Thank you, Drew. Good morning, everyone, those of you who are unfortunately not on holiday and joined us, and those who are.

Welcome to our first-half 2026 result presentation. My name is Yaniv Friedman.

I'm the Executive Chairman of Ithaca Energy, and with me on the call today, Luciano Vasques, our CEO, and Iain Lewis, our CFO. First slide, as you can see, delivering on our strategy, I think this is a perfect example of a first half of the year where we've been executing on all pillars of our strategy.

What we'll cover today in our agenda, as you can see on slide 2, is first-half 2026 highlights, our strategic and operational review, financial updates, and then we'll open it up for questions and answers. If you'll please move to slide 4, high-level again, our vision for scale, stability, and strength well-demonstrated in our first half 2026.

Record quarterly production of 131,000 barrels per day of barrels of oil equivalent with an improved cost outlook that supports our robust cash flow generation. I could say that, as we said last quarter, we saw the trend going into Q2.

We're seeing this trending into Q3, which is a heavy TAR quarter for us, but we're recovering very well from the start season, and we're seeing this strong production trending into the third quarter as well. Stability, Rosebank nearing final stages of execution, and we're moving our organic portfolio forward with a pipeline of projects to enable us to take final investment decision on through the end of '26 and into 2027.

Strengths: significant available liquidity, we have $1.9 billion of available liquidity. We also have an accordion that we can expand in our reserve-based lending facility of about $400 million, significant liquidity.

We're also tuned to the market and taking advantage of opportunities, we've done a private bond tap of our eurobond, €155 million at 5.5% to further support our growth ambitions and optimize our balance sheet. With that, we value distributions.

We understand that this is important to our shareholders, and we're announcing today our first interim dividend for 2026 of $255 million, and we're upgrading our management guidance of our dividends to $500 to $530 million, and Iain will talk through that later as well. If you'll move to slide 5, and what we did in slide 5, we were focusing on stability, and we wanted to show that this is not a one-off quarter or one-off first half of the year.

What you see here is really a snapshot of the last 24 months since the effective date of our business combination. These are the type of charts that we like: scale, production going up; opex going down; and stable cash flow production and distribution.

I could also say, and Luciano will speak to that, that safety is obviously paramount to us, and we're seeing improved metrics there as well. If you look at this slide, first-half production in 2026 of 128,000 barrels, opex going down from $22 a barrel in 2024 to about $18 in the first half of 2026.

As we said, distributions are important for us, and as you can see, we've to date announced over $1.65 billion in the course of last three years and upgrading our dividend guidance range for 2026. We'll cover strategic and operational review.

I'll hand over to Luciano to talk about safety, production, and projects. Luciano, please.

All right, good morning, everybody. If we now move to slide number 7, our performance in the first half is fully consistent with the pillars of our strategy that we've presented several times.

I'll take you through the first two this morning: extracting value from our versatile portfolio in UK, progressing disciplined organic growth opportunities which are strengthening our business for the future. The operational momentum from '25 carried strongly into H1 '26, delivering clear progress across safety, environmental performance, production efficiency, as Yaniv said, and cost discipline.

This, of course, reflects our focus on the operational excellence which we've done through our perfect day, safer, stronger reliability, and a lower operating cost per barrel. On the growth side, we've continued selecting investment across the producing portfolio, prioritizing fast-cycle, value opportunities on Captain, Cygnus, and also J-Area and Elgin-Franklin, as I'll speak through.

At the same time, our organic growth pipeline is moving forward with purpose, with Fotla, Tornado, and Cambo progressing towards readiness for FID. Rosebank has also reached a major milestone with the FPSO now on location, ahead of the expected first production in H1 2027 and following ramp-up.

If we can now move to slide 8, and I want to stress that our excellent overall performance in H1 2026 was underpinned, as Yaniv said, by strong health, safety, and environmental results. For the tenth quarter on a roll, we recorded tier 1 tier 2 zero process safety event, and sustained again a positive total recordable incident rate trend at 1.2 cases per million man-hours in H1, and 1.7 on a one-year rolling basis, well below the UK North Sea basin average of 3.95.

This is particularly notable given that two operated assets reached cessation of production, and this required greater focus to safely execute non-routine end-of-life activities. Both the FPF-1 and Alba FSU were removed from their locations, transferred to decommissioning yards as planned, without any recordable incident.

The emission performance also remains strong, with emission intensity now at 16.4 kg CO2 per barrel equivalent, which is substantially below the basin average of around 25, and continuing to trend downwards. This reflects the increased weighting towards lower emission assets and the retirement, of course, of the higher intensity Alba and GSA fields.

If we move now to slide 8—sorry, to slide number 9 with production, we achieved, as we said, record production in Q2 '26, averaging 131,000 barrel per day, as operations rebounded strongly from the weather-related challenges experienced in Q1, confirming the robustness of our portfolio despite the challenges, both in the operated and the non-operated assets. This performance supported an average production of 128,000 barrel per day in first half, and production operations continued strong, as we said, beyond Q2, which provides us confidence in our production outlook for the year, still appropriately allowing for the planned impact of the Q3 turnaround season.

The production mix also strengthened, with gas now representing 48% of H1 volumes versus 41 in H1 2025, and this shift reflects the strategic portfolio reshaping that we delivered through the M&A activities in 2025, particularly the increased contribution from Cygnus and Seagull gas fields. If we move to slide 10 now, at Captain, the deployment of the PBLJ is already demonstrating the value of our industry collaboration model, unlocking near-term production through three-month redrill program on well B15, which is progressing well and expected to be on stream from early Q4.

The wider Captain 13th well campaign remains on schedule. The well C75 was successfully brought on stream in Q2, and following the current ongoing rig maintenance activity, the final well of the campaign, which is an injector, will be executed.

Captain continues to deliver fast-cycle, high-return opportunities, with the 14th campaign planned to follow immediately after the 13th one. In parallel, sanction of the Captain subsea well campaign, which comprises two wells and will leverage again the PBLJ capacity, is expected to be reached in Q4 this year.

The first production from the subsea campaign is targeted for '28, adding further depth to Captain's long-term production outlook, which is underpinned by the EOR Stage 1 and Stage 2 initiatives that are delivering in line with their field development plans. If we now move to slide 11, we talk about Cygnus, where the infill drilling program continues to make strong operational progress.

The C13 well, which was brought on stream in May, is performing ahead of expectations, thanks to a successful completion design and execution of the hydraulic fracturing program. C14 has since been spudded and remains on track for first gas in November.

Before then, the campaign progresses to C15. On completion of C15, the rig then is expected to move to the Bravo area in Q2 2027 for the C16 and C17 two-well campaign, which we expect to sanction in the second half of this year, subject to the required field development plan approvals.

C16 is a clear example of production-led exploration, reinforcing our commitment to maximize value from Cygnus. Timely regulatory approval is essential to maintain momentum and support continued delivery of domestic gas from one of the UK's most significant fields.

If we move to slide 12, now we turn to two key assets in our non-operated portfolio. J-Area continues to provide a stable, low-cost production contribution, supported by strong performance from Jasmine South and Talbot, which continue to be ahead of expectation.

The operator performance remains high, underpinned by an open and constructive partnership, and the assets offer further upside through well interventions, new infill wells, as well as production and infrastructure-led exploration and appraisal opportunities, such as Courageous and Peach, with the potential to replicate the Jasmine South success. At Elgin-Franklin, with the new operator, NeoNext Plus, we have sanctioned a two-well program comprising EIJ and EIH, which was an opportunity previously deferred in response to the Energy (Profits) Levy.

The campaign is scheduled to start in Q4 this year and represents a short-cycle, again, high-return investment targeting 4.5000 barrel per day of net incremental production in 2028, with EIJ expected on stream in January and EIH in August. Then if we move to slide 13, we talk about Rosebank, which continues to move into its final stages of execution, with the operator now narrowing first production in first half 2027 and ramp-up to plateau from summer next year, subject to regulatory approvals.

A major milestone was achieved in June with the FPSO arriving and being moored on location after a short dock phase in Bergen, and at this moment, hookup activities are ongoing, which will be followed by the commissioning prior to first oil. Following the April equipment handling incident, the drilling rig returned to service at the end of July after a period off-hire and has restarted well activities focused now on delivering the minimum well stock required for the planned ramp-up.

2026 capital spend is now expected to be lower than previously guided, reflecting the rephasing of this drilling activity and associated costs into 2027, including the final FPSO commissioning. Rosebank remains attractive as a project with expected post-tax capex below $4 per barrel equivalent, reducing to below 3.5 with the anticipated high-value eighth well, and an overall cost performance within project contingency envelope.

To close, we go in slide 14, our key organic growth projects, Fotla, Tornado, and Cambo, have all progressed materially and now are technically assured, with front-end engineering design and tendering largely complete. Fotla is moving towards execution, supported by the successful farm-down and rig-sharing agreement with Harbour Energy.

The key long-lead items, including installation vessels and PBLJ drilling rig capacity, have been secured, reducing development risk and increasing confidence in reaching FID in 2026. The West of Shetland remains central to our strategy and an important growth basin.

Tornado will be a key gas enabler for future tiebacks and has advanced towards FID, following the obtainment of 18-month license extension to March 2028, with critical long-lead items and vessels secured alongside our partner, Adura, subject to regulatory approvals. Cambo, the largest pre-FID undeveloped discovery of the UK continental shelf, remains a strategically important option for both Ithaca and the UK indeed, with front-end engineering and tendering substantially complete, major contracts ready for award, value engineering, retendering, commercial and financial work streams progressing, the project is increasingly derisked as it moves towards sanction and equity farm-down.

With that, I pass the word again to Yaniv.

Thank you, Luciano. You just spoke about organic growth opportunities, and if you move to slide 15, I'd say it's really a snapshot of kind of the high-quality projects that we have right now and our ability to convert 200 million barrels of resources into production over the course of the next 18 months through FID decisions that we intend to make.

I won't run through the projects again, but this gives you a good idea on the organic growth potential that we have and the materiality and quality of our pipeline. If we move to slide 16, we've shared a version of this slide in one of our conscious call before, and we talked about how we're seeing visibility on a 1 billion barrel license potential.

Luciano alluded to that as well, we're prioritizing infrastructure-led exploration, production-led exploration opportunities as additional avenue for long-term value creation. With our 660 million barrels of oil equivalent of 2P 2C resources, we are seeing kind of unbooked 2C and contingent and prospective resources up to 1 billion.

We also have another tool, which is the transitional energy certificates that are providing a pathway beyond the existing licensed resources for additional value creation. We're working this, and you see this, and we're maturing those, and they will, obviously, through the maturity, will convert them to resources, and then to projects that we can take final investment decisions on.

We're seeing significant value in the UK continental shelf. When people talk about no new exploration licenses, what we want to show is that even without new exploration licenses formally, we have where to grow in the UK further.

Moving to slide 17, active but patient pursuit of M&A, and what we're doing as well is optimizing our balance sheet to support our growth ambitions and strategy. If we look at the UK and kind of consolidation in our core UKCS market, you've just talked about our organic portfolio, and obviously potential acquisitions in the UK needs to compete for capital with our organic projects.

We have a very strong portfolio of organic projects, but at the same time, we are looking at opportunities, and as we always say, we look this value lens, they need to meet our investment thresholds. Or look at international expansions or focused international expansion, we're maintaining an active and patient pursuit of opportunities, and we have a very clear strategy around this, right?

We want to deliver both growth and yield through these acquisitions, and sustainable production and cash flows. It's important for us to keep the strength of our balance sheet, agility, and flexibility.

We're imposing a ceiling on our leverage position. We're looking at regions that would not be a one-off, that would offer further expansion opportunities to ensure that we can develop our business and continue and ensure sustainability and skill going forward.

At the same time, regions or geographies that are offering a stable fiscal and regulatory regime. We talked about our available firepower in terms of liquidity, and that's definitely supporting potential M&A activity in the future.

With that, I will hand over to Iain Lewis for our first-half financial update. Iain, please.

Thanks, Yaniv. Good morning, all.

If we can go to slide 19, please. As usual, we call out the key numbers here on the finance side.

The green numbers really describing the performance in the half-year, and then the blue ones are kind of financial position at the close of June. Strong production delivery at 128,000 barrels a day, remembering that we recovered from some difficult weather in January in the production front, posting strong production delivery.

The cost per barrel result of $18 is very pleasing. Our medium-term plan, of course, has been to maintain the $20-a-barrel region, able to push that down to $18 this half-year, and that is the aim as we move forward in the year, able to today announce reduced management guidance on opex due to the cost control in the company, and that enables additional free cash flow and EBITDAX.

You can see the $1.1 billion EBITDAX for the half-year, free cash flow of nearly half a billion, and net cash from ops of nearly a billion, and a profit of $127 million. On-track, robust, and continued good financial delivery.

I suppose in terms of the plans for the future and the optionality that Yaniv and Luciano referred to, we are maintaining a high liquidity and low net debt position: 0.49 times pro forma leverage at the end of June with $1.9 billion of liquidity available. That is part of our strategy.

It enables us to look at opportunities with clear pathways to deliver the financial capability to land them, and it's part of our story as we move forward. Slide 20, if we can move to that, summarizes the financial position a bit more in detail.

You can see that we are at the end of June in a net debt position sitting on significant net cash, undrawn RBL of $1.3 billion and $571 million of cash, taking net debt down to just over $1 billion. You can see in terms of the liquidity position there that our undrawn RBL of $1.3 billion and the cash balance can be augmented by an open and untriggered accordion facility on the RBL, material debt capacity in the business and cash position.

Now that was added to in the quarter, the last quarter, by the bond tap. As Yaniv mentioned, this is a opportunistic and a highly valuable delivery of additional cash flow, strong demand for bonds in the market.

Responding to that and adding to liquidity on the eurobond was well-received and sets us up as we move into the next phase of the business. Leverage, you can see, has been very stable in the 0.5 times now through from December '22 right through to where we are today.

Stable management of the balance sheet and significant liquidity capacity at the end of the quarter. Move to slide 21, the hedge book, which continues to be of significant interest obviously in a volatile oil and gas market.

You can see on the charts here that we've shown the forward curve as at 17th of August, then the average hedge floor and average hedge ceiling that is in our hedge book, the average ceiling being the combination of swaps, collar floors, and also wide collar floors that we put together. I think the key thing to point out to everyone is that we are well-hedged the next two years, and we are right now just riding the price curve and taking the upside on the unhedged barrels.

You can see that what we've been able to do on the hedge front on oil, particularly, is to take the hedge ceiling and floors and move them upwards as we move through into 2028, able to add to the hedge book through '28 in these last few months. That's really been our focus, as has been our characteristic trend here.

We look 12, 24, 36 months in advance, and seek to establish strong cash flow delivery certainty out ahead in the business, and we see that on the oil side. On gas, you can see there's a significant upside in the market currently on the front end, and we deliberately have left more unhedged on gas at the front end for exactly this kind of eventuality.

In Q4 this year, for example, when prices are currently sitting at 150p and above, we're 30% unhedged for gas in Q4 '26. I think continuing the trend of long-term stability in our cash delivery the business by hedging well, but leaving upside on the table to benefit from just exactly the kind of environment we're seeing at the moment.

Moving to slide 22, and of course, the output of all of the management of the business from an H&S perspective and production and cost management and good investment is the ability to deliver dividends to shareholders. We are very satisfied with the record we have here of delivering returns: from '23 at $400 million, increased in '24 and '25 to $500 million, and now as per our guidance update today, expecting to be above $500 million for 2026 with a $500 to $530 million range, representing 30% post-tax cash from operations.

Now remember, we moved to a 50/50 payment structure in terms of the dividend this year so that we have a flat dividend across the year. We are for this half-year delivering a $255 million dividend as the first interim declared today.

Obviously, on the market guidance numbers, the $500 to $530 million tells you that there is some upside in that, but delivering $255 million for the half-year. Solid return on dividend, upgrading thanks to production, prices, and cost management.

We move to slide 24, this will just reinforce the guidance that we gave at the start of the year and upgrades in a couple of areas. We are reaffirming all guidance across our suite of metrics here, but we are reducing opex, reducing it $20 million at the midpoint.

That's at $1.35 U.S. dollar rate.

Of course, a significant amount of our expenditure is in pounds, and the actual or the average rate for the first six months has been below $1.35, the FX-adjusted reduction would be lower, but good, strong cost performance in the half-year has led us to be able to forecast a reduction for the full year. You can see Rosebank capex down $35 million at the midpoint.

That again is reflective, as Luciano mentioned, of the Rosebank rig deferral, given the 3.5 months of delay on the rig program. Again, as referred to, not impacting first oil and the ramp-up through '27.

All of that flowing through with higher prices into a higher dividend of $500 to $530 million as outlined. Handing back to Yaniv for slide 25 to close us out.

Thanks, Iain. As mentioned, slide 25, just some closing remarks.

Record quarterly production, as mentioned, 131,000 barrels per day production that we've achieved in Q2, trending into Q3, and strengthening confidence in our full-year production outlook, and management guidance reaffirmed. Disciplined and agile balance sheet management, strong cash flow generation, opportunistic bond tap, as Iain mentioned, that supports increasing our firepower to continue and deliver growth in the business.

We're accelerating organic investment delivery with incremental barrels in a high-commodity environment. Immediate deployment of the PBLJ rig to the Captain B15 well.

Depth and quality of our organic portfolio with growing momentum towards final investment decision on several projects, and focusing on building the next wave of optionality beyond the 1 billion barrels of oil equivalent research potential that we believe is definitely doable. At the same time, delivering attractive returns to shareholders: first tranche of 2026 dividend of $255 million declared today, and upgrading our dividend guidance for the full year of 2026, as Iain said, with some potential upside.

With that, and before we move to questions and answers, as always, I would like to take the opportunity to thank the entire Ithaca Energy team. Yes, you're seeing and hearing us here, but this is a work of many behind the scenes, and I would like to thank them on behalf of all of us.

With that, Drew, I hand over to you, and we'll be happy to take questions.

Hello, good morning, everyone. Thank you very much for taking my questions.

I just have two, please, if I may. Firstly, it's nice to see the dividend guidance upgrade today, but given your payout policy, there's also an implicit CFFO upgrade in there.

Iain, you spoke a bit about this, but it'd be helpful if you could just talk through perhaps in a bit more detail the moving parts in this upgrade, please. I know some of it, as you mentioned, is related to your opex guide reduction, but given that your production guide is unchanged, I suppose what are the other components that are in there?

Then just related to that, if you could talk us through again what your assumptions are that you're making for the rest of the year on the macro front to arrive at that guidance, please? Then for my second question, on the production profile side of things, if my memory serves me correctly, your maintenance drop-off should look substantially shallower this year compared to last year.

Is this still the working assumption? Then how would you guide us to think about the movement or the quarterly delta for 3Q and 4Q?

Thank you.

Thanks, Cian. I'll take the first one there as as requested.

Look, our our guidance on dividend upgrade is is really driven by by pricing, but also by cost control. As has been mentioned, we are are stable in our production range and continue to expect to deliver within that.

Costs have been well-managed, a little bit of FX help as well, but this is is is largely cost management. In terms of pricing, price assumptions, obviously we don't we don't give specific price assumptions, but but actually our hedge book probably tells you a lot of the story.

If you look for the rest of the year, we we have this in slide 21, we're kind of 8 85% downside protected on on oil at $60 for the next six months. You can assume that the bottom end of our dividend range is is kind of correlated in that kind of region.

I guess that's the kind of downside position. Obviously, that limits the upside, but that's part of the oil price protection that we that we deliver through the through the hedge book.

On gas, as you say, we've got significant downside protection, but also, 26% upside exposure on unhedged barrels for the second half of the year, with 30% unhedged in Q4. Those are the kind of numbers we're dealing with as we get to our range of of dividend position.

Of course, as prices move and work through and costs are driven and production managed, we may well be giving guidance later in the year of a different dividend. It's not impossible that that goes higher, of course.

We'll continue to keep the market updated. On on production, we have Odin Estensen with us, the COO, who is very well-placed to talk to the the turnaround this year compared to last year.

Yeah. Thanks for your question.

You're absolutely right. This year, we actually have approximately half the amount of turnaround days compared to last year.

We are progressing very well. August and and September are the the kind of key turnaround days months for us.

Far, we have completed all our turnarounds except two. There is one for Cygnus, and it's a slow down on on the J-Area.

I'm very pleased to to confirm that we have completed those turnarounds on plan or ahead of them. The la- last one on Erskine was completed this week, six days ahead of of plan.

The risk exposure for the production for the remaining year is kind of very much reduced, and we are kind of feeling very much in control of the turnaround exposure for this year.

Got it. That's very, very helpful indeed.

Thank you very much.

Thank you, and good morning and congratulations on results. Again, and therefore, unfortunately, have to ask regarding a question about things maybe not happening.

We're waiting for regulatory approval on Rosebank for production startup. You also talk to future drilling FIDs on Cygnus that require regulatory approvals to continue investment there.

Can we talk about a expected timeline to certainly the first of those approvals? Can we talk to what happens if that doesn't come or the variables that could actually be the decision from the government?

Are we expecting just a straight yes, no on production startup, or could there be variables? As I say, what happens if that doesn't come?

Thank you.

Good to hear you, Mark. I'll take that one.

In terms of Rosebank, so, look, we continue to see this as a regulatory process that's relatively straightforward. We've been asked for emissions data on Scope 3, we provided it, and answers have been given.

This is a very straightforward process in lots of ways, and speculation on results of processes that are pretty straightforward is probably not that helpful. You'll forgive us for not speculating.

I think in terms of other standard processes around approvals for wells and fields, etc., these are all well-worn regulatory paths, and nothing has changed on that for, in fact, some time. Nothing has changed on the approval process around production consents either apart from the Scope 3 emissions change that happened last year.

In lots of ways, this is regular business, normal business. We have licenses, as Yaniv has taken us through, that are very large and wide-ranging, and we continue to develop under those licenses issued by the government the oil and gas that is needed for the country.

That's very clear, and you certainly make it look like normal business. Done about that.

My second point is It's definitely clear that the good operations that you're showing do also come from partnerships that are stable and involve motivated partners. You speak to Adura, West of Shetlands; NeoNext, Elgin-Franklin; even Harbour at J-Area and Fotla; and you've consolidated Cygnus very much that that is going forward.

Is that, therefore, an additional angle we should look for regarding potential future M&A is the partnership that would be in place following such things to enable good operations? Thank you.

I'll hand it over.

Morning, Mark. I'm not sure I fully understood the question, but if your question was around UKCS consolidation, then I think I've captured that.

We're looking at opportunities, but we will do the right acquisitions and not an acquisition, right? We're focused on value.

We have a high-quality portfolio, and I think it's reflected in our results, and our goal is to high-grade rather than dilute what we have. I think all the names that you've mentioned are today large players in the UKCS after kind of a wave of consolidation that I believe Ithaca started two years ago, and we've seen just developing in the past two years.

I think these kind of names will continue to dominate the UKCS, and obviously, there's a lot of optionality for all sorts of cooperation around that. I hope I've answered your question.

I'll maybe just add, Mark, clearly, the future of the North Sea matters to us, and the partnerships are deeply important. Therefore, whatever happens to assets in the UK matters.

That's slightly digressing from M&A because we've always said it's the right assets at the right price. We like lots of assets that aren't available at the right price.

I think the key thing for us is that the assets in the UK are in the hands of people who will invest. Clearly, we're the 100% owners of Cambo, which we believe should move ahead as a project, and therefore, partners in this basin who are committed to Cambo in this basin, and an appropriately supportive regulatory regime is all important.

It's critical, and they do play into M&A, but it's both M&A and also field-level equity support that is required as we move forward as a business in this basin.

Thank you. Good morning, everyone.

Thanks for taking my questions. I have two, please.

The first one is on Cambo. I wonder if you could give us an update on that and what are the key milestones before the expected FID in 2027?

Then my second one is also on M&A. We have seen quite a number of transactions in the wider North Sea area in the last few months, and one of your peers is thinking about farming down their assets in the UKCS.

What is your view on that, and do you see the competition on the wider North Sea resources has increased meaningfully, and how will that affect your inorganic growth plan? Thank you.

Thanks, Nash. I'll take these on.

On Cambo, we continue to derisk the projects technically, commercially, financially, environmentally. All these work streams are progressing, and as we say, with the target of taking final investment decision in 2027.

I'm not going to go into specifics, but you know what constitutes projects, and there are hundreds of line items in the checklist that we need to complete. They're advancing on plan.

Obviously, there is a regulatory piece to it, and there is a partner piece to it, and we're progressing all of those on our timeline. Our expectation is that this would move forward.

Obviously, we need the right regulatory conditions to enable that. On the M&A, I think what we're seeing in the UK is people settling or companies understanding better the regulatory regime we're working under, and with the proposed implementation of the successor EPL and the certainty beyond that that allows investment going forward, there is definitely movement on the M&A front.

We are, again, as mentioned, we believe in scale. We think scale helps, and we understand that consolidation is important, and we're seeing this in the market.

As mentioned, I believe we've started that trend. I think that right now there are call it four large players in the UKCS that are probably most of the production and most of the future projects.

I expect that this is what it will look like in the future as well.

Very helpful. Thank you very much.

You're welcome, Nash.

Thanks. Morning, all, and congrats again on another very solid set of results.

Got three questions from me. First, at Rosebank, the operator has now narrowed first production to the first half of next year.

Can you sort of lay out what are the remaining critical path items we should monitor over the next 6 to 12 months as you reach that plateau production? Second question is around opex per BOE.

We've seen that fall quite materially, so that's all very positive, but what's the core reasons driving that, and can we expect that trend to continue once Rosebank comes on stream? Then finally, I know there's been a few other questions around in organic opportunities, but how are you seeing the landscape in the UK currently in terms of the elevated commodity pricing?

We've seen in the news that BP plan to push on with a divestment. Do you see reports of that £2.6 billion package as being reasonable value?

I think Odin will take the first one on Rosebank, then I'll deal with opex, then to Yaniv on the M&A, I think.

On Rosebank, I think the kind of the key things going forward now is to continue to have good progress on the project, making sure that we are liquidating the remaining hours on the installation efficiently. Then I think the other key performance indicator that we are looking for is the construction of the wells that has now resumed again and progressing well.

I think those are the kind of the two key things that we will be looking for going forward. At the moment, both are indicating well.

We're back on drilling again after the incident that we had. Then we have full activity out on the installation, which is safely and robustly installed now on the field, yeah.

I think those two are the two key components that will take us efficiently to first production.

To answer your question, Sam, on opex, look, I often say this, operating costs, there are no silver bullets to maintaining operating cost discipline. It's, as Yaniv mentioned, the work of many.

Everyone across the business touches costs somewhere or another. It's around culture and around control, but also around the right supply chain relationships and depth so that we're working well with our partners in the supply chain.

The opex-per-barrel number clearly is a combination of production and opex, and therefore if we can keep production high and opex in a good place, we drive that metric down, and that's what we've been able to do. Specifically in terms of all the effort that goes on, Odin and I were sitting at a tender board yesterday.

We approve all contracts, I sign all the contracts. The headcount here is managed on a day-to-day basis by the VP of HR and culture and myself in terms of numbers.

That's about having the right people doing the right things in the right things and partnering with the right people. Sorry there's no silver bullet answer on opex, but that's how you control costs over the long term.

I would say one of the things that's not in here is the fact that we've managed the FX controls, we normalized the margin guidance at $1.35. We've actually delivered over $10 million, I think it's nearly $20 million of FX savings by hedging GBP to U.S.

dollar below the market position, we locked in some hedges when rates were really low. It's about discipline and cost management and risk management across the piece, which we're very pleased with the results of today.

There's an awful lot of effort goes into one number, which is $18 a barrel.

Understood.

I'll just echo that. I think Sam, what you're seeing is really around discipline, but also agility and adapting to market changes and our kind of very robust capital allocation framework and our ability to keep flexibility and optionality both in our portfolio and the way we manage our investments, but also through a balance sheet.

On your third question, I'll just say nice try, but I'm not going to comment obviously on value. I will say that obviously in periods of extreme volatility like we've been experiencing the past six months, it is not easy to price assets and deals.

Of course, there are ways of dealing with volatility, all sorts of mechanisms. I won't comment on that, and I think I already answered on UKCS landscape in terms of M&A and where the market is.

Sorry to disappoint on that.

No problem, thought I'd try, but thanks very much.

Thank you, Drew, and thank you, everyone, for listening and asking questions. We're always here to answer.

Thank you, and we'll speak again next quarter. Thank you very much.

Have a nice summer.