Hello, and welcome to the Plurro Energy Fourth Quarter twenty nineteen Results Call. My name is Courtney, and I'll be your coordinator for today's event. Please note that this call is being recorded. And for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions.
This can be done by pressing star one on your telephone keypad to register your question. And And I will now hand you over to your host, John Hamilton, to begin today's conference. Thank you.
Thank you, Courtney, and good morning, everyone, and thank you for participating in our twenty nineteen Annual Results Conference Call. This is John Hamilton, Chief Executive of Panoro Energy. For your reference, our results announcement was released this morning and the full report is available together with the presentation that we're giving today on our website at www.panoroenergy.com. We're going to take you through some slides now. And if I'd like if I could, I'd ask you to turn now to Slide three, which is called presenting team on the webcast.
I would like to introduce the participants today. We have Qazi Qadeer, our Chief Financial Officer. We have Richard Morton, our Technical Director and Nigel McKim, our Projects Director, each of whom will be contributing to the presentation today. As a reminder, today's conference call contains certain statements that are or may be deemed to be forward looking statements, which include all statements other than statements of historical fact. Forward looking statements involve making certain assumptions based on the company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances.
Although we believe that the expectations reflected in these forward looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward looking statements due to known or unknown risks, uncertainties and other factors. I would now like to go to the next slide entitled Corporate Highlights, Slide four, where we have an overview of some of the things we're going be talking about in a little bit more detail. On the financial side, we recorded full year revenue, record full year revenue and record EBITDA since 2013. So the company is in rude health financially. We closed out the year with a cash position of about $30,000,000 including the deposit we've held for the Salim drilling and gross debt of $25,000,000 On the operational front, we produced approximately 2,400 barrels of oil per day.
It's important to note that the financials that we've just discussed do not include the contribution from Adje, our Nigerian operations. Those have been held as now a discontinued operation. So they're being withheld from the headline financial statements. It doesn't impact the overall conclusions, but it can affect some of the metrics that you see. So I need to point that out upfront.
We are poised in Gabon, Indonesia for 2020 production growth. We also, during the course of the year, had the transformational discovery of Hibiscus in Gabon. On the strategy side, we have today announced also a dividend strategy, articulated that a little bit more clearly. We also have the Petronor dividend, which we'll talk a little bit more about coming up. And we have also stated our strategy being to balance a growth business together with shareholder distributions.
On the outlook, we're anticipating big production growth during the course of the year. Our guidance is somewhere around 50% higher than it was in 2019. We have as many as five exploration wells to be drilled during the course of the year so we have lots of exploration excitement as well we believe. And we also have some new ventures that we're looking at including the transaction that we announced yesterday in South Africa which we'll tell you a little bit more about. Next slide, please, Slide five, shareholder distributions.
We'd like to talk about two things here. The first is being that it is our intention to distribute the Petronor shares that we receive as part of the sale of Adjaye, which has been well disclosed for those of you who follow us. We will receive Petrodore shares upon completion of this transaction, which should be sometime perhaps in the third quarter of this year. And as a special dividend, we intend to distribute that to our shareholders. In the second column on the right, we are articulating now a shareholder return strategy which is that we intend to distribute up to 50% of net profit in the form of dividend payments or share buybacks or perhaps a combination once Ruche Phase I production is online.
That is scheduled to come online at the end of twenty twenty one. At that point, the company will be generating huge amounts of post tax operating cash flow. It is our intention to take into account obviously macro circumstances, actual financial and operational performance. But based on what we see now, we have the full intention to distribute up to 50% of net profits to our shareholders in the form of a dividend or share buybacks. If you could please turn now to Slide six, which is a quick little update on our farm into Block 2B South Africa.
Richard will take you into a little bit more detail about the asset. Yesterday we announced an entry into South Africa on the exploration front where we signed a farm out agreement with Africa Energy Corp, which is part of the Lundin Group of Companies, for Panoro to take a 12.5% interest in Block 2B, which is located in the Orange Basin offshore the West Coast Of South Africa. This is a very exciting oil play. Richard, again, will tell you a little bit more about it. But there's an existing discovery on the block.
And since that discovery was
drilled more than thirty years ago, Modern three d seismic has been acquired on the block which shows that if we come up dip from that discovery we have a
good chance of finding material oil resources. That well is going be targeting up to three fifty million barrels of oil on a gross unrisked prospective resource basis. Again, we'll tell you a little bit more about that. That deal should close hopefully in something like six months. It's subject to the consent of the minister in South Africa and the other agreement that they've signed with ASINAM Limited also becoming effective.
What I'd like to do now is turn to Slide seven and turn over to Qazi Qadeer who will briefly take you through some of the 2019 financial results. Qazi, can I turn over to you on Slide seven now, please?
Thank you very much, Don, and good morning, everyone. Slide seven, we have a summary of headline results for 2019 and the fourth quarter. It is customary to note here that the results presented here and discussed on this call are unaudited. Before I go into the details of the numbers, it is again important to note here that we have made some presentational changes this quarter in order to comply with the reporting standards where we have isolated operations from Ajay related transactions in the P and L as a separate line item, which discontinued operations. And equally in the balance sheet, we have classified Aje related assets and liabilities as held for sale.
Details of both these items can be found on Note five in our quarterly report, which we have published this morning. The result of isolating Ajay operations in the discontinued line has resulted in restatement and rearrangement of comparative information as well in order to have a like for like comparison. So you would see that you wouldn't recognize necessarily the numbers we have published in the third quarter in the P and L. There is no underlying change in numbers on a net basis. It's just a presentational situation which arises from applying the standard.
So
just to give you a bit of more detail now on the numbers, to start with the revenue for the for the year was $48,000,000 compared to 3 and a half million dollars for 02/2018. This is largely driven by full year of operations on both Dusafu and our production in Tunisia. Note that the numbers here are from continuing activities. The composition of barrels sold between third and fourth quarter is 154,000 barrels roughly net to us for the third quarter and 210,000 barrels for the fourth quarter, which are higher because of four international lifting, which is in line with our guidance. Average realized prices for the fourth quarter were at $65 per barrel.
In comparison to third quarter at $57 per barrel. As a result, the full year EBITDA is about $26,000,000 compared to $5,200,000 in the fourth quarter. EBITDA is affected slightly by overlift position, which inflates OpEx in the period. This is expected to reverse out with production from the next quarter. Key non cash items again included in the P and L for the fourth quarter are unrealized loss on commodity hedges, which is $2,200,000 and in the discontinued operations line before classifying ideas held for sale, we have reversed about $8,000,000 of impairment that was previously recognized in several years ago.
That basically leaves us with a cash position of a healthy $30,000,000 and gross debt of $25,400,000 at the end of the year. If I can invite you to go to the next slide please, Slide eight. We have also tried to give the guidance for the coming year 2020, which is 2,600 barrels of oil per day production to 3,100 barrels of oil per day. And these volumes exclude Aje. The guidance is based on operators range for Dussafu plus a range in Tunisia, which at the lower end is the current production and at a higher end reflecting our aspirations for the growth during the year.
This guidance range may be updated as we progress through the course of the year. We also wanted to give you a little bit of background on our pattern of liftings and sales, whereby we are expecting two international liftings in the first and second quarter of the year. And then in the latter part of the year, we are expecting about seven liftings from our and Tunisia operations combined. Typical parcel size in Dussafu is about 650,000 barrels, of which we have 7.5%. And in Tunisia, the parcel size is 150,000 barrels, of which we get about 90,000 barrels net.
There are some small domestic lifting as well in Tunisia, which vary between six to eight lifting the calendar year. Again, there is no Nigerian information here. Have not included any Ajay volumes in this guidance. Now moving on to the guidance for capital expenditure, we have very exciting investment program for the year 2020 with Tusafu at $21,000,000 which will be spent on both exploration and development activities. In Tunisia, we have a capital expenditure plan of around $11,000,000 which includes the Salloum well, also anticipated later in the year.
This concludes my review of the numbers and I will give the call now to Richard to take us through his bit of operations. Next slide, please.
Thank you, Qazi. So we're now on Slide nine entitled Gabon Highlights. Before I describe the Q4 activities at Dussafu, some background information on our Gabon project. As a reminder, we've been active in Gabon for the past thirteen years, and we enjoy an exceptional track record in terms of exploration and now development and production activities. Our project, Doosphere is the largest exploitation area in Gabon, and the fiscal regime in Gabon encourages significant drilling activity.
Any costs for exploration appraisal or development wells are immediately captured in the cost pool so can be later recovered through cost oil. For this reason, we're able to execute multiple world drilling campaigns. And as a consequence, you should expect to see a significant number of wells and news flow in the next two years. Finally, we've demonstrated with the rapid approval of the Ruche and Hibiscus development as Ruche phase one that we can bring any discoveries into production very rapidly. Moving on to the next slide, number 10.
This slide shows a graphic depicting the drilling activity we foresee in 2020 and beyond. We're currently concluding the Tortue phase two drilling where the DTM four h and DTM five h horizontal oil development wells were successfully drilled and completed. Both wells were drilled in the Gamba Reservoir on the field and encountered long horizontal sections of good quality oil saturated Gamba sands. Of the remaining two, phase two development wells, DTM 6 H, the Dentale well, is underway after which the final Tortue phase phase two well, DTM 7 H, will be drilled and completed in the Gamba Reservoir. Following the development drilling at Tortue, a further exploration well is planned in 2020.
The JP partners are completing a reprocessing project on the three d seismic data covering the block, and we plan to use this new data to help select the prospect location for that well. Additional exploration drilling may be carried out in 2020 depending on the results of the reprocessing and the current drilling campaign. In 2021, we are planning the initial Ruche phase one development drilling, and you can expect to see up to two exploration wells drilled when we bring the rig for Ruche phase one into the area. Going forward into 2020 and 2022 and beyond, should the prospectivity warrant it, we have an aspiration to drill additional two exploration wells per year in the block. It's expected the Tortue phase one DTM four h and five h wells will start production in q one with the DTM six h and seven h wells coming online in q two twenty twenty.
Once all six wells are producing at Tortue, the production is expected to peak at around 25,000 barrels of oil per day. So move on to the next slide, please. This is entitled 4Q production at Tortue. Here we're showing a graphic of the phase one wells in Tortue and a monthly production from start up in September 2018 to date. So far, we've produced gross five and a half million barrels from the field.
Production from the field continued from the DTM two h and three h wells during the quarter, an average gross rate of around 10,800 barrels of oil per day for the quarter and 11,779 barrels of oil per day year to date. The 2020 production guidance is between a yearly gross average of around 38,000 barrels of oil per day, assuming the four phase two wells start as planned. Move on to the next slide, please, slide number 12. Just a word on our most recent discovery on the block. We drilled the Hibiscus exploration well in September and its sidetrack in October.
Analysis of the well data acquired has resulted in a gross 2P estimate of 45,400,000 barrels for the field. In order to bring this oil into production quickly, we revised the plans for the next phase of development at Dussafu and have made a final investment decision on the project, which is now known as Ruche Phase one. We move on to the next slide, slide number 13. The detailed planning for Ruche Phase one continued in the quarter and a final investment decision on the project was taken at the end of twenty twenty, as I just described. Ruche phase one consists of four production wells at the Hibiscus field and two production wells at the Ruche field, all to be drilled in the Gamba formation.
A platform is to be located between the two fields with a 19 kilometer pipeline tied back to the Adolo FPSO, which is stationed at Tortue. First oil from the Ruche phase one is expected at the end of twenty twenty one. And once all six wells are online, the total Doosfood production is forecast to exceed 40,000 barrels of oil per day. Ruche phase two development will target additional discovered resources through up to seven production wells with the objective to maintain the production plateau. The CapEx for the revised Ruche phase one incorporating the Hibiscus development is now expected to be approximately $445,000,000 gross.
Total field operating costs including Ruche Phase one are expected to be around $10 per barrel, excluding royalties and taxes at the current FPSO capacity. Moving on to the final slide now on the one where we discuss the prospect inventory and exploration plans. This slide, number 14, shows we're in the process of updating our prospect inventory on the block. The map on the left shows the location of the existing fields in green and the outlines of the main prospects in and leads in orange, yellow, and brown colors. As you can see, we have plenty of potential on the block.
The operator has defined 13 prospects with a total p 50 gross prospective resource of 281,000,000 barrels of oil. NSAI, the reserves auditor for the project has attributed a geological chance of success to the prospects of between 3690%. We're finalizing reprocessing project to improve the definition across the entire license area, and we intend to use the results of this work to modify the portfolio and identify new prospects. With that, I'll conclude the update on Gabon and hand over to my colleague, Nigel McKim, to take you through the activities in Tunisia. Nigel?
Thank you, Richard, and good morning, everybody. We're on Slide 15 now, the Tunisia introductory slide. As an introduction to our ongoing activities in Tunisia, we have provided a few overview slides on the country and the establishment of our second core area of business. This slide describes the drivers that Panoro had in choosing to invest in Tunisia. Broadening of the asset base, the opportunity to pick up significant assets as majors divested their interests in this part of the world, and an asset target having both production enhancement characteristics together with additional exploration potential.
Next slide, please. On slide 16, we highlight some of Panoro's particular reasons for investing in Tunisia. The stable, well established political and oil industry environment is very attractive to us. Coupled with this, we saw an opportunity to pick up a set of contiguous assets where we could leverage existing infrastructure whilst enhancing the evident potential resources available. The TPS assets currently provide over 10% of total domestic oil production, and we see their significance increasing as we take steps to further enhance the production.
Next slide, please. On slide 17, we demonstrate the contiguous nature of the two assets acquired by Panoro. The TPS assets are located onshore around the city of Sfax with a further field offshore north of the Kadkana Islands. The Sfaxoc offshore exploration permit located adjacent to these concessions provides exploration opportunity, which in the success case could be tied back to TPS infrastructure. We have an active operational program in progress on the TPS assets where a number of well workover operations are underway.
Whilst on the SPAX offshore exploration permit, we are in the final stages of detailed planning for the drilling of the Salloum West well. I will go on to describe these activities in a little more detail using the next few slides. Next slide, please. We're on Slide 18, enhancing TPS production levels. This slide shows the historical production from the TP assets since start up in 1981.
We display here the production from each of the six fields on the five producing concessions. After a ramp up of production through the 1980s and nineties, the impact of relatively low oil prices at the end of the nineties can be seen to have constrained further development in the early two thousands. Later in that decade, production in excess of 6,000 barrels of oil per day was established from this group of fields. But in recent years, production has fallen significantly below these levels as a result of a period of relative underinvestment. We believe that this situation can be turned around, and I'll touch on some of the initiatives that we are currently pursuing to deliver this objective.
The average gross daily production for 2019 was 3,696 barrels of oil per day. Whilst with a number of work wells undergoing workover operations, the fourth quarter average production was 3,473 barrels of oil per day. We're currently producing at just over 4,000 barrels of oil per day, and our near term objective is to raise production to our target of 5,000 barrels of oil per day gross. On the right hand side of this slide, we have identified the ongoing activities that are expected to underpin the current and future production. Enhanced production, shown in orange, is expected to be achieved by six well activities.
The drilling of a new production well at the Gurubliv field, three wells currently undergoing workover coming back on stream, the completion of or drilling to a new reservoir in the further well, and the hookup of the Salloum West exploration well in the success case. Note that there are parallel ongoing activities required to maintain the existing production base shown in blue. The most significant of which is to replace failed electrical submersible pumps or ESPs as and when they occur. It is worth remembering that the economic life of this group of assets extends well into the 2030s and that there will be plenty of activity over the coming years. For the purposes of this presentation, I focus only on the near term activities.
Next slide, please. Slide 19, TPS well activities. This slide shows the specific recent ongoing and planned activities for the coming months. Group three was worked over in October to replace a failed ESP pump. The Remora one workover comprised of stimulation and ESP replacement.
The stimulation was very successful, leading to a fourfold productivity increase in this well. This has encouraged us to identify further targets for stimulation across the other fields. Some of the highest impact near term opportunities lie in the resumption of production of the ELA field. We currently have an ongoing operation at the Elane 1 well, where we are completing the well with an ESP for the first time. We will also bring the Elane 3 well back online after simulation.
Also on Gabliber five, we are attempting the perforation of the Duleb Reservoir. This is a newly completed reservoir in this well. These activities alone will, we envisage, enable our target production of 5,000 barrels per day gross to be reached. Looking forward, we plan a series of additional well workover operations. On the day before, we hope to recover a failed downhole completion and to also complete this well on the Dule Reservoir.
We are in the final stages of planning the drilling of a sidetrack on the Guevre 10 well and have taken the opportunity of a delay in approvals, of the Salloum West well to schedule this activity with the CTF rig six ahead of the Salloum West well. Next slide, please. Slide 20 will be the 10 drilling. Approval has now been granted by both ETAP and Panoro for TPS drilling of a production well on the Guluga field. This will be the first activity of this type since 2015.
As I stated, we have taken the opportunity of the delay to the Salloum West well approval to drill this well using the CTF rig six. The operations will utilize an existing top hole section and will target a new production interval on the Barena formation of 3,600 meters in a known Falklandloft component. Following the Cabipa Terrebell operations, the CCF Brig six will move to Salloum West to drill the exploration well. I will now hand back to John for the next slide, Slide 21.
Thank you, Nigel. I just want to touch briefly on our exploration. So we're on the Slide number 21 called new exploration assets. As we've articulated for the past six months or so, we have been quite interested to add some additional exploration to the portfolio we have within our Tunisian and our Gabonese assets, obviously a lot of exploration potential, but we felt we wanted to broaden out and provide for some future activity on exploration drilling outside of those two areas. And so we've been spending a lot of time on it.
And again, our strategy is to take smaller stakes to start with at least. We don't want to become an exploration company per se, but we want to make sure that we continue to prime the pump with bringing in new assets and new production opportunities into the business. So we're always targeting in these exploration deals things that are not something you can bring into production ten years from now, but things you can bring into production reasonably quickly near existing infrastructure. The first such opportunity we've announced yesterday, which is Block 2B in South Africa, and we are still evaluating some other opportunities. We're again taking some modest stakes, partnering with reputable oil companies, again, in the African region.
What I'd like to do now is to encourage you to go to Slide 22, South Africa Block 2B. I'll let Richard briefly take you through the opportunity. Just as an intro to Richard, this is a block that Panoro has actually been looking at for the past four years, and we're very, very pleased to have found a way into the block. It's something we identified many, many years ago, and we're absolutely thrilled to be working together with Africa Energy on this one. Richard, you want to take us through the two or three slides on Block 2B, please?
Yep. Thanks, John. We're on slide 22. So block two p two b is an exploration license. It's located in the Orange Basin in the Atlantic Margin of South Africa.
The block's got an existing oil discovery, and it's got recent three d seismic data to be farmed in for 12 and a half percent of this. And we intend to drill an exploration well called Gazania 1, and that well will be drilled as early as q four this year. We're targeting an estimated, above 300 mill million prospect up dip of the discovery well. So we think it's pretty low risk exploration opportunity. We move to the next slide, slide 23.
This slide shows a cross section through the discovery well, which is called AJ 1, up to the proposed new well, Gazania 1. So the new well will hit two prospects. It's, the first prospect is Namakwiland, the second Gazania, and we expect good reservoir properties and, a good chance of finding a significant oil accumulation with the well, above 300,000,000 barrels between the two prospects. We've also got significant running room on the block and additional targets on the block could have an upside of up to a billion barrels in total. If we move to the next slide, this shows how that billion barrel perspective resources is built up.
Slide 24. We've got 37,000,000 barrels already confirmed as contingent resources from the discovery, which was drilled back in 1988, the AJ 1 well. The Gazania well may add significantly to those resources in what we call the axial delta play, initially Gazania, but also the Pelagonium and Uracina prospects. The well will also test Nemakroland above the Kazania, which is estimated at a 186,000,000 barrels. Further prospects have been identified on the eastern side of AJ Graven.
And there's also a separate undrilled Graven in the north of the block, which would require some three d seismic before drilling. But initially, we think that could, contain prospects up to 400,000,000 barrels. So in summary, we we saw this as a great opportunity to expand the portfolio and add an exciting well into twenty twenty activities. In the event of this success, we could bring the soil to production relatively rapidly. That's it
for Block 2B. Back to John for concluding remarks. Thanks, Richard. Slide 25, Outlook twenty twenty. We have multiple things going on in the company and exploration side.
We've talked about the Salloum West well, which Nigel touched on. We have a firm exploration well at Dussafu. We have up to two additional optional wells in Gabon. And we have Block 2B in South Africa, which could spud as early as the end of this year. So we have a very, very busy, up to five exploration wells to be drilled this year.
So we hope that we will be drilling the majority of those during the course of this calendar year. On the production side, we've got Ndusufu. We have four new wells coming on stream. We're going to see a big production growth in Gabon. In Tunisia, we've got unprecedented activity going on in this asset, having taken it over just about a year ago.
As Nigel described to you, we're targeting initially a production up ramp to 5,000 barrels a day, but we're very, very busy. And we have additional activities underway, which may be able to take these numbers even higher. So in summary, our production as a group should materially increase during the course of the year. And on the corporate side, we're looking at further smaller exploration opportunities at the moment. We're looking forward to completing the Adjai sale during perhaps the third quarter and dividending those shares to our shareholders.
So we think we have a particularly busy year in 2020. And I would now encourage you to turn to the final slide, is Slide 26, our ESG slide. I won't go through much on this, only to say that our annual report this year will be having additional focus on ESG. It's something that we're all spending a lot more time on. And in terms of our disclosures, in terms of our strategy around this, you'll see a lot more dialogue on this coming up through our annual report, which will be
out at the April.
So with that, we conclude. And I'd like to open up for any questions we might have.
Thank you. Alternatively, you may also submit your questions via the question and answers tab on the webcast platform. We currently have no questions coming through via the audio line. We do have a question coming through from the line of Juergen Tuls Hansen calling from Fernley Securities. Please go ahead.
Good morning, guys.
Hello? Can you read me?
Yes, Okay, yes, we can
that's good. Good morning. So just to follow-up on your comments on further M and A. Do you have any specific regions you're looking at or any indications whatsoever what could be relevant for you to consider?
Yes. Sure, Jurgen. At the moment, we're really concentrating on obviously our existing asset set, which is going through a high level of activity. On the M and A front, we're really just at the moment concentrating on some of these smaller exploration stakes that we're looking to take in material areas like Block 2B. Some things that can be real game changers where we take a small stake which is not going to expose ourselves too much to turn into an exploration company, but nonetheless where we can provide for some growth for the future.
So we're not at the moment entirely focused on large scale M and A, more adding strategic bits to the portfolio.
Okay. That makes sense. And if you don't mind me asking another one at this is Sue. Sure. Specifically, on on exploration, the sort of sort of order of operations in terms of which wells are next up and some additional details on that if you if you can.
Sure. So the the very first exploration well will be spud in June on current schedules in Gabon. We have two optional slots on the rig. The joint venture has not made a decision yet on whether to exercise those options. We, of course, as Panoro, hope that we take all the options.
But that decision has not been taken by the JV yet. But should we elect to take one or two of those options? Those would follow immediately from June. So you'd probably see a well event in July and one in August roughly. So you'd have three back to back there.
Salloum is currently slated as third quarter event, so that one will slot in there. And then Block 2B, we hope to be able to drill that perhaps plus spud that by the end of the year. That depends on, first of all, getting approval from the South African government secondly, making sure we secured a rig. So on that one, we've said as early as Q4. That could easily slip into next year if there are any delays to finding a decent rig.
But it's sort of in that time period. We've separately, also had a question on CapEx on Block 2B come in via the webcast. And just to answer a question while we're talking about 2B, is there's a question about whether Block 2B is not included in our CapEx guidance. And that's mostly there is a bullet point on the slide about that. It's because we're not actually sure that the CapEx will fall in 2020.
If it does, then obviously there'll be a little bit of CapEx for Block 2B in 2020 as well. It's our expectation that even if we spud in Q4, most of the CapEx will probably fall into Q1 of twenty twenty one. So hopefully that answers one of the questions we've come through on the webcast as well. So are are there any more we we have another question that's come in through through the webcast. Are we targeting oil on Block 2B?
Or is it also condensate and gas? And given the discovery, what would be the most likely development concept? Richard, can I turn that over to you, please?
Yeah. So the discovery well tested oil, and we hope to find oil up dip of that. In terms of the development plan, we're looking at concept of a platform with a FSO, with a drilling center, drilling deviated wells from that drilling center. So we do have conceptual developments already in mind for the project.
Great. Operator, are there any more questions coming in?
Currently have no further questions coming through via the audio lines.
Okay. Well, I'd like to conclude then and thank everybody for joining us. Obviously, if there are additional questions that you would like to pose to us, you can reach out to us by email, of course. And thank you very much for attending the conference. Thank you very much.
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