Good morning, everyone, and thank you for joining us on today's Ithaca Energy Strategic Acquisition of Offshore Canada Assets. My name is Drew, and I will be the operator on the call today. After the prepared remarks, we will hold a Q&A session. If you would like to ask a question during that time, please press star followed by one on your telephone keypad. To withdraw your question, it is star followed by two. With that, it is my pleasure to hand over to Yaniv Friedman, Executive Chairman, to begin. Please go ahead when you are ready. Good morning, everyone, and thank you for joining this call on short notice, as expected, with what we are coming out with. With me today on the call are Luciano Vasques, CEO, Iain Lewis, CFO, and Odin Estensen, our COO. If you jump right in and look at the first slide, you will see the photo of the Terra Nova FPSO. I think this transaction is our Terra Nova, as it is a strategic acquisition of the Suncor assets offshore Canada, a deal with strong metrics, but also with significant strategic value that we will be happy to share. So it is our first international step out in a basin that we like, that supports our scale, stability, strength story. It is a transformational acquisition of the operational Terra Nova field and the non-operated White Rose area from Suncor for a consideration of $860 million with an effective date of July 1 2026. As Iain will elaborate later, obviously with our robust liquidity, this will be financed by new and existing debt facility. It has scale and diversification with two operating hubs and supporting our enhanced pool production potential. We are targeting 140,000-150,000 barrels a day of production in the medium term. As long life, low decline 2P reserves, we will talk about our significant upside resource that we are seeing in these assets, and highly accretive transaction metrics of $8/ boe 2P. We are expecting this to be immediately cash flow and dividend accretive, and this is underpinned by a near-term production growth, mainly from West White Rose, with over 20% of compound annual growth in production from 2026 till 2030. If you move to slide three, I think people use transformational loosely, but this is truly a transformational deal for us. It gives us operatorship in a new basin with a very strong team as well, with high-quality assets, 103,000 barrels of 2P reserve with 17 years 2P reserve production ratio, 30,000 barrels a day of production on average over the course of the next five years, so from 2027 till 2031, with peak production between 35,000 and 40,000 barrels a day expected in 2029 as West White Rose peaks. 200 million barrels of additional resource potential. We will cover that in depth later. That puts us as one of the largest operators and producers in the basin. If you will move to slide four, so it shows you the evolution of Ithaca through acquisitions. It is exactly, I think not to the day, but a two-day miss on our Eni business combination closing. We presented our strategy in our Capital Markets Day in March 2025, and our first pillar was international expansion. You can see since the Eni closing, we have done two additional acquisitions in our home market, the UKCS, adding Seagull and Cygnus working interest increase to our portfolio. Now we are at a focused international expansion, which was kind of our fourth pillar on strategy. So a very nice trajectory and journey of disciplined growth in Ithaca. If you move to slide five, we have been asked a lot about how would this international expansion look like in the past. We kept saying, "We will be disciplined and active, and we will not be overly exotic." I think this slide just demonstrates how we are ticking the boxes on our international growth strategy. On the kind of top line, you have what we said, which is inorganic growth strategy we will focus on, and we will cover that, and then what we have delivered, and that is aligned with our investment parameters. So we said we want to retain focus in no more than three regions. Clearly, we are expanding now to a new hub, a new basin, which will hopefully be a key basin of interest for us. We would like to be in places that offer us expansion opportunities and growth opportunities, not just a one-off. So we will have a runway to grow organically and inorganically. This creates a platform, also an operating platform for further potential M&A in North America. We said we will look for regions that offer stable and fiscal regulatory support. We looked at Canada, and we have a slide on this later. It offers strong support for investment in the region with a very decent fiscal regime. We look at transactions that would offer both yield cash flow, but also growth potential. Again, ticking the box on this with having cash generative portfolio that is supporting distribution and growth. Delivering balance across the oil and gas life cycle, sustainable production and cash flows. Here, we have significant organic opportunity that we will cover later. All of this while maintaining our disciplined capital allocation framework and leverage position ceiling. Here again, this transaction will be financed, and Iain will talk about this, with a combination of existing and new facilities. But this all sits comfortably within our leverage parameters. This is a story that started actually quite a while ago, about two and a half years ago, when Ithaca was looking at the [inaudible] offshore East Canada. So, we looked at this then, we liked the assets. Our subsurface team really liked the assets. This has developed through the discussion with Suncor to what we have announced today. We will move to slide seven. So again, strategically, this is a transformational strategic basin entry into offshore East Coast Canada. I think what is important here, it provides us with diversification, and we think diversification is important for a company like Ithaca. Not less importantly, it gives us exposure to what we see, and especially in the geopolitical world we live in, premium northern OECD barrels. This is a disciplined, transformational entry into a well-understood basin. Very similar in many ways to our UKCS and even to Aberdeen, with attractive fiscal and regulatory regime as mentioned, both at the federal and provincial level, that provide strong support for additional investments in the basin. High quality, low decline assets in a well-understood basin. It is shallow water, long life conventional assets. There is significant operational history in a well-developed, low complexity operating environment. These similarities really play into Ithaca's expertise and capabilities, including FPSOs. As you all know, we are experts on operating FPSO. 2P reserves life of 17 years. Estimated production of 30,000 barrels per day over the course of the next five years. This is an important point, there has been a material recent investment across the portfolio, including FPSO refurbishments. We can spend more time on this. That really provides a solid foundation for next phase field development, both in Terra Nova and White Rose. This is coming with a very strong operating team. We have done a lot of due diligence on this. So we are adding 400 person of operating team, and really a lot of capabilities that we are bringing in, and a proven track record of delivering safe, environmentally responsible and efficient operations offshore East Coast Canada. There is also expertise in exploration, development, production, and we are seeing a lot of potential upside in optimizing this portfolio as we go further. Also relationships with really blue-chip partners across the basin here. If you look to slide eight. Again, material, organic, and inorganic growth potential. I will not go in-depth into this. Iain will mention it later. Just the current base case for us without any further expansion takes us to 35,000-40,000 barrels a day peak production as West White Rose peaks. Establishes a platform for further M&A in North America, or organic growth opportunities. Also expected to be immediately cash flow and dividend accretive, but also adds to a debt capacity. In slide nine. This is fully aligned with Ithaca's growth strategy and supported by clear rationale. Well-understood and developed basin, low decline project similar to our operating environments in the U.K. Significant resource potential for organic growth opportunities, attractive fiscal and regulatory regime. This encourages more active investment in the basin. Also, further consolidation potential, obviously at the right value. If we move to slide 10, again, this is a map, but this just shows the breadth of assets and players in the basin. This is a well-understood basin with production and operators dominated by a small number of fields and companies. We believe this is a great place for us to really replicate the Ithaca model offshore Canada. A few words on regulatory and fiscal regime on slide 11. I would call it, we are seeing a very practical and pragmatic Canadian government with fiscal regime that works closely and collaboratively with the offshore industry. There is a lower effective tax rate, definitely compared to the UKCS with a 30% corporate tax rate. Recently announced Productivity Mega Deduction that really enhances further development through a reduced marginal effective tax rate on new capital investments. There is also a royalty regime that is a negotiated one, that is agreed by the partners in the assets and the provincial government. The government has, in the past as well, provided royalty relief and renegotiated to reduce burden in low price environments. The regulatory side, increasingly energy-friendly federal and provincial government backing reinforces long-term investment confidence. Canada-Newfoundland and Labrador Offshore Energy Regulator, C-NLOER, a very catchy name, is responsible for licensing rounds, resource management, emissions, and environmental compliance. Overall, a very refreshing environment for us to do business in. This is the introduction. We'll dive into a bit more detail, and I'll hand over to Luciano to talk us through more about these opportunities. Thanks, Yaniv, and good morning, everybody. Look, we'll talk about the assets. What attracted us to this opportunity is, first and foremost, the quality of these assets. Terra Nova is an operated long life field with strong reservoirs and considerable further potential. Importantly, the FPSO recently undergone major refurbishment, around CAD 900 million of gross investment. That investment improves the reliability, provides a strong foundation for the next phase of the field development. White Rose is a high margin, non-operated asset, an extensive producing infrastructure and further development and exploration opportunity, and also the FPSO has benefited from significant recent investments. West White Rose as a major near-term growth component with the first production expected for the end of the year. With this operation, we are acquiring high quality, substantially de-risked production base following significant capital investment with the infrastructure and the capabilities already in place. These assets, we understand, they are in an operating environment which is similar to the U.K. Continental Shelf and in shallow waters, where our offshore subsurface and FPSO experience is directly relevant. The opportunity, though, goes well beyond the current production. There are options for further infill drilling, field extensions, step outs and exploration. The combination of existing production, near-term growth, and future development potential is what really makes this portfolio particularly compelling. In short, these are very good assets with significant investment already behind them and meaningful opportunities ahead of them. If we go to slide 13, talk a little more about the organization. The acquisition is equally compelling for the quality of the asset and the organization fit. Bear in mind, this is not a merger between two companies, so we're not required to combine corporate organization. We are acquiring self-sufficient operating portfolio supported by an established skilled team of around 400 people, as Iain mentioned, with regional expertise across exploration, development, production, and optimization. The transaction gives us operation capability in the basin from day one, together with partner relationships and operational continuity. The local team brings the capability to operate the asset safely and efficiently and provide the solid base for future developments. Ithaca adds our capital discipline, technical expertise, and a proven approach to developing value around existing infrastructure. So we are confident about this. We're confident about the integrations. Ithaca has completed, as you know, large-scale transactions and integrations, most recently, of course, bringing together the Ithaca and the Eni U.K. businesses, while maintaining operational continuity and building scale. That experience provides a framework for what must be integrated, what should remain locally managed, and where central support can add value without disrupting performance. Our objective is to retain and empower regional capability while providing disciplined investment, technical support, and access to Ithaca's experience. This will create a strong platform to optimize production, to progress development opportunities, and build further options around existing infrastructure. This transaction, therefore, opens up the possibility to replicate the successful UKCS Ithaca model in Canada, combining high-quality assets, capable teams, and realize the full potential of these assets. With that, I let Iain come in talking about some forward numbers. Excellent. Thanks, Luciano. Let's move to slide 14, please, and let me take you through some of the numbers around the potential here of the deal and the resources and how that fits into our current business. On slide 14, you have a stacked chart of the resource potential that we are acquiring in this deal. From the base in the blue, and light blue, that's the 2P production profile that has been expressed already, peaks through in 2029 as the West White Rose field ramps up, with wells being drilled through the next couple of years. That is the base activity, and you can see that it's long dated, and it's growing in the short term. What is exciting about this portfolio is not just the base and the capacity that we acquire, but the optionality beyond. See the light green stack on top on 2C. That's the Horst 2C in the Terra Nova area, and then Northern White Rose 2C in the West White Rose area. Then you have the darker green, where we have prospective resource beyond. You can see the kind of material resource that we're looking at. One of the exciting opportunities here is how we evolve that resource, in the 2C and in the 2P, in the coming years. This is part of what's excited us about this deal. So 103 million barrels of estimated 2P reserves. Given the low production presently relative to where this is going, it's a 17-year reserve to production ratio. There's 200 million barrels of additional resource beyond 2P, that we're looking to work hard in the coming months and years. In terms of some breakdown of that, slide 15 gives a little bit more detail. Obviously in terms of our current resources capacity, reserve capacity, this is another 22% additional reserves on top of a reserve base. That is well-understood reservoirs, well-understood assets and the West White Rose new asset ramping up. But then beyond that, we get into the 2C in Terra Nova, the Horst development, FID coming in 2027. Again, a couple of well subsea development tieback in Terra Nova, looking to bring 6 million barrels of net 2C resources back to the vessel. Then the 2C in the White Rose area, the Northern White Rose extension, the next phase of White Rose development following West White Rose to bring back volumes to the White Rose FPSO. But beyond that, we have this stack of prospective resources, significantly in Terra Nova, 78 million barrels, but even more in the White Rose area with the Knights Island and Strong Island prospects in view there. So, what we have is a pretty deep resource base here to work through. We believe there is a lot of opportunity to mature these, and that will be a focus in the coming months and years. Now slide 16 shows you how that builds onto our current business. Really what I would say about this is it is taking our current longevity and capability, and it is adding to that, uplifting every metric. So you can see that currently we are at expected base production of over 120,000 barrels a day. That was a kind of 10 year over 120,000 look ahead. We are uplifting that today in the medium term outlook to be 140,000 to 150,000. So we are targeting to maintain production. You can see from the stacked chart ahead of us here that there is the potential for that to go beyond 10 years as we move these resources through into reserves and production. So it is about longevity and it is about increasing scale with that additional 22% reserve contribution from the East Coast Canada portfolio that we are acquiring. You can see the stack there of base Ithaca Energy 2P in blue, East Coast Canada 2P in dark green, and then the 2C, and the upside resource potential beyond including our U.K. projects, high quality available two FID projects, that we often talk about, like Fotla and the assets beyond in the gas basin, West of Shetland and Cambo. Now into the Eastern Canada basin with additional opportunities and new fields to look at that compete for capital alongside. So an attractive long-term portfolio that has optionality. That is really the key word to take away from this slide. It is optionality across our asset base now, with strong development potential competing for capital. Now in terms of the capital allocation framework, slide 17 shows us really how that impacts on the anchor point for our investments, and for returns to shareholders. So as always, we come back to this slide. It underpins everything and it answers a lot of questions that people have on how we run our business. So high cash flow from operations on the left-hand side. Now post-deal, we expect this, of course, in the U.K. and in Canada to be delivering high post-tax cash from operations. We then invest to sustain production at 140,000 to 150,000 barrels a day. That will be about the timing of opportunities, FIDs timed from first CapEx to first oil. It will be about the investment returns of each project. We have very clear project metrics, which we will come onto shortly, that our projects need to meet. Our U.K. ones do. We can see a good number of the Canadian ones coming in to exactly the same framework, helped indeed by the additional tax relief that was announced in the last couple of months in terms of super deduction for capital accelerated relief on CapEx projects. So, strong investment pipeline to sustain CapEx, and sustain production at 140,000 to 150,000 barrel a day level. Net debt below 1.25. So again, one of the key things that we have consistently said is we are looking to be high liquidity, and to be moderate to low net debt to EBITDA. We have been 0.5 x leverage now for some time, and we have had very significant liquidity available. That is to give us opportunity. That was to enable us to do deals just like this. So lots of the work we have done in the capital markets has been enabling us to execute this kind of deal with comfort. And we do that today as we announce the deal. If you just take the headline price and the EBITDAX on the low production over the last year, that is before West White Rose ramp-up. If you just apply that to a 0.5 x net debt to EBITDAX at June 30th, you come with about a 0.8 x leverage number, adding this deal build on. We are well within our capital ceiling on net debt to EBITDAX, and we have significant capacity beyond. That allows us to continue with our distribution range, 20%-35% post-tax cash from operations. You can see the fact that is levered off of post-tax cash from ops, which will increase with this deal, that we expect the deal to be dividend accretive. But really, this is just about us doing what we said we would do and protecting the business at a higher level as we distribute to shareholders and invest across the piece. Now, in terms of protection, we obviously hedge, and we hedge material volumes in the U.K., and that will now become part of our pattern in Canada as well, post-completion, particularly. However, we are also deal contingent hedging on the deal transaction, which I will explain when we come to the headline price in a moment. Slide 18, please. Let us look at some of the high level metrics that we apply to every organic and inorganic deal. So in the bottom of this slide, we have our six core metrics of investment criteria. This deal, on its base case, without the wave of production of potential resources, is beyond comfortably above 20% IRR and over 1.3 DPI, payback within four years, and operating cash margin accretive. We expect OpEx per barrel on a clean basis, post the investments and the ramp-up to be $20 a barrel as we get below our U.K. portfolio at that time in the next few years. So cash margin accretive. NPV 10, we are highlighting here. We aim for a $50 per barrel breakeven for NPV 10 returns. This is in and about that area, so it is just marginally above $50 a barrel, which in the current environment, oil price environment is, we believe, a very attractive metric set. And obviously, emissions targets we will have to expand now to beyond the U.K., where we are a highly credible and top tier emissions performer in this basin. These assets take us into a good place in our new basin as well, and we will develop our target compliance for the new basin due course. So really, as you can see here, meets our investment criterias, all of them credibly. We get into the top of the slide, you can see illustratively how the post-tax cash from ops uplifts. And clearly, that feeds through into dividend potential as we keep our policy today as it has been since this last year when we uplifted the metrics 20% to 35% post-tax cash from ops, all within 1.25 x leverage ratio. In terms of the deal contingent hedging, I will just comment on that today. We signed this deal early evening last night. When the Asian markets opened for Brent at 11:00 P.M., we entered into hedging agreements for the next several months around the cash flows that will run the interim period to protect pricing. As you would expect, we invest, of course, on a forward curve at a moderate oil and gas price. Where oil is today, an opportunity to hedge, to protect and enhance value in terms of the deal and in terms of the close out cash flow. So we have opportunistically stayed up late, having done the deal and signed it in the early evening, and executed some nice hedges in the market with collars taking us up to $110 a barrel and swaps in the high 90s. Finally, slide 20, please, before I will hand back to Yaniv. This is just summarizing the acquisition price and structure. We are in a high commodity price environment. All deals done in this environment tend to have commodity price based contingent mechanisms involved, and this is no different. So we have an $860 million headline price, and then we have 27 months from July 1, so just about 24 months from today, where we will be sharing upside on prices above $80 a barrel for 2026, and then 74 to 73 for 2027 and 2028. Sharing that 50% with Suncor, a cap of $50 million on all paid post-tax and post royalties. Key to us is a fair sharing of the upside, and we believe that this represents attractive consideration on upside metrics on the deal. In terms of financing, the expectation is that we will secure lending on the assets in Canada. There are many ways to optimize that. We are looking at various options at the moment, but as market participants will know, we have significant liquidity, $1.9 billion of immediately available liquidity at the end of June, and therefore there is no difficulty in meeting this transaction and its payment mechanism on day one from current liquidity. With that, I will hand back to Yaniv to close out. Thank you, Iain. Just very quickly, just run through the highlights of this presentation before we open for Q&A. Transformational strategic entry into offshore East Canada, really creating another hub for operations for us with a very strong operating team, complementary to our international growth strategy, as mentioned, ticking all the boxes in our investment criteria. High-quality assets, adding five-year average 2P production of 30,000 barrels a day, barrel of oil equivalent in the next five years, and 103 million barrels of 2P reserves. Established an experienced operating team, operating stability and regional expertise, really strengthening our medium-term production outlook to 140,000 to 150,000 barrels a day with material upside potential for organic growth opportunities as Iain covered in depth. It is a scalable platform for future inorganic growth as well, with ambition to build further scale in the basin and in North America. We are happy we have this opportunity to create this platform. We expect it to be highly accretive, and executed on attractive metrics against our strategic investment parameters. Before I open for Q&A, I will take this opportunity as always to thank the Ithaca team for a job well done. This was obviously across the business, supporting us on this transaction. As I keep saying, always a work of many. For those listening to us, thank you, and also thank you to all of our advisors on this transaction. With that, we will open for questions. Thank you. We will now start today's Q&A session. If you would like to ask a question during this time, please press star followed by one on your telephone keypad now. To withdraw your question, it is star followed by two. Our first question today comes from Cian Evans-Cowie from Bank of America. Your line is now open. Please go ahead. Hello. Good morning, everyone. Thank you very much for taking my questions. Can I just start off quite high level, please, and ask about your thinking in terms of the funding of this deal? In particular, I wonder why you have chosen to use cash, and not thought about using equity at least as part of the funding mix for this deal. Then, could you possibly give us an estimate for what you think the quantum of the cash settlement will be, after accounting for the interim cash flows between the effective date, and completion date, please? Then, just if I can be a bit greedy, please, I will ask one more. On slide 18, I know it is not quite the purpose of the presentation, but I cannot help but see that the existing Ithaca cash flow from operations bar increasing to 2029. Can you, perhaps it would be helpful for you to remind us what the assumptions are behind that chart in terms of what commodity prices you are using there and which projects you are assuming are on stream by then. Thank you. Greedy it is, Cian. Do you want to start, Iain? Yeah, that is greedy because we never share our internal metrics on price. But a good try. It is a good try. A good try. Yeah, look, in terms of the deal funding, look, we've always said that acquisitions in the kind of billion-dollar range we could do within cash liquidity. Shares are valuable, but precious. I would say that this kind of deal is well within our capacity to execute and therefore to add for existing shareholder without any dilution or expansion, to add value to what was arguably an under-levered business. Well, arguably it's under-levered after this as well, but it's certainly within our capacity to execute. I think in terms of the deal and the structure, that's the rationale. It's certainly within what we said we would do of deals in the kind of billion-dollar range within our cash perimeter. In terms of closeout, obviously, it depends on several things between now and the end of the interim period. In terms of cash, there is obviously CapEx ongoing at West White Rose, and there's also CapEx, as we consider it, what's called the WISE project at Terra Nova, which is a well integrity and investment program that's expansive, and gets the wells into the kind of same shape as the FPSO in terms of longevity for the future. It depends on the ratio to capital spend to production and pricing. What we did actually last night in the Asian markets, at 11:15 P.M. exactly, with some of our banking partners, is we spent a bit of time de-risking oil price across the interim period cash flows. That will take some of the price risk of a drop out of the market, but leaves us upside, as I said, to up to $110 a barrel. Neutral to increasing marginally is probably what we're looking at, but it depends on a number of factors, as always, with operations. Thank you. We will now take Suppose as you are waiting for more on our price assumptions, Cian, you are not going to get them. But yeah, thanks for asking. Our next question today comes from Werner Riding from Peel Hunt. Your line is now open. Please go ahead. Thank you. Morning, guys. Yeah, just noticing that production on current assets you are acquiring is about 16,000 increases to 35,000-40,000 around 2029. Iain, I know you ran through some of it, but I am interested, I am not sure whether Odin is on the call, but interested to hear more about the subsurface opportunities, and whether you could describe any ongoing or future drilling programs that are required. And can you quantify the CapEx as well, needed to deliver the production profile on slide 14? Is there an annual run rate figure you could share? Yeah. I will pass to Odin for more details, but essentially, in the next couple of years through 2029, it is about $100 million net on West White Rose per annum. This is a drilling program that takes the gravity base structure of West White Rose, the drilling program up to full well stock. That is really what you are seeing in the base there. It is pretty much the drilling of West White Rose, and the bringing on of wells from first oil at the Q4 of this year through 2029. So it is pretty standard well ramp-up as we drill through the project. As I say, about $100 million of CapEx across West White Rose in that period. Not a huge amount in Terra Nova. We consider on the base, that is excluding the WISE project, about $350 million of investment across the next couple of years, 2027, 2028, around the well stock at Terra Nova. But that is the base assets, and then there is beyond. Yeah, and I think the most obvious candidate for us to accelerate is the Horst opportunity, which sits there, which is a very clear and good opportunity that currently is not in the sanctioned plans, but something we definitely look very close at and see if we can accelerate forward. Okay. Thank you. Thank you. Our next question comes from James Hosie from Shore Capital. Your line is now open. Please go ahead. Hi. Good morning. Congratulations on the deal, and a question on a couple of topics. Just obviously on the prospective resources you are outlining that are quite substantial for both Terra Nova and White Rose. Just wondering if you could give some context on whether the prospects are targeting new plays, or is this just you following the same geology that is already proven in the existing production assets? Would we be right to assume that any discovery would be a tieback rather than a standalone development? Then a second question, just if you could talk about the future spending commitments you are taking on with these assets. Suncor's announcement of the deal references abandonment liabilities larger than the upfront cash consideration you are paying. I know this is over a decade away, but do you need to pre-fund these decommissioning costs over the coming years or secure additional extra credit? Thank you. Yeah. Let me, then Odin can come in afterwards with more details. Let me answer those two because they are related, James. In terms of the ABEX, so we expect the book liabilities of decom pre-tax to be less than $1 billion. Okay in that kind of range, USD, on our books at close. Those decommissioning liabilities are, first of all, they are largely wells and FPSOs, so they are decommissioning liabilities that we understand and we know, and we in fact have done subsea wells and floating structures this year and continue to do that well. It is also in the mid-2030s, but that depends on the investment that gets tied back to these assets. This is one of the great opportunities here is that the base numbers work. As we talk you through the numbers there, the deal on its face makes sense in a base delivery. But the opportunity beyond, in relatively underanalyzed and undermatured resources, is really key here. The potential to push out those liabilities materially is there and is part of what we are working on. In fact, the reference to the 2P, for example, I mentioned the two White Rose related, SeaRose related prospects in Knights Island and Strong Island. There is 2P around Terra Nova, which is more organic or kind of step out infill type positions. This is about reservoir management post the WISE project, and it is about new fields and prospects in the area that have not been drilled. In terms of taking on liabilities or investment, I would call it twofold. Liability, yes, the decommissioning. Pretty standard for a deal of this size, especially when decom is that far away. There is next to no decommissioning in the next 10 years. But then, the WISE project, which I say is a combination of well integrity and investment and reserves upgrading, is ongoing right now. That is an execution of a program agreed with the regulator around well integrity and also productivity and resource development. As I said, that is about 350, thereabouts, in the next couple of years, million net dollars. That is the main committed, that is the committed expenditure really in Terra Nova. In White Rose, there is about $100 million a year of drilling, largely CapEx, that is now ongoing. The GBS is in place, and the rig is drilling. First oil expected Q4 2026. Are there any more on any specifics on the- We can add on the opportunities in the Terra Nova area. As I mentioned, you have the Horst. We have other infill opportunities which are easy to go after. Then there will be further step-out opportunities if we are successful here. In the White Rose area, similarly, the Northern White Rose extension, that is in kind of a pre-FEED phase at the moment, and that is also an infill opportunity. Then the two prospects that I mentioned, the Knights Island and Strong Island, are also within the development area and should be achievable if successful for cost-effective infill or tieback opportunity. Thank you. Our next question comes from Alice Winograd from Morgan Stanley. Your line is now open. Please proceed. Hi. Thank you. Congratulations on the deal. As you mentioned, this is indeed transformational. Upon completion, you have a number of organic opportunities, right, in the U.K. and in Canada. You have also referenced a potential inorganic platform in North America. Forgive me for asking this before the transaction is even closed, but looking at the future, does this broaden your scope in terms of future inorganic? To put it another way, does the fact that you're now not exclusively a U.K. company anymore mean that you'd be willing to expand anywhere if this creates value, or would you draw the line at the U.K. and North America, or maybe more broadly speaking, OECD? I appreciate this is fairly open-ended, but I'm interested in what your latest thinking, especially because there's a number of press reports about portfolios for sale, right, in Norway, for instance, and in Egypt. So thank you. Thanks, Alice. I'll take that. First of all, thank you. We do think it's transformational. This is obviously a meaningful acquisition for us, and I think the first thing that we're going to do is integrate this business, identify the opportunities and the low-hanging fruit that we believe is there and that we intend to chase and go after. At the same time, Ithaca has been acquisitive since its inception, or at least in the past seven, eight years. I showed the slides of how we're going through acquisitions. I think that if you look at, again, the investment criteria for international expansion, that hasn't changed. I think this really reinforces it. We said that we would like to be and kind of focus on specific geographies that we can grow the business, that we have runway organically and inorganically. Obviously, now we have a platform to do potentially more. But as always, we are going to do this with discipline and patience and find the right opportunities like we believe this one is. I will repeat what I say usually when I am asked about this. We are not planning to be overly exotic, and I think we are proving this now as well. If there are more jurisdiction geographies that we can be present in, look, I think we are looking at this right now. We will always look at other opportunities. But our targeted strategy is to be focused on one, two, maximum three basins where we are right now and really optimize focus and growing these basins. Thank you. Our next question comes from Naisheng Cui from Barclays. Your line is now open. Please proceed. Hey, good morning, everyone. Congratulations on Ithaca's first international deal. Two questions from me, please. The first one is around synergy. I have not heard many comments on synergy. I wonder if you would add more color on this, or shall we say this transaction is more as a strategic diversification outside the UKCS? The second question is on cultural integration. I know Ithaca has done so well by integrating other business through your M&A journeys, but this is your first international transformation. I wonder how do you see cultural integration work over here? Thank you. Yeah, let me hit the synergy point, maybe have a go at the cultural integration point, too. I guess synergistically clear, this is a new basin. This is a first deal in North America. Therefore, synergies aren't high up on our agenda other than we're sharing vessels from Aberdeen across. It's a long way across to Canada. That's not the focus here, right? This is about building a platform and capacity and resources. Synergies will not be part of the mix really here. Of course, as we become global, there are companies. I was in St. John's a couple of months ago. The first vessel I saw in the harbor was a DOF vessel that we've used in the U.K. before. Same players, same supply chain. Will there be discussions across that? Of course there will, but that's not the main aim here. Okay? The synergies are not in focus. Some deals that's in focus, probably the case today. In terms of cultural integration, look, I would say St. John's in lots of ways is like Aberdeen, a city with a strong focus on oil and gas, sees the value of oil and gas. In lots of ways, we believe that the people there and the assets there will very much tie in with our culture and ethos. Everything we've seen and everything we've heard from the people including us, and Odin can talk to this from having been offshore, it is a place that understands oil and gas investment, wants the kind of agile and capable leadership that we've showed in this basin applied to them. I think it's an open door. But Odin, maybe you've been longer there or been offshore. Yeah. No, thanks, Iain. I think we've spent time there with the organization onshore and also offshore. We don't see a huge organizational benefit is that we are operating similar kind of installations. They have a very strong, high-performing organization, a learning organization that is humble and focused on continuous improvement. Bringing us together will give us more robustness. We will have more capacity and competence within our total organization, and that will, in the long run, give us higher robustness going forward. Maybe one thing to add, Nash. Good to hear from you, Yaniv. As part of this and through the due diligence process, as mentioned, I think this is our 13th acquisition in the past five years. I think our team is very used to transition and integration. Actually, as part of what we do in preparing for this and assigning this, we have a very robust transition program in place. We're not starting today. We started months ago, and this is kind of day minus X for us, getting to closing and day zero. We know exactly what the plan is, how we're going to operate this. We have a great partner in Suncor on the transition side as well. As Odin said, there's a very good team there that is looking forward to working with us on this as well. Very helpful. Thank you, gentlemen. Thank you, Nash. Our next question today comes from James Carmichael from Berenberg. Your line's now open. Please proceed. Hi. Morning, guys. Just a couple left for me. Just thinking about distributions, obviously, the policy is based on percentage of CFFO, but you won't be reporting the CFFO from these assets between now and completion. So just wondering how or if you adjust for that. Then just very briefly, you haven't mentioned it, so it's probably low risk, just thinking about pre-emption and if there's any risk there. Thanks. Yeah. On distributions, I guess our policy is super clear. Because it won't close this year, it won't have any impact on 2026. That will continue to be our guidance. The market clearly will come and update our guidance in November, when we come out with our Q3 results. This won't affect 2026 guidance and distribution. It will from 2027, so from close onwards, and we'll obviously announce that at the time. The key thing is here that we are managing our business within the capital allocation framework that has served us well, which is prudent, but highly valuable in terms of deliverables for shareholder and dividends. I think we'll continue on that. No, this is not a pre-emption discussion. This is a corporate structure that's taking assets out into the new entities that they have across there. So it's not an issue in the basin. Thank you. Thanks, guys. Thank you. I'll now hand over to Kathryn for a submitted question. We have a question on the line from Mark Wilson from Jefferies. Can you speak to the Productivity Mega Deduction tax relief in Canada and how it potentially influences U.K. investment plans? Sure. Let me reference this. This is the new tax allowance regime, the Productivity Mega Deduction, which is as good as it sounds. Essentially, what this does is it accelerates a lot of tax relief. Rather than a writing down allowance basis, which was standard historically, it brings forward not everything, but quite a lot of expenditure falls into getting close to immediate relief on those CapEx items. Of course, in the U.K., we have 100% relief on CapEx on the same basis, so the 100% allowance is indeed in play in the U.K., but obviously with a higher tax rate. What does it mean for the U.K.? I think this is just part of the development and diversification of our business, is that we will be committed to developing quality assets that are valuable for the company, and we have a range of them now in the U.K. and in Canada, once this closes. Projects will compete for capital on a post-tax basis. Tax matters, that is always the case in the upstream industry. This is obviously welcome in terms of Canada. It makes the offshore investment opportunities in East Coast Canada more attractive than they were, and they were already attractive, so this is good. The more attractive asset opportunities we have, the better. What does it mean for the U.K.? We are committed to the U.K. and the investment pipeline that we have. It could affect the cadence of timing of some of that. That is not impossible. We cannot do everything all at once, especially because we have a sensible and clear leverage ratio metric that we will stick to. Therefore, we are not going to invest beyond that. Could it affect the cadence? Yes. That is not a huge expectation or issue for us. We expect to be behind in delivering on our key asset developments, and this simply adds cash flow to fund new developments, and it adds new developments with high value to the opportunity set. Thank you. We have no further questions in the queue at this time, so I will hand back over to Yaniv Friedman for closing comments. Thank you, and thank you, everyone, for joining again on short notice, our conference call on our strategic acquisition, Offshore Canada. I hope this was informative. Of course, for any further questions, we are always happy to answer, and we will update as this progresses. Thank you very much for your time. Thank you all for joining. That concludes today's call. You may now disconnect your line.