Good morning, and welcome to the Serica Energy plc acquisition of portfolio assets in the North Sea investor presentation. Throughout this presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time by the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press Send. The company may not be in a position to answer every question it receives during the meeting itself. The company can review all the questions listed today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO Chris Cox. Good morning to you, sir.
Thank you. Good morning and welcome. I'm joined as usual by Martin Copeland, our CFO, and Andrew Benbow, our Head of Investor Relations. We're here to bring you some festive cheer today as we describe what is a great deal for our shareholders. Martin and I will run through a short presentation and then take questions. Please submit questions as we go along, and we will answer as many as we can. The deal we've announced this morning is positive for Serica for a number of reasons, and those who listened to our presentation when announcing the Prax acquisition may hear some repetition today. If it is repetitive, it's because we're seeking to deliver on our strategy in a consistent manner. This deal is very much in line with that strategy.
It increases our reserves, further diversifies our portfolio, and delivers material tax-efficient cash generation at an attractive valuation. Inclusive of the Prax Upstream and associated transactions, we are set to increase our reserves by more than a quarter and add materially to our production. The production we're adding is from high quality, high uptime assets that will improve our production stability and the reliability of our cash flows. This deal also brings us further optionality when it comes to our organic growth projects. Of course, we now know that the budget did not bring forward the date for ending the EPL, but it did give us better clarity on the future tax regime and on the regulatory process. We can still make investment choices by allocating our spend in the most tax-effective way to deliver attractive returns for our shareholders.
A 78% tax rate is clearly inappropriate, and even judging by the government's own oil and gas price mechanism, the successor to EPL, we are clearly not in a windfall environment. Notwithstanding the tax environment, we have a portfolio that is well-positioned. We are efficient in our tax structure, and we have tremendous organic growth options, and investing in those receives tax relief in year at the rate of 84.25%. We plan to give more details on these investments in the new year. As some of you may know, I was previously CEO of Spirit Energy, and so I know the assets we are acquiring in this deal, as well as many of the people very well.
I'm therefore delighted to bring the assets into the Serica portfolio and look forward to welcoming the Spirit people in Aberdeen and Hoofddorp into Serica in due course. I hope by now it goes without saying, but of course, our key focus with all our M&A is not just to get bigger, but to create and unlock shareholder value. We aim to do accretive deals that bolster our delivery of robust and reliable cash flow, enabling us to invest in organic opportunities which sustain and grow our production and create value, at the same time as continuing to pay a material and sustainable dividend. This deal delivers on all of those objectives. We're creating a more diverse, robust and exciting portfolio.
As you can see from this updated map, assuming we complete on all the deals we've announced, and by the way, there's no reason to think that we won't, we will have assets across all basins of the U.K. continental shelf, with the exception of the East Irish Sea. From the West of Shetland through Northern and Central North Sea, to now entering the Southern North Sea. We continue to build on what we see as an engine room of highly cash generative production assets, both operated and non-operated. We are also assembling additional exciting appraisal and development opportunities to add to those in our existing portfolio. This should allow us to cherry-pick and invest in those opportunities with the potential to create maximum value for shareholders in the prevailing fiscal and regulatory environment. Having a genuine battle for capital allocation is a great position to be in.
Whether that is infill drilling around Bruce, development of contingent resources west of Shetland and around Triton, to redevelopment projects like Buchan Horst, and even exploration like our Skerryvore prospect. Turning back to our portfolio, we are adding to these options with infill opportunities at GMA, Cygnus and Clipper South in the portfolio acquired today. As with the Prax and GLA deals, we're not paying for any of this potential upside. We expect to give more detail on these investment choices in a Capital Markets Day in early March, with further insight into the ranking, timing, and tax-adjusted economics of these options. Our portfolio is representative of the great potential that remains in the U.K. North Sea. We are as well-positioned as it is possible to be in the current environment. The recent budget was undoubtedly a missed opportunity to unlock significant wider investment by the sector.
It would be possible to really boost our world-class U.K. supply chain, support jobs and energy security, while also helping to contribute to economic growth should the new OGPM tax be brought in more rapidly than is currently proposed. We have today added some quality assets to our portfolio at an attractive cost of under $4 per 2P barrel of reserves . Given the effective date is the start of this year, and these are cash-generative assets, upon completion in the second half of next year, there is expected to be limited cash payable by Serica. Also, very importantly, in this transaction, we have negotiated that the cost of decommissioning the later life operated assets is retained by Spirit Energy as part of the terms of the deal. This represents the clear majority of all such costs and all of the nearer term spend that is due this decade.
Let's take a closer look at what we have acquired. The headline asset is the Cygnus field operated by Ithaca Energy. Bringing Cygnus into the portfolio means that alongside Rhum, we will have stakes in two of the largest producing gas fields in the U.K. We've also obtained a 25% interest in the Clipper South field operated by INEOS Energy and an 8.4% interest in the Shell-operated Galleon field. We also take on Spirit's operated positions across the Greater Markham Area, or GMA. GMA is a late life asset and although very largely in U.K. waters, is actually operated from the Netherlands. The area delivers around 7,000 barrels of oil equivalent per day of net production, and there remains some infill drilling opportunities which we will evaluate in the coming months alongside the other potential investment opportunities in our portfolio.
There are also a few minor late-life operated assets that together in due course with GMA, will give us increased operated decommissioning experience, but with the costs covered by Spirit. Moving on to Cygnus. I was fortunate to be involved with Cygnus during its construction and commissioning phases and during its first few years of production. Cygnus is a world-class gas field with predictable performance from both the reservoir and the wells. It is among the lowest cost producing fields in the North Sea on a per barrel basis, and has emissions which are less than one-third of the North Sea average. It has historically run with high uptime, the result of an efficient facilities design and good performance by the operators. Ithaca is currently executing a four-well drilling campaign of infill and step-out wells, and there is still more potential for future drilling.
Cygnus is a great example of the old industry adage that big fields get bigger. Clipper South is another high-performing field operated by INEOS. The field has already produced more than was expected at the time of project sanction with high uptime of over 99%. Recent seismic reprocessing has helped to identify two potential infill drilling targets. Galleon also has potential for future infill wells, but these opportunities are immature and will require more technical work. GMA consists of various mature gas fields tied back to the J6-A platform. The vast majority of production today comes from the fields which are in the U.K. sector. The J6-A platform sits just inside Dutch waters and the gas is exported by pipeline to Den Helder in the Netherlands. Support for the GMA operations is provided from a support organization based in Hoofddorp, just outside Amsterdam.
Two of the fields, Chiswick and Grove, still have potential infill drilling targets, which we will evaluate further in the coming months. Eris and Ceres are two single-well sub-sea tieback fields, which will be operated and decommissioned by Serica. I'll now hand over to Martin to discuss a bit more on the financials.
Thanks, Chris. As Chris has articulated, we're confident that through the acquisitions that we've announced in the last two months, we're delivering on our strategic objective of building a stronger and more resilient business and increasing the attractiveness of our investment case, especially as we move to the main market of the London Stock Exchange next year. Importantly, we're also achieving these objectives while ensuring we retain balance sheet capacity and liquidity to invest in organic growth from the exciting opportunities we see in the portfolio and in the assets that we are acquiring, where it makes economic sense to do so, as well as to deliver attractive shareholder returns through our dividends. The structure of the deal we are announcing today, as with the Prax Upstream and associated deals, have long historic effective dates from cash-generative assets and hence, help to support these objectives.
For the Spirit assets, we will benefit from after-tax cash flows generated by the acquired assets since January 1, 2025, economic effective date. As a result, we expect to have only modest cash outflow on completion to pay the consideration for this deal. When we combine this with the impact of the Prax Upstream and associated deals, where, as previously indicated, we expect to be net recipients of completion cash payments amounting to an estimated $100 million in aggregate. These M&A deals will materially strengthen our liquidity position in 2026. Of course, we will also benefit from the positive free cash flow generation from the Prax acquisitions and today's Spirit deal from their respective completion dates.
We expect that the business we are acquiring today alone will generate roughly $100 million of cash flow after tax and investment CapEx by 2028. As you may have noted from our RNS this morning, we are acquiring the Spirit assets through two of the newly acquired subsidiaries of Prax Upstream following completion of that deal last week. These businesses have significant carry forward tax losses, which differs from the position of Spirit and will enhance the cash generation of the acquired portfolio following completion. We plan to give more details on our overall 2026 guidance with our January trading statement, and as Chris indicated, to set out more on our capital investment, cash generation and associated funding plans at our Capital Markets Day planned for early March.
We can though be clear now that we're committed to running the business in a financially prudent way, balancing capital allocation into sustaining and growing our production base with shareholder distributions, and ensuring that we maintain discipline in the appropriate use of debt finance. As we've teased in recent announcements, our subsurface team are maturing a number of very attractive organic growth propositions in Serica's current portfolio, and these will be assessed against options in the assets we are acquiring. Moving on to the next slide. We continue to ensure that our medium-term cash generation and financing will enable us to invest, to generate good economic returns and to push out the date of decommissioning spend. We are also a responsible and efficient operator, undertaking our obligations to plug and abandon wells and decommission assets in a timely manner.
The portfolio we have now assembled comprises a range of different approaches to handling the decommissioning. While the scale of the decom has increased as we've grown the portfolio, we are among the lowest in terms of decom per barrel among our North Sea peers. The transaction we announced today follows a model similar to our BKR and Triton assets, where the vast majority of the decom spend liability remains with the historic sellers. In this case, Spirit will be retaining liability for all of the operator assets decommissioning costs, up to a cap set at 115% of the current estimate.
This covers all of the GMA assets and some of the smaller positions, and because the key non-operated assets, Cygnus, Clipper South and Galleon, are longer life assets, this decom support also covers all of the decom spend in the acquired portfolio, likely through the remainder of this decade. Although Spirit Energy is providing the financial backing, Serica will be responsible for undertaking the works, and we therefore see this as a good opportunity for Serica to grow its execution capability, a critical component of a U.K. Continental Shelf and wider upstream toolkit, while not actually footing the bill. With that, I'll hand back to Chris.
Thanks, Martin. Well, we have a really busy and exciting period coming up in 2026. We're pleased to say, by the way, that the scheduled Bittern pipeline works have been completed on schedule. With all that has been done by Dana Petroleum team over this year, we are cautiously but quietly confident of better times ahead and the ability to demonstrate much improved asset reliability and production from our newly drilled well stock. As indicated, we will be finalizing our internal work and communicating our plans for investment in the portfolio, which we expect to start with Bruce infill wells. We will then see phased completions of the GLA position from TotalEnergies, the Catcher and Golden Eagle assets from ONE-Dyas, and then the assets from Spirit Energy we are announcing today.
We also expect good progress on our corporate finance initiatives, both through a planned refinancing to fit with our reshaped portfolio and the investment opportunities we see, as well as through proceeding in 2026 with the planned move to the main market, which we had to postpone from this year due to the M&A opportunities we have secured in the second half of the year. We will, of course, ensure regular and transparent disclosure of all these plans as we move through the year, starting with our trading statement and 2026 guidance scheduled for the 21st of January. In the meantime, we hope that all our shareholders have an enjoyable and restful holiday period, and we will now, of course, be open to any questions you may have in the normal way. Over to Andrew.
Thank you very much, Chris and Martin. As always, we had loads of questions come in. I'm going to try and bunch them all together, to make it easier. The first one is relatively quick fire ones for Martin, I think, just to try and clarify a few points that people have been asking. The first question is, can you get preempted on this deal?
Yeah. It's, I mean, obviously a good question because clearly, you know, we're all, you know, aware that we announced the Culzean deal and we did get preempted on that deal. We obviously, when we announced it, we made it very clear that we knew that there was preemption on that asset. Yes, while we would like not to have been preempted, we were. But the good news on this one is that as with most assets in the North Sea, there isn't preemption on the vast majority of this portfolio. It's actually a complicated deal with lots of different parts, but on the parts that drive the value, there's no preemption provisions in it. There is preemption on one of the assets, Galleon, and on a very small part of the Markham field.
Those are, I mean, we only have 8.4% of Galleon in this, so it's not a key value driver. Essentially, there's a tiny bit of preemption, but it won't really change the story as regards to the value that we're delivering today.
Okay. Next, moving on to something that Centrica mentioned in their RNS. Their RNS stated they had transferred GBP 41 million worth of decommissioning liabilities. Are these therefore the later life liabilities?
Exactly. Yes. That number is a sort of undiscounted number in the future. Because that relates to obviously the assets that we are maintaining the decom on, which is the non-operated assets. A large bulk of that is Cygnus because it's the biggest piece in that, and that's really a long time out in the future. We're sort of talking mid-2030s at the earliest.
Moving on to a question about the cash flows that we are going to generate from this deal. Can you indicate if the GBP 100 million of free cash flow is from January 1, 2025 and includes the GBP 74 million consideration paid and any tax loss benefits or assumes by it?
Yeah. No, is the short answer. The way we always think about those things and the way we've guided it is we'll think about the pre-completion cash flows. I think what we indicated is we expect to see completion of this in the second half of next year. The reason for that is that it is a complicated set of assets, a couple of corporates. It's both the U.K. and the Netherlands. So there's, you know, there's quite a lot of partner consents. There's just a lot of process that we have to tick through. It's nothing terribly complicated, but it's a lot to do. We think about that as adding to what we estimate we'll have to pay at completion.
As we said in our prepared remarks, we think that will just be a modest amount at completion. The bulk of that consideration will be met by the interim period cash flows, which are of course after-tax cash flows. It's the net of what is received. The GBP 100 million that we gave an estimate for is assuming we complete around the end of Q3, and then looking forward to the amount of cash, net cash flow after tax and taking into account tax effects that we expect to generate from this portfolio from the period from then until the end of 2028, and that's the GBP 100 million. See, that's not the total, that's just the period through to 2028.
It's just to give a rough idea, and obviously there are a bunch of assumptions that go into that as well.
Was this a competitive process?
Maybe I'll pick that up. Yes, it was a competitive process in a sense. You know, people have seen, I mean, for Centrica, this Centrica/Spirit, this has been a kind of strategic move as they've sold another part of Cygnus earlier in the year to Ithaca, and then this essentially is the remaining E&P assets within Spirit. They will be concentrating themselves back to being the Morecambe field and going into carbon capture and storage. Yeah, they were marketing this asset, and in fact, I personally was aware of this for really quite some considerable time. In fact, our friends at Prax were involved, well, were advanced, I guess, on looking at this transaction.
When they went into administration and we obviously, you know, entered into the transaction to acquire them, we also entered into direct conversations with Spirit at that time and have been in conversation with them on essentially a bilateral basis since that time.
The last question, the quick-fire round is effectively GMA UK taxed?
It is U.K. taxed, yes. There's a tiny amount of it that sits in the Netherlands, and it is just that it's kind of operated out of the Netherlands, but really it, you should think of these as U.K. assets, and therefore it's U.K. taxed.
I'm afraid there's more questions to come for you, Martin. Get ready. Centrica used to be in a net cash position, however, the company is now in a net debt position. This could easily get out of control with all the purchases. Their words, not mine. Should investors be concerned?
I don't think it can get out of control with the purchases because these purchases are generating cash, not using cash. Hopefully we've tried to explain through, you know, the messages we've given. You know, as we complete on the deals we announced versus Prax, we'll be net recipients, not payers of around $100 million of cash. That's a cash inflow, not a cash outflow. On this deal, while there will be a modest amount to pay, it really is only a modest amount. Yes, it's true, we used to be in a net cash position. It fundamentally is not actually that efficient for a company to always be in a net cash position.
I think the reality is that we are now in a net debt position, partially because of the underperformance of Triton this year. We don't expect to see that same underperformance in the year to come. We see next year as being a year of very strong cash generation. That's a good thing, not least because we've got some exciting plans as to how we can invest a portion of those cash proceeds in order to generate further value for shareholders.
Moving on to questions about the government in the recent budget. People have said that they saw your interview, Martin, with Kathryn Porter. Well done on the lobbying. Do you think the government were listening, and did the budget outcome take you by surprise?
Should I pick that up? I can start that one. I mean, well, thank you for the comments on the podcast. Yeah, look, we and indeed the whole industry put a lot of effort in with the treasury. I think it's really clear that the Treasury was listening. I think it was very clear to everybody that, you know, they planted an article in the FT in some of that long run up to the budget indicating that they were going to bring forward the date for ending the EPL. Then something happened, and I think it's pretty obvious to anyone who lives in the U.K. what happened.
In the last two weeks in the prep to the budget, the debate went from the technical to the political. I think although the technical was very clear, and they understood that the economic value of bringing forward the end of that windfall tax, as Chris mentioned in his remarks. It's pretty obvious that we're not in windfall conditions. The politics of it, you know, ultimately didn't go in our favor on this time. I think we consider it to be, you know, a battle lost, but the war is still proceeding. We will be continuing to make that case, you know, as part of the industry over the coming months and as we go into next year.
We might not be doing it quite so outwardly and vocally, but we'll absolutely be continuing to make the case.
Yeah. I think the next question is one that Chris can take. Actually feeds quite nicely into that. Are you concerned that government is not going to approve new developments such as Kyle, Buchan Horst or Glendronach?
No, I'm not. Actually, I think the NSTA, so our regulator, is very keen to see developments go ahead. I was in a meeting with OEUK last week with the CEO of the NSTA, and he was at pains to point out, Stuart Payne is his name. He was at pains to point out that they're very keen to see the best developments go ahead. When we asked about, "Well, what about new rules? What about the change in legislation?" the answer was, well, nothing changes till it changes. So if you've got developments you want to do, crack on, was his words. I don't think anything has changed at the moment.
As long as you know we comply with the legislation, developments will still go ahead. Yes, we're waiting for final approval for Jackdaw and Rosebank, but I imagine those are going to come through quite quickly. Then you might see quite a few more on the back of that.
The next question is a bit of a follow-on to that, actually. You've done a number of deals in the North Sea recently, including Fynn Beauly and carrying on Skerryvore. Do you have any views on when these might be moved forward?
I mean, exploration's in a slightly different bucket. By the way, exploration has not been stopped by the government. What they've said is, "No new exploration." What they mean is they're not going to award licenses for people to go out and do wildcat exploration. Drilling exploration wells on existing licenses is still very much a possibility. In fact, we're under pressure to act on those kind of opportunities that we have in the portfolio. We have decision points coming up on both of those within the next 18 months. We'll see where we get to on it. Look, we have to evaluate them alongside all the other investment opportunities that we have.
They need to stack up, and we'll go through a ranking process and only invest in the best things.
Moving on to M&A. Are there more deals out there like this one?
We are constantly active in the M&A market. Hopefully that'll be obvious to people because you don't, you know, a deal like the one that we announced today doesn't just come about in a matter of a few days, right? We've always got a hopper of things that we're looking at various different levels of advancement. I mean, we certainly hope that there are deals as good as this one. We're excited about what we've been able to deliver with this deal. You know, hopefully we'll be getting a bit of a track record of being able to deliver on high quality, value additive deals. We expect to continue to do that.
Yes, I mean, there probably are more deals like this, whether they're in the U.K. or potentially internationally in the coming year. That will still be a very important part of the mix of what Serica offers to investors.
Do you favor gas or oil?
No. No is the answer. We favor adding value for our shareholders. We've said before that we're agnostic about gas or oil. It happens that the last couple of things we've done have added a lot of gas to the portfolio. But there hasn't been a deliberate ploy to only go after gas. Our focus genuinely is on how do we add value for shareholders? Look, the deal that we've enhanced today, I think it's fantastic for the, you know, less than $4, 2P barrel with over 75% of the decommissioning retained by the seller is amazing. When you ask the question, are there more deals like this out there?
I would love to think we could do another one of these, but it is an outstanding deal. Look, the thing we have in our favor, I think, and increasingly so, is we're a credible buyer. For larger companies, they tend to want to deal with somebody that's credible and somebody who's going to be able to complete the transaction and pay the bills going forward, including decommissioning. We are that. Now, you know, people are starting to come to us rather than us having to go out and seek deals.
That would actually be a nice way to leave it, but sadly we've got a few more questions, I think. Why is it going to take you such a long time to complete this deal?
I suppose I touched on that a little bit. It is actually an incredibly complicated deal, and I'd say hats off to my colleague Chris Boulter and John Stockdale, our GC, and indeed our advisors. This is a complicated set of documents that because it's multiple assets, it's got this decommissioning support, which makes it complicated. Each of its asset deals, each of the assets has partners, and the partners have sort of consent rights and which is normal in the North Sea. Of course, it's got some Dutch component to it as well as a U.K. component, so there's regulatory consents in both countries.
When we layer all of those things together, actually there's a Dutch Works Council process to go through. So there's just a number of different things that are, none of them is particularly unusual in their own right. It's just that when you put all of those things together, it all takes quite a long time. Now, we are extremely incentivized to try to do it more as quickly as we possibly can, as are Centrica/Spirit on the other side. So we'll all be working this as hard as we possibly can. But we wanted to put out a, you know, a prudent target, so that people could have a view of when we will likely get to completion. We'll obviously update people as that. As we get to relevant milestones, we'll update people as we go through it.
Thank you very much. Are personnel joining from Spirit, or does Serica need to hire more people to ensure it has in-house Southern Gas Basin and decommissioning expertise?
Yeah. Probably a bit of both. There are about 100 Spirit people that will come across to Serica. Roughly 20 of those are in Aberdeen, and the rest are either offshore at J6-A or they're in the Hoofddorp office over in the Netherlands. We get the people that we need to run the operated assets through this deal. We're still looking to grow our capability and, you know, we've done quite a lot of that over the last 12 months, and we'll continue to do that. One of the things that we lack at the moment as a company is decommissioning skills. We haven't done much of that as a company other than well abandonments. We will take on some subsea and facilities surface facilities decommissioning.
We need to grow that capability, and that's something that we'll be looking to do in the coming months, so that once we pick up these assets and we take over operatorship, we'll have that capability in-house.
Great. Another one for Martin now on the dividend policy. A couple of people have asked whether or not that is fine now that we are in debt.
Obviously we look at dividends as part of everything in capital allocation. You know, we'll get to that when we, you know, early in the new year when we look at the whole thing. As I said in my remarks, you know, we're seeing our priorities as being maintaining a sensible level of balance sheet strength. I think that, you know, suggesting that a company that has debt can't pay dividends is clearly wrong. I mean, as we know, nearly every company in the world that pays dividends also has debt, right? That's not necessarily a consideration.
What we will obviously do is look at the balance of our investment portfolio and the need to ensure that we continue to pay a healthy and sustainable dividend to our shareholders, and we'll balance those things. Obviously, we'll declare a dividend in the normal way, in line with our final results when we've finished that work.
A good spot from somebody on the call who's noted that in Centrica's announcement, they have a different value for 2P reserves. They have them slightly lower. I can answer that question. It's because we have an updated CPR. There's no real difference in view. It's not that we have any wild take on the assets. We just have a more up-to-date CPR than they do.
I think one of the things that's contributed to that is that we mentioned in the remarks that there's infill drilling going on on Cygnus, which obviously, you know, the timing they did theirs wasn't. It wasn't sanctioned. It's now sanctioned, so that will have made a reasonable difference.
A question now about whether or not we should expect a period of consolidation following all the recent M&A activity, and can we manage them all without dropping the ball?
Look, I'm not going to say we will stop looking at M&A. I mean, it's true that we need to consolidate and we've got quite a lot of work to do over the next 12 months to integrate the organizations that we're taking on as part of these deals. I'm not going to downplay that. That is a lot of work, and we've got some outside help to help us get through that process. As I said earlier, we think there's a window of opportunity in the U.K. that may close over the next 12 months. We will continue to look for opportunities that add value for shareholders. If it means we have to integrate one more organization into ours, then so be it.
Look, I've done a bunch of this in my career. We've got people helping us that have integrated businesses before. It's not rocket science. It's just a lot of hard work. Yeah. We're not going to stop looking at M&A, but it is correct that there's a lot of work to do to consolidate these.
Thank you very much. There's a last question. I think that an inevitable last one is how is Triton doing at the moment, and is the work complete?
All I can say is the work is complete. We had to do some repair work on a subsea flow line, and we said it would be completed around about the middle of December, and that is now completed. We now look forward to ramping up production in the coming days and weeks. That's about all I'll say right now.
With that, Chris, I think we've answered the majority of questions that came in. As always, I'm afraid that if there's any that I've missed, please do feel free to give me a call or send me an email. We will always respond to any call and email that we get as quickly as we can. With that, Chris, do you have any final comments?
Just to thank everybody for their attendance and attention. Like I say, I think we've pulled off a bit of a coup here. I think it's a great deal for shareholders. Adds a lot of value. Look forward to speaking with you. It's the twenty-first of January. We'll be giving our guidance for next year and a look ahead, and then a capital markets day sometime in early March will be probably the next times that we will talk. Thank you very much for your attendance.
Thank you very much.
That's great. Well, thank you once again for updating investors today. Could I please ask investors in next closed session, as you'll now be automatically redirected to provide your feedback so the management team can better understand your views and expectations. On behalf of the management team of Serica Energy plc, we'd like to thank you all for attending today's presentation, and good morning to you all.