Tullow Oil plc (TLW) Earnings Call Transcript & Summary

All right. I think we can get off. Good morning, ladies and gentlemen. It's 11 am, and we have a quorum present. I also believe we have some guests online from Ghana. So welcome. So I'd really like to welcome you to -- all to the 2023 Annual General Meeting of Tullow Oil plc. Firstly, I'd like to introduce myself. I'm Phuthuma Nhleko, Non-Executive Chairman of the Board of Tullow Oil plc. I'm at the location of today's meeting and acting as formal Chairman of the meeting. We also have with us today, Martin Greenslade, who is the Senior Independent Non-Executive Director, and Chair of the Audit Committee; Mitchell Ingram, who is Non-Executive Director and Chair of the Safety and Sustainability Committee; Sheila Khama; Non-Executive Director; Genevieve Sangudi, Non-Executive Director and Chair of the Remuneration Committee; and Roald Goethe, who's Non-Executive Director; Mike Daly, Non-Executive Director; Rahul Dhir, Chief Executive Officer; Richard Miller, Chief Financial Officer; and Adam Holland, on my right, who is our Company Secretary. We also have with us the representatives of our auditors, Ernst & Young and solicitors Dixon Minto, also present. Thank you very much for joining us today at Tullow's AGM. We are delighted to welcome shareholders in the room with us. And I'm also pleased to report that we've made use of technology to allow our shareholders to also participate in the meeting via the phone link, as I mentioned earlier and be able to vote on the resolutions online. We'll do our utmost to make this a worthwhile experience for our shareholders. The format for today's meeting is that I will chair the meeting. And Rahul, our CEO, will provide an update on the business. This will then be followed by a question-and-answer session, after which we'll then move to the formal part of the meeting as we vote on the resolutions we've put forward. All proxy votes received by post or online ahead of the deadline will be included in the results. All the votes taken today will be taken by a poll rather than on a show of hands. It is intended that the results of all the votes will be announced to the London Stock Exchange and published on the company's website as soon as possible after the conclusion of the AGM later today. So ahead of handing over to Rahul, I would like to take the opportunity to thank Mike Daly on an extreme right here, who will be stepping down from the Board at the end of the AGM after Mike has served 9 years on the board. Mike's advice and deep geoscience, expertise have been very -- have been valuable to the Board and to Tullow. Thank you, Mike. So I'll hand over to Rahul, and he'll go through the report. Yes.

Okay. Well, thank you, Phuthuma, and good morning to all. It's a pleasure to be here. And what I really wanted to do at the Annual General Meeting today is to reflect on the progress that we've made really since our last meeting, which was also here last year. And also, I think just to convey and emphasize the conviction that we have around the business, which is really on a path from recovery to now growth. And in that sense, I think we find ourselves today at a very important inflection point. If you look back last year, we've had very strong operational and financial performance, and that really provides a foundation, I think that will enable us to deliver consistently free cash flow. And I think with that, we've really created a very unique set of assets and capabilities, which will drive growth and value as we look forward. So -- but let me start with 2022. I'd outlined this in our results in March, but it's worth emphasizing that '22 was really a year of strong business and operating performance. I think -- well, we believe the cornerstone of any performance really is safety. We had the second consecutive year of industry quartile top safety performance. We had no recordable incidents or no Tier 1 or Tier 2 process safety incidents. And that really underscores and underpins the kind of the operational focus of the company. I think there are some other milestones that I just want to highlight for you. So production-wise, we did over 61,000 barrels of oil per day. So that was about 6% from the previous year. And importantly, we did nearly $270 million of free cash flow. All that led us to an acceleration of the deleveraging. So we ended the year at about -- at a net debt of $1.9 billion. Importantly, we look at gearing, which is net debt divided by the operating profit to EBITDA. And we hit that target of below 1.5x. We achieved that target 3 years ahead of plan. So that was quite an important thing. And I think as we'll talk more, deleveraging is a very key part of our value creation process now. I think the other thing to highlight is a very strong drilling and completion performance. So we accelerated the drilling program in '22 and that ahead of schedule. And we drilled 4 Jubilee wells and we had 2 Enyenra wells that were brought on stream last year. The other notable thing last year, which is part of our transition was Tullow taking over of the O&M, the operation and maintenance of the Jubilee FPSO, which has traditionally had been with MODEC. And I think the important thing for us is one is strategically, it really builds a lot of operating capability within the company, but also as we're seeing this year as well, drive a much better cost and operating performance. We had the first commercialization of the Jubilee gas in Ghana through an interim agreement is a small uptick in price, but we actually got non-zero price. I think it's an important step towards agreeing a long-term commercial agreement for future volumes, and I'll talk more about that as a key value driver for the business. We do a lot of work in terms of creating value for our host nations and last year it was no different. We delivered over $450 million to our host governments in taxes and royalties. Strong focus on local content. So we spent nearly $175 million through our local suppliers. The other thing which we take a lot of pride of, and I think you do as well as shareholders is our focus on shared prosperity and really the social impact we have, and last year, again, we had -- just to share you 1 statistic, we supported over 6,000 students in our host countries through STEM and -- STEM scholarships and other education support programs. The other thing we're very focused on is our journey towards net 0 by 2030. And just to put it in perspective, we're ahead of most companies in terms of the timing of that commitment. And 2 big drivers there. There is work going on to eliminate routine flaring in Ghana by 2025. That's going to be an important driver of reduction of our carbon footprint as well as we signed a letter of intent with the Ghana Forestry Commission which is for our nature-based carbon offset project. And that's quite a kind of exciting project. We've taken the decision, unlike many others to not buy the credits but to originate those ourselves which allows us at the same time to have drive social impact as well. So that's a bit on '22, focusing on '23. I think I've said this before, '23 is an interesting year. It's a year of almost 2 halves. And the kind of inflection point where I keep coming back to the word is really around the major milestone of the Jubilee South East Project, which remains very much on track for us to get it on stream around the middle of the year. Why is that a major milestone because it allows us to achieve a real step change in production on the Jubilee field. We expect to exceed the first quarter, Jubilee was about 72,000 barrels a day. Second half, we expect it to exceed 100,000 barrels a day gross. And that will enable us at Jubilee to average about 95,000 barrels a day. To be in perspective, Jubilee has been producing for, what, 10, 12 years, right? And if you remember 3 years ago, it was producing about 70,000 barrels a day. And this is really kind of showcasing the focus we've had on the assets, the quality of the asset and the resource and our very disciplined investment program. Our forecast CapEx for the year of about $400 million is heavily weighted towards the first half of the year. So what you can see then is in the second half, you get lower CapEx relative to first half you get a step change in production, and that's really sort of kick starts this free cash flow generation from the second half of the year and beyond. And that's why I think for your company, this is a really important time because a lot of people have talked about when does the free cash starts coming on a sustainable basis. And people have used this term kind of jam tomorrow and what I'd submit to you is that is kind of jam today now. I think there's some other key updates I wanted to share with you. Excitingly, we -- I think it was yesterday, day before, actually. We had the first of the 5 Jubilee wells that's meant to come on stream was brought on stream. And that's coming at initial rates of about 17,000 barrels a day, and that was above expectations, but gives you kind of a sense of the order of magnitude of some of these wells that they contribute. We've got 3 Jubilee South East producers and an injector to still to come on stream. So that's really what underpins the confidence we have about production ramping up in the second half of the year. I think some other updates is in the first quarter of '23, we had -- net production was averaging about 53,700 barrels per day. The guidance is about between 58,000 and 64,000 you say, well, look, that seems quite low. But again, we -- this is always kind of -- it's a little bit lower than what we expected in the first half. But is more than made up for where we see the second half is going to be. So we're still pretty confident in terms of the production guidance. Jubilee first half was lower than we expected, and this is really driven by reduced water injection. We had issues with water injection going back last -- back into last year. And on top of that, as we're drilling infill wells, we tuned down the water injection to manage pressure in the field, and that had a slightly bigger impact. So both are reversed. We've got a pretty decent understanding of the issues, and that's been okay. I think TEN has been very good. It's kind of held flat. If you've heard me talk about this before, we said, look, a lot of the story in TEN in the near-term is about managing the decline. And I think the team has done a great job. We held production at about 20,300, which was pretty decent there, and the non-op business delivered 14,000 barrels, 14,500 barrels roughly, that's kind of very much in line with expectations. The drilling program, again, the team does a good job. We've drilled 3 Jubilee wells were drilled 2 completed and the third completion is underway. And the well complexity is getting harder. But I've been pretty impressed with the team and their discipline around that. The other thing which we've been very busy with is this very good engagement with the government of Ghana. This is ahead of the planned submission. It's a formal submission of what we're calling an amendment to the TEN plan of development, that's an important milestone for us with TEN because it's also tied into securing a multiyear gas sales agreement. And that's really the goal is to try and get that done by midyear. Why is this important? Again, we've talked about the disappointments historically with TEN, we're drawing a line under that historic kind of disappointment. And I think what the POD, the amended POD does is it sets out a very clear pathway for creating value from the [ TEN fields ] and that's an integral part of that is a commercial agreement for long-term supply of gas from the TEN in Jubilee fields. I think an important thing would be a long-term commercial agreement for the gas would allow us to book reserves as well, somewhere in the range of 150 to 200 Bcf net on TEN. So material and obviously, naturally quite a big focus for us. I think the other thing which we've been active is in terms of restructuring our portfolio. So we had announced a couple of weeks ago, a swap with Perenco. And really, the idea there is in Gabon, we had a large gut a dispersed ownership stake. And I think from a team's perspective, not really able to add huge amounts of value and what this allows us to do is really build the core position around the Tchatamba infrastructure, where we see a lot of potential, particularly around existing infrastructure and adding value through infrastructure-led exploration. So that's very consistent with the strategy. So we're excited about the future there. I think we've talked a lot about hedging in the past and where the company was forced to kind of hedge. A lot of those hedges are coming off. So we've got 60% upside exposure for the rest of the year. The other big things I've focused on Kenya, 2 big things. So 1 is we had submitted the field development plan to the government of Kenya and that review is underway right now. The process there is going to be -- the regulator goes through that and submits it to the Minister for approval, who then takes it through the cabinet eventually for ratification with the parliament. I had a conversation yesterday with the Minister, and he's very supportive with the plan as we see it. Also, you would have seen yesterday a simultaneous announcement from ourselves and from Africa Oil. Africa Oil, along with Total, announced a decision to withdraw from Kenya. I think as you reflect on that, 1 -- a couple of things. One is that they're very clear. They like the project per se, but it's not a strategic fit. And they've been very clear about seeing that. I think from our perspective, it's a good thing in the sense that it allows us complete control in terms of, a, how we drive the engagement with potential strategic partners in the short-term and gives us flexibility as we look at how we structure the deal, and also, it's -- once the partnership is in place from an execution point of view, it's a much simpler partnership to do. So I think I'm pretty comfortable with that. We had a good discussion with the Board and very, very good support from the Board as well in terms of continuing to drive the way forward on that. The other thing which you saw back in February is that we filed 2 arbitrations with respect to disputes with the Ghana Revenue Authority, these were filed with the International Chamber of Commerce. We have a strong view. These are without merit, and we've got a very high confidence and strength -- in the strength of our cases. And -- so that certainly kind of allows us to take a very formal step around this. And naturally, given the relationships we have in Ghana, we're obviously open to engaging with the government and see if we can find an amicable resolution. But we certainly kind of -- this is, from our perspective, kind of a base case and puts us in a strong position to -- for any discussions that may be there. So that's a little bit on the business. Let me just come back to kind of the changes in the Board, and we -- person who's missing today is Jeremy Wilson, Jeremy was at the Board for a number of years and had been for me, personally kind of an important guide and mentor as I came into the company. So certainly going to miss his counsel, echo Phuthuma's thanks to Mike, Mike leaving after 9 years at the Tullow board. And again, for me, personally, he's been a tremendous kind of thought partner and adviser. So I'll certainly kind of miss his counsel. I'm very grateful to both of them for all the help they've given me over the past 3 years. I was very pleased that we confirmed Richard as CFO and he's already making a very significant contribution -- always made a very significant contribution to Tullow. But certainly, he continues to do that and has been a real partner. And importantly, I think from the Board's perspective and your perspective, somebody who kind of challenges me as well as supporting me. Very pleased also with the appointment of Roald as a Non-Exec Director. He joined us earlier this year, Roald is a shareholder. And in fact, I think, I first met him in this room and during COVID in probably September of 2020, I think. And it brings a tremendous amount of experience to the Board, both in terms of Africa and the oil and gas business. So really delighted to have him on our Board. I think as we look forward, there are some very material catalysts to unlock value. And I think we have a lot of confidence in the business plan that we've laid out. And really, I've said this before, there's not many times in life that you have clarity around what you need to do to deliver value. And I think we're in that point. One of the most important catalysts for us is right in the near-term over the next few weeks, which is about increasing the Jubilee gross production to over 100,000 barrels a day. The catalyst for that is the completion of the Jubilee South East infrastructure, very much on track of getting that done around midyear. Along with that, we're keeping a very relentless focus on production from the remainder of the fields. And I think this, coupled with the focus and the discipline that Richard and the team have on cost and capital, I think, will really transform our cash flow generation in the second half of the year. I touched on this before, and I said I just reiterate that long-term gas supply agreement with the government of Ghana for development of indigenous gas, I think is transformational for Ghana, obviously, because it will provide them energy security at a reasonable cost, but it also unlocks in the revenue stream for Tullow and our JV partnership. I think Kenya, really, we've doubled our [ 2 series ] source of Kenya, right? Just make no mistake, right? So we've gone from 50% to 100% on a proven resource base. And so we will create value from that, there is very, very minimal capital outlay there. So that's a very, very critical option where we are not spending a huge amount of capital. So that, to me, notwithstanding the time that it's taken and the sort of the patience that is required. That remains a very important value driver for us. I think Tullow's exploration strategy. I think historically, you've known that Tullow is a real explorer, and I think today, I'm pleased to say that our exploration strategy is really well aligned with our very -- our strong focus on cash flow generation. And really, it's underpinned by an exploration-led strategy. I think that will maximize value around our production assets in West Africa, where we do have a differentiated understanding of the subsurface and access to infrastructure, which then allows you to convert these into cash flow pretty easily. And also, you still have the positions in Guyana and Argentina, which are quite material, and they provide optionality without a lot of capital exposure. So I think there is enough around the business itself, which is what I call material catalyst to unlock value. I think the other big driver is really giving confidence to the market around our ability to address the debt maturities and to position the business for a successful refinancing. That's probably kind of in the near-term is another very big catalyst. And I think Richard and I've talked about this before, we're very much on track to deliver in excess of $800 million of cash flow between this year and '25, that's at $80 a barrel, right? That -- if you do the math, that brings you very comfortably to our goal of being a low debt business with cash getting of below 1x. So that's very much kind of -- once we get this Jubilee South East infrastructure behind us, very much on that sort of path of what I call jam today. And I think giving people conviction around that and showing material progress in managing the debt maturities, I think, is an important -- very important driver, which I think we, as a Board, are very acutely aware of very focused on that. And I think once we're at that point as a business with the quality of the assets that we have, it positions us, gives us the financial flexibility at that time to look at value-accretive opportunities, but also to consider future shareholder returns. So I think we remain confident about where we are. I think the '22 has been a strong year. So the confidence is well placed. I think we have visibility around what we need to do. So -- and we just got to head down and deliver that. So in the meantime, I want to thank you all for your support, I think, patience. I think that's been the key virtue. But we think we're at a critical inflection point. I think the host nations and our host communities have also been very supportive, so we really do want to appreciate that as well, along with very importantly, our team. I'm really proud to say that there's a real sense of ownership and accountability across the organization. And the energy and the focus that people bring is for me and my leadership team, I think it's truly inspiring. So I want to thank them as well. With that, I'll hand you back to you, Phuthuma.

Well, thank you, Rahul, for that comprehensive report. We'll now take questions on the performance of the business or any other matters that you may want to raise? Just to remind you, if you do have a question or any -- on any of the individual resolutions, now is the time to ask them. So I'll pass on now to our Company Secretary, Adam Holland, who will manage the Q&A session.

Good morning, everyone. My name is Adam Holland, and I'm the Company Secretary of Tullow. Shortly, we'll be firstly, taking questions from the room. But for the benefit of those shareholders who are participating remotely, via on the teleconference. Just got a few words. So thank you for joining online. I hope you found it easy to join, accompanying the instructions on how to join the meeting online. You will have also received instructions on how to submit in writing, so now the time to please submit any questions that you may have relating to the business and you can send in your question using the Q&A message box function. And you can type your question in the box on the right-hand side of the web page and then press click send. So after you've done that, I will read out any questions for all the shareholders here in the room to hear and then the Phuthuma as Chair of the meeting will then answer or direct your question to 1 of his fellow directors. If your exact question is not read out by me, it will be because your question asks for the same information as another question that I've already read out. And we may not respond to all the questions which are perhaps unrelated to the business of this specific meeting but we will take such questions into consideration as we prepare the trading statement and operational update to be released in July 2023. But if anyone has any questions in the room, please raise your hand, and 1 of my colleagues will pass you the microphone.

I had 2, please. One would be you can comment on sort of your latest stance regarding the capital structure and the plans to address it? And then the second would be any color on Kenya because on the one hand, it seems like there are interested parties. And as you said, this has substantial value there. But on the other hand, it seems like some of the partners have given away the [ stake ] essentially for free. So just how to sort of think about that and that sort of almost yes, yes, that situation.

Right. I think on the capital structure, I'm going to ask Richard to deal with that. And then, Rahul, will you respond to Kenya.

Yes, thank you for your question. So we made significant progress over the last few years in regards to the capital structure. We've got -- as Rahul says, we've got gearing down to 1.3x, which is sort of 2 years, 3 years ahead of our original target. There is still some way to go. The cash flow that we see generated between now and the end of 2025 will go a significant way to addressing that and getting us to a position where we're comfortable both with the gross level of debt but also the sort of the gearing against the earnings of the business. In terms of our plan for this year, the real focus is very much on addressing the 2025 maturity. To give us the time and sort of breathing space to allow that cash flow to develop and allow the catalysts that Rahul outlined to be delivered, that will set us up for a successful refinancing of '26, so very much the focus this year is on addressing the '25 maturity.

So I think on Kenya, maybe just go to first principles, right? It's a big resource, very well appraised. It's a relatively low-cost development. We've said publicly the all-in cost on a per unit basis is about $22, right? That's including the pipeline transportation tariff as well as CapEx. So it's an exciting resource from that point of view. Our partners have different strategic imperatives. I think if you look at Africa Oil's press release, they've been very clear about their view on the asset, which is different from what they, as a company strategically are looking to do. I think Total came into this project indirectly and it's not -- has never been really a material position for them. So it's not a -- I think it's not a sort of a strategic secret that for both of these companies [ that make ]. So I think from that perspective, it's -- their moves are well understood. The process from a farm down point of view, I think, is a long process. I think we are -- last year, we were impacted by the fact that you had elections in Kenya. So if you were a potential counterparty coming in, there wasn't really a host government that you could engage with. I think -- since this year, we've been very impressed with the -- both the access and the engagement from the Kenyan government around getting the project done. So I think from our vantage point, we see this as quite a kind of strategic opportunity. I think an opportunity to put it simply for us to double our 2 [ series source ] with no additional kind of impact other than the near-term sort of how we manage the incremental spend. But remember, in Kenya, we're managing our spend pretty carefully. So we're not spending very much money anyways. So I think the way I look at it is from a shareholder perspective, it's -- there's not a lot of value to Kenya and the share price per se. But without spending a lot of money, if we can unlock a tremendous opportunity, I think, why would we not do that?

I think there's a gentleman at the front and then a gentleman right at the back after that.

Can you hear me? Yes. My name is [ Raj Sharma ]. I'm coming from Internet Investor. I have got 2 questions. One is on the Resolution #2, you have lumped in so many things together like renomination, annual report and everything. Would it not be a good practice to sort of separate them so you can elect to work on them individually. The second is the issue of the company's performance on Page 82, it shows how the shares is comparing to the [ FTSE ] 250. It's completely down. It's a very, very poor performance. Although we have had some rosy picture of our future and our development, it does not sort of relate to what our performance is. Is there any plan or anything tangible you can tell us rather than hope and aspiration. So we can achieve the better value. I've been an investor since 2011, and I've paid a very high price, and this was part of my pension plan. And I'm very concerned about the deterioration of the value in the share. Also, I'm looking at the future of the company. A lot of companies are now looking at alternative energy supply. People are looking at hydrogen, electric, and we are dependent only on fossil fuel, although there is a serious demand in the East for that at the moment, but that will diminish eventually. So what is the company's plan for sustainability in future?

Okay. Those are 2 very pertinent questions. I think as respect to the resolutions, I'm just going to ask Adam just to elaborate a little bit on that. And the question on performance and putting the share price into perspective, Rahul, maybe you can outline some of the factors that we believe are impactful on that because it's a pertinent question.

Thank you very much. So in relation to your question on resolution 2. So the format of the resolution follows sort of market practice and the corporate governance code for -- and resolution 2 is really related to the past 2022 and the remuneration-related matters there. And then separately, you'll note that this year, different to previous years, we've got Resolution 3, which is really about the directors' remuneration policy that we're proposing for going forward. So really, Resolution 2 is focused on 2022 performance and what the executive directors were paid during that period. And Resolution 3 is separated. And going forward, is the remuneration policy that the committee is proposing for the next 3 years.

[indiscernible].

Well, thank you very much for feedback, and we'll take that on for next year.

Thank you, sir, for your question and challenge as well. So I joined the company 3 years ago. And you would, as a shareholder, remember, we faced almost an existential crisis at that time, around unsustainable debt levels, very poor operating performance a very high cost structure and a real loss of credibility in the market. I would say today, we brought our debt levels to and continue to do that, and we've outlined the plan to bring the debt levels to what I would call a low debt company. That is a journey that we're on. We have turned the operating performance of the business. You can see that as evidenced in the consistent whether it's drilling performance, the uptime the business has the growth in the production, and I'm very pleased to say we brought in a lot of cost and capital discipline, right? It's -- these things have taken time, but I think we've had a lot of support from the organization and the team to do that. So today, I could say with some confidence, and we've been through this, being able to shine the spotlight on the underlying quality of the resource. I think in this business, I've been doing this for a long time. It's very hard to find good quality assets. I think we're very blessed with the quality of the resource that we have. And I think our responsibility is to be able to unveil the potential of that. That potential is evident in terms of the cash generation that potential is evident in terms of the production, right? You can't hide that. How it manifests in the share price, I think, is a journey. And Richard and I spend a lot of our time thinking about this because we're shareholders as well. And we feel a sense of responsibility to what you're saying. I think there are 2 or 3 simple things in my mind. One is trust. It's easy to lose trust. It's very hard to rebuild it. The only way that I know to rebuild that trust is through consistent performance. That's what we're doing. And I believe at some point, not just yourselves, and thank you for your support, but other investors will start to believe that Tullow has good assets and good operating performance. The second one, I think, is tangible, which is around giving confidence to the market to stop worrying about the debt. I think the numbers are there, but we have to take more actions to reinforce that. The third thing, I think we have a very clear sense of steps that we need to take. So I talked about the Jubilee South East which will bring a step change in the Jubilee production. I talked about the plan of development for TEN, which will give people a sense of what the value of TEN is. So I think we have a very clear sense of what needs to be done. Many of these are not easy, but the assurance I want to give you is that, a, we have clarity on what needs to be done. We're doing it our utmost to do that. So I think with those 3 things, as a shareholder, that's I'm very committed to driving that. But I think that's -- so we have -- like I said earlier in my comments, it's not often that you have that clarity. I think we have the clarity of what needs to be done.

[indiscernible] But if you compare with the similar companies, their performance is miles better than Tullow's. So the evidence is not there of what you're saying. But although you're saying that you're giving us a hope rather than fact. The fact is we are not performing as good as we should or we ought to have done in comparison with other companies in the similar freight. And that is a fact. And you can't argue with the fact. You can hope things will get better. But the thing is, at the moment where we are stood, the performance is very poor. If you look at the chart, and you can see how diminishing the value is compared to the other companies in a similar field.

No, I -- 100% agree with you.

Can I add? Maybe I should just add 1 point that whilst those things are very true, of course, capital structure, I think, as Richard has said, is very, very important. And distinguishing between operational performance and the capital structure is a very, very important distinction, which other people may not have as high a leverage, which is a big concern. So -- but I think the points are well taken, and I'm sure will absorb. The gentleman at the back.

My name is Mr. [ Leon Bone ], old shareholder. And at 1 time, value of my share was [ GBP 42,000 ]. The value of my share at [ GBP 42,000 ], I can prove that to you any time. The question I'll be asking you I would like it in writing because I don't believe on word, the Chief Executive is saying. He can fool yourself but not me. Two years ago, you had a cash, when I say you, I mean the company had a cash flow problem. Most companies, when they have that problem, they do a rights issue, which you did. And at that time, the share price was [ 120 ]. I research for the last 2 years, I send this message with the Computershare people to say, I cannot find no way on your financial document that what you have done with the money raised is with the money raised under rights issue. I cannot find it. Computershare could not do it. They would tell you that I asked for that last year. Thirdly, I don't believe a word saying I'm telling you that now. I'm not saying you're lying, but I don't believe a word you're saying. I'm talking about the financial man. If people and the largest shareholder, which some of your visitor may not know, is Royal London and all Standard Life, they don't believe what you're saying or they refuse, I ask them why they're not purchasing more shares, which is about 28p, 29p, which is a shame -- they said they have no confidence in the company, especially the Chief Executive. He said, all he does his stock, and he's been talking for since morning. And for me, with a little bit of brain I have don't make one sense. Like the man is saying, you're hoping what you're saying makes sense, but it does not. I don't want you to answer my question because I don't believe I want you to write to me. My name is Mr. Leon Bone and the registrar would supply you with my address. But I tried for years to find out what happened. I want everybody to hear this, where the rights issue went. I cannot find it and it take months to find it. Computershare supplier that information that a request that you never respond. This is a beautiful place. I challenge you that I would pay to [ common work ] here. I would pay -- if you understand what that language means to pay the common work here, it makes good sense. And the third and final question, when you did the explanation with a 3D in Guyana, you said the oil and the gas was not commercially viable. So you close down the oil and the gas pipe. That is about 2 years ago. Right now, let everybody who is not aware of what is happening right now, the demand for oil and gas in Guyana is viable. That's why Exxon Mobil, said for the next 30 years, 40% of the profit would come from Guyana, and you closed those well. I try to investigate where your office is in Guyana, I cannot find it. There is nobody there. So those are the questions. I don't want you to answer on the phone. I want them in writing. Thank you very much. Because when you speak it make me feel despondent.

Thank you, sir, for your...

I don't want you -- can you give the gentlemen my name and address for him to write these questions.

Thank you for your comments, sir.