growth, and we'll talk a lot about the growth through the slide deck, but you'll see massive ambition of growth there. In terms of the portfolio diversification, we're now 11 blocks, 5 gas plants, 3 export terminals, 48 producing fields and 47% of our reserves are onshore with 65% liquids. So what that's really saying is not only we're seven blocks beforehand before we bought Exxon Offshore, but now it's different because we're now an operator, and we're operating of terminals. So we're in much more control of our export of oil or will it be gas. And that then feeds into the resilient infrastructure. Over the years, we have been putting plans in place to really improve our infrastructure and give much more stability to it. And those in return, will give us enhanced returns. So more to follow on that. Let's just put out our scorecard. So when we went for our IPO back in 2014, we set out five main areas of our scorecard as a target in IPO, and let's run through those. So we've got -- first one there was 100% reserves replacement. What we-- beyond inorganic acquisition, we want to be able to replace reserves that we produce. And at IPO, we had 100% reserve replacement. And you can see there by the end of 2024, we have not just inorganic growth, but also we have been able to convert a lot of contingent into 2P reserves. If you look at the gross operated production, we had a target of 85 post IPO. We're now at 280 operated oil and gas production. Inorganic growth centered on Nigeria. At that point, we had one acquisition. Now we've got four. And four major acquisitions. And I think the latest acquisition has really been the stepping stone to be able to execute quite a sizable company acquisition and actually able then to take it on and we'll grow it. And we're very confident that we'll be able to grow this production with the staff we have. In terms of gas, so when we started to take over the company all these years ago or started the company, gas was in its infancy. Nigeria is a gas province. There is more gas than there is oil, but actually very few people have been investing, particularly in domestic gas. And I think Seplat set out its stall by saying, we're going to go and do this back in 2012. We had an ambition of 88 million scfs. And by the end of 2024, you can see there are 450 million scfs, and I really see this growing quite exponentially over the coming years. And then the dividend was very critical for us in ensuring that we return money to shareholders. And again, by the end of 2024, we had paid a cumulative $790 million in dividends, and we have now set out our plans for increasing that even further. So let's look at progress since MPNU completion. Well, we put this out before. You'll see this on our results for the H1 2025. But you can see there in all the metrics, we really are now putting in quite sizable increases in production, group revenues, EBITDA, our dividends are increasing. Our credit rating has improved, and you'll see that in Eleanor's section. But we are now -- we are peers to sovereign ceiling, but we're now rated higher than the equivalent Nigerian paper, which is a very big thing for us. And then in terms of CO2 emissions, which is our commitment to sustainability, we have plans to reduce that, and they're starting to come to fruition. Our production there is 134.5 kboepd. Our target for the year is 120 kboepd to 140 kboepd. So you can see that we're in the upper end of that target range. And then you can see what our plan is in the next five years. So production operation is critical and then financial performance. And again, I won't go into too much detail now because we've got sections on this in terms of our balance sheet strength and our capital allocation. Offshore performing from day 1. So what we find is when we acquired Mobil Producing, we have 800 -- almost 850 extremely well-trained staff, extremely experienced. And what we find to our real pleasure is very motivated to abide the story about -- this is about growth. And this growth is about aligning with Nigeria's production growth. It's good for the country. So you can see there on the right-hand side, what we're showing there is the production by month last year and then post acquisition for this year. And then I draw your attention to the averages you might be able to see here, but I'll call them out for you. So last year, average was 149,600 barrels of oil equivalent. This year, in the half year, our average has now gone up to 177,5. So that is a mixture of more production coming on stream, but also more reliability from the integrity and maintenance work we're doing, which I'm sure Oladotun will get into when he gets to his section. A lot of that is reopening wells. So we have idle wells. And again, I won't talk too much about it here. Oladotun will do it in his section. But the secret here is bringing on previously shut-in wells, which is going to bring on more production. So motivated staff, and that's half the battle. -- having a staff that's motivated, aligned with the Seplat ethos and strategy. So let's now look at our road map to 2030, which is really looking at maximizing our value to all stakeholders. So in a couple of areas here, we look at the sort of small box there is 2020 to 2024. And then the bigger boxes there, '26 through to 2030. And you can see there in terms of all the metrics, right, you've got CapEx, OpEx, wells drilled, gas project sanctioned and reserves produced, it's a multiple uplift. It's a step change. So you've got $0.9 billion of CapEx in the previous five years, the next five years, $2.5 billion to $3 billion and you'll see there in terms of what we're going to do in the CapEx. OpEx, again, it's 4x -- 3.5x to 4x, $1 billion to $3.5 billion to $4 billion. New wells drilled, 49 in the 2020 to '24, now 120 to 150 and that's spread between the offshore and the onshore business. Gas projects sanctioned, and you'll see that us really ramping up the access to gas and Oke Mba will run through that in his section. And then looking at the reserves produced. So 89 million barrels of oil equivalent over the last 4, 5 years. Going forward, 300 million to 330 million. So quite a sizable uplift in reserves produced. But good news is we've got lots of reserves and resources to produce. Let's look at the road map to 2030, focusing on what most people in the room are really focused on, which is total shareholder return. So we've got that grow, earn and return and grow. So working interest production, targeting in excess of 200,000 barrels of oil equivalent. And that on a JV basis is 500,000 barrels of oil equivalent. That's a 50% uplift around that from the six months in this year, and that's assumed for the full year. In terms of earn, we have cumulative cash flow -- operating cash flow, $5 billion to $6 billion over that 5-year period versus $2 billion in the 2020 to '24, which is 150% uplift on that. And then returning the cumulative cash dividend with the new policy, we would expect or we're targeting a cumulative cash dividend over the five years of $1 billion. $1 billion, which were equivalent, assuming the shares don't change at 600-odd million shares, it's about $1.66 a share. And that's quite an uplift from where we're before. So it's all a step change here in terms of returning to shareholders. Let's look briefly at our world-class resource base. And again, we have put out today a new reserve report. This is a reserve report that is an independent study done by Ryder Scott. And one thing I'd say about this before we kick off, we saw this resource in the acquisition case. The problem we had is that because of the size of the acquisition, this was defined as a reverse takeover on the London Stock Exchange. And there are certain rules and regulations around that, which makes any CPR report you do limited. And that's what we find. So we -- so our CPR didn't look at all the fields and effectively had to assume that Exxon were running this. So we had it running out to, I think, 2033. And then when you put in, what Seplat is going to do with it, then you can see the uplift. So it's what we saw previously rather than with miracousy increased reserves here. It's a very important point. But you look at 2P reserves, okay? So look at our 143 million barrels of oil equivalent, 2P. Slightly more offshore than onshore. This is on the 2P, 65% liquids, 32% gas and 3% NGLs, non-gas liquids. 2C resources, and this is the element that we need to focus on to convert into reserves, but it's -- almost 1.3 billion barrels. Previously, it was 330 million. So that's a huge uplift there of 280%. And again, that's weighted to the offshore gas, which again, you'll see in a second. 7% is offshore, 93% -- sorry, 7% is onshore, 93% is offshore. So it shows you, Seplat was very focused on its contingent resources. Now we're going to get after this for the offshore business. Translates into 2P, 2C, which I think you'll see is quite sizable at 2.3 billion barrels. So even though we're going to uplift production, we have a lot more to go into the future. 25% of that is onshore and 75% is offshore and almost half and half between liquids and gas. I won't go into too much detail. I'll let you look at this in your leisure, but we give you a little bit more detail on the offshore business with the CPR. And you can see there that it's trying to explain there that we've now looked at 16 -- Ryder Scott has looked at 16 more undeveloped fields. They've applied what we have done so far since we own it. And you can see there in terms of the prior estimates and the new CPR for 2P offshore and 2C. So quite a sizable increase, and I'm sure you'll have a good look at that in your own time. If I look at the drivers behind the changes, okay. So just reiterating what I said earlier, CPR based on sellers' development plan, not the buyers, big difference. Drilling ended in 2036. Our drilling assumed to 2055. And you can see the decline curve analysis there in the red line in that chart, much better at that decline curve analysis. And then on the other quite fancy chart on the right-hand side, quite detailed, but then what that's looking at is new well count, new rig count and the fact that we're going into 2055. And that all has an impact in realizing higher 2P reserves and 2C resources. And again, this is another way to look at it, but what this is looking at is the growth. okay? So it's really saying is how big is all this resource. And this is 10 billion barrels, of which $4.4 billion is remaining. So yes, Exxon's worked this. They've worked it for quite a number of years. They've accessed a lot of reserves and resources. But what we're showing here clearly is there's a lot more to come, okay? And it's really alive. And again, we'll show you just in terms of liquids gas, et cetera. Let's put this in context, right? It's important to sort of look at how do we then look like against some of the other European E&Ps you'll be familiar with. So the left-hand chart there, you can see Seplat Energy and you've got -- well, we're in red and gray, but effectively, it's 2P and 2C. So the dark green is 2P, the light green is 2C. The dots you might be able to see, certainly in your print, you'll see them. And what that is, is reserve production ratio. And so you can see Seplat is 21 years, and you can see all the other ones. And one thing what we need to do is really start to work this. This is based on 2025 production. So we're going to -- it's going to get better as we increase that production, but we really want to reduce that reserve production ratio because we're accessing. So we're big, 2.3 billion barrels, you can see against Harbour, 3.2 billion. You've got Aker 2.4 billion. So we're quite sizable against Var, Energean and Ithaca. If you then look at the right-hand side, and every good chart that any presents, you have to present your side of it, of course. But if you look at the enterprise value, we're tiny, right? So we have 2.8 billion barrels -- or 2.8 billion enterprise value against other ratios. So what we're really saying is -- and it's up to us to start to prove this to you is this enterprise value is the wrong thing. The leverage is low, okay? And I think the share has got a long way to go. More to follow on that. Okay. So let's play the video, please. [Presentation]

Okay. So Nigeria land of opportunity. Well, let's just -- this is not an economics presentation. So we'll just come through a couple of slides. But I think the takeaway here is it is an improving domestic macro environment. I think some of the hard decisions have been taken by this presidency. And we're starting to see the inflation rate at the back end there starting to come down. We're starting to see the bottom chart there, which is the exchange rate, a stabilization of the exchange rate, which obviously helps in terms of the stabilizing the country. So I think there are a lot of good directional steps by Nigeria, and it's a matter of just keeping this going, which will really help in terms of how we build our business. If you then look at the gas opportunity and one of the reasons why we're very big into domestic gas is we believe in this market. We can see there in some of the charts on the left is, I mean, the electrification rate in Nigeria is very, very, very low. Urbanization rates are growing. So people need access to energy, electricity, particularly. And the far right there is actually the population. Prediction. Now it's a prediction. We don't do population charts, but I think the direction here is this is a fast-growing population. It's growing quite dramatically. We believe -- I mean, if you look at the numbers, it looks like Nigeria is adding the population of the U.K. every 10 years or U.K. of France. I'd say, the population of France every 10 years. So it's a massively growing population. There's already undersupplied in electricity. And we really see our gas -- domestic gas play is really driving that. So as the group CEO of NNPC said there in the video, he said we're about 1/3 -- any day, we're about 1/3 gas to power in Nigeria. So about 1/3 of the grid. Makes us very strategic, and it's a JV with obviously NPC. So demand is there. There's no doubt about it. It's about then supplying it. And the government has done a lot of executive orders really targeting getting the right electricity prices and getting much more investment into the sector. And looking at things like a neighbor supporting government policies, what the government has really looked at is let's get the oil and gas sector right and let's start to get production up. And so you can see there in terms of the first chart, the daily average oil production. It's on its way up, and it's a very low number, of course, back in 2022, the average gas production is on its way up. The far right one is the rig count. So we're starting to see more rigs coming into Nigeria. And what you'll see is the government and NNPC are really focusing on how do we enable this? How do we make this work? There's a monthly meeting with NNPC and then NNPC saying is, how do we help? How do we get in? So we're looking at bringing more rigs in, more equipment. And we need all of this to be able to grow in our ambitions. In terms of the production targets, ambitious, yes. But you can see there June '25, it's 1.7 million barrels a day, our target is 3 million barrels a day by 2030. On the gas side, it's 7.9 Bcf a day and the target is to get to 12 Bcf . And then the electricity target there by 2030 is 8,500 megawatts or 8.5 gigawatts, realistically, Nigeria needs 100 to 200 gigawatts today. But those electricity targets, I think, are realistic and the oil and gas targets are doable, but ambitious, and we all need to work together. So Nigeria is open for business. Seplat is very well positioned in Nigeria over the years that we've brought up our capabilities, and now we're ready to move this forward. But let's hear from Sam, he will take us through our operations.

Thank you very much, Roger. Good afternoon, colleagues here in the room, and good morning, good evening, depending on where you're joining us from. Samson Ezugworie, originally trained as a geologist, but today, a businessman with a corner shop mentality. All right. Okay. So I would deepen the conversation that Roger had laid out already for us and build from our track record of performance over the past 15 years that has brought us to where we are today and lay a foundation for us to appreciate how we are going to deliver the program into the future. Roger already highlighted the asset base, which is now very much broad and significantly diversified and continues to diversify. You just listen to the video from the GC of NNPC, where he laid out that we, as a joint venture are now brought in LPGs into the market, that's liquefied petroleum gas. So if you see our new product line and the diverse nature of it, 11 blocks in total, 7 onshore, 4 offshore, resource base now in excess of 2.3 billion barrels. And what you see is clearly that by the time you look back again at our first half of results this year, our product to the market is beginning to grow and diversify. We now produce crude, condensate, NGLs, LPGs and gas into the market. And we're now producing into the both domestic and export markets. But of significant, and I would like to take away from here is again how resilient our infrastructure is beginning to become. We have been in the onshore space where our infrastructure has ever becoming very improving and resilient in terms of export to the market. If you look back in around quarter 4 of 2022, that was when we began to see marked improvement in our export resilience onshore. We used to have losses on the line to the export in double digit. But by quarter 4 2022, our losses came down to single digit. And up until then till today, we have solved 5% of losses on the line. But now the new acquisition has brought in a different type of resilience where we now have owned and operated three export terminals. And we can now control our products from wellhead to the terminal. So that is very foundational and it's something that you need to keep at the back of your mind as we run through the sessions going forward. So again, Roger started talking about our proven track record in country. And on this, I would really like you to reflect on the people capabilities. We have well and deep trained professionals that have been running the assets. And if you look at the operational efficiency of our existing asset prior to the acquisition of the offshore assets, I think our dollar per barrel is really highly competitive. Now you can also see the production growth from IPO to first half of 2025. And this lays the foundation for the future plan where we now want to take our production to JV number of 500,000 barrels per day production. This, again, you can put in context of the country aspirations. The country would like to get to 2 million barrels of production. So this again tells you that Seplat is beginning to be very significant in country because we control about 25% of the country production numbers. Roger already spoke about the uplift in the offshore, but also of significant is how we begin -- how we drive operational efficiency proactively. If you look at the Oben gas plant, which is one of our flagship gas plants in Nigeria, when we took it over, it was 90 million scfs per day. We upgraded it to 465 million scfs per day. And post the turnaround maintenance that we had in August 2024, not only have we improved production output from the plant, but the plant has maintained 100% uptime and availability. So again linking to what we do in making sure that we keep our plants and our facilities up and running. Here is just to give you a flavor of the four key foundations or building blocks of our operations. We anchor on safety and our well-established safety leadership culture in our operations had been the leading foundation for us. We have well-trained, well-motivated frontline barrier managers who ensure that our operations are safe in the front line. And the whole mindset is no hot, no harm. So with that, we now focus on our asset integrity and the key assumption here and the whole intent is to ensure that our facilities are up and available all times, minimizing downtimes and ensuring that we do not incur necessary deferment in our production. Production assurance is one area that we've invested in heavily in the past, laying the foundation for what you see today because that is when we had to manage all the risks and fluxes that we had in our export to the market through the building of AEP and line onshore and additionally, buffer tanks in our facilities just to ensure that we can hold our products for a little time while if and in the event that any of the pipelines go down. And then all of them translating into the operational efficiency mindset, which is the corner shop mentality that I talked about. It's about dollar per barrel. How do we ensure that we have a competitive dollar per barrel production and operations? This is laying out our operational footprint just on one page. You can see from the top left, our onshore assets down to the Southeast, our offshore assets. In there, you will see the green lines. The green lines are our pipeline network for oil export to the terminals and then the red lines are our pipeline network systems for gas -- domestic gas into the network. I think the key message you need to take away from here is, again, if you see this -- the pie chart on the top, it shows you our vulnerability before the current acquisition. We were heavily reliant on export systems that are third-party managed and not in our control. But post acquisition, you can now see that we have a greater percentage of our export systems within our control. And that you can see that by half -- first half of 2024, we had actually had 0 lifting. But by this equivalent time in this current year, we have about 64% lifting already. So that gives you a flavor for how much of control we are now having of our products from production to the market. And now trying to lay out for us our program and our development plan up until 2030 and how we intend to realize them. This is really very simple. You can count the key activities on your fingers. First is the onshore grid is going to see a significant uplift in a few months before the end of this year. You listen to the GC of NNPC, we are now at that point where our Asana project is coming on stream. We have introduced live hydrocarbon into the plant, and I will show you pictures in the subsequent slides. So we are very much there close. The most challenging part of that project was the OB3 pipeline, we haven't solved that problem at the moment. So we are temporarily going to channel the gas into NLNG for the short time and short period. And then once the line is completed, we switch it back to the domestic market. That is number one. Number two is our efforts at the moment, which you already see in the results in the offshore space, where we continue to carry out the integrity and reliability maintenance activities to lay the foundation for the future growth in our offshore assets. And we continue to run the same asset integrity management systems onshore. The next bit is now the idle well restoration program, which we already started in the offshore space. Dotun will take some time to talk about it in the subsequent -- in his own section. And it's about laying the foundation for drilling. Onshore, we are in continuous drilling activities already. And I will -- in the subsequent slides, then show you a bit more of that. But again, this is maybe the time to give you the context for the drilling. We have a 4-rig program onshore in the 2026 to 2030 program. And I can assure you that we have all rig contracts in place and three of the rigs are already currently working in our facilities, in our assets. And the fourth rig is coming into operations before the end of the year. Similarly, in the offshore, we have a 3-rig program starting with one next year, and we have contract for all 4 rigs. Dotun will again lay more emphasis to that. So again, that gives you some level of comfort for what the drilling program is. So it's about infill drilling onshore, offshore and then the material gas projects that Oke would give you more flavor into. But come together, we have a program to drill about 120 to 150 wells within this 5-year window. 60 of those -- 60-plus of those wells are onshore and the balance offshore. All right. Now the next thing I would like to then spend a bit more time and then give you a bit insight into is our decarbonization agenda. Onshore, again, happy to announce that we are on track to deliver our end of routine flaring programs by this half of the year. Just on the bottom left there, you will see a live picture. That is the Ohaji South in the OML 53. Those are the compressors that were already on foundation about three months ago. We are in the phase of commissioning those assets -- those facilities. And come second half of this year, as we promised, we will bring to an end routine flaring in all our onshore operations. Now following this new acquisition, we have now also reevaluated our decarbonization strategy for the offshore business, and we have a line of sight to reducing that to 50% or more by 2030. This is giving you a deeper flavor into our key activities in 2025, which lays the foundation for the 2026 plus. Again, in the infrastructure offshore, the key thing that is ongoing at the moment as we speak, is the inlet gas exchanger replacement project. Again, the offshore maintenance program, the idle well restoration program, they all continue. And then we continue to build additional redundancy and resilience in our export systems onshore. We continue with the drilling activities and contracts are in place already for the 2026 plus. And our gas project continues with ANOH coming on stream subsequently in the next couple of months -- weeks, actually. And then the new gas projects coming in from offshore. This is just to lay out for you the program for between 2026 to 2030 in a very simple schematic way. Again, this is almost repeating the same thing that I've said before. But if you just want a quick takeaway, this is the program on one page. And if I then summarize, it's really important to see how your business that we manage on your behalf has really transformed given the recent acquisition. We indeed have a agile resource base. And we have an active drilling program, development program, growth program to take us to well over 200,000 barrels of oil per day working interest production and equivalent of over 500,000 barrels per day. Safety and our other resources is very key to our agenda and our ability to deliver this. And this is an area where we have well-established safety culture to lead us to our promise. Offshore decarbonization is a key agenda item for us in the program. And we would then come and layer on top of this, the long-term exploration strategy because we still believe that we have significant untapped resources underneath this giant asset that we've acquired. I will take just for a short moment and give you a little bit of deep dive into the onshore program, and then I will bring Dotun to give you more flavor in the offshore space. So again, this is the same map you've seen before, but there are a few messages that I would really like you to take away from here. Even with the acquisition of the offshore assets, the onshore assets still hold significant value for you and for the group. Production is still very strong, 55,000 bpd at the half year production and continue to be very strong. We will come again by the end of the quarter 3 to give you further updates on our production performance, but it continues to be very strong based on our safety and asset integrity management systems. Resource base is still very significant, 2P resources. And I think by the time Eleanor comes on stream, you will see that the offshore business is still a very significant cash engine for the group, especially in the next couple of years. And last but not the least is just to highlight again that I mentioned earlier that we are going to be drilling about 60-odd wells. So again, you will see our drilling history and program. In the 4 rig situation, we have in the past, drilled about 25 wells in a year. So if you just count on your fingers that we have four rigs already on contract and you start drilling by January, we have an average of 45 to 60 days per well, then we can drill much more than 24 wells in a year, for the 4-rig string. So that gives you some kind of flavor for why we have built the program that we have built. And the intent is that by the time we hit 2030, we would have drilled our 200 well in the onshore asset since we took over these assets. And last but not the least is just the step change in our operating environment because sometimes when we talk about the resilience that we've built in our export systems, it may actually not be so obvious and very visible. But if you look at that, you see the step change that by the fourth quarter of 2022, we have moved from double-digit losses on our export lines to the market to sub-5%, and we remained consistently at that operating level since the end of 2022. So ladies and gentlemen, that's the operating foundation that we've laid, how we have come this far, and we have now taken you on a journey building into the future. And at that point, I will bring on Dotun, who will give you a bit more on the offshore program. Thank you.

Thank you very much Sam. So good afternoon. I'm probably the least known to you guys on the panel. So I've been asked to introduce myself. My name is Oladotun Isiaka. I'm on heritage ExxonMobil. Approximately three decades of experience working with ExxonMobil, 26 of those were with mobile producing Nigeria, okay? So I know these assets. My experience spans the full breadth of the upstream. I started as a project engineer, construction, did reservoir engineering, business planning, operations management, engineering management, three of those was in the United States, covering the whole of U.S. production, deepwater operations. My last role in ExxonMobil was Development Director, and I was responsible for long-term development and strategy. I had responsibilities for exploration, geosciences, commercial drilling, reservoir. So I know the business. And I'll therefore start with this statement that I made on the day of change in control. This is nine months after. I can say confidently that I was right. I was right that this asset is now in the hands of a willing investor. And I don't speak for just myself. I speak for 800 employees, approximately 1,000 contractors that are highly motivated, they are aligned with our vision and are excited about the future, okay? And this is for a multitude of reasons. But the primary one, as far as I'm concerned, is the fact that we have the right investor, a willing investor that has brought the funds to move activities that we've always wanted to move forward. And that has built a lot of trust with the organization. They are clear into the future of the company. They are aligned, heavily motivated, willing to go. So let's talk about offshore. This is Seplat's newly acquired assets significantly larger. It's more diverse, 6-month performance, 80,000 barrels per day oil equivalent. That's above plan. So we're already delivering further evidence of what Roger and Sam have talked about in terms of what we've done onshore when we promise we deliver, we're doing the same for the offshore business. The CPR, Roger talked about it a little bit earlier on, has grown. I'll just say it's above 3x what it was at the time of the acquisition. In summary on this slide, I'd like for you to take away three words, okay? Scale, diversity and control. In terms of scale, the resource is huge, so there's stuff to go after and for a very long time. And what that means is cash flow for our shareholders, okay? The second one is diversity. So we're onshore, we're offshore, different geographies to operate in, and that brings balance to our portfolio. And the third one is control. We have full control of the molecule from the reservoir through the facilities all the way to point of sales. We don't depend on third parties. Full control. Those are the three words that I'd like for you to take away on this slide. So let's do a 2025 recap, okay? We've rapidly stepped up activity levels post completion of the transaction. And we've started with low risk, low spend, but high-value type activities, maintenance, we're doing restoration of idle wells and a little bit of minor project activity. On maintenance and idle wells, I have specific slides that I will dig into that a little bit later. So let me just talk about the IGE. It's on one of our extraction facilities, the inlet gas exchanger. It went down three years ago. And so our extraction has been based on pressure drop, which is not as efficient. We're in the process of putting the IGE back in place. We've lifted it in position, and it should be back online next month. When that happens, we have better efficiency, and we'll be able to extract more NGLs. This rapid increase is already paying dividends, as you see in the plot on the top right, you can see that versus where we were at the time of change in control, we've inclined production approximately 17%, okay? And that's in addition to offsetting field decline because in the oil and gas business, your volumes are always declining. In summary, we're already delivering. The next slide here for the geologists in the audience, you'll quickly see that this is a world-class resource play. The subsurface is prolific and very well defined, okay? But I know the geologists are probably not that many. So for the non-geologists, four words for you to take away. One is the tank. Two is the quality of the resource; three, the density of the resource; and four, the future. In terms of the tank, the tank is very well defined. Those four cockeyed dots you see there, it's just saying that the tank is very well defined. We know the reservoirs. And so in terms of drilling, you know where to go, low risk. The second one talks about the quality, okay? So the rock itself, there are sandstones that are easy, talks about how easy it is for the hydrocarbons to move through the rock to get to the wellbore and ultimately to the surface. This is the reservoir engineer's dream in terms of rocks, okay? We've got good rocks in our JV. In addition, our crude is API 36 to 38 for the JV, and I think 40 to 42 for Yoho. So attracts a premium from a price perspective. The third is density. We have 400 reservoirs to go after. So there's a lot to work on here. And the last one really is the icing on the cake. The lower sands that you see on the bottom of that plot there talks about the source rock. It's called the Tor sands. Those sands are known to still be maturing as of today. So the exploration potential is also there, okay? Those are the four key words I'd like for you to take away on this slide. Integrity. Let me first of all start by saying safety is priority for us. It's been priority with the prior operator, continues to be priority for us. It will always be priority for us. However, in addition to safety, asset integrity is also important. We are in a marine environment, so corrosion is ever present. And as such, it's important that you continue to spend on asset integrity so that you put life in your facilities and the growth aspirations that we are putting forward to you guys can then be confidently put on top of that solid foundation. So having said that, because we were the ones running the assets before CIC, myself, along with 800 strong employees, 1,000 contractors, we're still the same set of folks running the assets as of today. We have already delivered over the past nine months in terms of the 2025 recap that I just talked about. Therefore, our 5-year plan is built on continuing what we've done in 2025 and extending it to the end of the decade. It's that simple in terms of facilities integrity, pipelines, risers, coatings, structures. And then when it comes to reliability, you're talking about machinery, instrumentation and controls, you're talking about your electrical instruments. Bottom line, you want to keep your uptime high and reduce your downtime. And the reason for this is simple. There's real value to it, okay? We have a plan halving our unscheduled downtime by end of the decade. And when you put numbers to it, it could be circa 30,000 to 40,000 barrels per day of value that you are getting from these set of activities. The same applies to reservoir integrity. What you're doing on the surface, you want to do on the subsurface, you want to keep the integrity of the subsurface intact. And so compression is important, your injection wells are important, and you want to be putting the gas in the better reservoirs. The insert picture you see to the right there is one of the examples of what we're doing. We've gone to that location. We've fixed the gratings. We've fixed the hand drills. We've done the coating. So folks are able to access the platform and go do work. That's simple. Just an example of what we're doing from an asset integrity perspective. Funding for which we've been unable to get with the prior operator because of portfolio competitiveness, -- not that we didn't know that these opportunities existed, okay? Next, the idle well program. So what I wanted to do with this is first describe what we mean by idle wells. So a well goes offline, you get to the location, you try to bring it online, you're unsuccessful, it stays down for a considerable period of time. For various reasons, it could be surface, it could be subsurface related. Surface in terms of the valve is stock, the valve is passing, the wellhead control panel is damaged, it's corroded, the piping is leaking. For whatever reason, you're unable to bring it back online or a subsurface issue not enough pressure. So you have to leave it down for the pressure to build up. It could be high case in pressure. It could be an SCSSV that is leaking. For whatever reason, it stays down for a very long time. And so one, it's produced before, it's capable of producing and it's a finite inventory, if you will. So that's what we term as idle wells. At the beginning of the year, we had set out to work on 50-plus idle wells. Midyear, we are at 29, delivering 26,000 barrels per day. Based on where we are, we believe we will still be able to handle another 20 to 30 before the end of the year. In terms of the opportunity space, we started with about 400-ish wells, assessed 100 of them not to have future use, either the zones have been fully swept, pressures had dropped or not enough resource to make it economic. And so for this one, I'll just close with a few takeaways for you. One is that the program, as you can imagine, because we are doing the better wells first, the program itself in terms of value will reduce over time. And so we build lower average rates per well into the future. Regardless of that, it's still profitable, very profitable, and the program is finite. I'd like to leave you -- before leaving this side, I'd have to leave you with this further comment that I've heard Roger and Sam talk about before. The only reason we've been able to do this is because of the people, okay? The people that were running this before, had the institutional knowledge are the ones that put this plan in place are the ones that executed this plan. Next slide here talks about infill drilling, okay? We have the enabling contracts in place. We're already in discussions with the rig provider, and we're going to narrow down on the specific rig that will be worked on this within the next one month. Ultimately, what we're looking to do is to bring one rig online next year, get our logistics in place. And then on the back end, you start bringing the additional rigs because ultimately, you need a multi-rig program to capture your efficiencies by spreading your fixed costs over more than one rig. The last point here is that unlike the idle well program that terminates, this is what takes over as your volumes growth way into the future. And the same comments that I made on the people applies here, too. This is being done by folks that know the asset, and therefore, there's high availability in terms of the opportunity space. Satellite fields development. So there's some sequence to what we're doing here. There's operations and maintenance, which is what we're focused on. And then there's idle wells, okay? Those two are low-risk, low spend, high-value deliveries. And then on the back end, we're going after infill drilling. The next thing would then be other types of drilling that require project activity and then exploration. So there's a sequence to it. This talks to how we're going to go do the projects that would capture the additional drilling on the back end of our infill drilling program, okay? These are projects that we require because the wellhead platforms are unable the existing ones. We cannot drill from them either because there are no slots or too far. And so you need to go put new wellhead platforms in place. It will be remiss of me not to mention exploration before I leave this slide. We do not have exploration in the near term because of the sequence that I just described. But we are focused on the near term and the medium term as regards to our 2P or 2Cs and then exploration will come on the back end. So this is my closing slide. It brings it all together. We are already delivering. The nine months performance shows that medium to long term, we'll be looking at infill drilling, and that's also attractive. In all we do, safety continues to be our priority. As Sam said, we will work with the regulators to develop a plan for decarbonization on the offshore and then deliver on the plan as the offshore -- as the onshore has delivered. We've also got exploration potential, which we would work on the back end of our contingent resources. And then back to the top, this is a proven world-class resource. And now you can see why Roger called it the sleeping giant. I'll most likely stop calling it a sleeping giant because as far as I'm concerned, the giant is -- we are waking it already. I do want to close on the people issue, the 800 folks -- employees, the 1,000 contractors that we talked about. These are guys with institutional knowledge, know the assets inside out. And so this is not a new set of folks running the business for us. Thank you. Hand over to Oke to handle the gas side.

Thank you very much, Dotun, and good afternoon, everyone, for those of us in the room, and good morning, good afternoon, depending on where you're joining us from. My name is Oke Mba. I'm the Director of New Energy. Just like Dotun, I used to work for Exxon in the past, but not as many years as Dotun has with Exxon. Also good to add that I'm one of the pioneers of Seplat. So I've been part of this growth story from the beginning. So you can imagine how excited I am as to where the business is today and even the greater opportunities that lie ahead of us. So I welcome you to this part of the presentation. I'll be deepening the conversation by providing more insights into our midstream gas business. I will start with this slide, which really shows you the spread and the diversity in our gas business. Dotun used three words earlier, scale, control. And so again, in the gas business, diversity is something that you see very clearly. At the top of that chart, you see our Western assets, as we call them, which has been the bedrock of our gas to power supply in Nigeria. The group CEO of NNPC talked about our leading position in the domestic market in Nigeria, and we have done that out of that cluster you see at the top end, where we have Oben gas plant and Seplat gas plant. We've achieved a high level of reliability out of Oben supplying at least five power plants within Nigeria. So as you come down on that trajectory, you see the ANOH plant at the middle of that plot. ANOH gas plant is going through commissioning as we speak and expected to achieve first gas in the fourth quarter of this year. So we are almost there. And then you come to the bottom part of that chart, you see the newly acquired offshore assets that then give us the opportunity to play in the export gas market. So what I really like you to take away from this slide is that we have the reserves, we have the resources. We have clear projects that will monetize this gas, and I'll go through those projects in a bit. But also we have strong demand within the country, both for domestic gas and export gas. The fiscal terms are good. The tax incentives are there. So this is going to be a part of the business that delivers a lot of value. And that was the reason we described it as the engine of growth for the company. On this slide, I want to talk about the gas processing infrastructure we already have in place. So one thing I'd like you to take away is to achieve the growth that we are talking about today, we don't need to make new investment in gas processing infrastructure. The facilities are already there, spread out between the onshore and the offshore. Total capacity, 2.6 -- more than 2.6 Bcf a day, material foundation to drive the growth that you're going to see in the gas business. I also outlined three new gas projects. Roger talked about it earlier, and I will take them one by one to give you some flavor. But at the bottom, there is ANOH project, which I said is now under commissioning to achieve first gas in the fourth quarter. On this slide, towards the top right, I'd like to show the scale of the growth that you're going to see in our gas business in the next five years. So at the top right, you will see the JV gas production more than doubling in the next five years. And I will take you through the individual projects that will deliver that growth, very clear and very visible to us. And we intend to get to 1 Bcf per day in JV gas production ourselves by the end of the decade. That's a material level that we are targeting, and we have clarity as to how we get to that point. On the bottom left, you see ANOH gas plant, which is going to be a key part of the growth onshore. And then on the offshore element, you see the opportunities there that I'll go through in a moment that underpins that growth. So let's start to unpack this significant growth opportunities that we have, starting onshore. And again, ANOH gas plant is the leading project there going through commissioning to achieve first gas in the fourth quarter of this year. The investment is already made, very significant resource base, 4.6 Tcf unitized volume. Our JV has access to 50% of that volume, and that's what our gas plant will monetize over the period. Capacity for 300 million scf a day, dry gas sales, 250 million scf a day at the start going to Nigeria LNG, and that supply will continue until the OB3 pipeline is in place. So we have derisked that pipeline. We are able to commence production and sales from ANOH gas plant and sustain that until the domestic pipeline is in place. But we are not just stopping at pipeline gas. You see that -- diversity running through in terms of product yield as well. So we are getting into LPG, both from ANOH and Seplat gas plants. And also the LPG from the offshore assets coming through BRT is also now coming to the domestic market. And this is why we are important to government because we are helping to drive that energy transition and decarbonization agenda of the country. By making LPG available to Nigerians, we are displacing higher polluting biomass as a [ oil ] of cooking and delivering cleaner cooking fuel. We are also investing in CNG to make gas available to businesses, manufacturers who are not connected to the domestic pipeline network, again, advancing our goal of displacing diesel and improving access to energy for Nigerians. And also because of the significant gas processing infrastructure we have onshore, we have the opportunity to target third-party gas opportunities and monetize them using the existing infrastructure we already have. Now I'm going over to the offshore element of these exciting routes, and we are taking it in phases. The first phase of this route is a low-cost, low-risk development that will double our gas supply to NLNG today by 2026. So as of today, we deliver about 120 million scf of gas to Nigeria LNG. We are embarking on a capacity upgrade project, basically some pipeline modifications, risers that will enable us to deliver additional 120 million scf of gas to NLNG by next year. That project is already underway and will be completed next year. So again, low investment to double our current gas sales capacity to Nigeria LNG. Then we go to the second project to increase our gas sales. So this is a new pipeline and also to BRT pipeline, a 54-kilometer pipeline, 20-inch that will increase our ability to deliver even more volumes of gas to Nigeria LNG. As you know, Nigeria LNG is a world-class LNG facility, very reliable operator. And this sales to Nigeria LNG will be in USD, and they have the capacity to take the gas. They are ready for the gas today. So there will be stable offtake, regular payments in USD. We're actually quite excited about that opportunity. So for this second expansion project, as I said, it is a 54-kilometer pipeline, the important thing I'd like you to note is that majority of those line pipes are already in country. We have them in storage. So this is well under our control. We're going to be laying these lines along existing pipeline. So the right of way is already there. We understand the terrain very well. We already have a pipeline in that axis. So just laying a new one beside that end-to-end project is under our control, and we will be tying in directly to Nigeria LNG. So from the wellhead down to the customer, it will be through a pipeline owned and operated by us, reducing some of the risks associated with relying on third-party infrastructure. And the last of these opportunities offshore is Yoho, which is in a different cluster. We have gas at Yoho and our plan for monetizing that gas is making it available to a company that wants to build a floating LNG project beside us there in Yoho. So again, pre-FID stage, looking to have that gas ready by 2029. I'm trying to then bring it all together in this last slide. which is essentially going through what the gas business means for Seplat. First of all, recognize the significant growth that's going to happen between now and 2030, going from 460 million scf a day to 1 Bcf a day JV gas sales and production. The projects that will take us to 1 Bcf are very clear. It is our current supply from onshore today, the ANOH gas plant coming on in quarter 4, increasing our supply to NLNG, phase by, 120 million scf Phase 1 of that expansion project and another 240 million scf in Phase 2 of that expansion project that will take us to 1 Bcf a day. So the Yoho project, the floating LNG project will be a top-up, will be an upside. But the path to 1 Bcf a day JV gas sales is well under our control. So we have an enhanced scale coming from the offshore gas assets that we have acquired, and we are now able to play in the export market. Gas business provides us stable long-term cash flow. These agreements are 15 to 20 years in terms of duration. And we have a number of these agreements not tied to oil price. So they provide a very stable cash flow into the long term. And the scale of these cash flows is increasing as we move from where we are today and double our gas sales over the next five years. And very strong margins from our gas business as a result of the favorable tax terms and the fiscal incentives from government. So as we grow our gas business, we are growing the overall profitability of the business. Diversification was a word that Dotun used earlier. It is so true for our gas business. It is now very well diversified. We have onshore assets. We have offshore assets. We play in the domestic market, in the export market and in both naira and USD cash flow and also multiproducts from pipeline gas to LPG and to CNG. So a lot of diversification in this business that will help us navigate any challenges that arise at any time. The CEO of NNPC couldn't have put in much better. We are a strong partner of government with respect to energy security. And as we further grow our gas business, we strengthen that relationship between us and the government. We're going to be taking a break soon, a short break. But before we do, we have a video play out for you that I'd like you to watch. Thank you very much. [Presentation]

Very good. Thank you very much, speakers. The first half has gone perfectly to time, which is great, makes me very happy. We're about 10 to the hour, time for a 10-minute break. If we can come back, pretty much bang on 4:00 to get started, that will be wonderful. But please go and stretch your legs. If you're listening online, go get a cup of tea, and we'll see you back at 4:00. Okay. [Break]

Thank you. Good afternoon, and welcome back from the break. I was going to say it's late afternoon, and maybe people were asleep, but I think this presentation is going to keep everybody up. So really looking forward to going through the presentation with you. So welcome, and thank you for coming. I know a lot of people -- a few people actually traveled quite a distance to come. I mean, some people came from Nigeria. Thank you very much for making time to join us physically here today. We also have a lot of people online. So thank you for making the time and welcome again to Seplat Capital Markets Day presentation. So my name is Eleanor Adaralegbe, I'm the CFO of Seplat. Honestly, just sitting there, listening to this again, I'm bubbling inside so much. So I'm not sure how you are feeling, but I'm super excited. Again, I've been part of the Seplat story. I've been in the company 11 years. And so I've grown with the company and really just like Oke said, I'm super excited about what we've delivered so far. And obviously, where we're going. Again, this is the first time we'll be sharing information on our medium-term plan. We've never really done this. I mean talk about 5 years out. We've always sort of given a 1-year guidance story. So again, a lot to really say, again, we're very confident about the message of the company. The acquisition, of course, with the shallow water business is a phenomenal increase to our portfolio. And so this has really given us an opportunity to say more about what we're doing. So I'll kick off the other way. All right. So I'll just kick off. Again, you heard the story about the history of the company. I think it's important to always keep reflecting on the history because it's the history of the company that's really allowed us to even be here and start to think about the future. Again, this company started operating in 2010, a fairly new company within 3, 4 years, listed on the stock exchange in Nigeria and in London, even that along with a phenomenal feat. And at the IPO, as has been shared, Roger spoke about it. The targets we set at that time, very ambitious targets back in 2014. And what have we done? We've either met them -- far exceeded them, again, focusing on reserves, production, the right things. I feel that we even surprised ourselves at the end of the decade when we're celebrating 10 years since IPO, we surprised ourselves. We're very pleased about our progress. And of course, a lot of what we shared with you, we've invested $2 billion in CapEx to grow production, do what we've done with reserves. And in that time, since IPO, we had over $2 billion in free cash flow and almost over $700 million we've given back to shareholders in dividends. So again, very, very strong performance. Now being able to do this is because really we've maintained a very strong balance sheet, and I'll share more with you because that's going to be a focus of our story. And in this period, and that's why I said the history is so important. In this period, Seplat has developed capacity and today is really one of the strongest operators in country, if not one of the best. We're very favourable with our partners. They're very pleased with us. Cost has been a focus for us. We've been very disciplined with cost. And it's all of this that is really leading us to sort of the story for the future. So premised on that background, if I go to the next slide, it's really talking about our financial philosophy. Now really, our philosophy is not changing. It's the same philosophy that has delivered the returns from the past. And that philosophy is very simple, right? It's really about investing to grow the asset base. Again, the asset base we have, we're actually blessed with this resource that we have and I think that's the beginning of our story. We have a massive resource base. And so inside that massive resource base is an opportunity to deliver. And you've been hearing a lot of what the previous presenters have been talking about, we deliver. We say what we're going to do and we deliver. And so our philosophy is very simple. We invest to grow the asset base. We continue to maintain discipline, discipline on costs, discipline on our leverage. And that's why we’ve then really magnified the robustness of our balance sheet today. And then, of course, because we can do all these things, we're now then saying returns to our shareholders is really sustainable, long term and is a key value for us. So again, for us is -- my message really on this slide is we've done it before because the philosophy works. Okay? We focused on the business. Going forward, we're going to keep doing the things that we've done. When we took over the assets from Shell back in 2010, we took those assets, and that's what our DNA has been, take the assets from the IOCs, grow them, develop them and get value for them from discipline in cost and also in leverage. And so going forward, I'm sure people are looking forward to the end of this presentation. I'll be sharing with you the updates to our dividend policy because we have the opportunity to do that. And this dividend policy is going to provide clarity on how the shareholders will get returns. So moving forward, we're then going to talk about how do we allocate the capital from the history, our financial discipline, how are we then allocating capital. Now the philosophy of our capital allocation, again, is the same. It's the same things we've done for our capital. Again, reiterating the resource base is massive, wealth of resources. And so at the core of our business are really 3 key drivers, and that's what I want to leave you with. The 3 key drivers are: one, we monetize our oil and gas, okay? The resource allows us to monetize, so that's our focus. Cost and discipline around cost is our next focus. And then funding the asset growth, you heard the stories about diversification. Our story of diversification is actually an interesting one. There was a time when we only had one major route to market. Today, we have multiple because the focus for us in our philosophy for capital allocation was fund the diversification. Today, we can talk about multiple routes to market. We can talk about different gas. I mean, Oke, was talking about LPG, CNG. So again, that's the philosophy that we adopted. And all of these drivers is what underpins the consistent cash generation, which is what you're going to be hearing me talk about throughout my presentation. This is a cash-generative business. And it's like that because of the way we run it, okay? So if you look at the right-hand side of the chart, it's really about staying disciplined on our balance sheet. That's how we always start to think about what we do. We're very disciplined. The leverage is low. We've been very conservative, and I'll speak more to that in coming slides. The next thing is prioritize CapEx, meaningful CapEx, the right level of CapEx that goes through a proper process. After that, it's dividend. We prioritize our shareholders. And then last is the surplus cash. Again, we've always maintained that surplus cash is critical for our business. It not only gives us the buffer considering there's volatility in the environment, and there were times when our routes to market were completely down, but things like surplus cash and maintaining a buffer was very important to us. And with that surplus cash, we'll do a number of things. As that surplus cash is growing, we will enhance what I've just described, which is the balance sheet, CapEx and dividend. But also that's where when we talk about inorganic growth, that's where it comes from. In fact, the acquisition that we completed in December, the shallow water operations of ExxonMobil, part of it came from the surplus cash. So again, this is how every decision we make in the company, this is how we think about it, balance sheet, operations, dividend, and then we discuss how we will deploy surplus cash. So let me -- let's move on. Now this is just -- this slide just gives you some of the numbers. It's the same framework, the same philosophy. If you look at the past, the way we deployed capital is what I just described in the previous slide. And in the last 5 years, we delivered about $2 billion in cash flow from operations after tax. In the plan that we're sharing with you today with a lot of what you've heard, that's almost 3x in value from where we were in the last 5 years. So we're saying our after-tax cash flow from operations is going to be between $5 billion and $6. Again, massive uplift, step change. If you look at the shades of the colors, the dividend is there. You can see almost -- it seems almost similar, but obviously, with a huge step change, it's going to be massive, and we'll talk about that. I think what you need to focus on this slide is the scale. So we're saying almost 3x what we've delivered in the past 5 years. And when you look at the bottom left-hand side, it talks to the way that we deploy capital, CapEx, OpEx, dividend and managing our balance sheet. So let me go on. The next slide. Now this is the last slide on capital allocation, and you can't really get away from capital allocation without describing how you think about sensitivities. And when we do our business plans, we always sensitize oil price again because oil is the biggest part of the contribution for revenue for us. Now in our base plan at $65 per barrel, we do have surplus cash. CapEx, OpEx is preserved, even dividend is preserved, and I'll get into details on how we're thinking about dividend. At the higher oil prices, as you can see from the chart, obviously, the surplus cash grows. Now let's talk about the downside, which is one thing that even in our Board, they always want to see the downside and how are you going to deal with the downside? What kind of CapEx levels are you going to have? And so already as part of the way we plan, we think about that. And one thing we've done with this plan that we've shared with you is we've stress tested the plan at $50 per barrel in oil. And with that -- with $50 per barrel, we do have some flexibility now. In 2016 and 2017, when we had the Trans Forcados Pipeline that was down for almost 18 months, we still managed -- we weren't really getting a lot of production, but we still managed to work on CapEx in low oil prices as well, like during COVID, we managed to be very flexible with CapEx. And one other advantage in Nigeria, when oil price is low, rig activity tends to go down. So vendors and contractors are willing to renegotiate terms with you. So there's a lot of flexibility in our plan that deals with the low oil prices. So again, the management team has a track record in managing volatility in oil prices. And I think one last bit I'll leave with you on this slide is with every $10 change in price, there's around $180 million improvement in our cash flow after tax. Remember, this is over 5 years. So again, this slide is just really helping you see that there's an importance in the way that we think about what we do. And more than anything is to overlay the hedging that we -- that is in our policy and that we do periodically. And I think we've talked about hedging before. What we do is to protect the downside. And if you followed our story, you know that hedging is a big part of our work. Okay. So let's move on. How do we finance the plan? So financing the plan, again, it's back to the balance sheet. So it's a very conscious way that we're delivering value to our stakeholders, to the shareholders. And here really is just highlighting the robustness of the liquidity that we have. At the end of the first half of 2025, we had over $400 million in cash. We also paid down our RCF. So we have quite a bit of liquidity even today as we speak. So again, further buttress in the point about the conservatism of our balance sheet and our leverage. Net debt-to-EBITDA is 0.5x, very, very strong. Now if I may say this, when we -- when you compare us to our peers in the international market, we have one of the strongest balance sheets. And this is not a recent thing, it's actually been like that for a long time. And you can take a look yourself, and some of you may already know this. Now in addition is obviously the credit rating upgrades that we got from Fitch and Moody's. And for us, it's very positive because it really speaks to the trust and the confidence that the market has in our company. And also, Roger mentioned this earlier, we also pierce the sovereign, again, very significant. And again, as part of what we do with managing our balance sheet, we refinanced our bond in March of 2025, just a few months ago. We're very proud of that exercise. We got -- it was the right timing. Today, that bond is trading at a premium and yield is just over 8%. So again, everyone who knows our story, who has invested in us is very pleased with the returns that they've seen. And I think over and above this is really the access that we have to the market. Obviously, we have a lot of good relationships with the banks. They're very happy with us. I mean we've raised over $4 billion in the last 10 to 12 years, and we've paid back 75% of that, again, speaking to the focus on our leverage and how we want to keep that conservative. So next is a little bit more information on this slide, and you can take a look yourself but I think what I'd like you to focus on primarily is really this net leverage planning. We had previously shared with the market that we would -- we always wanted to be at less than 2x Net Debt-to-EBITDA. But you can see from the chart apart from in the COVID year, we've largely operated at less than 1x Net Debt-to-EBITDA. It doesn't matter the oil price, whether the oil price is at $80 or whether it's at $60, we're still managing to keep the leverage pretty conservative. Of course, in very, very low oil prices, maybe it will be different. And we had a time like that when it went up slightly, but very manageable. Now in the plan for 2026 to 2030, we are expecting the operating range to be within the 0.5 to 1x Net Debt-to-EBITDA, and we expect to be in the lower part of that range. Again, all I'm speaking to here is really strength of the balance sheet, and that is what is going to support things like volatility in oil price. It's also what is supporting the growth projections that we are presenting to you today. So now I'll go into a bit more details on the CapEx and the OpEx, how we prioritize our capital expenditure. We spend a lot of time on this as a management team, series and series of meetings, discussing and challenging projects that we want to embark on. Of course, we have a process where we decide on what project even makes it to a decision on the table. But again, this is this -- what you see on the screen is the way we rank our capital projects. Of course, you heard it today, asset integrity, safety, sustainability, our decarbonization efforts are priority for us, and that's number one; followed by, of course, monetizing our oil and gas. Again, we've talked about the huge resource base and so monetizing that, obviously, is a key focus for us. Oil takes a fairly big piece, and you can imagine why that will require a lot of drilling. There's still a focus on gas for us. And so again, this is how we prioritize and rank. There obviously would be opportunities for exploration, as you would have heard today. And so we have around 5%. So strategically, we would provide for that where we see the right opportunities to do so. So again, priorities in how we rank our capital projects. Now in our guidance, how we're guiding over the period, again, this is an important slide because what you can see here is if you just look to the right-hand side of the chart, and you look at what we were doing with CapEx from 2020 to 2024, and that is in the onshore business, consistent capital investments in our business. That's what we do. We invest. And when I talked about what we do is we invest to grow. Without investing, you're not going to grow the assets. That is not exactly what we saw in the offshore business, so we're now going to start doing that as part of our DNA, invest to grow, deliver value. Now in the light green shades, we're now showing how we will start to ramp up CapEx year-on-year. We started a little bit in 2025. In 2026, we're going to ramp up a bit more. And what we'll see is that CapEx will start -- will end up peaking at around 2028 and then start to soften a little bit. But what's important to note here is that these are investments for growth and for long-term growth. So even though CapEx is starting to come down sort of at the end of this cycle that we're describing, production is actually going up. And that's why when we talk about the average -- here, we're talking about the CapEx over the 5 years, $2.5 billion to $3 billion, very significant, but we've also talked about how we're going to deliver this, the right people, we have the competencies, the skill in the business. And then the business is generating the cash to fund it. And that's another thing that we're very, very disciplined about. Whatever we want to do, the business has to fund it, okay? Now maybe one last thing to leave with you on this slide, maybe 2 last things to leave with you on this slide is -- and we will get to the tax story in a little bit, but these investments are part of what is going to create the shield for the taxes. We've been getting a lot of questions on the taxes when people saw the initial -- when we closed the deal back in December. And all we kept saying was, give us time, we will do this. And that's exactly what this plan is demonstrating with the investments, we will start to build those capital allowances, and we'll see that -- obviously, we see that starting to come down. I think that's all I wanted to share with you on this slide. Maybe just to say that keep at the back of your mind the resource in this business because everything you see on this slide about the investment is really based on the resource. Now maybe to add as well the fact that the onshore business investment will continue, and Sam was talking about that. Those investments will continue. They will start to taper towards the end, but at least we'll continue to improve on those investments. Now we're going to the -- one of our favourite topics on costs. We -- I had said before, we've talked a lot about our framework and how cost is a key part of the way we run our business. And now we have a much bigger business, which means we also have the opportunity of scale and synergies. And since we closed this transaction in December, we've already started to -- we've started to build some of those efficiencies in the business. We -- there's going to be opportunities to renegotiate contracts. Being larger means we have the scale, so we can get discounts. So we'll start to see that coming through. Again, everything around efficiencies and optimization will be a key focus for us. In addition, we'll also look at working capital improvements that are going to be an upside to the plan. But I think just look at the charts, and I think that message is very clear. It's really that we will be bringing OpEx down to around $10 per BOE by the end of the cycle. And thinking about what we've delivered in the first half of the year, we gave a guidance on OpEx from $14 to $15 per BOE, and we're already -- we're doing better than that, and we expect to sort of come maybe just underneath that. Again, the target remains $10 per BOE at the end of this plan in 2030. Next is the Corporate Breakeven. Again, just the focus for you here is really it's about scale. So if you think about the volumes that we've delivered in the last 5 years at just over 100 million barrels of oil equivalent, the next 5 years is almost 3x. For our business, you can go away with around $40 per BOE as the breakeven cost. But what we've done in the chart is also shown a blended average price now that we have oil, gas, -- we want you to see what the blended average price is. And you can see around $39 to $40 is our breakeven. Again, it depends on the oil price. We do have some variable cost things in like taxes. We have some operating costs that are variable. So if the oil price is different, then that may move a little bit. But I'll leave you with the free cash flow number there. It's over $9 per BOE and think about the scale. I guess you can do the math. It's very clear that we'll be generating value in this business. So next is the tax. Again, an interesting story for us on the tax. And for us, like I said to you already, we've said repeatedly that once we invest, we will deal with the tax. But let me leave 3 key messages with you on this slide. and I think I've said it previously already, capital expenditure will create the capital allowances that will provide the shield. That's number one. Number two is the PIA. Now I don't know how many of you know this, but the Petroleum Industry Act, which finally got enacted into law in 2021 has been on for maybe 10 years. So we finally got it in 2021, but the execution of that act is obviously -- it's been progressed, so there are some things that have started and some things that are still upcoming but the Petroleum Industry Act is the next best thing for a business like ours and the reason is this. Now yes, the tax rates are lower, the royalty rates are lower. But there's also the way that act has been designed has been designed to reward efficiency. It's been designed to reward companies that can deliver in a disciplined and an efficient way. And that's why in our plan, we've planned that the PIA, the conversion of PIA for the onshore business will kick off in 2026. I mean we talked about it before. So we imagine for the next quarter, we'll try and get that sorted. But into 2026, we've planned that we will convert to PIA in the onshore business. And in the offshore business, we've given it a bit more time because we didn't start at the same time. And in our plan, we've said we'll convert to PIA in 2027. And so -- because of this act, that's also very -- it's supporting what you can see on the screen around where we think we're going to be with our effective tax rate. You can see as of 6 months, it was significant, but obviously, that will taper down very significantly. Now I have just a few minutes. So this is really the exciting bit of my presentation. I love this slide. I love this story. I mean when we listed back in 2014, one of our focus was that we will progressively reward our shareholders. And really, that's what we're delivering. So it's quite exciting to think about what we said we're going to do and now having an opportunity to do that. So again, our dividend policy is linked to our cash generation. That's the first message. In the past, we provided you with -- we'll tell you it's $0.05 per share. We'll do a top-up depending on the market. But today, we're saying it's 40% of our free cash flow capped at 50%. That is -- so we've now made it clear, so you can plan for that. Obviously, we'll be giving you estimate and you can plan for our estimated free cash flow. I think what is most important is the fact that we'll provide a base to this dividend, which means that even though it will be within the 40% of free cash flow, but we're guaranteeing $120 million a year, which translates to $0.20 per share, $0.05 per quarter. And that translates to around $1 billion over the next 5 years. Again, what this does is it provides the flexibility, so the shareholders can benefit from the upside, so when there's higher oil price, the shareholders will benefit from that with a focus knowing that you're going away with at least $120 million of dividend. So it's fixed for certainty, and that's what we're describing on this slide. Moving on really, this is showing you how it's going to work. We provided the information on the past, and you can see what the growth has been. I think it's very important to note that even the base dividend at $120 million per year is already -- so over 5 years, that $600 million, that far exceeds what we've given to the shareholders in the past 5 years. And so you can see the ramp-up. Remember, the picture I showed you about the CapEx spend, when the CapEx starts to ramp up, production is also growing. So over the 5 years, you will see we're targeting the $1 billion. And I think another exciting point to raise here is that this dividend policy is effective immediately, which is with -- for our third quarter results, we'll start to provide that increase, so we're moving from $0.046 per share to $0.05 per share in 3Q and also we'll maintain that in 4Q. So again, annual minimum dividend, $120 million per annum translates into $0.20 per share. This is capped at $50 per barrel. Again, if the oil price is lower than that, then we'll have a conversation with the Board and decide what we'll do. I think maybe leave you with the fact that remember my story about balance sheet, balance sheet and the robustness of our balance sheet, that also will support whatever decisions that we're making with our dividend. So wrap up. Exciting story for Seplat. I'm -- like I said, I've been part of the story, so very excited again to be here. So I'll leave you with this. It's cash generation, cash generation, and it's -- the cash generation is because of the way that we run our business. Our balance sheet is very strong. Leverage is maintained at decent levels. That's how it's been historically, and that's how we're planning it for the future. Our CapEx, we fund our CapEx running through a very detailed process, and our CapEx is funded from our existing business. We've talked about cost and the discipline around cost. And we've also talked about how we're going to solve what has been sort of the tax concerns. But remember, we're growing the pie. So the government is still getting the rewards from the tax, but we're just now going to be more efficient. So thank you for listening. Again, I think that this for me today is a very exciting day to talk about long term. We have the long-term information when we're in our management team and at our meetings, and we always want to share it. And today that we've managed to get to where we are sharing this information with you gives me a lot of pleasure. Hopefully, those of you that are already investors are happy with the performance that we presented to you today and looking forward to those that are not investing, maybe looking forward to investing. But thank you very much. We're going to have Q&A. So I'm sure you can throw the questions at us, but thank you for listening. Roger’s next.

Well, I hope everyone is okay. We're almost at the end. So that's a good news before we get to Q&A. So just 3 slides. So let's move on. So this morning, we put an RNS site and in the RNS, we talked about the potential divestment. Let me just give you a slide on it. So this is -- the disclosure this morning is that we're in discussions with NNPC on a potential sell-down of 10%. So we got 40% in the JV, and it will go down to 30% to the extent this went through. These are discussions. And the reason why we're disclosing them now is, obviously, we've set out a plan to 2030 and a potential in that is a potential sell-down. So it's not guaranteed, but it's a potential. So we just want to give you some metrics here of the impact. And you can see there, we've looked at the reserves, production, CapEx and dividend. If you look at actually the reserves themselves, so if you look at the 2P, you can see it's going from 1.043 billion barrels to 906 billion barrels. It's not a massive impact in the 2P and because a lot of that 2P sits in the onshore business, which we obviously have matured over the years. In the 2C -- 2P + 2C, you can see there's a lot of contingent we've brought in. That's where the big upgrades have been in the reserve report. And you can see there going from [2.3 MMboe to 1.873 MMboe]. So it's quite a big impact there. And what we've done is because we had such a big upgrade today in the reserves, we were reporting 2P reserves of [886 MMboe], so even at 30%, there's an upgrade in those reserves. And the 2P + 2C, we were reporting [1.2 million barrels], and that would go up. You can see it to [1.873 million barrels]. So there's still upgrades in 2P + 2C, but not obviously as much. In terms of production, we're targeting in excess of 200,000 barrels. If the sale went through, go to 170,000, it's still quite a material business. CapEx will naturally reduce from $2.5 billion to $3 billion to $2 billion to $2.5 billion, so about $500 million out of the CapEx. I think the most important thing here, which we have looked at very carefully is the dividend policy. It doesn't change. So the $120 million is guaranteed, the 40% to 50% of free cash flow and the target of $1 billion, we don't see changing, okay? So we put that out there. We will update you as things progress. As I said -- as we said in the disclosure, we must put this in front of you, but there's nothing guaranteed. It would all be subject to a substantive agreement and those terms. So let me wrap up in the closing remarks before we get to Q&A. So let's just summarize as much as possible. We've thrown a lot of information at you. You're going to need to chew it and understand it. But let's just put it into 4 sections here. So the key thing here is I think one of the big things that separates success has been stakeholder relations. It's so critical. It's very different from the North Sea or U.S. Stakeholders are integrated within your business and those relationships is your license to operate and your success as a business. So we nurture. We have a very highly skilled experienced staff, 99% of Nigerian. You can see that today. We are very much positioning ourselves as a sort of national champion, and we work very closely with all those stakeholders. In governance, it's really important for us in governance. So there really is not just having policies, but actually adhering to the policies. We're listed on -- dual listed on London and Lagos. And we actually have some of the -- we actually have the Chief Executive of the Nigerian Stock Exchange in front of us here today. So it shows you how important it is to travel up from Nigeria. And then we have all of our compliance. It's very important sustainability and our commitment to carbon reduction is very critical. In terms of financial prudence, I think Eleanor ran through that in quite a lot of detail. What I'd take away from this here is we've been very successful in debt capital markets. We've raised $4.4 billion. We have not gone back to the equity market since we listed in 2014, where we raised $0.5 billion. So it's very important. It's very unusual that you can, as a company, put this level of acquisitions, particularly the Exxon acquisition with 0 equity issuance. And there's no intention for us to do anymore. We don't need to because we get the cash flows. So it's very good for existing shareholders. What's happening is if you look at your reserves per share, resources per share or all the other metrics per share, they're all going up. Okay, I wish the share price will go up more, but anyway. So financial prudence is very critical in how we do it. And in operational, expertise is critical. It is -- subsurface, there is [indiscernible] put it very well, there is no doubt this is some of the best subsurface in the planet. But it's how you manage it and how you get it to market. That's the success. That's the success that Seplat brings to the party here in our operational expertise. So final slide is delivering on our road map to 2030. We call it clear, well defined. Hopefully, it is clear and well defined. It's certainly a lot of information to take in there. Strong balance sheet, upgraded reserves, strong resource. It's transformational. The business has transformed and now we will then work our way through and how do we deliver these growth. We've got a different revenue mix, different risk profile, I think a lower risk profile in that, strong short-cycle drivers in the growth. Our production targets, what we've done is since we acquired on the 12th of December, we're taking this Capital Markets Day in September. Some people should have said you should have come earlier, maybe come in May. What we wanted to do was actually fully understand our business and actually, when we set out a 5-year plan, we want to have confidence we can deliver on that plan, whether it be growth rates in the production, cost control and everything else. So we spent an awful lot of time as a management team bringing this to you today, and we're very confident we'll deliver it. So therefore, the free cash flow then will support the dividend. And the 2030 road map really sets the foundation. We're going to try and accelerate and do better to drive this continued growth into the next decade. So thank you very much, everyone, for listening. It's a bit of a bombarding of information. Now we're going to get to the stage of the day where we do Q&A. And please, whatever questions you've got everyone at the top table to answer them. So thank you very much.

Very good. Very good. Thank you very much to the speakers. Good time again. Excellent. So that means we've got plenty of time for questions. As Roger said, there's been quite a lot of information here today. So a bit of time to digest, but we do have a lot of time for questions. We've got a couple of roving mics here in the room. So please, can you just wait for that to come to you. The room is quite small, so we can all talk and hear each other, but those online won't be able hear anything. So please do wait for that and then go ahead and ask your question. So who's going to start us off? Excellent. Colin, here we go. Just -- yes, can you pass...

Colin Smith from Cathal Access Group. I have a lot of questions, so I'll group them and pass the mic on and come back. Since we've got the people who actually made the business run here, I'd like to start with some questions on the operations first. You talked quite a lot about reactivating idle wells and then implementing a drilling program and facilities management. Could you talk a little bit about potentially whether you need more platforms on the assets that you've got and perhaps more immediately, what the drive position is. So is there more you can do with them -- I'm assuming there's water injection in place already that you can do more with that or whether you can do something with gas as further means of accelerating the production potential that you've got in the assets? That's my first question. And then I'll have a couple on LNG as well, if I may. I think you said that you were going -- you were anticipating doing LNG at some point in the future with someone you would actually do the development, so you would sell the gas to them. I wonder if you could just talk a little bit around that. Also confirm that in the guidance you've given, there is no gas assumed for LNG within that 2030 timeframe and maybe talk a little bit about that. And then the gas that you've got from the offshore operations that you're planning to put into NLNG, could you talk a little bit about NLNG's capacity to take that gas, if that is a constraint or not a constraint? And maybe if you could something around the pricing on that, and I'll stop it at that.

Yes. I think we'll pass that over probably, I don't know, between Sam and Oladotun for me. And then I think LNG, if okay, Oladotun have a go at that and then I'll augment that as needed.

Okay. So I'll get this going. Actually -- thanks for the question. Actually, during the presentation, on one of the slides, I indicated that there's a sequence to what we're doing here, where we're going after the low-risk, low spend, high-value opportunities, operations, maintenance, idle well restoration on the back end, infill drilling. And then I said on the back end of that will be more drilling that require projects, okay? So in this 5-year window, answering your first question here, we have drilling opportunities that cannot be accessed from existing weller platforms, which means we have to go spot new weller platforms in place closer to the resource, either because it's too far from a drilling complexity perspective or because the slots are just not vacant. USARI ABC is one and then [SFD2] is the other one. I'll let okay answer the question on UTM.

All right. Thank you. Thank you very much. So your question was whether we plan to invest in an LNG facility during the plan cycle. So when I mentioned LNG, there are 2 parts to that. One is the supply to Nigeria LNG, which is an existing plant. We supply about 120 million square feet a day today. The plan is to ramp that up to 240 and then to 480. So a fourfold growth in supply to NLNG over the next 5 years. The other project I mentioned, which is a floating LNG project. It's not going to be delivered by us. There's a third party who will build the floating LNG. Our job is to make the investments in the [indiscernible] fuels facilities to make the gas ready over the period. So the cost of the investments we will make to make the gas available is in the plan. A third party will deliver that project. On your second question, which is whether volumes relating to LNG are in the plan, I believe my first response addresses that. The volumes to Nigeria LNG is in the plan. And as I took time to mention during my presentation, the path to 1 Bcf, which is our target by 2030, doesn't have to include the floating LNG project. We will get to 1 Bcf whether that project is ready within the plan period or not. And then you asked whether NLNG has the capacity to take all of this gas. The answer is yes. They are running considerably below capacity at the moment, and there are [indiscernible] coming also where they will require additional gas volumes.

So I'll come on the back end and answer your question on gas injection, water injection. We have not built any of that into the plan. The aspirations for the federal government is actually to get gas to sales. So it will be difficult to get any project associated with additional gas injection. What we have in plan is gas lift type opportunities where the reservoir pressure has dropped to the point where it needs some level of assistance. And so you go in, you install mandrills, you use gas to lift the oil to surface. Those have been built into the plan in some form or shape.

Maybe let me just add because quite an important point here is whether we get involved in LNG or not, we took -- we're taking a view that in the offshore business, there is a lot of gas, and it's ready for blowdown, it's ready for monetization. The government really wants to monetize that gas and so do we. And so we looked at projects which would bring that gas to market sooner rather than anything else. Nigerian LNG, for anyone who is -- I know is familiar with it, it's a flagship project. It's one of the best projects in Nigeria. It has top quality shareholders in it, and it needs gas. And so having a reliable supply of gas into that plant, it's got first rate offtakers for it. And for us, it's all about getting that volume up. We want to be hitting 480 MMscfds into that -- into Nigerian LNG, it can take it and taking that over a 15 to 20-year horizon. That is where the success of this. I don't think we put this into the investment case. I know we didn't in any level. So I think this is real upside for investors. But also the other thing is that we -- our intention also is to bring a gas project into Akwa Ibom State, which is where the assets are located. It's very important. We're doing that, and we're working with NNPC, our partner actually to see if we can accelerate one of the projects there as well. So there will be other projects. What we've done here is just put down what we see as the most certain projects, but there'll be more coming.

Okay. Colin, is that good? Yes.

Lanre Buluro from Chapel Hill Denham. [indiscernible] You talked about how prolific the assets are in Nigeria. The management team we've known for a while, knowing Roger since day 1, Sam, everyone, Eleanor, the next 11, trying to understand the bench because we need someone to continue to execute. So we've seen a refreshed Board. So what can you just speak to the bench and who is behind and who will take over this succession planning just in case.

Okay. Perhaps I should answer that one. Although none of us look old, but I guess [Technical Difficulty] So look, we are blessed with an incredible bench, right? So we've got some here today. You've got [indiscernible] in the frontier. We've got [indiscernible]. We have an amazing bench and way deeper than that. Benefit actually of the acquisition is we now have about 1,400, extremely well-trained staff and actually very senior level. So what we're doing at the minute is we're looking at the integration of it all, which is a very critical thing that we -- over the course of this -- before the end of this year, we put it all together. And then in the succession planning around that is actually with the structure is to then generate the future. But I have no qualms at all. It's incredible. We're lucky because Seplat has been able to always attract the best in my view. And also I think the IOCs have done an amazing job in creating a massive amount of talent in Nigeria. So they're not sitting here today, but there is a bench -- big bench behind it.

Okay. Questions? There's one in the back. Chris maybe.

Chris Wheaton from Stifel. Three questions, if I may. Firstly, on the operations upside, the potential for doing more things like very simple stuff like bringing back reactivating old wells. I'm interested if you could talk more about how much of that production growth target to 2030 is actually that simple things to do, given they are not really [indiscernible] anecdote that the heat exchanger have been out for 3 years, and Exxon has never bothered to replace it. That speaks to an asset base that needs a bit of tender love and care that could deliver quick upside at quite attractive returns? That's my first question. The second question was, I'm trying to get a handle on what the incremental capital cost of the program is for the next 5 years? How much -- on a per BOE basis, how much of that resource base does that $2.5 billion to $3 billion CapEx actually put into reduction? Because what I'm trying to work out is what's the unit CapEx and therefore, what's the recycle ratio and therefore, the return on investment. And my last question is probably one for Eleanor on balance sheet. If the potential divestment of that 10% stake in the joint venture did go ahead, is it likely that could be returned to shareholders upfront because if it's left as cash on balance sheet, it's going to mean basically an unlevered balance sheet, and that sounds an inefficiency that Seplat wouldn't find attractive. So I'm interested in that incremental -- that decision on incremental cash return should the divestment go ahead. I know we're talking theoretically, but we can speculate. Those are my questions.

Okay. Maybe I think certainly the first one, Dotun, you pick that up. And Eleanor, you probably pick up to other 2?

Yes. Thank you. So in terms of the idle wells, I did mention that we started off with approximately just a little bit over 400 wells, did the first evaluation and 100 of them had no future use. So we're left with 300 wells. This year, we plan to do 50-plus. We've-- as of middle of the year, done 29, we look to get another 20 to 30 before the end of the year. So our basis for going forward is 60-plus wells per year. And by the end of the decade, we hope to have fully liquidated everything. I also noted that the quality of the program will decline over time. So in terms of the rates that we have built into the plan to the end of the year, it's somewhere around 200 to 400 barrels per day per well that we have factored in for those 60 wells that we'll drill per year until 2030.

That's the average, of course, the average cost of 5 years.

Yes. Yes.

Yes. Okay. Thank you for the question. So I'll just take the last one first. So we've already baked in the -- assuming that the deal does go through, we've already baked that into our plan over 5 years. And we will look at the options on whether we would reward the shareholders earlier. I think the message to leave with you is that over this 5-year period, the $1 billion is the target. If we get cash flow sooner, then it means that the shareholders will benefit that earlier. But in the plan, if that doesn't happen in the plan, you'll see that the shareholders will get rewarded sort of towards the end of the plan. So we've considered all of that. Now our CapEx -- I mean, we shared the pie chart that shows around 55% of our cash flow from operations is going to CapEx. When you look at it from the breakeven side when I showed the chart on the average realized price, around 20% of that is going to the $2.5 billion to $3 billion of CapEx.

Thank you, Chris. Question -- can you just wait for a microphone, I'm sorry.

Bolaji Balogun, I work for Chapel Hill Denham. Very well done everyone first and, foremost. Sam, Dotun, okay, I mean if I might ask you individually, what keeps you awake at night?

Okay. Thank you, Bolaji. As an operational person, safety has been my priority, making sure that the people that we keep in the front line, no one hurts him or herself is a key awakening part of my life. My phone, even when I go to bed, is active because I would like to know. But we have a mantra, please don't stand the oil and gas we produce with our blood. We preach it because, again, we know that safety is the heart and mind thing. And our frontline barrier managers have a mandate to ensure that our people do the right things when we are not watching. We have a wide spread footprint, and we cannot be everywhere. So that is why we have the safety leaders in the frontline. So safety is the most critical thing. For me, that keeps me awake just to ensure that I will give everybody who is working in our facilities safe each and every time.

That's okay.

Aside from the dividends that I'll get that I will eventually be dreaming about. So it doesn't really keep me up per se. I would rephrase by saying what I focus on because what I focus on, the team fully understands and are already implementing and executing, okay? So my focus areas, just as Sam talked about is safety, okay? We have a slogan in the field where we want employees to come to work and return to their families even in a better state than they came, okay? And folks in the field live by this. So safety is always a priority. I mentioned it earlier on, it was pre CIC. It is as of today and it will forever be a priority for us. And then the other one is asset integrity. And you'll see from the plans that we've put in place that we are investing in the assets to make sure that the life is put back in them to serve as the foundation for the growth that we are looking to bring forward. And for me, my colleagues from the upstream have talked about safety. I buy into that vision, but as more -- somewhat in the more commercial part of the business. So being part of the gas business in Seplat form the onset, I have seen how we've grown supply, especially into the domestic market, how important we have become to supporting the power sector in Nigeria. So my concern and focus has been how do we keep this journey going, realizing the importance of the role we play in the domestic market, assets to energy and contributing to that decarbonization story. So the acquisition of the offshore assets was an answer to my prayer. So now we have the resource at the right scale to not only maintain our role but to take it further.

Great. I wasn't asked, but it's the Capital Markets Day, and I'm going to sleep well tonight. So here we go. James.

James Carmichael from Berenberg. Just a couple. Just firstly, on the NNPC divestment. I was just wondering if you could give us a bit more sort of background on how that care about the rationale for that. And then I guess whether there's any sort of link to or benefit to the receivables position? And then secondly, just on the domestic gas opportunities, it feels like you've got lots of spare capacity in the facilities, the assets obviously got good capacity. But what's the sort of, I guess, the distribution network situation like? Is that a bottleneck? Just generally, how quickly can that business grow?

Okay. Well, I maybe kick off with the first one and Oke, maybe you do the second question. So first of all, receivables paid, there's no linkage at all. I think just generally, for quite a while now, the government has been focused on not having receivables position. So the whole industry has really benefited from that. And receivables have now come down to very manageable levels, if not even having any receivables. It's transformed the industry and we've got to thank the partner and the government for doing that. And the genesis of the discussions are around the 10%, it goes back somewhat. And what it is, is NNPC's desire to increase its stake in the assets. So that's all I can say at the minute on that one. The discussions are ongoing, okay, and we will obviously update the market as appropriate.

So should I take the other question?

Yes.

So with respect to spare capacities, on the onshore part of our gas portfolio, where we have about $855 million of [indiscernible] gas processing capacity. Obviously, there are some spare capacity there. And during my presentation, I talked about the clear strategy we have to leverage gas resources around us in proximal location to the gas plant and secure additional volumes to fill up that spare capacity. We've made quite on progress in those efforts, and we are confident that some of those will come in within the 5-year period that we are talking about. And looking at the offshore part of the portfolio at, also, for instance, so what you've seen from the presentation earlier, is even though those resources and assets have been there, the previous owner didn't quite invest into unlocking those resources already there. So you had me mention increasing supply to NLNG to up to 480 million scf. So that will be coming from the Oso gas plant that has a capacity of 600 million scf per day. So as we achieve that, that takes the capacity utilization to about 80%. And then at EAP, the other part of the assets, Roger talked about projects in Akwa Ibom State. So as we mature and develop those projects, we'll be able to utilize the capacity that's already in place to deliver gas into Akwa Ibom State.

Dragan Trajkov with Alternative Resource Capital. You spoke a lot about diversification within Nigeria, but not a word about diversification outside Nigeria. Any thoughts around that?

Maybe I'll go with this. Look, it's something that we have discussed for years. And what I would say is -- and we've looked at lots of opportunities outside Nigeria, but not outside Africa. I mean I think that's a clarification there. And we've always come back to the same point, which is, first of all, when you bring your operational guys into the data room, the technical guys, they just -- they love Nigeria, right? The other regions just aren't as good, right? So that's -- and therefore, we've always looked at the opportunities within Nigeria as a dominance within the country that we -- it's a post that we know. We understand the DNA there and everything else. So I'd never say never, but we just bought a very big asset, a big company. And you can see there's a lot of opportunity for us to grow that. So from our organic business, we can grow quite heavily. We'll always have a business development team looking at opportunities. We'll look at Nigerian opportunities. We'll look at regional opportunities, and we'll put it through the normal decision-making that we do. And we'll see how things go in the future. But we're not in any rush at the minute. We always wanted -- before we bought Mobil, we were looking for a very scalable, sizable opportunity. And to be honest with you, having been at the company for quite a number of years, that was the genesis of Seplat. Genesis of Seplat was to list to do things properly, to demonstrate access to capital so that, therefore, we could transact on a very big transaction in country, and we've just done one. So that's where we're going to be very busy in the coming months, years. But we'll have a BD team looking at other opportunities.

Alastair Syme from Citi. A couple of questions on gas. Can you remind us how gas prices are set in the domestic market and how that is expected to evolve? And secondly, do you think you'll always stay as a sort of a gas wholesaler? Or do you think you need to move further downstream potentially into the power generation segment?

Thank you for the question. So in Nigeria, for gas pricing, you have it in two elements. There's a regulated gas pricing regime and there's a willing buyer, willing seller regime. And every gas producer in Nigeria have got volumes that you need to sell to customers at that regulated pricing. And for us, in Seplat as a portfolio, especially on our onshore, that's about 30% of our gas production from the onshore business. So the remaining 70%, we are able to sell on willing buyer, willing seller basis. And the group offshore that I talked about going to Nigeria LNG does on willing buyer, willing seller basis. and the other floating LNG opportunity that I also mentioned. But again, the expectation for Nigeria is that we will move from the -- that portion of regulated pricing to a full willing buyer, willing seller market. It's going to be a journey, but that's the direction of travel.

Yes. Maybe I'll add to second question, which is do we want to go down the value chain? Do we want to go into power? We have a strategy that deals with that. We have a three-pronged strategy, and one of them is into electricity. We've looked at it at length. We've looked at lots of opportunities in it in the power sector. We actually had a quite a long debate with the Board last week with a strategy session where this came up in a lot of conversation. The outcome of that was that the reason why we've not proceeded with an acquisition in the power sector is just either a mixture of timing. We've been busy in other things or actually the risk profile or that opportunity wasn't quite right for us as a business. So we still leave it as part of our strategy. But actually, our big focus is, and you can see it in the presentation is our second leg. Well, obviously, the first leg, which is oil and gas upstream, but it's really this gas business, and it's really to accelerate that gas business and really be very meaningful in it. That gas will then supply the power sector. So at least if we're not in the power sector in the short term, we're actually doing the vital feedstock that's going into that power sector. And then when the opportunity fits within our criteria, then we'll actually -- then we look to go into the electricity sector, but probably nothing for the short term because of just opportunities that we see come across our desk.

Okay. We have a question in the back.

Big well done to the Seplat team. My name is Kemi from FirstBank UK, and I've got two questions. The first one is around vandalism and whether or not and to what extent this impacts Seplat's business. You've been speaking okay about the gas and increased supplies to NLNG. We know that NLNG declared a force majeure a while back with respect to gas coming from its upstream suppliers. So is this something that impacts Seplat? That's one. The second question is on community relations. Are there any active issues of note that perhaps you could speak to?

Oke, do you want to do the -- deal with the -- and Sam, do you want to do the community or do you want to do both.

I can do vandalism and community and...

And I will do the NLNG...

Thank you very much, Kemi, for the questions. If you recall, there is a slide I presented that showed the massive improvement in our access to the market that showed that we were prior to quarter 4 of 2022 in the double digits on losses on our integrated pipeline routes to the market. But since then, there has been quite a number of things going on within the country. The NNPC and the government security agencies have been very active in working the entire security architecture for all the infrastructure -- oil and gas infrastructure in the country. And that has materially led to the results that you've seen. Also internally, we have our own machinery to making sure that our pipeline access to the market is all very well surveyed. We have active surveillance strategy on all the lines. And that has led us to a point where on an annual basis, since quarter 4 of 2022, we have seen less than 5% losses on the lines. And now in the renewed strategy with the current leadership of NNPC, we come together. It used to be biweekly, but now once a month, and we look at the entire pipeline systems in Nigeria and how they are all operationally green at the time. So in terms of losses on the lines, which speaks to the vandalism, there is a massive improvement since 2022, and it has remained as such. So in terms of historical trending, you will then see that there is a bit of control, if not largely in control. So I'll leave that there. And then I'll begin to talk about our community. We at Seplat, we are very deliberate and intentional in our relationship with our communities. We call them neighbors. We don't call them host communities. And then again, it's for a reason that if you had studied biology, there is this relationship between host and parasites. So we don't really exist in that nature with our neighbors. So we call them neighbors for a reason. And we have them so intertwined in our activities. The video you watched is just the tip of the iceberg in terms of what we do for the society and the communities where we operate. There is one that is very close to my heart is the Eye Can See program where we restore sight to people who are partially blind. The last time we commissioned an eye center in Seplat, I was out there, and we took out the staples on people's eyes who were partially blind after the surgery, and they could see the two fingers. They actually believe that miracle had happened in their lives. But this is how we intentionally and deliberately get into the hearts and minds of the people where we work. I will end on supply chain because, again, there are quite -- we are very intentional about the things we do. Supply chain is one area where we've also thrived in empowering and supporting the communities where we live, where we work and our neighbors such that there are some specific contracts that are exclusively reserved for our neighbors. And no matter what capacity and capability deficiencies they have, we support them through and make sure that we lead them, if it is safety deficiency, we work, hold their hands. And we've taken it a few notches up. We are now in the process of linking them up with banks that will help them finance those activities. Last but not the least is that we also have a dedicated supply chain program for women in the oil and gas industry, making sure that we have a very diverse and inclusive program that deals with all the community issues. Long and the short story is that we have 0, an absolute 0 deferment or production interference because of our disalignment or rough relationship with our neighbors is a significant license to operate. But thank you, Kemi, for that question, and I can quickly go on and on and on because this is really the foundation and the bread and butter of our business. So Oke?

Yes. Before Oke comes in, I'd like to corroborate that. From a heritage Exxon perspective, it was a shift for us. Seplat is more proactive when it comes to engaging with the communities. And so at CIC, we deliberately based on this new approach, engaged with all the chiefs, the Kings, the clan leaders, the local government Chairman. And the data shows over the last 9 months, we've not had a single blockade of our facilities. Just wanted to check that in.

Thank you. Thank you very much. So thanks, Kemi, for your question. You asked whether the previous declaration of force majeure by NLNG on gas supply, if it was a risk for us. I think it's actually an opportunity for us. So historically, NLNG was supplied by the shareholders. But because of those supply challenges, they become more open to receiving gas from third parties. And that's really the window of opportunity that we have to then deliver additional gas volumes into that facility.

Any more questions from the room? Colin, do you want to have another round. Go for it.

Colin Smith again from Capital Access Group. Just a couple of specifics in the presentation itself. On the slide of CapEx, Slide 72, you're basically showing it peaking around about 2028 and then beginning to tail off through 2030. Presumably -- I mean, I assume that is essentially a function of the guidance you've given us today and not your actual expectation given the resource base that you've got? First question. Second question, just in terms of the tax guidance that you've given. Can you talk a little bit more about the trajectory between where we are now and the 60% of P&L tax and 40% of cash flow tax that you showed in that slide. And then sticking with the overall theme, you show, I guess, around about $1 billion worth of surplus cash being generated after investment and after payment of -- and after fulfillment of the dividend policy that you have set out. Could you talk a little bit about -- and I know it's very early days, kind of the balance of what you think you would do with that surplus cash?

Yes. Okay. So thank you. So in the slide, you're right. The CapEx estimate that we provided, again, remember, we talked about spending based on cash generated from the business. So obviously, we're always going to be constrained. So we worked on our CapEx program within that constraint. And as we start to ramp up CapEx, obviously, we're going to be ramping up production as well. So that's the focus. You're right. There are huge opportunities, we're delivering about 300 million barrels of oil equivalent in that -- in the 5-year window. And as you know, the reserves that we've described are way bigger, 2.3 billion barrels of oil equivalent. I know 2P2C, but again, there's still room in 2P to do that. Now on the tax slide, specifically, we were at around 91% effective tax rate at the end of 6 months. Now remember, the effective tax rate considers the cash taxes and also the noncash taxes. So we have a mix of the current tax and deferred tax. That's actually what you use to determine that calculation. And so one of the advantages of the CPR and these additional reserves is that it then supports lower depletion costs over the cycle. So that's part of what you will see come through and why we're sort of projecting that over the cycle, it starts to come down from an effective tax rate basis. And then on the cash taxes side, it's predominantly what I described in the presentation, which is the more that you invest, you build that shield. So then obviously, you start paying lower taxes. And then beyond the PIA is also the incentives that the PIA provides. For the gas business, we've been describing today the investments we want to do in gas, we are going to be taking advantage, of course, of some of those incentives. So that would also start to come down. Was that -- what was the last question? Okay. Yes. So yes, okay. So the good question. So we've talked about the cap for dividend at 50%. And so for the other 50%, again, we've talked about balance sheet management, so we'll continue to do that. We -- if you look at the debt that we have today, there was an opportunity to delever our balance sheet. We've also talked about potentially inorganic growth. We could do more inorganic growth opportunities as well. There were discussions around exploration. So again, it's really following that capital allocation methodology and really just keep into that process. So we could enhance the balance sheet, as I described, do more in CapEx and then dividend, obviously, as the pie gets bigger, then the shareholders get more. So -- and then, of course, if there's any inorganic opportunity that we want to go after, that meets our criteria, then we can go after that as well.

Good afternoon. Thanks for a great presentation. It's Anish Kapadia from Hannam & Partners. I have one short question in terms of capital allocation as well. Any thought of in terms of that excess cash going towards buybacks given the value that you see in the company? And then I suppose the second one, when I look at the resource base, especially this new resource base with the upgraded contingent resource, it's a huge resource relative to your production. So you do have an aggressive growth plan over the next few years, but you're not really eating too much into that resource base. So really on -- what I wanted to understand is what's constraining you on going faster to access that resource base? Is it capital? Is it people? Is it infrastructure? Can you just talk about what's holding you back and how you could accelerate further?

The buybacks. So we've -- it's in our policy. We could potentially look at that. So there's an opportunity certainly with buybacks, and we can communicate that when that time comes.

Yes. Look, I think that is -- but we've looked at buybacks before. I mean there's not a lot of shares in issue in circulation for us as a business. We've not -- we issued share capital at the start. We haven't issued share capital since. We have a lot of long-term holders of the stock. And so the daily trades are not very big. So we actually look at -- capital allocation is actually increasing the dividend, looking at other ways to do it. We wouldn't rule it out, but it's just quite difficult to achieve it. In terms of your question is in terms of reserve production ratio and can we -- what's restricting us? What's stopping us for accelerating? A couple of things is the minute we put up the 21 years on a 2P basis, I mean, I don't think that truly reflects the uplift that's based on '25 production levels. So I think it will come down from them. But it's really about all those projects that we're showing in the offshore, particularly in the offshore business, a lot of them are gas-related projects. So what we didn't want to do come today with projects that we hadn't advanced enough, or we hadn't importantly got a partner over the line on, right? So we've brought a number of quite well thought out gas projects, but there are more that we can do. So I don't think it's a case of capital. I mean we can see the capital generation there. It's about working them up and actually getting them credible to the point that we can bring to the Board for approval and then put them. So that's why I kind of indicated there are other projects we can do, one into equity [indiscernible]. We're under a lot of pressure, not pressure, good pressure, good opportunities, bringing opportunities to us in terms of the offshore business, and we're looking at what's realistic of the time frame. So it's more work really rather than we're not resource constrained, I don't think, and we're not capability constrained as a business.

How much of the 300 million BOE you plan to produce in the next 5 years is from your 2C number versus from your 2P number? And then over those 5 years, do you expect -- like how much of the 2C do you expect to be transitioned to 2P?

I don't have the exact figure, but it's primarily 2P, yes, for the oil, I don't have the specific. Let's take it away, we can just -- so I don't give you the wrong answer.

Are we going to go to the row back, Brad will come back. Can you just wait for a microphone, please?

Gavin Levy here from Oppenheimer. Could you just talk to your capital structure plans? Because you -- I think you recently repaid the RCF and there's a contingent -- sorry, deferred consideration. I think it's EUR 250-something million at June, December. And obviously, you've announced the CapEx plans. So could you talk about sort of options with regards to just managing the liabilities and any potential fundraising?

Yes, sure. So thank you. So again, it's back to the way that we would manage the balance sheet. So we still have some debt that we can pay down, so we potentially delever our debt. We have a prepayment facility that we took as part of closing the deal. We've already baked in the deferred consideration in our planning, and we can handle that. So no plans to look at debt again this year. Over the cycle, we've talked about the fact that we do have the flexibility. Potentially, if there's more opportunities, we'll look at that. But for now, again, we'll maintain the leverage, as I've described. The cash that we have and that we're generating in our business, we will -- that's part of the plans to settle that deferred consideration. And then like I said, potentially pay down any debt that we have right now. Thank you.

Any more in the room? We've got a few online, which I can pick up. So part of our discount to European peers we showed in the slides is the Nigeria risk factor. Being on the ground, you might see Nigeria differently. What are investors missing on Nigeria? And what can you do to close that valuation discount?

Yes. Maybe I'll go with that. That's a non-Nigerian question. Yes, we've got quite a few in the front row who can help us. What I'd say is it's an understanding. Having operated in country for -- since inception, there's this perception on Nigeria and the complexity of Nigeria. It's not as complex as people think it is. But it's just the information flow. Before Seplat existed, there wasn't really any independence. It was a dominance of the national oil company, the international IOCs and some smaller players. And actually, what you're seeing with Seplat now being -- and particularly the scale that Seplat is, we're starting to get much more knowledge coming to the market. Now it's -- that is what the risk factor, I think, is with Nigeria. It's the uncertainty. With this current government, what this current government is trying to do, and I think it's doing a pretty good job of it, although you might not see it yet in the international market is actually trying to make business easier and it's enabling environment that Sam was saying, there's a regular engagement with NNPC. How do we unlock the business? How do we make it simpler? The presidential directives are really about how do we make it a more investable place and that is incentives. That is -- there was a lot of issues around -- local content is a really good thing. It's a brilliant thing. But actually, we had a lot of what we call red secrets. So what would happen is you'd have international suppliers who would then have to use a local company. And then that kind of choked the system. And the presidential directive is really -- is to remove that from it, bring a lot more infrastructure in the country. So there's been a lot of steps to open up the markets, make it much more visible. And then I think it's a perception. That's all it is, it's a perception issue. The quality of the oil, low sulfur, great API, it's the same barrel. In fact, it's a better barrel of oil than you're seeing elsewhere. The extraction of that oil, you're starting to see us demonstrate that we can extract it in a very affordable way and actually get it out to the market. So I think it's just time. I think demonstration of what we're trying to do today and actually, I think, delivering what we say we're doing today. Once we start to do that, we'll see more companies coming to market. So what you've seen is the [ ISCs ] in the last year, there's been a wholesale revision of ownership on the onshore and the shallow water offshore in Nigeria into independent hands. And you're going to start to see them increase production, you're going to start to see them come to the market. And we've said from day one, we don't just want to be by ourselves. We want 5 to 10 sizable companies that the international market can see. And then once we start to see them succeed, I think that discount will narrow. I really genuinely do.

Thank you. Question -- a couple of questions here on gas. We mentioned in the slides that ANOH will temporarily supply Nigeria LNG. Is the required pipeline infrastructure already in place to support that? And can we give any kind of color on the time line to that being operational?

Maybe I'll deal with that quickly. So yes, it's in place. So there's a pipeline that was owned by Agip is now by Oando. There's a pipeline that goes -- there's a spur line that connects from the ANOH gas plant into the Oando system. There's plenty of haulage in that system, and it connects right into Nigerian LNG. And in fact, we inject into that pipeline from the offshore. So our offshore gas goes through BRT and then it connects into that Oando pipeline. So it's already in place. And our focus now is to really get the gas flowing into Nigerian LNG around that and also other offtakers from ANOH. Then ANOH, there's still -- government is still pushing ahead with the OB3 pipeline. It wants to connect that eastern gas into the west and importantly, connect it into the AKK pipeline, which will take it north. There's been some technical challenges around that. For our focus on ANOH, it's less important on the OB3 now because we've got an export, or we've got a route for that gas. But I can tell you that the government wants to have the OB3 in place. And once it's in place, we will then route that gas up into the -- where Oben is and then it will take it north. At the same time, obviously, we're working in the offshore. So once we get the offshore up and running and operating in scale, then we'll supply Nigerian LNG. So it's either going to be from ANOH or an offshore or the combination of the two.

Very good. Any more in the room? Just -- I'll keep going. So we mentioned Dangote refinery in the video. How is Dangote refinery affecting our business today?

Let me go with that one again then. There's no direct link. I mean what with the Dangote refinery is they're obviously taking feedstock, and every producer is making offers to supply feedstock to the refinery. We have made multiple offers around that. We've actually supplied crude into the refinery. But what we have is in our structure, we have offtakers. So on the Exxon -- so the set new assets, it's Exxon lifting through Escravos, our volumes from the West, Chevron lifts that. And we have other offtakers like Shell and others. So what would happen is that those offtakers would take from us and sell into the refinery. So that's -- we're doing it. And it's actually very important that there is local crude going into that refinery will be good for Nigeria long term. So we're actively doing it today.

Very good. You probably answered this. We just had another question asking for more clarification on the rationale behind the disposal we announced in the RNS today, but maybe you covered that already and if there's any other remarks you wanted to make. But if not, one question here on share liquidity. Share liquidity remains very low. Is there anything we're doing to improve that in the market?

Well, I think it's what we're doing today is part of it, continuing to share our story. We have some tightly held shareholders. So I guess we'll continue to do what we do. We're not focusing on the share price per se but focusing on developing the business and let the outcome of our business really drive the liquidity on the share price -- sorry, on our shares.

Okay. Very good. Any more from the room? Is it going, going, gone. No. We're in good time. So -- well, so it seems obviously ready to finish. So -- no, it looks like no more questions. So I will draw proceedings to a close here. So thank you, everybody, on the line for dialing in and staying with us for 3 hours. Thank you also everybody in the room. There will be some refreshments outside after the presentation here. And maybe then I'll just hand it to Roger to close.

Yes. Okay. Well, first of all, let me thank everyone because we've bombarded you with information. I will say that the slides were 200 slides. So we've spent the last weeks getting it down to the level it is, so it would have been worse than this. But just in the interest of your health that we didn't want to sit too long. But look, it's a great story. It's a game-changing story for us as a business. It's about really understanding it. We're -- we understand it, in our view, very well. We can see the potential. We've tried to translate that into 5 years, right? But like everything else, what Seplat always does, I think, is pretty conservative. It's pretty prudent. It tries to decipher and lay things out, everything else. So we're hoping for more as a business. It's exciting. The gas development is exciting. We're fully aligned where the government is going. Nigeria is moving, still complex, but it's still moving forward, and we're loving being part of it. So thank you, everyone, for listening. James is contactable at any time, I guess. Doesn't keep him up late at night. By the way, if you'd ask me what keeps me up late at night without sleep, it's Nigerian pepper soup, just to be clear. Okay, everyone, thanks very much, and enjoy your evening. Thank you.