Half Year 2026 OQ Exploration and Production SAOG Earnings Call

August 26, 2026

Speaker #2: Good afternoon, everyone. My name is Munzar Al-Sharzi, Head of Investor Relations at OQEP. On behalf of OQEP, I would like to welcome all our shareholders, analysts, investors, and stakeholders joining us today for our H1 2026 earnings call.

Munther Al-Shereiqi: Good afternoon, everyone. My name is Munther Al-Shereiqi, Head of Investor Relations at OQ Exploration and Production. On behalf of OQEP, I would like to welcome all our shareholders, analysts, investors, and stakeholders joining us today for our H1 2026 earning call. Thank you for joining us and for your continued interest and support of OQEP. I am pleased to be with you today and look forward to sharing our performance and progress during the H1 2026. Before we begin, please note that this presentation contains estimates, forecasts, and forward-looking statements. Actual results may differ materially due to various risks and uncertainties. For further details, please refer to our quarterly report on Muscat Stock Exchange filings available on our website. Joining me today are Mr. Mahmoud Al Hashmi, Chief Executive Officer of OQEP, Mr. Khalid Al Qassabi, Chief Financial Officer, and Dr. Anwar Al Kharusi, Chief Commercial Officer.

Munther Al Sharji: Good afternoon, everyone. My name is Munther Al-Sharji, Head of Investor Relations at OQ Exploration and Production. On behalf of OQEP, I would like to welcome all our shareholders, analysts, investors, and stakeholders joining us today for our H1 2026 earning call. Thank you for joining us and for your continued interest and support of OQEP. I am pleased to be with you today and look forward to sharing our performance and progress during the H1 2026. Before we begin, please note that this presentation contains estimates, forecasts, and forward-looking statements. Actual results may differ materially due to various risks and uncertainties. For further details, please refer to our quarterly report on Muscat Stock Exchange filings available on our website. Joining me today are Mr. Mahmoud Al Hashmi, Chief Executive Officer of OQEP, Mr. Khalid Al Qassabi, Chief Financial Officer, and Dr. Anwar Al Kharusi, Chief Commercial Officer.

Speaker #2: Thank you for joining us, and for your continued interest and support of OQEP. I am pleased to be with you today, and look forward to sharing our performance and progress during the first half of 2026.

Speaker #2: Before we begin, please note that this presentation contains estimates, forecasts, and forward-looking statements. Actual results may differ materially due to various risks and uncertainties.

Speaker #2: For further details, please refer to our quarterly report and most recent stock exchange filings available on our website. Joining me today are Mr. Mahmoud Al-Hashmi, Chief Executive Officer of OQEP; Mr. Khaled Al-Qassabi, Chief Financial Officer; and Dr. Anwar Al-Kharouthi, Chief Commercial Officer.

Speaker #2: Today's session will include a presentation of OQEP's first half 2026 results, followed by Q&A sessions. Mr. Mahmoud Al-Hashmi, OQEP's CEO, will begin by providing an overview of our first half performance and key achievements.

Munther Al-Shereiqi: Today's session will include a presentation of OQEP H1 2026 results, followed by Q&A session. Mr. Mahmoud Al Hashmi, OQEP's CEO, will begin by providing an overview of our H1 performance and key achievements.

Munther Al Sharji: Today's session will include a presentation of OQEP H1 2026 results, followed by Q&A session. Mr. Mahmoud Al Hashmi, OQEP's CEO, will begin by providing an overview of our H1 performance and key achievements.

Speaker #2: He will then, presided by Mr. Khaled Al-Qassabi and Dr. Anwar Al-Kharouthi, who will take you through our financial and operational performance and highlight the progress we have made against our growth strategy.

Operator: This meeting is being recorded.

Munther Al-Shereiqi: He will then be followed by Khalid Al Qassabi and Anwar Al Kharusi, who will take you through our financial and operational performance and highlight the progress we have made against our growth strategy. Mahmoud will then return to conclude the presentation before we open the floor for questions following their presentations. Participants from across the globe will have the opportunity to engage with management during the Q&A session. With that, I am pleased to formally open today's session and invite our CEO to commence the presentation. Mahmoud, over to you.

Munther Al Sharji: He will then be followed by Khalid Al Qassabi and Anwar Al Kharusi, who will take you through our financial and operational performance and highlight the progress we have made against our growth strategy. Mahmoud will then return to conclude the presentation before we open the floor for questions following their presentations. Participants from across the globe will have the opportunity to engage with management during the Q&A session. With that, I am pleased to formally open today's session and invite our CEO to commence the presentation. Mahmoud, over to you.

Speaker #2: Mr. Mahmoud will then return to conclude the presentation before we open the floor for questions following the presentations. Participants from across the globe will have the opportunity to engage with management during the Q&A session.

Speaker #2: With that, I am pleased to formally open today's session and invite our CEO to commence the presentation. Mahmoud, over to you.

Speaker #3: Assalamu alaikum. Shukran, Munzar, for the introductions. I am pleased to report a strong result for the first half of 2026 for OQEP Exploration and Production.

Mahmoud Al Hashmi: Salam alaikum. Shukran, Munther, for the introductions. I am pleased to report a strong result for the H1 2026 for OQ Exploration and Production. This result reinforces the quality of our portfolio, the discipline of our executions, and the strength of our platform to deliver a resilient long-term value for our shareholders. Operation excellency remain a core value driver. It enable us to run reliably, maintain a low-cost base, protect margin, and convert production into a strong cash flow through the cycle. We always start with safety. HSE is fundamental to our operating model. It protects our people, our environment, and our assets while supporting the reliability investors expected from a high-quality energy platform. In term of productions, it reached 228,000 barrels of oil equivalent in the H1, almost 3% higher year-on-year, supported by a strong performance across operating assets and non-operating assets.

Speaker #3: This result reinforces the quality of our portfolio, the discipline of our execution, and the strength of our platform to deliver resilient, long-term value for our shareholders.

Speaker #3: Operational excellence remains a core value driver. It enables us to run reliably, maintain a low-cost base, protect margins, and convert production into strong cash flow through the cycle.

Speaker #3: We always start with safety. HSE is fundamental to our operating model. It protects our people, our environment, and our assets, while supporting the reliability investors expect from high-quality energy platforms.

Speaker #3: In terms of production, it reached 228,000 barrels of oil equivalent in the first half, almost 3% higher year-on-year, supported by strong performance across operating and non-operating assets.

Speaker #3: This demonstrates the depth, resilience, and diversification of our production base, with regard to governance and sustainability. We have also achieved an integrated ISO certificate.

Mahmoud Al Hashmi: This demonstrates the depth, resilience, and diversification of our production base. With regard governance and sustainability, we also have achieved an integrated ISO certificates across quality management, environment, energy management, and occupational health and safety, reinforcing the maturity of our system and our commitment to continuous improvements. This operating performance translate directly into a stronger earning and cash generations. Operation excellency directly have an impact to our revenues, where our revenue increased by 12% for the same period to reach OMR 685 million, driven by high prices and productions. At the same time, operating costs remain below $9 per barrels of oil equivalent, reinforcing our cost advantage and supporting margin resilience.

Speaker #3: Across quality management, environment, energy management, and occupational health and safety, we are reinforcing the maturity of our system and our commitment to continuous improvements. This operating performance translates directly into stronger earnings and cash generation.

Speaker #3: Operational excellence has a direct impact on our revenues, where our revenue increased by 12% for the same period to reach 685 million Omani riyals, driven by higher prices and production.

Speaker #3: At the same time, operating costs remained below $9 per barrel of oil equivalent, reinforcing our cost advantage and supporting margin resilience. In terms of adjusted cash flow from operations, it increased by 14% to reach 331 million Omani riyals, and net profit increased by 19% to reach almost 200 million Omani riyals, highlighting our ability to convert operational delivery into bottom-line performance.

Mahmoud Al Hashmi: In term of adjusted cash flow from operation, it increased by 14% to reach OMR 331 million, and the net profit increased by 19% to reach almost OMR 200 million, highlighting our ability to convert operation delivery into a bottom-line performance. Most importantly, OQEP is built to create value through the cycle. Our resilient cash flow, disciplined capital allocation, and strong balance sheet were independently recognized by Fitch and S&P through the BBB- investment grade ratings with a stable outlook, a clear validation of the strength and credibility of our business model. With a strong operation excellency and outstanding financial numbers, we continue to grow the company. With this respect, Bisat-E was approved early this year, strengthening the sustainability and feasibility of future production base. In Oman, we continue to grow selectively in area where we have geological insight, operating capability, and clear value potential.

Speaker #3: Most importantly, OQEP is built to create value through the cycle. Our resilient cash flow, disciplined capital allocation, and strong balance sheet were independently recognized by Fitch and S&P through the BBB investment grade ratings.

Speaker #3: With a stable outlook—a clear validation of the strength and credibility of our business model—along with strong operational excellence and outstanding financial numbers, we continue to grow the company.

Speaker #3: With this respect, WESOP E was approved early this year, strengthening the sustainability and feasibility of future production base. In Oman, we continue to grow selectively in areas where we have geological insight, operating capability, and clear value potential.

Speaker #3: We acquired 35% in block 27, adding additional assets to our domestic portfolio. Additionally, we secured 50% interest and operatorship in block 80. Together with 30% interest in block 18, strengthening our offshore positions.

Mahmoud Al Hashmi: We acquire 35% in Block 27, adding additional assets to our domestic portfolio. Additionally, we secure 50% interest and operatorship in Block 80, together with 30% interest in Block 18, strengthening our offshore positions and future growth pipeline. We also improve the fiscal terms for Block 9, supporting our continuous investments, one of our core producing assets, and enhancing long-term value capture. In order to support our growth strategy, we are also focusing internationally. We continue to evaluate opportunities with discipline and supported by MOUs with national and international oil companies that align with our long-term growth ambitions and value creation framework. With that, I will now hand it over to Khalid Al Qassabi to take you through the financial performance in more detail.

Speaker #3: And future growth pipeline. We also improved the fiscal terms for Block 9, supporting continuous investment—one of our core producing assets—and enhancing long-term value capture.

Speaker #3: In order to support our growth strategy, we are also focusing internationally. We continue to evaluate opportunities with discipline and are supported by MOUs with national and international oil companies.

Speaker #3: That aligns with our long-term growth ambitions and value creation framework. With that, I will now hand it over to Khaled Al-Qassabi to take you through the financial performance in more detail.

Khalid Al Qassabi: Shukran, Mr. Mahmoud, and good afternoon, everyone. The H1 2026 saw a stronger commodity price environment than the same period last year, supported by reliable operation, low-cost asset base, and disciplined cost management. OQEP delivered strong set of financial results during the period. Let me walk you through the key drivers of that performance. Oil and condensate sales volume increased by nearly 3% to 11.6 million barrels at an average price of almost $81 per barrel, an 8% increase compared to last year. Gas sale volume grew by more than 17% to 69.7 billion standard cubic feet, driven by higher gas production from operated and non-operated assets, as well as improved condensate optimization. Average realized gas sales price also increased by 2% to $3.51 per million standard cubic feet when compared to H1 2025.

Speaker #2: Shukran, Mr. Mahmoud. And good afternoon, everyone. The first half of 2026 saw a stronger commodity price environment than the same period last year, supported by reliable operations, a low-cost asset base, and disciplined cost management.

Speaker #2: OQEP delivered a strong set of financial results during the period. Let me walk you through the key drivers of that performance. Oil and condensate sales volume increased by nearly 3%, to 11.6 million barrels, at an average price of almost $81 per barrel.

Speaker #2: An 8% increase compared to last year. Gas sales volume grew by more than 17% to 69.7 billion standard cubic feet, driven by higher gas production from operated and non-operated assets.

Speaker #2: As well as improved condensate optimization. Average realized gas sales price also increased by 2% to $3.51 per million standard cubic feet, when compared to the first half of 2025.

Speaker #2: The combination of higher volume and stronger realized commodity prices provided a solid foundation for earnings growth during the period. Higher sales volume and higher commodity prices drove growth in revenue by 12% to OMR 685 million.

Khalid Al Qassabi: The combination of the higher volume and stronger realized commodity prices provided a solid foundation for earning growth during the period. Higher sales volume and higher commodity prices drove growth in revenue by 12% to OMR 685 million. EBITDA improved by nearly 11% to OMR 554 million. Grew by 19% to OMR 199 million, reflecting strong operating leverage and disciplined cost management, with operating costs remaining broadly flat despite the higher level of activity. Enhanced earning, together with our cost discipline, enabled us to improve cash flow during the period. Adjusted cash flow from operation improved by nearly 14% to OMR 331 million. CapEx increased by 10% to OMR 132 million as the company progressed its growth strategy.

Speaker #2: EBITDA improved by nearly 11% to OMR 554 million. It grew by 19% to OMR 199 million, reflecting strong operating leverage and disciplined cost management, with operating costs remaining broadly flat.

Speaker #2: Despite the higher level of EBITDA activity, enhanced earnings together with our cost discipline enabled us to improve cash flow during the period. Adjusted cash flow from operations improved by nearly 14% to 331 million Omani riyals. Capex increased by 10% to 132 million Omani riyals as the company progressed its growth strategy.

Speaker #2: Compared to last year, the free cash flow is flat at 174 million Omani riyals, following temporary working capital built from trade receivables to be settled in July 2026.

Khalid Al Qassabi: Compared to last year, the free cash flow is flat at OMR 174 million following temporary working capital build from trade receivable to be settled in July 2026. Excluding working capital of OMR 42 million, the free cash flow is up by 16% year on year. Our exceptional capital efficiency saw return on capital employed improve from 52% to nearly 67% year on year basis. Net debt to EBITDA remained low at 0.16 times, providing the business with significant capacity and flexibility to fund CapEx in pursuit of our growth ambition. Overall, these results reflect the strength of OQEP business model, our disciplined financial management, and our ability to create value across commodity cycle. Our ability to perform through the cycle is probably best seen in the performance of our total shareholder return, or TSR, against the price of oil.

Speaker #2: Excluding working capital of Omani Riyals 42 million, the free cash flow is up by 16% year on year. Our exceptional capital efficiency, so retained on capital employed, improved from 52% to nearly 67% on a year-on-year basis.

Speaker #2: Net debt to EBITDA remained low at 0.16 times, providing the business with significant capacity and flexibility to fund capex in pursuit of our growth ambition.

Speaker #2: Overall, these results reflect the strength of OQEP's business model, our disciplined financial management, and our ability to create value across the commodity cycle. Our ability to perform through the cycle is probably best seen in the performance of our total shareholder return, or TSR, against the price of oil.

Speaker #2: As you can see from the chart, on a one-year basis, our TSR has delivered a 52% return against oil's 8% increase. This highlights our ability to create value for shareholders through the cycle, driven not only by commodity price but also by disciplined execution, operational performance, and strategic growth.

Khalid Al Qassabi: As you can see from the chart, on a one-year basis, our TSR has delivered a 52% return against oil's 8% increase. This highlights our ability to create value for shareholders through the cycle, driven not only by commodity price, but also by disciplined execution, operational performance, and strategic growth. Before I conclude, it is also worth noting that our share price performance remained resilient during a period of uncertainty and market volatility. While commodity prices were influenced by external events, OQEP continued to deliver strong operational and financial results, reinforcing investor confidence in the quality of our assets, the strength of our balance sheet, and visibility of our growth strategy. With that, Dr. Anwar will now walk us through OQEP's growth strategy and the progress we have made.

Speaker #2: Before I conclude, it is also worth noting that our share price performance remains resilient during a period of uncertainty and market volatility. While commodity prices were influenced by external events, OQEP continued to deliver strong operational and financial results.

Speaker #2: Reinforcing investor confidence in the quality of our assets, the strength of our balance sheet, and visibility of our growth strategy. With that, Dr. Anwar will now walk us through OQEP's growth strategy and the progress we have made.

Speaker #1: Shukran jazilan, Khaled. And good afternoon, everybody. OQEP's growth strategy ambition is established on three core principles. Our purpose is to deliver sustainable progress. We will consistently deliver reliable, low-carbon energy and resilient shareholder value.

Anwar Al Kharusi: Shukran jazeelan, Khalid, and good afternoon, everybody. OQEP's growth strategy ambition is established on three core principles. Our purpose is to deliver sustainable progress. We will consistently deliver reliable, low-carbon energy and resilient shareholder value. Our vision is to become the global energy champion of choice by maximizing shareholder value and through growth and innovation. Our mission is to build on Oman's potential to expand internationally while continually improving our operational, financial, and people excellence. With this, our growth strategy has clear objectives. Grow cash flow to enhance shareholder value, sustain long-term growth through disciplined reserves replacement and expanding our portfolio, and diversify the upstream base both geographically and across the commodity mix of oil and gas. Our long-term growth trajectory remains unchanged, with the production growth ambition of 300,000 BOE per day by 2030.

Speaker #1: Our vision is to become the global energy champion of choice by maximizing shareholder value and driving growth and innovation. Our mission is to build on Oman’s potential to expand internationally while continually improving our operational, financial, and people excellence.

Speaker #1: With this, our growth strategy has clear objectives: grow cash flow to enhance shareholder value, sustain long-term growth through disciplined reserves replacement and expanding our portfolio, and diversify the upstream base both geographically and across the commodity mix of oil and gas.

Speaker #1: Our long-term growth trajectory remains unchanged, with the production growth ambition of 300,000 barrels of oil equivalent per day by 2030. This ambition is driven by domestic growth, complemented by gradual international expansion.

Anwar Al Kharusi: This ambition is driven by domestic growth, complemented with gradual international expansion. Oman remains at the heart of the portfolio, where our operated assets and strong partnerships continue to support future growth. At the same time, we are carefully building out our international opportunities where we can leverage our expertise, partner with reliable counterparties, and create long-term value. We will continue to maintain strong financial discipline as we grow, maintaining net to EBITDA below 1.5 times. On dividend, we have communicated earlier, and as per the IPO prospectus, the current dividend policy runs through to the end of the financial year 2026. From 2027 onwards, dividend will be based on a range of 25% to 35% of cash flow from operations. This aligns OQEP with major international operators, and it enables us to continue to reward our shareholders while investing in future growth.

Speaker #1: Oman remains at the heart of the portfolio, where our operated assets and strong partnerships continue to support future growth. At the same time, we are carefully building out our international opportunities, where we can leverage our expertise, partner with reliable counterparties, and create long-term value.

Speaker #1: We will continue to maintain strong financial discipline as we grow, maintaining net debt to EBITDA below 1.5 times. On dividends, as we have communicated earlier and as per the IPO prospectus, the current dividend policy runs through to the end of the financial year 2026.

Speaker #1: From 2027 onwards, dividends will be based on a range of 25% to 35% of cash flow from operations. This aligns OQEP with major international operators and enables us to continue to reward our shareholders while investing in future growth.

Speaker #1: We intend to announce the new dividend policy for 2027 onwards by the end of Q3 this year. We continued to leverage our exploration success during the period; successful exploration drilling outcomes in our operated assets, mainly Blocks 60 and 48, have begun contributing to OQEP's production through their tests.

Anwar Al Kharusi: We intend to announce the new dividend policy for 2027 onwards by the end of Q3 this year. We continued to leverage our exploration success during the period. Successful exploration drilling outcomes in our operated assets, mainly Blocks 60 and 48, have begun contributing to OQEP's production through their tests. We advanced exploration and appraisal opportunities across the other blocks, Blocks 11, 18, 47, and 54, together with our partners to support future reserves and production growth. In Q2, we signed Block 9 EPSA amendment with improving fiscal terms that enable further investments in the block to enhance the production of the block. Our development projects continue to progress very well. For example, our Marsa LNG facility, Marsa, is currently more than 55% complete in its construction. Marsa will be the foundation of our integrated gas to LNG growth strategy.

Speaker #1: We advanced exploration and appraisal opportunities across the other blocks—blocks 11, 18, 47, and 54—together with our partners to support future reserves and production growth.

Speaker #1: In Q2, we signed Block 9 IPSA amendment with improved fiscal terms that enable further investments in the block to enhance its production.

Speaker #1: Our development projects continue to progress very well. For example, our marine LNG facility, MARSA, is currently more than 55% complete in its construction. MARSA will be the foundation of our integrated gas-to-LNG growth strategy.

Speaker #1: This will enable OQEP to service the growing market for marine LNG fuel bunkering, while helping to invest in and support the development of one of the world's lowest-emission LNG development projects.

Anwar Al Kharusi: This will enable OQEP to service the growing market for marine LNG fuel bunkering, whilst helping to invest and support the development of one of the world's lowest emission LNG development projects. We are now finalizing our appraisal scheme in Block 48, which is one important growth lever for OQEP in Oman to be shifted into basically a development project soon. As part of our growth strategy, we have expanded our high-quality portfolio further. The acquisition of Block 27, 35% stake, upon transaction completion, will bring immediate and additional production and new reserves into the portfolio while strengthening the operational synergies with the adjacent block.

Speaker #1: We are now finalizing our appraisal scheme in Block 48, which is one important growth lever for OQEP in Oman. It will be shifted into, basically, a development project soon.

Speaker #1: As part of our growth strategy, we have expanded our high-quality portfolio further. The acquisition of Block 27, with a 35% stake upon transaction completion, will bring immediate and additional production and new reserves into the portfolio, whilst strengthening operational synergies with the adjacent area.

Operator: You are muted.

Speaker #3: You are muted.

Speaker #1: We also signed a new concession agreement with Turkish Petroleum for the producing Block 80 in Masendem, covering the former Blocks 8 and 40. We became the operator—we will become the operator—of the block with a 50% interest in that block.

Anwar Al Kharusi: We also signed a new concession agreement with Turkish Petroleum Corporation for the producing Block 80 in Masirah covering the former Blocks 8 and 40. We will become the operator of the block with 50% interest in that block. This asset is a significant add because it combines established production with the Bukha oil fields from the Bukha gas field with substantial exploration potential in the remainder of the block. Currently, we are finalizing several new investments in Oman, which are expected to be signed in Q3 of this year. This stems from our continued focus in Oman to deploy our domestic expertise effectively and optimally in the country. Further, we have also signed several collaboration agreements to support our international growth ambitions.

Speaker #1: This asset is a significant add because it combines established production from the West Boka oil field and the gas field with substantial exploration potential in the remainder of the block.

Speaker #1: Currently, we are finalizing several new investments in Oman, which are expected to be signed in the third quarter of this year. This stems from our continued focus in Oman to deploy our domestic expertise effectively and optimally in the country.

Speaker #1: Further, we have also signed several collaboration agreements to support our international growth ambitions. Firstly, we signed a strategic cooperation agreement with the Libyan Investment Authority to establish a new framework for strategic investment and cooperation, focused on upstream oil and gas exploration and production across Libya and Oman.

Anwar Al Kharusi: Firstly, we signed a strategic cooperation agreement with the Libyan Investment Authority to establish a new framework for strategic investment and cooperation focused on upstream oil and gas exploration and production across Libya and Oman. Secondly, we signed a strategic cooperation agreement with Pertamina in Indonesia. It is the Indonesian government EP operator to explore joint investments in the oil and gas sector in Oman, Indonesia, and other international markets. With this, H1 2026 was strategically and operationally very strong. We have great momentum within the business as we pursue our growth ambitions. I will now hand over to Mahmoud Al Hashmi for his concluding remarks.

Speaker #1: Secondly, we signed a strategic agreement with Pertamina in Indonesia—it's the Indonesian government EP operator—to explore joint investments in the oil and gas sector in Oman, Indonesia, and other international markets.

Speaker #1: With this, the first half of 2026 was strategically and operationally very strong. We have great momentum within the business as we pursue our growth ambitions.

Speaker #1: I will now hand over to Mr. Mahmoud El Hashmi for his concluding remarks.

Speaker #2: Before I conclude, I want to return to where our story began: safety. Everything we deliver starts with protecting our people, our assets, and the communities around us.

Mahmoud Al Hashmi: Before I conclude, I want to return to where our story began. Safety. Everything we deliver starts with protecting our people, our assets, and our communities around us. Even in a dynamic regional environment, OQEP, we continue to demonstrate strong HSE performance while advancing operation excellency and growth. Looking at H1 2026, I believe it clearly demonstrates the strength of OQEP model. We increase operation, maintain cost discipline, and convert improved market condition into a strong earning and cash generation. It also strengthen our financial positions. With a strong balance sheet and a clear capital discipline, we have the flexibility to pursue attractive opportunities while continuing to support sustainable shareholder returns. Our year-to-date shareholder return of approximately 28% reflects the market recognition of this progress.

Speaker #2: In any dynamic regional environment, OQEP continues to demonstrate strong HSSC performance while advancing operational excellence and growth. Looking at the first half of 2026, I believe it clearly demonstrates the strength of the OQEP model.

Speaker #2: We increased operations, maintained cost discipline, and converted improved market conditions into strong earnings and cash generation. This also strengthened our financial position with a strong balance sheet and clear capital discipline. We have the flexibility to pursue attractive opportunities while continuing to support sustainable shareholder returns.

Speaker #2: Our year-to-date shareholder return of approximately 28% reflects the market's recognition of this block's progress. Our first investment-grade ratings provide further external validation of the strength of OQEP, the quality of our portfolio, and the strategy we are executing.

Mahmoud Al Hashmi: Our first investment grade ratings provide a further external validation of the strength of OQEP, the quality of our portfolio, and the strategy we are executing. Finally, I would like to thank our shareholder for their continuous confidence in OQEP, our stakeholders and board of director and partner for their support and trust, and all our employees for their commitment, hard work, and outstanding performance. Together, we are not only delivering a strong result today, we are building a stronger and more resilient OQEP for the future. As we look ahead, our commitment is very simple: to deliver with discipline, grow with a purpose, and create a lasting value to our shareholders and for Oman.

Speaker #2: Finally, I would like to thank our shareholder for their continuous confidence in OQEP, our stakeholders and board of directors and partners for the support and trust, and all our employees for their commitment, hard work, and outstanding performance.

Speaker #2: Together, we are not only delivering a strong result today; we are building a stronger and more resilient OQEP for the future. As we look ahead, our commitment is very simple.

Speaker #2: To deliver with discipline, grow with purpose, and create lasting value for our shareholders and for Oman.

Speaker #4: Thank you. Thank you very much, Mr. Mahmoud, Dr. Anwar, and Mr. Khalid El Qassabi, for giving us a quite informative session for the ending call.

Munther Al-Shereiqi: Thank you. Thank you very much, Mr. Mahmoud and Dr. Anwar and Khalid Al Qassabi for giving us a quite informative session for the earning call. Now I would like to open the session for the Q&A. As a courtesy, please, if you can unmute your mic while asking your question. If you have many questions, maybe you can limit your questions into two questions right now. Then, of course, we will have further chances for you to ask later. If anyone has any question, you can make a signal. Okay, we can see Mr. Keshak, if you can unmute your mic, please.

Munther Al Sharji: Thank you. Thank you very much, Mr. Mahmoud and Dr. Anwar and Khalid Al Qassabi for giving us a quite informative session for the earning call. Now I would like to open the session for the Q&A. As a courtesy, please, if you can unmute your mic while asking your question. If you have many questions, maybe you can limit your questions into two questions right now. Then, of course, we will have further chances for you to ask later. If anyone has any question, you can make a signal. Okay, we can see Mr. Keshak, if you can unmute your mic, please.

Speaker #4: Now, I would like to open the session for Q&A. As a courtesy, please unmute your mic while asking your question.

Speaker #4: And if you have many questions, maybe you can limit your questions to two questions right now, and then, of course, we'll have further chances for you to ask later.

Speaker #4: So, if anyone has any questions, you may proceed now. Okay, we can see Mr. Kashik. If you can unmute your mic, please.

[Analyst]: Yeah. Hi. Yeah, sure. Yeah. Congrats on the very good set of numbers. Hope I am audible. I just have a few questions, but I will just restrict it to two. First is that the oil volume for Q2 appears to have fallen. I just wanted to get an understanding the reason, though, H1 it has increased, H2 oil volume seems to have fallen. Is it because of the price and the lower allocation? It appears, will this continue, as long as the prices are elevated? Second question is that what will be the contracted price for the Q3 2026?

Speaker #5: Yeah. Hi. Yeah. Sure. Yeah. Congrats on the very good set of numbers. Co-pay amount, Able. So, just have a few questions, but I'll just restrict it to two.

Speaker #5: So, first, the original volume for Q2 appears to have fallen, so I just wanted to get an understanding of the reason. Though first off, it has increased; second half oil volume seems to have fallen. Is it because of the price and the lower IPSA allotment and IPS? Will this continue as long as the prices are elevated? Second question is, what will be the contractor price for Q3 2026?

Speaker #4: Okay, can you repeat the second one? Yeah. Mr. Kashik, Mr. Kashik, can you repeat your question, please? The second question was not clear.

Mahmoud Al Hashmi: Okay. Can you repeat the second one?

Mahmoud Al Hashmi: Okay. [crosstalk]

Mahmoud Al Hashmi: Can you repeat the second one?

Munther Al-Shereiqi: Mr. Keshak, can you repeat your question, please? The second question. It was not clear.

Munther Al Sharji: Mr. Keshak, can you repeat your question, please? The second question. It was not clear.

[Analyst]: Sure. Since your oil prices are fixed on a lag, I just wanted to understand what the average oil prices for Q3 2026 are. The third quarter 2026. Hope I am clear.

Speaker #5: Yeah, sure. So since your oil prices are fixed with no lag, I just wanted to understand what is the average oil price for Q3 '26?

[Analyst]: Sure. Since your oil prices are fixed on a lag, I just wanted to understand what the average oil prices for Q3 2026 are. The third quarter 2026. Hope I am clear.

Speaker #5: The third quarter, 26. I hope I'm clear.

Speaker #4: Okay. I think if I get the question correctly for the first question on why the volume has increased and why the oil price has also gone up—obviously, what we are saying is that the terms and fiscal policy allow a higher volume when the oil price goes lower, and a lower volume when the oil price goes higher. But, as you know, we also captured this in the year-end of 2025 when we said there is also a 1.8 million—also was a slippage from last year to this year—but in addition to that, we also have managed to produce an average of almost 229,000 barrels of oil equivalent per day. So this justifies the increase in the volume half and half. All right.

Mahmoud Al Hashmi: Okay. I think if I get the question correctly, for the first question and why the volume has increased, why the oil price has also gone up. Obviously, what we are saying always, the terms and the fiscals allows a higher volume when the oil price goes lower and a lower volume when the oil price goes higher. As you know, we also have captured this in the year end of 2025 when we say there is also a 1.8 million also was a slippage from last year to this year. But in addition of that, we also have managed to produce at an average of almost 209,000 barrel per equivalent. So this justify the increase in the volume half and half.

Munther Al-Shereiqi: And the second one on price. The second question.

Munther Al Sharji: And the second one on price. The second question.

Speaker #4: On the oil price, I didn't get the second question to be honest. What was the question on the oil price again?

Mahmoud Al Hashmi: On the oil price. I didn't get the second question, to be honest. What was the question, the oil price again?

Speaker #5: No, no, the Q3 '26. So, for Q3, I mean for the coming quarter, what is the oil price which has been contracted by the company? Because oil prices are fixed by lag, so you must have an idea as to what will be the average price for the third quarter of 2026.

[Analyst]: No. The Q3 2026. So for the coming quarter, what is the oil prices which has been contracted by the company? Because oil prices are fixed by lag, so you must have an idea as to what will be the average prices for the third quarter 2026.

Speaker #4: Oh, the third quarter. Okay. So the average oil price for the first nine months, which is published by the Minister of Energy, is around $82 to $83 per barrel.

Mahmoud Al Hashmi: Oh, the third quarter.

[Analyst]: Just want to understand.

Mahmoud Al Hashmi: The average oil price for the first 9 months, which is published by the Ministry of Energy, is around $82 to $83 per barrel.

[Analyst]: Okay, got it. Thank you.

Speaker #5: Okay. Got it. Thank you.

Speaker #4: Okay, now we can proceed with Mr. Mohammed. If you can unmute your mic, please, and ask your question.

Mahmoud Al Hashmi: Okay.

Munther Al-Shereiqi: Now we can proceed with Mr. Mohammed Al-Zadjali. If you can unmute your mic, please, and ask your question.

Munther Al Sharji: Now we can proceed with Mr. Mohammed Al-Zadjali. If you can unmute your mic, please, and ask your question.

Speaker #2: Hello, good afternoon. Am I audible?

Mohammed Al-Zadjali: Hello. Good afternoon. Am I audible?

Mohammed Al Zadjali: Hello. Good afternoon. Am I audible?

Speaker #4: Yes.

Munther Al-Shereiqi: Yes.

Munther Al Sharji: Yes.

Speaker #2: Thank you for your presentation and congratulations on the results. Two questions from my side. The first is regarding the dividend policy change. Could you explain the rationale behind the change in the dividend policy?

Mohammed Al-Zadjali: Thank you for your presentation, and congrats on the results. Two questions from my side. The first is regarding the dividend policy change. Could you explain the rationale behind the change in the dividend policy? Even assuming an annual CapEx of around OMR 300 million, OQEP appears to be capable of being debt-free so rapidly. In my view, there is no point of being debt-free unless there is an intention to preserve the balance sheet capacity for any acquisition, like increasing your working interests in existing EPSAs by acquiring stakes from current partners, particularly in producing assets where you already understand the geology and economics rather than primarily pursuing new explorations.

Mohammed Al Zadjali: Thank you for your presentation, and congrats on the results. Two questions from my side. The first is regarding the dividend policy change. Could you explain the rationale behind the change in the dividend policy? Even assuming an annual CapEx of around OMR 300 million, OQEP appears to be capable of being debt-free so rapidly. In my view, there is no point of being debt-free unless there is an intention to preserve the balance sheet capacity for any acquisition, like increasing your working interests in existing EPSAs by acquiring stakes from current partners, particularly in producing assets where you already understand the geology and economics rather than primarily pursuing new explorations.

Speaker #2: Even assuming an annual capex of around $300 million, OQEP appears to be capable of being debt free so rapidly. In my view, there is no point in being debt free unless there’s an intention to preserve the balance sheet capacity for any acquisitions, like increasing your working interests in existing IPSAs by acquiring stakes from current partners, particularly in producing assets where you already understand the geology and economics, rather than primarily pursuing new explorations.

Khalid Al Qassabi: Okay, very good. As was also highlighted by Dr. Anwar, we are changing the policy for 2027 onwards to pay a dividend of cash flow from operation from 25% to 35% of the cash flow from operation. When we model that, it would not be actually as a difference from what we currently are paying. Of course, we need to consider that the company is growing, so the production will be growing as well. We have to have it as a factor of the oil prices because we are in an industry where the oil price is fluctuating. What we usually also see from the historic data, we are paying almost 40% to 42% of our cash flow from operation to sustaining CapEx. 35% will go as a dividend distribution.

Speaker #4: Okay, very good. So, as was also highlighted by Dr. Anwar, we are changing the policy for 2027 onward to pay a dividend of cash flow from operations from 25% to 35% of the cash flow from operations.

Speaker #4: Now, when we model that, it wouldn’t be actually as a difference from what we are currently paying. Of course, we need to consider that the company is growing, so the production will be growing as well.

Speaker #4: We have to have it as a factor of the oil prices, because we are in an industry where the oil price is fluctuating. Now, what we usually also see from the historic data is that we are paying almost 40 to 42% of our cash flow from operations to sustaining capex.

Speaker #4: A 35% will go as a dividend distribution. But nevertheless, the last few years when we started to pay dividends, our yield or dividend payout compared to the Amexx market is above the average—probably the highest or among the highest in the Amexx. We continue to be above the average with these models in place, so I wouldn't argue that this will actually drop from the base dividends that we are currently paying, except we need to capture the factor of a change when it comes to the oil prices as well.

Khalid Al Qassabi: Nevertheless, the last few years when we started to pay dividends, our yield or dividend payout compared to MSX market is above the average, probably the highest or probably among the highest in the MSX. We will continue to be above the average with these models in place. I would not argue that this will actually drop from the base dividends that we are currently paying, except we need to capture the factor of a change when it comes to the oil prices as well. We are yet to come to the dividend policy toward the end of this year once it is actually detailed with the board. But we are still targeting to pay above the average in MSX average.

Speaker #4: We're yet to come to the dividend policy toward the end of this year, once it's actually detailed what the board—but we are still targeting to pay above the average, the MSX average.

Mohammed Al-Zadjali: What about the performance-linked dividends also?

Speaker #2: Yeah. What about the performance-linked dividends also?

Mohammed Al Zadjali: What about the performance-linked dividends also?

Speaker #4: So it it will be a combined 35 we announced recently actually the dividends the performance linked dividends for the first half is going to be around 100 of course subject to the OGM approval next Sunday next Monday but this will be capture as well as a part of 35% when oil price goes higher you expect also to get a higher dividends

Khalid Al Qassabi: It will be a combined 35%. We announced recently, actually, the performance-linked dividends for the H1. It is going to be around 100. Of course, subject to the OGM approval next Monday. But this will be captured as well as a part of 35%. When oil price goes higher, you expect also to get a higher dividend.

Mohammed Al-Zadjali: Clear. The second question is regarding the CapEx guidance. Could you provide more specific 2026 and medium-term CapEx guidance?

Mohammed Al Zadjali: Clear. The second question is regarding the CapEx guidance. Could you provide more specific 2026 and medium-term CapEx guidance?

Speaker #2: Clear. The second question is regarding the Capex guidance. Could you provide more specific 2026 and medium-term Capex guidance?

Speaker #4: So, in the guidance for 2026, we are expecting to spend around $0.8 billion to $0.9 billion, and that's only for sustaining capex.

Khalid Al Qassabi: In the guidance for 2026, we are expecting to spend around from $0.8 billion to $0.9 billion, and that is to do only in sustaining CapEx. The growth is outside of this, but whenever the growth comes, will be on top of this level. We have been spending the same almost for the last two years. When I say it is usually around 40% or 42% of the total cash flow from operation, it is about that same level for the last two years. It is a good assumption to also take it forward for the coming at least couple of years.

Speaker #4: The growth is outside of this, but whenever the growth comes, it will be on top of this level. We have been spending the same amount almost for the last two years.

Speaker #4: And when I say this, usually around 40 or 42% of the total cash flow from operations is about that same level for the last two years.

Speaker #4: So it's a good assumption to also take it forward for the coming, at least, couple of years.

Speaker #2: Thank you.

Mohammed Al-Zadjali: Thank you.

Mohammed Al Zadjali: Thank you.

Speaker #4: Thank you, Mohammed. Can we proceed with Mohammed? If you can, please unmute your mic.

Munther Al-Shereiqi: Thank you, Mohammed. Can we proceed with Mohammed Al-Sania? If you can unmute your mic, please.

Munther Al Sharji: Thank you, Mohammed. Can we proceed with Mohammed Al-Sania? If you can unmute your mic, please.

Mohammed Al-Sania: Assalamualaikum. Thank you for having us on the call, and congratulations with these results. Just two questions and one follow-up. I will start with the follow-up. So we understand the reason behind the decline in oil production on a sequential basis due to lower entitlement and cost recovery. However, were there any lifting delays or timing effects that impacted the Q2 production? That is the follow-up. On the two questions, maybe if you can shed some light on the production potential from Block 80, and maybe the oil and gas mix expected from that block. Also the Block 27. I believe you mentioned that the economic effective date will start from 1 January 2025 and will start contributing in Q3 2026. So how should we expect that contribution of that block once it starts being consolidated in OQEP's financials?

Mohammed Al-Sanea: Assalamualaikum. Thank you for having us on the call, and congratulations with these results. Just two questions and one follow-up. I will start with the follow-up. So we understand the reason behind the decline in oil production on a sequential basis due to lower entitlement and cost recovery. However, were there any lifting delays or timing effects that impacted the Q2 production? That is the follow-up. On the two questions, maybe if you can shed some light on the production potential from Block 80, and maybe the oil and gas mix expected from that block. Also the Block 27. I believe you mentioned that the economic effective date will start from 1 January 2025 and will start contributing in Q3 2026. So how should we expect that contribution of that block once it starts being consolidated in OQEP's financials?

Speaker #2: Thank you for having us on the call, and congratulations on the results. Just two questions and one follow-up. I'll start with the follow-up.

Speaker #2: So, we understand the reason behind the decline in oil production on a sequential basis: due to lower entitlement and cost recovery. However, were there any lifting delays or timing effects that impacted the second quarter production?

Speaker #2: That's the follow-up. On the two questions, maybe you can shed some light on the production potential from Block 18 and maybe the oil and gas mix expected from that block.

Speaker #2: And also for Block 27, I believe you mentioned that the economic effective date will start from 1st of January 2025 and will start contributing in the third quarter of 2026.

Speaker #2: So how should we expect the accounting treatment of that block once it starts being considered in OQEP's financials? Should we expect a purchase price gain on that transaction, or how should we look at it?

Mohammed Al-Sania: Should we expect a first price gain on that transaction, or how should we look at it? Thank you very much.

Mohammed Al-Sanea: Should we expect a first price gain on that transaction, or how should we look at it? Thank you very much.

Speaker #2: Thank you very much.

Speaker #4: Yeah. Yeah. Maybe I will start regarding block 80. Block 80 is a producing asset with a a small volumes but we are capitalizing in the explorations and the exploration hopefully will be starting from next year and phase one is four years and then based on the exploration results we can have more information and regarding the mix it's both oil and gas that's based on our current evaluations but hopefully when we are starting the 1st appraisals sometimes 2028 then we'll have better results on the type of fluids and also the productions.

Munther Al-Shereiqi: Yeah. Dr. Mokhtar.

Munther Al Sharji: Yeah. Dr. Mokhtar.

Khalid Al Qassabi: Yeah. Maybe I will start regarding Block 8. Block 8 is a producing asset with small volumes, but we are capitalizing in the explorations. The exploration hopefully will be starting from next year. Phase one is four years. Then based on the exploration results, we can have more information. Regarding the mix, it is both oil and gas. That is based on our current evaluation. Hopefully, when we are starting

Mahmoud Al Hashmi: The first appraisal is sometime 2028, then we will have better results on the type of fluids and also the productions.

Khalid Al Qassabi: On-

Mohammed Al-Sanea: On-

Speaker #2: On.

Mahmoud Al Hashmi: Regarding 27-

Speaker #4: Regarding 27, I mean we're waiting for the royal decree to announce the details, but the production will not have a big impact.

Mahmoud Al Hashmi: We are waiting for the royal decree to announce the details. The production will not have a big impact. It is a small asset. Hopefully, you will see the result in H2 2026, inshallah.

Khalid Al Qassabi: We are waiting for the royal decree to announce the details. The production will not have a big impact. It is a small asset. Hopefully, you will see the result in H2 2026, inshallah.

Speaker #4: It's a small asset, and hopefully you will see the result in the second half of 2026, inshallah.

Khalid Al Qassabi: I think also on the question on the lifting and how much was there as a slippage or extra lifting between the two halves. We should not expect a major under-lift or over-lift. In fact, for H1, we have under-lift of around 100,000, which is not that material to actually factor. Yes, we have that slippage from last year of a 1.8 million lifting, but that is not the case for this year. Potentially, under or over-lift of 100,000 month-on-month.

Speaker #2: I think also, in the question on the lifting and how much was there as a slippage or extra lifting between the two halves, we should not expect a major underlift or overlift. In fact, for the first half, we have an underlift of around 100,000, which is not that material to actually factor in, but yes, we have that slippage from last year of a 1.8 million lifting, but that is not the case for this year.

Speaker #2: So the potential under- or over-lift of 100,000 month on month. Very clear. Thank you very much.

Mohammed Al-Sania: Very clear. Thank you.

Mohammed Al-Sanea: Very clear. Thank you.

Speaker #4: Thank you, Mohammed. Elder, if you can unmute your mic, please.

Munther Al-Shereiqi: Thank you, Mohammed Al-Sania. Elder, if you can unmute your mic, please.

Munther Al Sharji: Thank you, Mohammed Al-Sania. Elder, if you can unmute your mic, please.

Speaker #2: Yes, thank you very much for the presentation and for the opportunity to ask questions. First question on production: Could you please explain what drives the very strong numbers in Q2—the 3% increase year-on-year, and I think quarter-on-quarter as well?

[Analyst]: Yes. Thank you very much for the presentation and for the opportunity to ask questions. First question on production. Could you please explain what drives very strong numbers in Q2, the 3% increase year-on-year, and I think quarter-on-quarter as well. What blocks? Is this the appraisal wells which are driving this increase? Which blocks, if possible. Then on Block 9, I think there was an announcement about a change in economic terms. Could you give us any guidance on what to expect, in terms of financial impact and what kind of terms have changed? Lastly, if you could maybe provide us some guidance for the production in Q3, that would be also very helpful. Thank you.

Speaker #2: Which blocks is this appraisal wealth that is driving this increase, and which blocks, if possible? And then, on Block 9, I think there was an announcement about a change in economic terms.

Speaker #2: Could you give us any guidance on what to expect in terms of financial impact, and what kind of terms have changed? Lastly, if you could maybe provide us some guidance for the production in Q3, that would also be very helpful.

Speaker #2: Thank you.

Speaker #4: Okay, I'll start with thanks for the questions. Starting with the productions, we mentioned it's around 3%, and if you look at the details, most of the production is coming from gas. That's because of the quite good intake from LNG, due to the ongoing conflict.

Mahmoud Al Hashmi: Okay. Thanks for the questions. Start with the productions. We mentioned it is around 3%. If you look to the details, most of the production is coming from the gas, and that is because of the quite good intake from LNG due to the ongoing conflict. So that increased our production from the gas. Oil is around 2% to 3%, and that is mainly coming from operated assets, and some also from non-operated assets. Regarding Block 9, we cannot disclose the details of the fiscals, but it is improving the current situation. Under third-

Speaker #4: So that's increased our production from the gas. Oil is around 2 to 3%, and that's mainly coming from operated assets and some also from non-operated assets.

Speaker #4: Regarding Block 9, we cannot disclose the details of the fiscals, but it's improving the current situation. Third quarter production.

Khalid Al Qassabi: On third.

Mahmoud Al Hashmi: Third quarter of production.

Khalid Al Qassabi: Guidance.

Mahmoud Al Hashmi: Guidance.

Speaker #2: Guidance.

Mahmoud Al Hashmi: Third quarter production, we see an increase. We closed July with more than 235,000 barrels of oil equivalent.

Speaker #4: Third quarter production, we see an increase. We closed July with more than 235,000 barrels of oil equivalent.

Speaker #2: Thank you very much.

[Analyst]: Thank you very much.

Speaker #4: Okay, Ashish, if you can proceed, please.

Munther Al-Shereiqi: Okay. Ashish, if you can proceed, please.

Munther Al Sharji: Okay. Ashish, if you can proceed, please.

Speaker #2: Yeah. Good afternoon. First of all, congratulations to all of you. My question is regarding SOHAR, the LNG—MERSA LNG. I think you have rightly stated that 55% of construction is over.

[Analyst]: Yeah, good afternoon. Salam alaikum. First of all, congratulations to all of you. My question is regarding the Sohar, that LNG, Marsa LNG. I think you have rightly stated that it is 55% construction is over. Just wanted to know when it is getting over and when you feel that the result or the profit will come for which. Any particular timeline you have stated? Because we are facing a lot of issue during that political issue and safety issue also. Can you just give us some guidance on that particular project?

Speaker #2: So, I just wanted to know when it's getting over, and when you feel that the result or the profit will come—do you have any particular timeline stated? Because we are facing a lot of issues during that political issue, and safety issues also.

Speaker #2: So, can you just give us some guidance on that particular project?

Speaker #4: Yes, thanks for the questions. So, so far we have completed 60%. It was 55% by the end of June, now already 60%, and the aim is that the commissioning will be mid-2028.

Mahmoud Al Hashmi: Yes. Thanks for the questions. So far we completed 60%. 55% was end of June, now already 60%. The aim that the commissioning will be mid-2028, inshallah. There is no delay, and it is as per the plan.

Speaker #4: Inshallah, there is no delay and it's as per the plan.

Speaker #2: So, because of this Qatar energy issue and all those things, are you not planning to make this much faster to get the advantage?

[Analyst]: Because of this QatarEnergy issue and all those things, are you not planning to make this as a much faster to get the advantage? Any discussion on that?

Speaker #2: I mean, is there any discussion on that?

Speaker #4: I mean, we're trying, but that's the target because there's construction ongoing. The other thing—the main point—for this LNG MERSA is for the bunkering, so it's not for selling LNG by itself.

Mahmoud Al Hashmi: We are trying, but that is the target because it is a construction ongoing. The other thing, the main for this Marsa LNG is for the bunkering. It is not for selling LNG by itself.

Speaker #2: Okay. Okay. Thank you very much.

[Analyst]: Okay. Thank you very much.

Munther Al-Shereiqi: Thank you, Ashish. Can we proceed with James Murray, please? If you can unmute your mic.

Munther Al Sharji: Thank you, Ashish. Can we proceed with James Murray, please? If you can unmute your mic.

Speaker #4: Thank you, Ashish. Can we proceed with James Marius, please, if you can unmute your mic.

Speaker #2: Yes. Hello, I hope I'm audible.

James Murray: Yes. Hello, I hope I'm audible.

James Marriott: Yes. Hello, I hope I'm audible.

Khalid Al Qassabi: Yes.

Speaker #4: Yes.

Speaker #2: Okay, thank you, and congratulations on the numbers. I wanted to ask, can you share any more details about the size and nature of the recent discoveries in Block 60 and 48, and do you have a timeline for their development that you can share?

James Murray: Okay. Thank you, and congratulations on the numbers. I wanted to ask, can you share any more details about the size and nature of the recent discoveries in Block 60 and 48? Do you have a timeline for their development that you can share?

James Marriott: Okay. Thank you, and congratulations on the numbers. I wanted to ask, can you share any more details about the size and nature of the recent discoveries in Block 60 and 48? Do you have a timeline for their development that you can share?

Mahmoud Al Hashmi: Thanks for the questions. Unfortunately, we cannot share numbers as we speak. Hopefully, during the FID of these projects, we can share the numbers.

Speaker #4: Thank you for the questions. Unfortunately, we cannot share numbers at this time. Hopefully, during the FID of this project, we will be able to share the numbers.

Khalid Al Qassabi: Okay, James. Can we proceed with Yaqoub Al-Kalbani? Yes. Unmute your mic, please. Yeah, go ahead, Yaacoub, but your voice is not clear.

Munther Al Sharji: Okay, James. Can we proceed with Yaqoub Al-Kalbani? Yes. Unmute your mic, please. Yeah, go ahead, Yaacoub, but your voice is not clear.

Speaker #4: Okay, James, can we proceed with Yacob Ali Kelbani? Yes. Unmute your mic, please. Yeah, go ahead Yacob, but your voice is not clear. Yacob, we cannot hear you.

Munther Al-Shereiqi: Yaqub, we cannot hear you. We will proceed. Are there any further questions? Yes, I can see. We can go with Bishan Bala.

Munther Al Sharji: Yaqub, we cannot hear you. We will proceed. Are there any further questions? Yes, I can see. We can go with Bishan Bala.

Speaker #4: So, we'll proceed with—okay. Are there any further questions? Yes, I can see we can go with Bishan Bala.

Speaker #2: I am audible. Good afternoon. Thank you for the answers so far. A couple of queries. One is, you know, in light of recent geopolitical developments, is there any shift in your regional strategy of acquisition, if you could just answer?

Bishan Bala: Hi, am I audible?

Bishen Bhalla: Hi, am I audible?

Munther Al-Shereiqi: Yes.

Munther Al Sharji: Yes.

Bishan Bala: Good afternoon. Thank you for the answers so far. A couple of queries. One is: in light of recent geopolitical developments, is there any shift in your regional strategy of acquisition? If you could just answer that first.

Bishen Bhalla: Good afternoon. Thank you for the answers so far. A couple of queries. One is: in light of recent geopolitical developments, is there any shift in your regional strategy of acquisition? If you could just answer that first.

Operator: This meeting host has enabled Zoom's AI companion technology.

Speaker #4: This meeting's hosts

Speaker #3: has enabled Zoom's AI Companion technology.

Mahmoud Al Hashmi: Thanks for the questions. Regarding our growth strategy, it's long-term rather than focusing on a short term, and hopefully the conflict will be sorted out shortly. There is no change. We are still focusing on what we have already communicated: MENA region, Southeast Asia, and some selected countries in Africa.

Speaker #4: Thanks for the questions. Regarding our growth strategy, it is a long-term focus rather than focusing on the short term, and hopefully the conflict will be sorted out shortly.

Speaker #4: So, there's no change. We are still focusing on what we have already communicated: MENA region, Southeast Asia, and some selected countries in Africa.

Speaker #2: Okay. Second, with regards to your target production of 300,000 barrels, what's the target timeline for that, tentatively?

Bishan Bala: Okay. Second is with regards to your target production of 300,000 barrels. What's the target timeline for that tentatively?

Bishen Bhalla: Okay. Second is with regards to your target production of 300,000 barrels. What's the target timeline for that tentatively?

Speaker #4: Is it the growth?

Mahmoud Al Hashmi: Is it the growth?

Speaker #2: Yeah, I guess what you mean is, indeed, the 300,000 is a target to achieve by 2030, and we will slowly build into that growth trajectory.

Munther Al-Shereiqi: Yeah. I guess what you mean is, indeed, the 300,000 is a target to achieve by 2030, and we will slowly build into that growth trajectory.

Munther Al Sharji: Yeah. I guess what you mean is, indeed, the 300,000 is a target to achieve by 2030, and we will slowly build into that growth trajectory.

Speaker #2: And that is contingent on inorganic growth as well, or organically only?

Bishan Bala: Is that contingent on inorganic growth as well, or organically only?

Bishen Bhalla: Is that contingent on inorganic growth as well, or organically only?

Mahmoud Al Hashmi: It's both.

Speaker #4: It's both.

Speaker #2: Okay. And finally, your OPEX currently is $9 a barrel. What's the sort of, let's say, strategy on that one? How much more can you optimize that, or do you think that is fair to optimize as of now?

Bishan Bala: Okay. Finally, your OPEX currently is $9 a barrel. What's the, let's say, strategy on that one? How much more can you optimize that, or do you think that is fair optimized as of now?

Bishen Bhalla: Okay. Finally, your OPEX currently is $9 a barrel. What's the, let's say, strategy on that one? How much more can you optimize that, or do you think that is fair optimized as of now?

Speaker #4: So, we continue optimizing. We are resilient, and if you look to last year, the result was less than $10. So, above $9 this year, we are maintaining it below $9.

Mahmoud Al Hashmi: We continue optimizing. We are resilient. If you look, last year result was less than $10, so above $9. This year we are maintaining it below $9 and that will continue.

Speaker #4: And that will continue.

Speaker #2: Any guidelines on that?

Bishan Bala: Any guidelines on that?

Bishen Bhalla: Any guidelines on that?

Speaker #4: I mean, the focus is really increasing production and really trying to maintain our OBEX.

Mahmoud Al Hashmi: The focus is really increasing production and really trying to maintain our OPEX. Very simple.

Speaker #2: Okay. Thank you.

Bishan Bala: Okay. Thank you.

Bishen Bhalla: Okay. Thank you.

Speaker #4: Okay, thank you, Bashan. We can proceed with Mr. Jasim Hamdan. If you can unmute your mic, please. مشكور أخي جاسم. طبعاً في عنا خطة تفصيلية لزيادة الإنتاج إن شاء الله خلال الخمس سنوات الجاية للوصول إلى 300,000 برميل نفط مكافئ.

Munther Al-Shereiqi: Okay. Thank you, Bishan Bala. We can proceed with Mr. Jasim Hamdan. If you can unmute your mic, please.

Munther Al Sharji: Okay. Thank you, Bishan Bala. We can proceed with Mr. Jasim Hamdan. If you can unmute your mic, please.

Speaker #4: الخطة هذه تحت العمل ونناقشها دائمًا مع مجلس الإدارة، وسيتم الإفصاح عن أي مشروع قادم إن شاء الله في الوقت المناسب. حاليًا لا نستطيع الإفصاح عن المشاريع التي هي قيد الدراسة، وسيتم الإفصاح عنها عند الانتهاء إن شاء الله.

Speaker #4: بس عندنا خطة واضحة للوصول إلى 300,000 برميل نفط مكافئ خلال الخمس سنوات القادمة إن شاء الله.

Speaker #2: شكراً أخي محمود. إذا ما في أحد، أنا يمكن عندي بعض الاستفسارات البسيطة أشارككم إذا كان في الإمكان.

Speaker #4: ان شاء الله.

Speaker #2: بخصوص اللي هو المحتوى المحلي ولا كمساهمين وكحتى مواطنين قبل ما نكون مساهمين ومحللين كل شركاتنا مساهمه العامه اللي هدول ما مقصرين ان شاء الله فانا بس يمكن كنت اشوف تكاليف اللي هو التشغيل عندكم في حدود يمكن لاحظتها قبل شوي 128 مليون فبالتالي شيء جيد ان كثير يمكن تكاليف صيانه تكاليف عامه تكاليف خدمات فاذا كان ممكن تعطينا فكره عن شركات اللي هي اللي هي شركات الصغيره المتوسطه حجم الاعمال وكل سنه كم ان شاء الله تزيدوا والعماله اللي هي الوطنيه الموجوده في هذه الشركات لان دعم هذه الشركات من اساس كل شركاتنا المساهمه العامه يعني اذا كان تعطينا نوده بكون شاكر هو القيمه المحليه طبعا من ضمن الاهداف الشركه اللي مستمره من سنوات القيمه المحليه يعني والاضافه القيمه المحليه من ضمن التارجت من ضمن الاهداف الشركه اللي هي مستمره ودائما الهدف في زياده مستمره سنويه تقريبا سنويه زياده عندنا تقريبا 2% زياده سنويه ف المصفوفات معظمها يعني داخل البلد ك تقريبا ل 80% طبعا في نسبه معينه لانه صح الدفع داخل البلد بس في اشياء مستورده من من الخارج بس نحاول قدر الاستطاعه نكون توريدها عن طريق موردين داخليين موردين لهم شركات موجوده داخل البلد بس هو في كل الاحوال يعني الهدف انه في تزايد سنه عن سنه.

Mahmoud Al Hashmi: يمكن توريدها عن طريق موردين داخليين. موردين لهم شركات موجودة داخل البلد. لكن في كل الأحوال الهدف أنه هناك تزايد سنة عن سنة.

Mahmoud Al Hashmi: [Foreign Language]

Speaker #2: شكراً أخي خالد على الرد. هل في إمكانية تعطينا — بما أنك أنت المسؤول المالي حالياً عن الشركة — مثلاً والله شركتين جديدتين أضفتوهم هذه السنة، أو يعني هذه المعلومات حتى بالنسبة للتوظيف، يعني مثلاً والله تعيين 10 موظفين خريجين جدد في كل شركة. فهذه المعلومات مهمة، ولما تكون هذه المناقشات سواء في الجمعية وحتى في المناقشات العامة، فأكيد تثرينا نحن كمواطنين قبل ما نكون محللين ومساهمين. يعني فهل هذه المعلومات متوفرة عندكم أخي خالد وأخي محمود؟

Jassim Al Hamdan: شكرًا أخي خالد على الرد. هل هناك إمكانية أن تعطينا، بما أنك أنت المسؤول المالي حاليًا عن الشركة، مثلًا شركتين جديدتين أضفته هذه السنة. هذه المعلومات حتى بالنسبة للتوظيف، مثلًا تعيين 10 موظفين خريجين جدد في كل شركة. فهذه المعلومات مهمة، ولما تكون هذه المناقشات سواء في الجمعية وحتى في المناقشات العامة، فأكيد تسرينا نحن كمواطنين قبل ما نكون محليين ومساهمين. فهل هذه المعلومات متوفرة عندكم أخي خالد؟ أخي محمود؟

Jassim Hamdan: [Foreign Language]

Mahmoud Al Hashmi: يمكن هذه المعلومات يا أخي جاسم نوفرها بعدين. لا تحضرنا التفاصيل، فيمكن أن تتواصل مع المعنيين، وإن شاء الله يوفروا لك تفاصيل. هناك حاجة أريد أن أذكر فيها أننا العام الماضي بدأنا برنامج تميز، وذلك بيأخذ حوالي 515 خريج وخريجة لتدريبهم وتطويرهم. فماشيين بخطة التعمين، إن شاء الله، وتطوير الكوادر المحلية.

Mahmoud Al Hashmi: [Foreign Language]

Speaker #4: يمكن هذه المعلومات أخي جاسم نوفرها بعدين، لا تحضرنا التفاصيل، فيمكن تتواصل مع المعنيين وإن شاء الله يوفروا لك التفاصيل. في حاجة أريد يمكن أذكر فيها، أن العام الماضي بدينا برنامج تميز، وذلك بأخذ حوالي 515 خريج وخريجة لتدريبهم وتطويرهم. فماشيين في خطة التعمين وإن شاء الله وتطوير الكوادر المحلية.

Speaker #2: شكرا اخي محمود نسمع مثل هذا الكلام الطيب منكم انتم. اخر اخر استفسار بخصوص اللي هو اعتقد في تاريخ 12 8 في قرارات مجلس الاداره بخصوص دفع الارباح في 318 وفي اظني اللي هو في تاريخ 25/11 مع اللي هي الاداء المرتبط بالارباح مرتبطه بالاداء فبس شفت في الرساله مكتوب في بيكون اجتماع الجمعيه العامه تاريخ 31 اغسطس هل بيكون في اجتماع للجمعيه بتاريخ 31 اغسطس؟

Jassim Al Hamdan: شكرًا أخي محمود، نسمع مثل هذا الكلام الطيب منكم أنتم. آخر استفسار بخصوص، أعتقد في تاريخ 12/8 هناك قرارات مجلس الإدارة بخصوص دفع الأرباح في 31/8، وفي أظن في تاريخ 25 حزيران مع الأرباح المرتبطة بالأداء. فعندما رأيت في الرسالة مكتوب أنه سيكون اجتماع الجمعية العامة بتاريخ 31 أغسطس. هل سيكون هناك اجتماع للجمعية بتاريخ 31 أغسطس؟

Jassim Hamdan: [Foreign Language]

Speaker #4: نعم، مثل ما وضح في الإعلان.

Mahmoud Al Hashmi: نعم، مثلما وضح في الإعلام.

Mahmoud Al Hashmi: [Foreign Language]

Jassim Al Hamdan: لكن غريبة ما وصلتنا عن طريق الـ MCD. لا أعرف هل هناك مشكلة فنية أو يمكن نسأل إخواننا عن الإعلان هذا. لا أعرف، يمكن عندي أنا ليس هناك مشكلة ولكن

Jassim Hamdan: [Foreign Language]

Speaker #2: بس غريبة ما وصلتنا عن طريق الـ MCD. يعني ما أعرف هل في مشكلة فنية أو يمكن نسوا الإخوان عن الإعلان هذا، ما أعرف، يمكن عندي أنا يمكن مشكلة، ولكن هو.

Mahmoud Al Hashmi: هناك مشكلة فنية، إن شاء الله ستوصلكم بعد اللقاء هذا إن شاء الله.

Mahmoud Al Hashmi: [Foreign Language]

Speaker #4: في مشكلة فنية إن شاء الله بتوصلكم بعد اللقاء هذا إن شاء الله.

Speaker #2: إن شاء الله، بعون الله. شكراً أخي محمود. منال التوفيق لك ولزملائك إن شاء الله.

Jassim Al Hamdan: إن شاء الله، بعون الله. شكرًا أخي محمود، من الله التوفيق في جميع ما قدمتم.

Jassim Hamdan: [Foreign Language]

Mahmoud Al Hashmi: آمين جميعًا إن شاء الله.

Mahmoud Al Hashmi: [Foreign Language]

Speaker #4: آمين جميعاً إن شاء الله. شكراً أخوي جاسم. Come back to you Mr. Shauwer, please first read the question from the chat box from Yaqoob Al-Kalbani: How does the $500 million UFD bridge to bond facility extension affect dividend capacity, refinancing risk, and finance cost?

Munther Al-Shereiqi: شكرًا أخي Jasim. I come back to you, Mr. Shawer. Let's first read the question from the chat box from Yaacoub Al-Kalbani. How does the 500 million USD bridge to bond facility extension affect dividend capacity, refinancing risk, and finance costs?

Munther Al Sharji: [Foreign Language] Jasim. I come back to you, Mr. Shawer. Let's first read the question from the chat box from Yaacoub Al-Kalbani. How does the 500 million USD bridge to bond facility extension affect dividend capacity, refinancing risk, and finance costs?

Speaker #4: اوكي اوكي فور ذا 500 مليون اكستنشن وير سووز تو اكشلي هاف ذات ريفينانس ثرو ا بوند ذس ذا اكسترا 500 مليون واز واز ازيوم تو اوصو ستارت امورتايزيشن فور نكس ير ذس 500 واز اوريدي بلاند تو بي ريفينانس سو ذس از نو بارت اوف ذا ديفيدند كباسيتي فورمولا ذات وي هاف انبدد ثانك يو خالد ناو كان جو باك تو شاور فروم فيجن كابيتال اف يو كان انيوت يور مايك بليز يس هاي جود افترنون ثانك يو فور ذي برزنتيشن اند كونجراتوليشنز اون جريت نمبرز اي ليمت ماي كويشنز تو تو ماي فرست كويشن از يو منشن ذات ذا برودكشن از 229000 بي او اي دورين ذا فرست هاف وود يو بي ابل تو جيف اس سبليت اوف اويل اند گاس ان ذس ان برسنتيج تيرمز سو ذا اويل از اراوند 54% اند غاز از 46% برفكت ثانك يو اند ماي نكس كويشن از بليز كوركت مي ب اندرستانينغ از ذات يو نو ود ذا انكريز ز ان اويل برايسز ذا تاكس ريت اوصو گوز از ان ذا برودكشن ذات از اساين تو او كيو اي بي وود اور ذا فوليومز وود گو داون ود ذا انكريز ان اويل برايسز از ذات ذا كوركت اندرستانينغ يس يس ذات ذا كوركت اندرستانينغ برد ان تيرمز اوف ذا فاليو يو وود سي ذات ان ذا بوتم لاين از ان انكريز اوف كورس سو يس ذات از لوور انتايتلمنت نت وان ذا اويل برايس گوز هاير برد نفر ذا ليس يو وود سي ذا فاليو از بيلدين اب سو يو سي ذا ايفكت اوف ذا اويل برايس وان ايت گوز اب برفكت ثانك يو ثانك يو ثانك يو شاور الكم باك تو يو الدر برد ليتس بي او ليت اس هير ا كويستن فروم بوريس بوريس اف يو كان انيوت يور مايك بليز يس هلو جنتلمن ثانكس فور برزنتيشن ان تو كويستن فروم ماي سايد فرستلي اي ثانك يو منشند اباوت سترونغ منشند سترونغ برودكشن فروم بلوك 61 برودكشن اوف جد رايت ويتش واز فد ان تو ال ان جي اند اي ثانك اكشلي ان ذا سكند كوارتر جد برودكشن فروم ذس بلوك واز كلوز تو ريكورد هاي او ريكورد هاي سو ذا كويستن از دو يو ثانك ذس ليفل وود بي سستينبل گولين فورد سو ريجاردين ذا افيليبل جاز اي مين يس ات از اند كارنتلي وركين وود اوبريتر فور فيلد ديفلوبمنت بلان تو اد اديشنال جاز ان تو ذا سيستم وير وركين ود ذا گورنمنت فور ذا مونيتايزيشن از بين كومينيكيتد ايرلير اون سو ذا بوتنشال ان ذا فيلد اتز ذير ليت مي فول اب سو يو دونت اكسبكت بيسكلي اني ديكريز اور نيرماليزيشن اوف برودكشن اور دو يو ان ان كم كوارترز ايم نوت توكين اباوت لايك لونجر تيرم سو سو فور اس از ذا فيلد بوتنشال اتز ذير اتز ذا اوف تيك اند ذات ديبنز اون ذا گورنمنت اوكي اورايت ثانكس فور دس اند ماي لاست كويستن از بيسكلي اون اوفر اول برودكشن ان امان رايت اي ثانك وي اول نوتس ذات اوور ذا سكند كوارتر ذس ير توتال برودكشن اوف ناو كروت بيسكلي كروت بلس كوندنسيت واز كوايت سترونغ رايت ايم نوت توكين توكين اباوت جد ايم توكين اباوت سبيسیفيكال كروت اند كوندنسيت اند ذا كويستن از ديد اني اوف يور اوبريتد اور نون اوبريتد بلوكس اكشلي كونتريبيوت تو اوفر اول كنتريز برودكشن انكريز اور ات واز موستلي فروم ذا بلوكس نوت ريليتد تو او كيو اي بي اي ثانك اتز كليرلي منشند ذات اتز سراوند تو تو ثري برسنت اديشنال اويل برودكشن وي هاف سين ان اتش وان كومبيرين تو اتش وان لاست ير سو ذير از ا كونتريبيوشنز اوصو اند يو منشند ذات بيسكلي ان ذا ماجوريتي اوف ذس كونتريبيوشن كامين فروم از كامز فروم اوبريتد بلوك رايت يس ثانك يو سو ماتش ثانكس فور كلاريفيكيشن ذاتس ايت اوكي ثانك يو بوريس فور هاف تو رانينگ اوت اوف تايم مستر الدر يس اف يو كان انيوت يور مايك يس ثانك يو اجين جس كلاريفاين كويستن اباوت برودكشن كان يو شير وود اس ذي كارنت برودكشن ليفلز اوف بلوك 60 باي اني تشانس اند اوصو جس فيدباك ات وود بي فيري هيلبفول اي ثانك فور اول اف يو كود يو نو شير كوارترلي برودكشن نمبرز برسس ذي كومولتيف جس فور اس ان تو بتر اندرستند ذا ترند اف يو كود شير ذي تو كيو افريج برودكشن نمبرز ذات وود اوصو بي فيري هيلبفول فور اس ثانك يو اي ثانك فور سبيسیفيك بلوكس از ديفيكالت تو شير ات فور ذا كومولتيف اور ذا افريج فور ايتش كوارتر وي كان بروفايد ات تو يو ثرو ذا اور انفستمنت ريليشن تيم ثانك يو اوكي سو وود ذس اف وي دونت هاف اني فورد اف كويستن وي كان كلوز ذا سيشن اند اي وود لايك تو ثانك افري ون افري بارتيسبنتس هو بارتيسبيتد ان ذس كال فيري هيلتي ديسكشن فيري گود كويستن اند اوصو ثانك اور اور ذا سپیکرز تودي فور بروفايدينغ اوف ذس تايب اوف انسرز ثانك يو فيري ماتش اند سي يو اجين ان شاء الله سون ثانك يو جود باي.

Khalid Al Qassabi: Okay. For the 500 million extension, we are supposed to actually have that refinance through a bond. The extra 500 million was assumed to also start amortization for next year. This 500 was already planned to be refinanced, so this is now a part of the dividend capacity formula that we have embedded.

Munther Al-Shereiqi: Yeah. Thank you, Khalid. Now we can go back to Shawer from Vision Capital. If you can unmute your mic, please.

Munther Al Sharji: Yeah. Thank you, Khalid. Now we can go back to Shawer from Vision Capital. If you can unmute your mic, please.

[Analyst] (Vision Capital): Yes. Hi, good afternoon. Thank you for the presentation and congratulations on great numbers. I limit my questions to two. My first question is you mentioned that the production is 229,000 BOE during the H1. Would you be able to give us a split of oil and gas in percentage terms?

Shaoor Turabee: Yes. Hi, good afternoon. Thank you for the presentation and congratulations on great numbers. I limit my questions to two. My first question is you mentioned that the production is 229,000 BOE during the H1. Would you be able to give us a split of oil and gas in percentage terms?

Mahmoud Al Hashmi: The oil is around 54% and the gas is 46%.

[Analyst] (Vision Capital): Perfect. Thank you. My next question is, please correct me, but our understanding is that with the increase in oil prices, the tax rate also goes up, as in the production that is assigned to OQEP would or the volumes would go down with the increase in oil prices. Is that the correct understanding?

Shaoor Turabee: Perfect. Thank you. My next question is, please correct me, but our understanding is that with the increase in oil prices, the tax rate also goes up, as in the production that is assigned to OQEP would or the volumes would go down with the increase in oil prices. Is that the correct understanding?

Mahmoud Al Hashmi: Yes, that is a correct understanding. But in terms of the value, you would see that in the bottom line as an increase, of course. Yes, there is a lower entitlement when the oil price goes higher, but nevertheless, you will see the value is building up. You see the effect of the oil price when it goes up.

[Analyst] (Vision Capital): Perfect. Thank you.

Shaoor Turabee: Perfect. Thank you.

Munther Al-Shereiqi: Thank you, Shawer. I will come back to you, Elder. Let me or let us hear a question from Boris. Boris, if you can unmute your mic, please.

Munther Al Sharji: Thank you, Shawer. I will come back to you, Elder. Let me or let us hear a question from Boris. Boris, if you can unmute your mic, please.

[Analyst]: Yes. Hello, gentlemen. Thanks for presentation and two questions from my side, please. Firstly, I think you mentioned strong production from Block 61, a production of gas, right, which was fed into LNG. I think actually in Q2, gas production from this block was close to record high or record high. The question is, do you think this level will be sustainable going forward?

Mahmoud Al Hashmi: Regarding the available gas, I mean, yes, it is. Currently we are working with the operator for field development plans to add additional gas into the system. We are working with the government for the monetization as been communicated earlier on. The potential in the field, it is there.

[Analyst]: Let me follow up. You do not expect basically any decrease or normalization of production or do you in coming quarters? I am not talking about long term.

Mahmoud Al Hashmi: For us as the field potential, it is there. It is the offtake and that depends on the government.

[Analyst]: Okay. All right. Thanks for this. My last question is basically on overall production in Oman. I think we all noticed that over Q2 this year, total production of crude, specifically crude plus condensate, was quite strong. I am not talking about gas, I am talking about specific crude and condensate. The question is, did any of your operated or non-operated blocks actually contribute to overall country's production increase, or it was mostly from the blocks not related to OQEP?

Mahmoud Al Hashmi: I think it is clearly mentioned that it is around 2% to 3% additional oil production we have seen in H1 comparing to H1 last year. There is a contribution also.

[Analyst]: Mm-hmm. You mentioned that basically the majority of this contribution comes from operated block, right?

Mahmoud Al Hashmi: Yes.

[Analyst]: Mm-hmm. Thank you so much. Thanks for clarification. That is it.

Munther Al-Shereiqi: Okay. Thank you, Boris. Perhaps we are running out of time. Mr. Elder, yes, if you can unmute your mic.

Munther Al Sharji: Okay. Thank you, Boris. Perhaps we are running out of time. Mr. Elder, yes, if you can unmute your mic.

[Analyst]: Yes. Thank you again. Just a clarifying question about production. Can you share with us the current production levels of Block 60, by any chance? Also just a feedback, it would be very helpful, I think, for all, if you could share quarterly production numbers versus the cumulative, just for us to better understand the trend. If you could share the Q2 average production numbers, that would also be very helpful for us. Thank you.

Mahmoud Al Hashmi: I think for specific blocks, it is difficult to share it for the community, for the average, for each quarter. We can provide it to you through our investment relations team.

[Analyst]: Thank you.

Munther Al-Shereiqi: Okay. With this, if we don't have any further question, we can close the session. I would like to thank everyone, every participant who participated in this call. A very healthy discussion, very good questions. We also thank our speakers today for providing all of these type of answers. Thank you very much and see you again, inshallah, soon.

Munther Al Sharji: Okay. With this, if we don't have any further question, we can close the session. I would like to thank everyone, every participant who participated in this call. A very healthy discussion, very good questions. We also thank our speakers today for providing all of these type of answers. Thank you very much and see you again, inshallah, soon.

Mahmoud Al Hashmi: Mm-hmm. Okay.

[Analyst]: Thank you.

Munther Al-Shereiqi: Okay.

Munther Al Sharji: Okay.

Operator: Goodbye

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Half Year 2026 OQ Exploration and Production SAOG Earnings Call

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