Good morning, everyone. Thank you for joining our Q1 2026 results presentation.

I'm Yaniv Friedman, I'm the Executive Chairman of Ithaca Energy PLC. With me on our call today is Luciano Vasques, our CEO, and Iain Lewis, our CFO.

A strong Q1, as the first slide says, delivering on our strategy. In today's agenda, we'll cover our Q1 2026 highlights, strategic and operational highlights, and financial highlights, and as always, we'll close with Q&A.

If you'll move to Q4—not Q4, if you'll move to slide 4. Our capital allocation policy supports our attractive shareholders' return.

What we wanted to show is how this plays into this quarter. As mentioned, strong production, robust production that is supporting strong cash flow generation.

We're seeing this strong performance trending into Q2. In Q1, 126,000 barrels a day of production.

We took a hard look in optimizing and accelerating activity across our portfolio in this elevated commodity price environment, so that's been a focus of the business in the past three months on really how to optimize and look for opportunities in this market. On the decline, we have a strong hedge book that underpins our shareholders' returns and our investment plans.

We are taking advantage of volatility, Iain will speak to this later, but we're now able to also hedge at attractive prices into 2028, keeping upside exposure. Full-year dividend trending to the upper end of our range, and we expect this to be above $500 million for full-year 2026.

With this enhanced cash flow generation, this gives us capital to unlock and accelerate growth opportunities, and we'll speak to that later. If you'll move to slide 6.

I'm always proud to say that we're executing across all of our strategic pillars. We're optimizing production, as said, in these elevated commodities prices.

We undertook a thorough review of our portfolio and tried to identify every upside opportunity that we had this year. Luciano will give an example to that.

We're building strong momentum in unlocking organic development opportunities with projects that meet all of our robust and strong investment metrics, and we're pushing them closer to final investment decision. We've completed the Tobermory farm-in in Q1 and farm-down of 45% stake in Fotla to Harbour Energy.

That's further supports organic growth opportunities and value creation. We're continuing to be active, but disciplined in pursuit of M&A opportunities, both in the UK and internationally.

Bottom line, at the same time, delivering attractive shareholders' return, and as mentioned, expected dividend to be at the higher end of the range for 2026. With this, I'll hand over to Luciano on slide 7 to talk about our safe and robust production.

Thank you, Yaniv, and good morning everybody. Can you hear me?

Yes.

Thank you everybody for joining. Our focus on the activities that we have put in in Q1 has been a very intense quarter, activities spanning in various directions to deliver our strategy.

In particular, we have kept on with a strong operational performance in all key metrics. We have created space for a number of additional key activities in support of our organic growth, such a long-term rig sharing agreement.

In a period of elevated commodity prices, we have intensely reviewed options to maximize our output in this period: accelerating investments, optimizing the plans, deferring some activities. We can go to next slide, which is slide number 8.

Of course, this has happened always with a very strong focus on HSE, where we have continued delivering an excellent safety and environmental performance. This meant zero Tier 1 and Tier 2 process safety events, just like our last two years, and a continued strong personal safety performance, showing a positive trend in our incident frequency.

In particular, we are registering a three-month-long run without any recordable incident throughout our activities. Our emission level, which is measured, as you remember, in intensity of CO2 versus barrel of oil equivalent, continues to be substantially lower than the average in the UKCS basin, and it will expect it to improve with the cessation of production of two late life assets in 2026.

We can move to next slide now and focus on our production, which has been of 126,000 barrel per day in the first quarter, in line with our full-year 2026 guidance. Despite we had extraordinarily challenging conditions with weather of a severity that had never been experienced in decades, which have impaired our ability to operate regularly for several weeks across January and mid-February.

Even so, after an average of 120,000 barrel per day in January, which were only weather-related, we reached a two-months average of 129,000 barrel equivalent per day, reflecting a strong recovery that continued into Q2 and allowing us to support our 2026 guidance of 120, 130,000 barrel per day. Moving to next slide, I mentioned earlier about a strategic agreement for a long-term sharing commitment to secure a rig for our operations.

This was with a view of supporting various activities across the spectrum of our strategy. We have finalized an agreement with Harbour Energy, which foresees the sharing on a 50-50 basis of the use of the semi-submersible rig PBLJ for a period spans from 2026 to 2030.

This agreement serves actually several purposes in our strategy. Will be utilized on multiple assets.

It will allow to perform infill drilling activities whenever we identify opportunities or wherever there are requirements at a quick call, short-term intervention. It supports our organic growth plans, and in particular, it is planned to be utilized for the development of our Fotla project that Yaniv just mentioned, also in partnership with Harbour.

Also will allow to deliver in an efficient and flexible way our P&A program, as we have committed to and we have shared it with the regulators. In all, the rig offers efficient commercial condition, of course, thanks to the long-term commitment, flexibility of intervention, sharing of the associated cost, specific logistically, and added to proven performance record of this rig in the area.

We can go to next slide now. One of the assets that sees an example of our activities, intense activities in Q1, is of course Captain, where several actions have been ongoing.

On one hand, we're having good progress with our drilling campaign. One well has been put in production at the beginning of the year.

One is at its final steps right now, expected to come online minutely. We have one more workover for a third new well expected to come online in summer, and further activities towards the end of the year plan then to come onstream early '27.

Coming to the PBLJ that I just mentioned, it is in fact planned to intervene on well B15, one of those cases where the immediate availability of a rig makes it possible to add locked-in production as a response to a favorable commodity price environment, as we mentioned. Lastly, to reaffirm the strategic and long-term value of the asset, we have successfully completed our maintenance campaign and the flotel Safe Caledonia left the site in February after completing an extensive activity plan to safeguard the environmental and operational performance of the asset in its continued life.

If we go to next slide, slide number 12, to move to our Cygnus asset, where the infill well campaign continued at pace. After the spudding of well C13 in Q4 last year, production started in early May with a quite efficient well operation on a first-of-its-kind well for Ithaca, giving now better performance than we had prognosed.

Then we have moved to the next scheduled well, C14, as part of the three-well program in the year, with C15 planned to spud in in Q4 this year in support of an asset that is performing rather well. We are currently maturing business cases for subsequent infill wells that are expected to be sanctioned during the summer.

We move to next slide. This year also sees an increase of our decommissioning activities, in particular, the cessation of production of the Greater Stella Area, comprising of Stella, Harrier, Vorlich, and Abigail fields, bringing the end of the operated hub FPF-1 after nine years of production, which occurred on the 27th of March, and then also the imminent COP of the Alba field coming in the next weeks.

One example of agility and value-driven planning has been, in fact, the Greater Stella Area, where we managed to modify at a short call the complex schedule and execute a temporary extension to the COP date by 27 days ahead of the FPF-1 platform sailing to Norway for dismantling and recycling, and the benefit of the strong commodity price environment. This operation alone allowed to gain $7 million additional dollars in cash flow with no impact to the overall plan.

If we go to the next slide, moving to Rosebank, the development project has entered its final full year of development activity and is progressing towards first production within the operator's stated window of 2026-2027. Rosebank FPSO successfully sailed away from Dubai in Q1, having undertaken major refurbishment works over the past 2.5 years.

Remaining scope are planned later this year as part of the program to moor, to hook up, and commission the asset in field ahead of its first production. The drilling campaign commenced also end of Q1 this year, with the campaign due to extend over 18 months targeting seven wells.

An equipment handling incident has seen the rig come offline in April, with the rig operator now estimating a period of 3 to 4 months remediation before returning the rig to hire. As more data becomes available in the coming weeks, this schedule will be refined.

With that, I hand it over back to Yaniv.

Yes, thank you, Luciano. As Luciano mentioned, this is exactly the type of things we did this quarter, looking specifically on our existing assets and how can we optimize and maximize.

The Greater Stella Area is an example, Cygnus infill and Captain infill wells that will provide additional cash flows in this high commodities environment. If we move on, I'm in slide 15.

As we've said, strong cash flow generation supporting the advancement of the group's material pipeline of organic growth opportunities. We have high-value infrastructure-led investments.

We'll talk in a bit more detail on Fotla and Tornado in the next couple of slides that we've decided to accelerate in this climate. We look to mature and prioritize infrastructure-led exploration in the Greater Cygnus and West of Shetland area.

Mentioned the farm-out of agreement on the Fotla development that was signed with Harbour Energy, and again, building on the existing infrastructure partnership in the Greater Britannia area and establishing the commercial framework to move projects towards sanction in 2026. If we move to slide 16, and this is a slide that we wanted to focus on, gives you kind of FID corridors for our projects, but more importantly shows the optionality that we have in our portfolio, the strength of our portfolio.

We have over 200 million barrels of oil equivalent of resources that we're taking towards FID within the 20 next 24 months. It's a material pipeline of organic growth opportunities that we're advancing.

If we'll focus on the two first ones here, and there are a lot of colors here, but we'll take it from where we assess projects, we select concept, define and prepare for FID, and then our FID corridor with execution. We're looking here at our Fotla opportunity and the Tornado opportunity, and it just gives you a sense of the strength and optionality that we have within our portfolio.

Last time we spoke more about Cambo. This time we want to focus on the two projects that we're pushing towards FID in 2026.

If you look at Fotla in next slides in more detail, slide 17, it's really a demonstration of how we work. It's a journey of strong conviction and really leading projects into execution and pushing them towards FID.

This with Fotla, it's an interesting story. It's an investment in an exploration well, countercyclical, right, through COVID with the rig that was mobilized then, and achieved exploration success.

We further bought our partner's interest in 2023 and had 100% in this. Fotla field development and environmental statement was submitted in 2025, including long lead and rig contract.

We're moving this project into the execution phase. The farming agreement with Harbour builds on, as we said, existing partnership in the Greater Britannia area and establishing a strong commercial framework to move projects toward final investment decision.

You could say, hey, this is 10 million barrels of oil equivalent, but this is the type of things that build the business. These are high-value opportunities that we're taking towards FID, increasing resources and production.

Tornado, another example of a project that we're accelerating and pushing in 2026, which is part of our West of Shetland strategy, in this case, gas strategy. It's gaining momentum with a material opportunity set.

Progressing through the NSTA regulatory approval thresholds. It will serve as a key enabler for future tiebacks and foundation for additional value creation and other tiebacks, and serve really as a gas hub.

It's catalyst for further infrastructure-led exploration. Spitfire is one example of prospect that's been identified as a leading opportunity, but really supporting upside in a strategically important UK gas resource.

Yes, this is a larger project in terms of net resources. Again, these are all building blocks of the future of our production in our home market, which is the UKCS.

If we move to slide 19, just to show how we think about these things, right? All projects are competing for capital within the organization across our portfolio and ranking favorably.

If we look at kind of a snapshot of economics of the projects that we've just mentioned, you're seeing here that the gross resource, the net capital cost in Fotla, and the estimated projected internal rate of return, and really ticking the box on all of our investment criteria. Same with Tornado.

Obviously a larger project, capital costs around $450 million, estimated IRR above 50%, but again, ticking the box on all of our investment criteria. If you're really curious on what that means, they're in our previous presentations in more detail.

Moving to financial highlights, I'll hand over to Iain Lewis, our CFO. Iain, please.

Many thanks, Yaniv. Good morning, everyone.

Slide 21, please, and we'll just call out some of the key numbers for the quarter financially. Starting with 126,000 barrels average for production for the quarter and $18 per barrel of OPEX.

Again, this is our kind of reset cost per barrel, which we expect through the year, and demonstrates a high netback portfolio. Of course, that delivers on EBITDAX at 0.6 billion for the quarter and cash from operations of 0.4 billion, $67 million profit in the period after tax, and $151 million of free cash flow.

The delivery of cash from strong production and low cost per barrel and low tax is as a portfolio delivers and capital invests across the basin. Now in terms of investment, which Yaniv talked to, adjusted net debt is at 1.1 billion, leaving us with a low pro forma leverage ratio of 0.54 times and 1.6 billion of liquidity.

This speaks to the opportunity the business has to continue to invest and to continue to deliver cash flow and dividends to shareholders. Moving on to the next slide, slide 22, which gives us some of the details of EBITDAX.

Just a couple of things I would call out here. We talk about stability in terms of production on the top line there.

You can see the full-year 2025 of 119, and you can see the Q1 '26 number of 126, and our guidance range for the year of 120 to 130. Stable production across the period, continuing to uplift from the 2025 outturn.

As you go through the next set, which talks about the revenue recognized per barrel, you can see an uplift clearly in Q1, and before hedge adjustments, $85 per barrel average, and then $7 per barrel adjustment for hedging losses in the quarter. Still a strong $78 per barrel coming off of the revenue line.

Oil and gas stock movements, inventory draws at different prices bring the numbers overall down in terms of production value, but those stable operating costs of $18 per barrel delivers a strong outturn for the quarter. As prices have escalated in March, they're starting to deliver on higher cash flow and higher EBITDAX, which we expect to come through in the remaining part of the year.

Moving to slide 23. The financial framework just restated here just to confirm the details.

The adjusted net debt figure with a low 1.1 billion at the close of the quarter as net debt ticks down with cash generation, continued very high available liquidity with 1.6 billion available to us. We're just calling out again the unused accordions facility, which we have already taken part of in our RBL, that's still available to us, and that tick-down in net debt to EBITDAX, which is a reflection of the cash generation of the business.

On to hedging, and clearly very interesting commodity markets. What we have been doing in the business is ensuring that we have stable cash delivery for dividend, but upside exposure.

We balance and mix oil and gas. As we reflected on in our March year-end results release, we've collared oil in the short term, but there is upside in the oil book, but there's also very significant upside in the gas book.

These two things offset each other. We, of course, in the quarter are really 50-50 in terms of oil and gas production.

Gas delivery of upside value is very relevant to us. What we've been doing in the past couple of months particularly is focusing on delivering cash flow out in to the future and out through '28 as prices evolve in the market, clearly volatile and moving.

You can see on the left-hand side the oil hedge book in the dark green dotted lines that the upward tick in our collars has been able to be moved through into 2028, including a $60 to nearly $100 oil collar position through 2028. Of course, the short-term changes in commodity markets impact us.

We're looking for long-term stable cash flows with upside optionality and delivery, and that's what we're seeing in the hedge book as we move forward through '27 and through into '28. Detail of this is in slide 25 and 26, which we always give to the market being very transparent.

Key thing here is really on 25 and 26, if we move to slide 25, the white wide collar positions on oil, as well as the unhedged positions on oil, giving material upside, but giving base cash flow delivery as we move through the next cycle of commodity prices, depending on events in the Middle East and obviously global economic outturn. Next slide, slide 26, again shows the very significant upside in gas that we've left.

That is the white elements on the bar chart showing the significant upside on wide collars, for example, in Q2 just now where a 124 pence per therm ceiling, as well as unhedged volumes, were delivering that on our wide collars, and on nearly 100 pence average for everything else. Very high gas price delivery through the hedge book and solid oil delivery.

That leads us to page 27, slide 27, and the dividend. The scale, the stability, and the strength of the business is around longevity and seeing barrels brought through from contingent resources to reserves.

It's about developing and value-accretive M&A. It's about stable delivery of returns to shareholders.

This is where the slide has showed the history from '23, '24, '25, and where we are today. We're committed to 30% post-tax cash from operations.

That enables us to share the upside in the commodity market with our shareholders. The range we gave at the first results release for the year at the year-end was 470 to 520.

We can see that now with the higher prices expected to be above 500. There's obviously a strong trajectory upwards.

Our long-term distribution range is 20 to 35% post-tax cash from operations. Again, this is about confirming to our investors that we plan and we deliver and we hedge to ensure that we can continue to deliver strong returns to shareholders, and in this environment, that is a little bit different with upside available on that 30% post-tax cash from operations commitment for the year.

I'll hand back to Yaniv to close out.

Thank you, Iain. As you can see, a strong quarter with robust operational performance, as mentioned, trending into Q2, and strong financial performance.

We have confidence in our operations. We're seeing strong execution of our strategy and capital to invest for longer-term growth.

A strong focus in the last three months on optimizing and accelerating organic investment to deliver incremental barrels during high commodity price environment. This has been a focus of the business that we expect that will pay off in the future.

Material evolution, as mentioned, of our organic operated and non-operated portfolio that's benefiting from this elevated commodity prices with a strong momentum towards FID. Iain mentioned our dividends, upper end of the guidance, expectation of delivering above $500 million for the full year 2026 on the current trajectory with a very strong balance sheet that also gives us the firepower for further opportunities.

Before we move to Q&A, sometimes I would still people drop, I would like to take the opportunity, first of all, to thank everyone that joined, and also thank the great Ithaca team that's been doing all the work behind the scenes. As I always say, this is a work of many, thank you for another really strong quarter.

With that, let's move to questions and answers.

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

I just have two, please. I wonder if I can kick off by tackling the high-level UK question and ask a bit of a nasty one first.

We're all aware of the uncertainty in the state of play of domestic politics in the UK. I wonder if you can tell us how you feel about the level of risk, if any you see, to consents that you're waiting for from the government.

Related to that, do you think it's having an impact on the level of interest in Cambo from potential partners at the moment? Then secondly, please, you've talked quite a bit about your hedging.

In that, I wonder if you can tell us where the market dynamics are at the moment in terms of where you're managing to sell your unhedged barrels versus benchmark prices that we're able to track on our screens. Also, it'd be very useful if you're able to say how that has changed quarter-to-date.

Thank you very much.

Thanks, Cian. I'll take both of those.

Iain here. In terms of politics, obviously we don't comment on politics, and you wouldn't expect us to, Cian.

I think in terms of regulatory processes, look, they're clear, they're legal processes, and they're being worked through. We have a clear framework laid out, and including the Scope 3 framework laid out as we need to work through now with our developments, which we're doing.

They're running their course, with public consultation and responses being provided, etc., through decision-making. I think it's probably a straightforward process answer, to be honest, Cian, and we continue to operate under the licenses as provided to us by the government, and expect to be able to do so appropriately as we move these projects forward, including Rosebank.

In terms of hedging, yes, very volatile markets, and indeed a lot has been made of the difference between the Brent futures market and the fact that the dated Brent market where we sell our oil. In terms of what we're receiving, generally it's above the Brent futures, but obviously we have hedged a lot of oil.

The interest in oil continues, understandably. I'd just say, Cian, keep your eye on gas.

The NBP prices have been very strong and are not watched in quite the same way. As I said in my section of presentation, half of our production is gas.

We deliberately moved to that balance last year with the acquisition of additional Cygnus interest, and that delivered a lot of upside on the NBP side. We're seeing strong pricing, and we're seeing dated Brent particularly strong.

Of course, there's questions about where that goes, but subject to a lot of geopolitical decisions and movements.

That's very clear. Thank you.

Maybe to add to that, Iain. I think, Iain, what we're trying to do, hopefully successfully, is really prepare the business on kind of forward-looking basis and make sure that we have the stability and predictability in the ability to invest in our assets and of course distributions.

As Iain mentioned, taking advantage of volatility when it's there. Hopefully you see that as well.

Great. Thank you.

Happy to hand on. Thank you.

Sure, Kian. Thank you.

Hi. Thanks for taking my questions.

I had two, please. First, I just wanted to revert back to Cambo.

You highlighted an FID expected next year. Just wondering what else would you require to take FID here, and expand on how the project compares on your investment criteria.

Or are you just waiting for a farm-in partner? I think was asked just as well, what's the latest here?

The second was regarding acquisitions. There have been unconfirmed press reports of a major looking to divest part or all of its assets in the UK.

Just wanted to understand your position on whether you have the appetite to do a material acquisition of any UK asset portfolio.

Hi, Sasi. Good to hear from you.

On Cambo, we're progressing the project, and we spoke a lot about this last time. We're progressing the project towards FID, ticking the box on everything that we need to do, obviously technically, prepare for it financially, including financing, and at the same time, pushing forward all the regulatory aspects of it.

As you can imagine, we need consents to move the project forward. We expect we'll get them.

This is a robust project. We've shown last time the effect that this has on the UK going forward, and we expect the right decisions will be taken and allow us to take this to final investment decision next year.

We're progressing this, and we believe that this project will materialize economically. It's a ranking favorably in our list of projects.

You saw the slide I was talking to earlier. All these projects are projects that meet our very rigorous investment criteria, and our intention is to take a final investment decision on all of them, and including, as you've mentioned, bringing in a farm-in partner into Cambo.

On the M&A side, I'm not going to comment on anything specific. Again, the point that I want to reiterate is that we're looking opportunities from a value angle, a value perspective, and things need to meet our investment criteria.

We would like to do more in our core market, and as you can see, we're I think definitely one of the main players who keep investing in the UK. At the same time, we're comparing and looking at other opportunities on how we grow and diversify the business going forward.

Do we want to do further consolidation in our core UKCS market? Yes, but it needs to meet our investment criteria and kind of high-grade our portfolio.

It's not just a scale for the sake of scale.

Very clear. Thank you very much.

Sure.

Hey, good morning, everyone. Thanks for answering my questions.

I have two, please. The first one relates to slide 8, and I'm really impressed by your safety data, like zero safety events for 30 days as you mentioned during the presentation.

I wonder what have you done right to improve this substantially over the last few years? My second question is more on macro and your view for the market.

The market increasingly seems to expect oil prices to remain elevated for longer, and I wonder how does that align with your own outlook, and linked to that, how would a sustained higher price environment lead you to adjust your own growth strategy or capital allocation plans? Thank you.

All right, thank you. Of course we are very pleased with the results.

What we have done, we've gone back to basics, and we have looked at the root cause of everything. We've looked at all our events, we've looked at all our incidents, we've looked at all our actions that were outstanding to be worked on.

We've looked at our culture. We've spent a lot of time in elevating the attention, the way the people communicate, the transparency, the openness, and so try to understand exactly what was happening in all directions.

That we've worked fundamentally what you call the leading indicators, the things that make your life better. Then this eventually has delivered on the lagging indicators, which are the one that we measure.

This is fundamentally the action of a long period of attention, and we have elevated that at all levels in the company. We talk about it, and we act on it a lot throughout our different assets and departments.

I'll take the second question, but thank you for the question on safety, because people don't often ask about this, and I think that, and as Luciano said, that's a real focus for us, and thank you for bringing light to this. Appreciated.

On commodities prices, we're not speculators. We plan our business, and as mentioned, and Iain can further talk about this, on our hedging strategy again taking advantage of volatility.

I think what we're seeing right now, as you said, is a prolonged kind of elevated prices. Now, I don't know if that's going to stay at the $100-plus a barrel or settle down somewhere lower than that.

I think what we're doing in the business is this is what I tried to emphasize earlier, is we took a very hard look as this conflict started and through March, and everything that we can do to get more out of the business, especially in these elevated prices. The GSA example that Luciano gave earlier is a perfect one.

It's not a huge contribution to our cash flow, but every dollar counts, right? The ability to extend production even by 10 days or two weeks generated more for us in these elevated prices.

We're accelerating some projects that we were looking to do potentially in advanced later in the year, we're accelerating this in this environment because we see the potential for higher returns. Overall, it's a focus of the organization on how to maximize value and allocate capital in a disciplined manner in this environment.

Iain, do you want to add something on hedging?

I would just add to that that, as Yaniv said, this is short-term and long-term. Short-term is all about maximum delivery of barrels clearly in a high-price environment.

It won't always be like this, and we hedge and use the market forward positions to secure cash flow for capital delivery when prices will be lower than this. I think we've always believed in long-term oil and gas demand in the West, particularly, and growing globally.

You've seen obviously in the last six months the world has changed in terms of their view of that, including the IEA. That's just aligned to our view that oil and gas are going to be critical, and responsible delivery of that by good operators is going to be very valuable.

That's where we see ourselves, that's what we're investing for. It's very much a long-term view, and we plan the business around that and the cash flow protection around that, but obviously short-term delivery.

What we did with our FPF-1 asset, keeping it on for an extra month to deliver extra cash flow, is a great example of short-term intervention that delivered value, but it's really about long-term capital.

Understood. Thanks, Luciano, Yaniv, and Iain.

Thanks a lot.

Thank you.

Morning. Apologies if my question's already been answered, I had technical issues.

Depending on the day, you're able to produce, I guess, roughly in and around and up to about 150,000 boe a day from the current portfolio. As you mentioned, Rosebank, other FIDs, Fotla, Tornado, potentially Cambo will help you grow and sustain those rates into the 2030s.

Can you elaborate a little bit on future expansion beyond the portfolio and, Yaniv, perhaps set out your corporate ambitions in terms of size, scale, how you're going to get there, especially in the context of your potential inclusion in the FTSE 100? Thank you.

Hi, Werner. Kind of our pillars of growth right around organic and the strength and optionality that we have in our portfolio.

When you look at this, and as we said, we're looking to take final investment decision in the next 24 months on over 200 million barrels of oil equivalent, which is significant. At the same time, keep looking for growth opportunities through acquisitions.

Answered that earlier, but we now see the value in diversification. We're, as we said, we're not shy about this.

We're saying that we're looking, but we're being very disciplined and looking at what can high-grade our portfolio and where can we focus and replicate the Ithaca success going forward. That's something that's very important for us, and especially in this environment.

I'm not going to talk in terms of barrels a day of production of growth. We said last time that we're working internally on getting to a billion barrels of resources, so that's in our core UKCS market, and ideally, we would like to diversify out of the UK and into a basin that we can grow in and start building a similar story to what Ithaca did in the UK.

Great. That's clear.

Thanks a lot.

Hi, morning guys. Thanks for taking my question.

Again, apologies if this has been answered, some technical issues on my side. Just had two.

Just firstly on Rosebank, you obviously flagged the issue with equipment handling on the rig and how long that might be away getting fixed. Just wondering if there are any costs associated with that or potential penalties due to you.

Just the financial implications, I guess, aside from the obvious delay. Then thinking more broadly on the UK and the EPL, obviously earlier this year, there was thoughts that legislation was going to be brought forward for next year.

Part of that was the energy security investment mechanism kicking in through '27. Just wondering how the tone of conversations with the government has changed given the commodity price view, and whether there's still that expectation that the EPL legislation will be brought forward.

Thanks.

Sure. Let me start from the second question on EPL.

You're right, there's been discussions within the government. I think right now in the current commodities prices, obviously, even the OGPM, this would release the tax environment anyway.

We believe that longer term, this will need to change, right, to really motivates and create a investment environment going forward, and most importantly, certainty. Now, we said this in our November conference call in Q3 last year.

We think that the OGPM is a sensible solution. Perfect is the enemy of the very good in this case, right?

We think it's a sensible solution that we can operate under, and we expect that this will be legislated and implemented by the government to allow us, but also other operators, to take material final investment decisions in the basin. In backdrop of everything that's happening right now globally, geopolitically, especially in our sector, commodities prices, and seeing where the UK's rank in terms of production and UK energy security going forward, and the volatile and unpredictable world that we're in, we think that would be very wise of the government to really implement the OGPM and provide the certainty that we're looking for.

Iain, do you want to talk about the effect of the Rosebank incident on costs?

Sure, happy to. I'll just add in terms of tax.

I think we've been very constructive with the government. We think there's real opportunity here for the UK to deliver on securing your supply, but it requires the right environment.

Credit to the government, they've come up with the right tax environment, it just needs to be implemented earlier. In terms of Rosebank, clearly with the rig off hire, there's a kind of short-term delay in some of the capital.

We haven't amended our guidance yet on that as we confirm guidance at the moment. Clearly, there's a lot of work on Rosebank going on this year, it's not just drilling.

The FPSO hookup and all the marine activity that will be ongoing, as well as the continued work in the FPSO commissioning, etc. There will be a reduction in capital, but probably not a hugely material change, but that's to be determined based upon when the rig comes back, obviously, and that's part of the recovery plan has been worked through with Odfjell.

Very clear. Thank you.

Good morning and congrats on a good set of numbers today. Just a question on Rosebank.

Just wondered if you could give us an indication of—

Ashley, can you speak louder, please? You have a bad connection, if you could just raise your voice a little bit so we can hear you better.

Sorry, is that better?

Yeah.

Just a quick question on Rosebank. It was wondering if you can tell us sort of how close the vessel is to coming on location, and if you're able to give us any indication around the hookup and commissioning timeline.

Also, if the delay with the rig going off hire, if that has any impact on the timeline to first production.

Good morning. Yes, the FPSO is at this moment in a yard in Bergen completing, the move to location is imminent.

The schedule is being reviewed with the operator continuously, and so there is always an appreciation of how much work you better do on shore and how much you leave to be carried out offshore. Definitely the plan is to have it moved on location in Q2 and then start all the activities which already planned with the vessels for all the other hookup and mooring and starting off of commissioning.

This is still there in the plan. As Iain said, the FPSO activities are moving on.

As far as the impact of the rig incident is concerned, as we said, the rig operator had indicated a window of when the rig can become available, but at this moment all the assessments are being completed, because of course there are several moving parts in a handling incident like that. The schedule is being refined.

We are not at this moment in position of saying anything more specific, but the overall picture is that this can be accommodated within the project schedule as it had been declared by the operator.

Thank you.

Thank you, everyone, for joining our Q1 2026 numbers and results. Thank you for your questions, and we'll see you again next quarter.

Thank you very much. Have a good day.