Thank you for standing by, and welcome to the Horizon Oil Limited 2025 AGM. I would now like to hand over to Mr. Bruce Clement, Chair of Horizon Oil. Please go ahead.
Thank you. Good morning, ladies and gentlemen. My name is Bruce Clement, and I'm the Chair of Horizon Oil Limited. Before beginning the meeting, I'll acknowledge the traditional owners of the country on which we meet today, the Gadigal people of the Eora Nation, and we pay respects to their elders past, present, and emerging. I'd like to welcome you and officially open the Horizon Oil Limited Annual General Meeting for 2025. I'd also like to extend a welcome to those members who are joining us by webcast. Based on the number of voting members in attendance, I declare a quorum for the meeting. Before I commence today's proceedings, I'd like to draw your attention to the safety procedures for this venue.
Should you hear an alarm, instructions will be broadcast by the building wardens regarding what actions to take, be it to remain in place or to proceed to evacuate. If required to evacuate, please make sure you do not use the lifts. The evacuation point for the building is located at Wynyard Park and Margaret Street, as indicated on the map, just across there if you look out the window. I'd also like to introduce my fellow directors. On the left of where I'm sitting is your Chief Executive Officer, Richard Beament, and Nigel Burgess. To the right of where I'm sitting is Catherine Costello and Dr. Peter Goode. Unfortunately, Greg Bitter is traveling and has apologized for not being able to attend the meeting today.
Also joining us in the room are our Chief Financial Officer, Kyle Keen, our Chief Operating Officer, Gavin Douglas, and Company Secretary, Vaz Madjankakos. I note that Mark Upcroft, representing our auditors, PwC, is also available today to answer questions on the auditor's report in the meeting. Before beginning the meeting, or the formal business of the meeting, I'd like to ask Vaz, our Company Secretary, to outline today's procedures and protocols.
Thank you, Bruce. All resolutions will be decided by way of a poll at the end of the meeting. The meeting will consider the items of business outlined in the Notice of Meeting sent to all shareholders on 13 October 2025. There will be opportunities for shareholders to ask questions and will be confined to the formal business of the meeting. Only those persons holding a yellow or blue card are eligible to ask questions. Gemma Coyle of ComputerShare has been appointed as a returning officer. Following confirmation by ComputerShare, final proxy and voting results will be released to the ASX and the company's website later today. I'll now hand back to the Chair.
Thanks, Vaz. As there may be holders who may not be able to stay for the entire meeting, I now declare voting on all items of business open. Any undirected proxies in my favor as Chairman will be voted in favor of the relevant resolutions. The meeting will consider the items of business outlined in the Notice of Meeting sent to all shareholders on 13 October 2025. I'd like to start the meeting with my formal address. This will be followed by a presentation from our CEO, and there'll be opportunity to ask questions following Richard's presentation. We'll then proceed to the formal part of the meeting where the resolutions provided in that Notice of Meeting will be put to the members. I note that we have not received any questions ahead of the meeting on any of the items of formal business.
I will start by pointing out to you our compliance statement, a disclaimer which relates to today's presentations, which I would encourage you all to read. I'd also like to highlight that all references in today's presentation are in US dollars unless otherwise stated. I'll leave Richard to discuss in detail the company's financial results. However, it is worth noting some of the key cash flow outcomes for the year. This chart shows our EBITDA performance over the past few years and continuing to perform in 2025. It s upported a dividend payment of AUD 0.03 per share, total of $31.8 million during the year. Our cash flow performance and our balance sheet—I should have asked beforehand. I've got a phone. Turn it to silent. That's all right. That's all right.
Our cash flow performance and our balance sheet position places the company in a relatively unique position for energy companies of our size in being able to provide material distributions to shareholders as well as support funding for valuation of investment opportunities. Importantly, we have used our financial capacity to continue the implementation of the company's strategy. During the year, we delivered the AUD 0.03 per share dividend while completing the acquisition of the Thai assets, completed actually in July 2025, after the end of the year. Our strategy has remained consistent and focused over the five years I've been on the board. We've aimed to maximize production and cash flow from our portfolio of assets, including investment in opportunities within those assets that have delivered significant returns. We've provided distributions to shareholders totaling AUD 0.155 per share over the period.
Working within our strict financial discipline, we've executed major investments in our producing assets, and we've completed strategic asset acquisitions that have delivered additional reserves, production, cash flow, and material value to the company. As a company, our performance continues to be strong, as reflected in our share price. The chart displayed shows a comparison between accumulation basis over the past five years, showing the cumulative returns from share price and distributions over that period. Horizon has been one of the best performing companies on ASX, outperforming the 200 index and the majority of oil and gas companies on ASX. It reflects the benefit of our focused company strategy. At this point, we should recognize and thank the Horizon team led by Richard for their efforts in delivering these results. Their work across all our assets and new ventures has been critical to the company's performance.
I also acknowledge and thank the board for their part in achieving this performance. During the year, we've seen renewal within the board following the retirement of Mike Harding and Sandra Berkensley, and the appointment of Peter Goode and Catherine Costello as non-executive directors. I thank Mike and Sandra for their contribution to the board over many years. In particular, Mike provided outstanding leadership for the board and company in the six years as Chairman and contributed greatly to the healthy position we're in today. Richard will provide a more detailed update on our assets and the performance. However, I would like to reflect on the recent acquisition of the Thailand assets. It represents an important part of our strategy and highlights the disciplined and innovative approach the company has in building the business, as well as the capability of our Horizon team.
The Thai acquisition represented a $30 million investment for the company in which we acquired interests in two onshore gas fields in Thailand. Through the transaction, we acquired additional 2P reserves of 3.5 million barrels of oil equivalent (mmboe), which represents an additional 28% to our year-end 2P reserves. In the two months following completion of the deal, we added 1,700 barrels of oil equivalent per day (boe/d) to production, inclusive of planned maintenance activities in the fields. We saw a 28% increase to group production from the acquisition, with an operating cost base for the Thai assets of approximately $6 per barrel of oil equivalent. To complete the transaction, management identified and negotiated the deal with the vendor, ExxonMobil, completed thorough due diligence on the assets, established our credentials with and obtained approval from the Thai government regulator.
We arranged a finance facility with Macquarie Bank and established a new joint venture arrangement with our operating partner. The Horizon team is small, relatively small by other oil companies, but clearly very capable. We now hold a fourth cash flow-generating business in the Thai assets, and we've built new relationships in the region, particularly with the Thai government and the Thai National Oil Company. The longer-term success of the transaction will be measured in the performance of the asset over the coming years, although clearly initial performance has been good. Successfully executing the transaction, as well as the earlier Mereenie acquisition, does highlight the company's and management's capability and the benefits we've derived from financial discipline and focusing the company on delivering operating and financial performance. I'll finish by reflecting on where Horizon is positioned in this period of change, particularly in the energy industry.
Recently, we've seen a reduction in the Brent oil price to approximately $65 per barrel from an average of $73.60 in 2024-2025, and this will have some impact on the current- year performance. However, we continue to see forecast strong global demand for both oil and gas, as well as increasing domestic importance for gas in Australia and in Thailand. With the expansion and diversification of our asset base, I believe that Horizon is well positioned in this environment with our people and our financial position to continue to pursue our strategy, and I look forward to working with the shareholders, management, and the board to deliver more positive results for our shareholders. I'll now hand over to Richard Beament, CEO, to provide a review of the 2025 performance and details on each of our assets.
Hello. Thanks, Bruce. I would like to also welcome you all to today's Annual General Meeting. What a difference a year can make. This time last year, we had three production assets with permits running out really in just a couple of years with the exception of Mereenie. Today, we have five producing assets in four countries producing now about 50% higher production levels of around 6,500 barrels of oil equivalent per day. We have achieved that, as Bruce mentioned, while still paying those substantial dividends and distributions, which now amount to approximately of a billion AUD paid back to shareholders over the last five years. This morning, I am planning to sort of build on Bruce's commentary, give you a bit of an update on the strategy, assets, and the outlook for the company over the coming year.
First of all, how we've gone on delivering strategy, we've focused firmly on our three key pillars, with maximizing free cash flow really being at the core of everything that we do. We had continued strong production from our fields in FY2025, around about 1.6 million barrels of oil equivalent. That was really underpinned heavily by that additional Mereenie production that came through following the earlier acquisition in the prior year. That, combined with strong production from our other legacy assets, led to EBITDA of just under $56 million and indeed generated free cash flow of just under $36 million. With that cash flow, that helped us to deliver on our second core pillar: distributions to shareholders.
As Bruce mentioned, we've now returned AUD 0.155 per share over the last five years, and that's the fifth consecutive year of paying at least AUD 0.03 per share with a dividend yield of at least 15% per annum for five years in succession. D istributions continue to be a core priority. The last pillar, investing in production growth, I'll leave it to last, but really, it's fundamental to the future of the company. We did a number of infill wells during the year in Mereenie and in China in Block 22/12, together with workover activity and the Thailand acquisition . That helped us to deliver future cash flow, deliver that continued growth that we need to keep the business running. I can't leave it out.
A core highlight that happened just after the year-end was the award of a 10-year permit extension of our Maari fields, which gives us substantial more running room to continue to deliver cash flow from that asset. These results have all been done while still focusing on ESG, with strong ESG and safety credentials throughout the year, beating most industry benchmarks. We also continued our focus on emissions reduction as well as delivering on community support programs in all of the operational fields. I'd also reflect on our Mereenie acquisition and indeed Thailand both being gas production assets, core to the energy security of both the Northern Territory for Mereenie and for Thailand as well. We see gas being critical to the energy transition and also features as part of our ESG strategy.
If we just have a look at the assets then, and I'll sort of run through them. We've got a few more to add. I'll start with our foundation assets, Maari and Block 22/12, which continued to perform quite well. At Maari, we had workover activity and that all-important life extension, which has led to Maari production over recent months, in fact, being at some of the highest levels we've seen in over five years. At Block 22/12, we've continued to see strong production levels, and we've continued to invest in that asset with, I think it was five infill wells drilled throughout the year, together with some workover activity, which has allowed us to sustain production levels.
The focus really in Block 22/12 as we move forward is work on a water handling upgrade project, which is currently being commissioned and should be online early in the new year. We expect that will help us to continue to boost and sustain production rates from Block 22/12 as we go forward. We always continue to look also at other infill well opportunities in that asset, largely focused around the 12-8 East field, which came online in 2022. If we just look at the recent additions, and I'll start with our Australian asset, Mereenie, which came into the portfolio towards the end of FY2024. That asset's been a standout addition, as Bruce highlighted. We came into the venture, the deal completed in June 2024.
Shortly thereafter, we signed a six-year gas sales agreement with the Northern Territory government, showing how critical that asset is to the energy security for the Northern Territory. In January-February 2025 , we drilled two successful infill wells, which helped to boost field production rates by approximately 25%. It continues to be a solid performer for the group as we go forward and has a lot of running room. The joint venture continues to look at further infill drilling, leveraging the learnings from those earlier wells we drilled earlier this year. M oving to our Thailand assets. A number of you would have seen our earlier presentations on these assets, but for those less familiar, we picked up from ExxonMobil an effective 7.5% interest in the Sinphuhorm Gas Field, together with a 60% interest in the Nam Pong Field.
These fields are located in northeast of Thailand, if you look at the map there on the right. All of the gas from these fields supplies the Nam Pong power station, which relies 100% on the gas from these two fields. That power station provides approximately 20% of the electricity demand for northeast Thailand. It is a critical infrastructure asset for the country, and it shows the importance and strategic nature of that investment. The two fields, if we start with Sinphuhorm, the larger of the fields, that field produces at around about 100 million standard cubic feet per day (MMscf/d). There was a lot of investment made to sustain production rates.
Before we came in, they put in a large booster compressor, which you can see in the picture there, and that has really helped to boost production rates. They also drilled an infill well up in the north of the block, the infill well (PH14) , which is yet to be tied in, and there are plans to tie that in throughout 2026 to help sustain production rates right out through to the end of the concession. The concessions on both of these, and I guess showing how critically important these assets are, both assets are underpinned by gas sales agreements with the state-owned energy provider right out to the end of the concession, taking essentially all of our gas at market prices. The Nam Pong field, smaller by production volume today, but it was originally producing at about 130 MMscf/d.
It's in the latter part of its life, producing around 6 MMscf/d . We have plans now to install a booster compressor to further boost production rates, and we expect the addition of that could boost production rates by up to 50%. Whilst it's small, with a 60% holding, it still makes a material impact to the business. As Bruce alluded to, these are very, very low-cost production, around that $6-$7 per barrel of oil equivalent. When we're selling gas up here at $6-$7 US/GJ , it makes for very healthy margins and strong cash flow generation. As Bruce mentioned, it also gives us a great foothold up in Southeast Asia for further expansion if we find quality assets, and partnering with PTTEP and indeed Matahio has really put us on a different footing.
I just want to look now at the outlook for production and perhaps reflect on where we were just two years ago. This is really what our production forecast would have looked like had we just retained Maari and Block 22/12, and indeed without a license extension at Maari. You can see, really, we had about two or three years left of production, two or three years left of cash flow, and a very small window in which to get out there and grow the business. If we fast forward to today and what the outlook looks like, it's something completely different.
We've now developed an essentially diversified production portfolio, which extends robust production through the end of the decade and beyond, with geographical and product diversification, roughly a 50/50 split between oil and gas, diversified by geography, as I mentioned, helping us to balance the political risk of all the various jurisdictions we operate and the changing energy policies that we see occur around the world. Quite a contrast. Our priorities as we go forward are very clear. It's to continue to deliver development upside from all of our assets, but in particular in Thailand with the booster compressor project at Nam Pong and the PH14 well tie-in at Sinphuhorm. In Block 22/12 was that liquid handling upgrade, which is our immediate focus. M aintaining capital discipline and cash flow is key and indeed focused on prioritizing distributions as we have over previous years.
We believe that that combination of delivering cash returns to shareholders, growth, and low-cost production continues to make Horizon a very compelling investment proposition. Before I open the floor to questions, the results we've achieved really aren't possible without an extraordinary team. I'd like to thank, on behalf of the board, the executive team— Gavin, Carl, Hanne, and Vaz— together with the staff, and indeed our dedicated consultants for all they've done over not just the last 12 months, but for many years in helping us to deliver these results. I would also like to thank the board for their support and shareholders for their ongoing trust and engagement . With that, I am happy to answer any questions.
Thanks, Carl. Yes, Bruce, thank you. Sorry. A question on your production forecast. You had a layer of grey on the top, labeled other production opportunities. Can you tell us a little bit more about where they come from?
Look, it's a bit of a bucket. We can sort of go back to that slide. Look, it largely pertains to a number of our, what I'd call, nearer-term 2C or contingent resource opportunities we see in the asset. We've got further infill wells in Mereenie that we throw into that bucket, further drilling at 12-8 East in China, which is in that. In Thailand, we haven't added anything substantial into that bucket yet. We're still working through the opportunities there and seeing what's live in front of us. Yeah, it sort of captures a number of those buckets. Could we do better than that? Yes. Will we do all of them? Depends on oil prices and the maturation of those opportunities.
Thanks, Richard. Nice presentation, Richard. Thank you. Where do you see the oil price going in the next 12 months?
If I knew, I probably wouldn't need to be here. W e see there's a lot of competing supply-demand and geopolitical things at play. At current levels, $60-$65 per barrel is probably where we expect prices to remain in the near term.
Yeah, this is not under your domain, but can you explain why the price of petrol is so expensive at the moment? I mean, it really is. When you talk about $60 per barrel, it seems outrageous.
Not really my domain. Factors includes exchange rates , with the Aussie dollar remaining relatively week, refining margins, g overnment excise and texes .
I was just wondering, in the breadth of your activities, given global economic uncertainty, to some extent, it’s like asking Donald Trump where we’re going next, which everybody knows is hard to predict. I just wondered, how much of your portfolio carries political or operational risk? Specifically in China, Thailand, or anywhere else—are there any particularly conservative or high-risk exposures? Secondly, how much of your product is used domestically in Australia?
A few questions there. I'll , answer the last one first. O ur gas goes 100% from Mereenie into the domestic market. Currently, Mereenie supplies about 30-40% of Northern Territory domestic gas demand. That's certainly all Australian going into the Australian economy.
In terms of crude, Maari crude all goes into the East Coast refineries in Australia and has done for many years, either Geelong or Lytton. I think when we visited the refinery, they told us that it roughly a couple of percent of Australia's domestic refined product. Not insignificant, but it's important.
By the way, under any sort of government threats, more or less, or encouragement or discouragement, rather than buying bones, it's very hard to follow.
Certainly on the gas side, for us in Mereenie, we have an enormous amount of government support. It's mainly at the territory level. For those who sort of follow the supply-demand, what's going on in the gas market in the territory, there's a large offshore field, the Blacktip Field, which supplies roughly half of the territory's gas in conjunction with our fields in the south from the Amadeus Basin. That offshore field has had all sorts of problems so that they've been backfilling the domestic market with diverted LNG from the Ichthys project. The government in the territory, notwithstanding Barossa gas coming at some point, hopefully, there's an immediate issue right here, right now, in gas shortages in the territory. Our fields are seen as critically important, and we have a lot of support from the local government. At a federal level, look, they've said gas is key to the energy transition.
You will have read about the deal the federal government signed with the Trump administration around rare earths. One of those rare earth mines, the Arafura mine— is 250 km from our gas fields. T hey need to refine the rare earth. They need gas. They need high-intensity heat. That project will need gas, and it is federally supported. Join the dots, they will need considerable amounts of gas for many years to come. On your earlier question on risks in the various countries: in Thailand, we are onshore. We are providing gas to a critical power station, providing power right through that part of the world. Obviously, going into the deal, we are very mindful of ExxonMobil leaving and small companies coming in. We have pressed upon ourselves.
We need to be present frequently on-site to establish relationships with both the government and our partners. Safe to say, everything I've seen throughout this year has been very, very positive. We bring a breath of fresh air. I mentioned the booster compressor project at Nam Pong. ExxonMobil weren't doing anything. They weren't particularly interested in these assets—t hey were immaterial to the group. Us getting after it, helping them to deliver more gas to help them secure their energy security for the future has only been taken positively. China, we're always alive to the risks you're referring to. As I've said to a lot of people, we're essentially a domestic producer helping the Chinese to produce their own oil and, heaven forbid, prevent them from having to import it from the Americans or anybody else.
All we ever hear is they want more of it, and they want more of it out quicker. That only has boded very well for us over the more than a decade we've been in production, and we see that continuing.
This is not working. Okay. Thank you, Richard. Given there are no more questions, I'll move on to the formal part of the meeting. The Notice of Meeting has been sent to all registered members. I move that the notice of meeting be taken as read. The minutes of the previous Annual General Meeting have been approved and signed in accordance with the Corporations Act. A copy is available for inspection at Horizon's office should any member wish to do so. We'll now move on to the business of the meeting, which includes the resolutions to be put to the meeting.
Prior to each resolution being discussed, the proxies that have been received on that item will be displayed. As I mentioned earlier, all resolutions will be decided by a poll, and the live voting is now open on all items of business. First item, the financial report, director's report, and auditor's report is to be considered and to receive by this meeting those reports for the year ended 30th of June 2025. And the documents have been made available to all shareholders. There is no requirement for shareholders to approve these reports. Accordingly, item 1 is for discussion only, and there will not be a vote on this item. I remind you that only shareholders of the company or their duly appointed representatives or proxies are permitted to ask questions. Are there any questions on those reports? No questions.
We'll move on to item two, the adoption of the remuneration report. The meeting now considers this item for the adoption of the report for the year ended 30 June 2025. The board unanimously recommends that shareholders vote in favor of this item. The proxies received in relation to the item are displayed. The report is now open for questions. Do we have any questions? No questions. I'll move on to item number three, which is the election of Catherine Costello as a Non-Executive Director. Ms. Costello, having been appointed to the board since the last annual general meeting of the company, retires in accordance with the constitution and, being eligible, is nominated for election as a Non-Executive Director of the company. As announced by the company on the 2 July 2025, Ms.
Costello's appointment coincided with the planned retirement of Sandra Berkensley after the release of the company's 2024-2025 financial results. Ms. Costello will assume the roles of Chair of the Audit Committee and as a member of the Risk Committee following the conclusion of this meeting. I'll now invite Catherine to say a few words regarding her proposed appointment and her experience.
Thank you, Bruce. Good morning, everyone . Can you hear me? It is my pleasure to be appointed Non-Execuctive Director of Horizon Oil. Let me tell you just a little bit about myself and then why Horizon Oil. I'm an almost 30-year veteran in the resources industry, both operational and also at the corporate level. I love the industry, resources of all sorts. I'm currently working in the critical minerals industry.
Everything that's happening in the world at the moment is really relevant to not just my interests, but what I can contribute here to Horizon. I'm a finance and corporate governance professional, having worked largely with listed companies, both domestically and internationally. Importantly, I've worked across many jurisdictions with assets in many jurisdictions, which is really relevant here to Horizon because there are both positive and negative challenges that come with operating in jurisdictions that you just have to keep your eye on. That's something that I feel I can contribute to the management team and support the board with as well. I have a very strong passion for financial governance. It's in my DNA. As an independent director, I'll certainly bring that sort of integrity to everything that we do here at Horizon.
Finally, regarding Horizon Oil itself, I consider the company's strategy excellent . The free cash flow and production growth focus is really important. The strategy of also considering significant distributions back to shareholders and balancing those two. The ability to sort of strategically look at where we can grow the business is great as well. I've had significant experience with similar organizations, particularly around the M&A space and growing companies and looking at where we need to either divest and also expand. I'm looking forward to working with the management team and the board and supporting you as shareholders as an independent director. Thank you.
Thanks, Catherine. The proxies received in relation to this motion are displayed on the screen. The other directors, including me, unanimously recommend that shareholders vote in favour of the resolution.
An opportunity now for any questions on the resolution. Thank you. I'll now move on to item 4 , which is the re-election of myself as a non-executive director. I'm retiring by rotation in accordance with the constitution of the company. And being eligible, I'm standing for re-election. As I have officially stood down from the board right now, I now hand over to fellow director Peter Goode to chair this item for the meeting.
Thank you, Bruce. The proxies received in relation to the motion are displayed. The other directors, including myself, unanimously recommend that shareholders vote in favor of this resolution. There's now an opportunity to discuss this resolution. Vaz will read out any questions on Bruce's re-election before we invite those shareholders who wish to speak.
We've received no questions on that. Just open floor to any questions .
Let's ask if there's any questions from the floor. Okay. In the absence of questions, I'll now hand over to the Chair and give you the meeting back, Bruce.
Thanks, Peter. I'll now move on to item five. Item 5 is the renewal of the proportional takeover provisions contained in the articles of the company's constitution for a period of three years in accordance with the Corporations Act. Proxies received in relation to the motion are displayed. The other directors, including me, unanimously recommend that shareholders vote in favor of this resolution. There's now an opportunity for any questions on the resolution. Okay. No questions. We'll move on to item 6. Item 6 is the approval of the grant of deferred short-term incentive ( STI) rights to Richard Beament, Managing Director and CEO.
The approval of the grant of STI rights is part of the short-term incentive awards for financial year 2025. The details of the rights plan are set out in the Notice of Meeting. Proxies received in relation to this motion are displayed on the screen. Now is an opportunity for any questions on this resolution. Move on to item 7, which relates to an increase in non-executive director (NED) fee pool. The meeting now needs to consider the item, the approval to the maximum aggregate annual remuneration that may be paid to all non-executive directors in the company in any financial year commencing on or after 1 July 2025, be increased by AUD 150,000 in total from AUD 600,000 to AUD 750,000 per annum.
Article 11.2.1 of the company's constitution provides that the fees of NEDs may not exceed in aggregate in any year the amount determined by shareholders. The company's constitution also provides that this amount may be divided among the non-executive directors in the manner and in the proportion determined by the board. ASX Listing Rule 10.17 provides that a listed company must not increase the total amount of NED fees without shareholder approval. Current fee cap of AUD 600,000 was approved by shareholders at the company's 2009 AGM, and it's remained unchanged for the past 16 years. Fee cap is inclusive of any superannuation contributions, and non-executive directors do not receive any performance-related incentives or any retirement benefits from the company. If shareholder approval is not obtained, the current fee cap of AUD 600,000 will continue to apply.
Additional information regarding the remuneration paid to each NED for FY 2025 are provided in the remuneration report, available on the Horizon OIl website. Proxies received in relation to this motion are displayed on the screen. There is now an opportunity for any questions on this resolution. No questions were recieved. Finally move to i tem 8, which is the establishment of a NEDS share rights plan. The meeting now needs to consider item eight, approval of the grant of shares, share rights, and the allocation of shares in the company on the vesting of those share rights to all non-executive directors who elect to sacrifice a portion of their fees during financial years 2026, 2027, 2028, and 2029 under the Non-Executive Director Fee Sacrifice Rights Acquisition Plan.
The details of the NEDS share rights plan are set out in the Notice of Meeting. Proxies received in relation to this motion are displayed on the screen. Now is an opportunity for any questions on the resolution. Thank you. We are at the end of the items for voting. We will now conduct the polls. I invite the Company Secretary, Vaz, to advise the poll procedure.
Thank you, Bruce. Jim McCoyle of ComputerShare Investor Services has been appointed Returning Officer for this meeting, and I am satisfied as to ComputerShare's independence. If there is any person at this meeting who believes they are entitled to vote but have not yet registered, would you please raise your hand for assistance? Every member present in person or by representative, attorney, or proxy who holds a blue admission card is entitled to one vote for each share held.
The resolutions on which you are required to vote are items 2, 3, 4, 5 , 6, 7, and 8.
Thanks, Vaz. Would you please indicate by hand if you require more time to complete and lodge your voting card? That's okay. Any person who has not voted, please hold up your voting card. As all the papers have been collected, I'll declare the poll closed. Accounting of the results will take a little while, so I propose closing the meeting and announcing the results of the poll to the ASX this afternoon. Is there any other business that can be lawfully brought to the meeting?
A general question. Any other projects you have in mind that you're looking into or opportunities, or do you believe you've got enough on your plate at this moment in time?
Look, nothing that we are specifically engaged on, but we are looking constantly at opportunities. Yeah. Richard and the team have done a great job. We are not rushing. We do not need to rush, but we need to be prudent and disciplined about what we do, and we will continue to do that. Certainly, within our own assets, as Richard highlighted earlier, there are opportunities that we will be pursuing within those assets to boost. Your eyes are open. Yeah. Our eyes are open to other opportunities. Thailand was an opportunity that probably took some years to get to fruition from when we first recognized it. We will continue that disciplined approach. We do not need to rush, so we will not rush, and we are not going to pay more than we should.
Ladies and gentlemen, there being no further business, I declare the meeting closed. T hank you for your attendance. Please feel free to speak and with t he executives and the board if you have some time. Thanks, everyone.