Chris Spencer: And gas prices. All of this leaves us better placed for further growth than I think we have ever been in my nine years with the company. Because of that, we thought it would be helpful to spend a few minutes on this slide to explain to the market the way we think about further growth for DNO. And to reassure everyone that in doing so, we are not getting carried away with commodity prices. We are very focused, as always, on delivering shareholder value. It is a simple strategy, I think, for further growth. North Sea remains, as we have been saying, we have got our target for 100,000 barrels of oil equivalent by 2030. And as always, we are pushing ourselves to achieve it, at least in that time.
Chris Spencer: We have a very wide portfolio, and a very good team that is working to optimize that portfolio, together with the operators and obviously where we operate directly with the assets. There is a huge opportunity set as the figures there represent. So we are working really hard to deliver the organic growth. There has also been a lot of bolt-on M&A, which I will come back to in the final point, which is a key part of our North Sea work. Kurdistan, we have, rather than a large number of smaller assets, from a DNO interest perspective, we have the two huge fields of Tawke and Peshkabir. Tremendous resource potential remaining there, and we are very happy to be back to drilling and looking at potentially taking on a third rig this year.
Chris Spencer: We are very focused on monetizing those remaining reserves and in particular, to converting the juicy resources we have in the Tawke PSC into reserves. The big upside, I think, in Kurdistan remains the access to international prices, combined with the surety of payments or certainty of payments, as we have written here. That remains a key focus for us in the management of DNO in the months ahead. The third piece of this strategy is using our new business development activities, and I touched on the portfolio optimization part. That has been a regular feature of our North Sea business and it is providing a backdrop to some of the good news we have put out today as well. But we are also looking as was evidenced by the bid for Capricorn, for new positions as we seek to build the company and grow to the future.
Chris Spencer: We are going to be disciplined. We have been disciplined and will continue to be disciplined when we are looking for these third legs. We are very challenging to ourselves in terms of where to go. The grass is always greener on the other side of the road, as we say in English, and that is something to be very careful about. So we look to our competitive advantages, whether that is technology, relationships, proximity to existing operations, government relations, and that is the areas that we seek to target. As we move forward, we always, the old adage that you look at 10 opportunities to get one. I guess that in this competitive oil and gas space is the sort of minimum ratio.
Chris Spencer: We do a lot of investigations and maintain that discipline importantly, which, as I touched on the last slide, has been evident to the market with the discipline we have exercised in our business development work over the past few months. I hope that is helpful to everyone who follows the company. Moving from strategy, we now move to the news of the day. Alongside our results this morning, we put out announcement of two pieces of news. First of all, our Lyra project, a fantastic project to be not only involved in, be leading in many respects. We are operator of Lyra, of course.
Chris Spencer: Drilled the exploration well in 2025 and sidetracked it immediately to appraise, which laid the groundwork for this great partnership we have developed with Aker BP where they have taken on the operatorship during the development phase, benefiting from the relationships and order book they had with their suppliers and their standardization drive. We are on track for a record fast development in the Norwegian Continental Shelf. Very exciting for us, and it has passed a very significant milestone, just this week with all three of the partners confirming that they are sanctioning the project, the so-called decision gate three in the old project terminology.
Chris Spencer: Of course, this has also been an area where we have been optimizing our position through M&A, which is touched on this slide, and we are now pleased to be able to have a small interest in the key hub in the area, the Ula field, because we have numerous tie-backs that we are involved in that will be producing through Ula in the years ahead. If we move to the next slide, please. The second piece of news is very gratifying results from the Symra appraisal well. Very positive. That is a discovery that has been on the shelf, or the operator had been wondering what to do about that for some time. Decided that appraisal was needed before commercialization, and we entered it through a swap transaction with Equinor earlier in the year. So very, very pleased that the appraisal there has been successful.
Chris Spencer: I think it said in the news that we, yes, we more than doubled the resource estimate. Now, three to the Ula, which is the hub where we have an interest through the swap transaction and was maturing. This whole area is going to be revitalized now in the next few years. Lyra is moving rapidly to sanction. With Symra and Norma there, with the stimulation and fracking technologies around, we are optimistic that this will be a very interesting area in the years to come. Thank you. Next slide, please. Of course, the news today is just the latest on the conveyor belt that we are developing in the North Sea. This is a busy slide.
Chris Spencer: I am not proposing to go through every bullet point, but we have been seeking over the past few quarters to communicate how we will be building our business and achieving our 100,000 barrel a day target. Notably, six months ago, my colleague Morten Grini from the North Sea business joined us to do a bit more of a deep dive through a few of these projects, including, of course, Kjøttkake. This time, we are just trying to give you a bit better portfolio view of how we have already delivered. So we delivered, since the beginning of last year, five projects into production. Those are now producing about 18,000 barrels a day. In the middle then, we have now six projects under development following the final investment decision on Kjøttkake. Those total around 40 million of resources that we expect to be booking as reserves at the end of the year.
Chris Spencer: The next line of projects are coming through to deliver another 40 million. Those are the ones that are coming up to project sanction in the near future. So a very busy time for us, but this is not. When I say busy time, this is the normal. We will be pushing through this type of project activity every year as we move forward. It is a very fun business to work in. I will leave you to study the individual projects in more detail. As I said, in past quarters, we have also provided more information on many of them. But I would add that the reserves and resources increases that we have on this slide are not the whole picture in terms of our reserves replacement.
Chris Spencer: We also have positions in important hub assets such as Martin Linge, Ekofisk. These assets are also. We are also working hard with the operators to generate additional reserves and resources in those assets. That is how we plan to grow and replace reserves as we go along. If we go to the next slide, then we are well known as an exploration company in the North Sea these days, I think. Punching above our weight with respect to the number of wells we drill, but also importantly, the commercial success rate. Of course, that is then the next step in this story, that we continue to fill the project funnel through organic efforts, through the drill bit primarily, complemented by selective asset transactions. So far this year, we have had what we are classifying as three appraisal.
Chris Spencer: In my world, there is more sort of appraisal of discoveries and appraisal that is more outreach. I have talked about Aphrodite at length already. I would like to highlight the Symra. This is another great piece of business in the North Sea where we took the opportunity when drilling a development well to have a small pilot into a nearby structure, which we expected to contain resources or hoped, as such that we called it appraisal. But that is a smaller volume, but very high-value barrels because it is so easy to produce through the existing infrastructure there. The other point just to note here is a bit of a detail, but I am very much looking forward to the Norma appraisal. Unfortunately, the drilling sequence is such that that has been pushed from late 2026 into early 2027.
Chris Spencer: You will see a phasing impact on our exploration expenditure in 2026 and 2027 as a result of that. That is one of our operated projects, so we are all looking forward to that well. Thank you, Jostein. That concludes my comments on the North Sea. Now we turn to Kurdistan and very pleased to be back in business there. We resumed production, of course, right at the end of the last quarter as the chart on the right shows quite dramatically, because we had just 363,000 barrels a day averaged over last quarter, which was a couple of days at the end of the quarter, if I remember rightly. Of course, we are back in business averaging something like 73,000 in this quarter.
Chris Spencer: We are then ramping up activity very quickly again, given the payment surety that we have achieved with our local sales being paid in advance and the money remitted to our international bank accounts. We offered the guidance there for the average of the year, a bit of an odd year with unfortunately the precautionary shutdown that we had to do in Q2. We have had a slight uptick in the prices in our sales in the last quarter, and we have managed to get it up to $45 a barrel. Of course, that is still well below international market prices, and as I mentioned in my opening slide, we continue to work hard to get our oil back into international markets or connected to international prices in some manner, but without giving up the payment surety that we think is of very high value in this part of the world.
Chris Spencer: With that, I will pass the floor over to my colleague, Birgitte, wishing her many happy returns, and she will give you more information on the financials.
Birgitte Wendelbo Johansen: Thank you very much, Chris. Thank you, Bijan. Morning, everyone. As already mentioned, it is a very good morning, and we are very proud to present another very strong quarter for DNO. Our revenue in Q3 was $1 billion and 23 million, up 34% from the last quarter. The increase from Q2 is mainly driven by higher sales volumes and net production in both the North Sea and Kurdistan. About 90% of the revenue stems from the North Sea in our Q3. If we look at year-to-date, our revenue is just above $2.4 billion, a 143% increase compared to the first nine months of 2025. Operating profit ended at $641 million, up 46% from Q2. Operating profit in Q3 was $222 million, as you can see on the graph.
Birgitte Wendelbo Johansen: Higher realized gas prices partly offset by lower realized oil prices and a small net loss on commodity hedges in the North Sea and higher sales prices, as Chris mentioned in Kurdistan, had a very positive effect on our operating profit. Our tax expense in the quarter was $494 million, increased mainly due to higher taxable income, which is a positive thing. Net profit in the quarter was $101 million, representing a 22% increase compared with Q2. Again, if we look at the year-to-date, our net profit is $235 million, up from 41 in the first three quarters of 2025. We move to the cash flow. Thank you. Our cash position moved from $550 million to just above $1 billion during Q3.
Birgitte Wendelbo Johansen: Operational cash flow was $660 million, supported by robust earnings, partly offset by negative working capital movements as prices increased during September and consequently increased the receivables as of quarter end. We had two tax installments in Norway totaling $136 million in Q3. These installments are the first related to the 2026 expected profits for NCS business. Expected tax installments on the NCS for Q4 will be around $230 million. Of course, that number will be influenced by any currency fluctuations as the tax is paid in Norway. Given our strong results, there will also be a substantial tax overhang into H1 2027. Net investing activities were $129 million. We had $198 million in asset investments and decommissioning, offset by $68 million in net inflow from disposals and license transactions.
Birgitte Wendelbo Johansen: We further had the net cash inflow from financing activities as we drew upon our prepayment facilities related to BD activity, partly offset by payment of dividend and interest, which left the cash at quarter end just north of $1 billion. We move to the last slide, please, Jostein. Our total balance sheet is now per quarter end around $6.8 billion, of which PP&E represents about 60%, just $3.3 billion as per quarter end. Our net debt ended at $232 million, a substantial reduction from last quarter, mostly driven by cash from operations. However, worth mentioning here is that our net debt does not include the payable income tax of $938 million as reported in our books. Our equity share remains quite stable of around 21%, and with total equity of $1.42 billion, we are well within our bond covenants.
Birgitte Wendelbo Johansen: Now, on back of this strong balance sheet and cash generation, the board has decided to distribute 0.375 NOK per share, as Chris mentioned, and this is the same level as the last quarter. To sum it up, record revenue and operating profit, very strong cash flow and corresponding reduction in net debt. Remember, however, the strong results lead to high taxes, which will be paid in the coming quarters. I think we'll move over to the Q&A session.
Jostein Løvås: Thank you. Thank you, Birgitte, for the excellent presentation. I guess I should say to you all that if you want to pose a question in the Q&A session, you will have to push the Raise Your Hand button on the top of your screen, and remember to unmute yourself. It seems like Teodor Sveen-Nilsen is already ready to ask the first question. Please, Teodor, go ahead.
Teodor Sveen-Nilsen: Good morning. Thanks for taking my questions, and congrats on a strong quarter. A few questions from me. The first one, that is on Kurdistan. What kind of initiatives are you doing or pursuing to realize prices closer to international pricing? Second question that is on NCS. Which parts of the ConocoPhillips portfolio do you think is most attractive, and have you looked at it? Third question that is on Kjøttkake, which I understand will be called Lyra going forward. Positive to see that you have taken a FID. Could you just remind us of the total CapEx for the project and also estimated first oil?
Bijan Mossavar-Rahmani: Teodor, let me take on the first question with respect to Kurdistan. As you well know, the situation in the Middle East, particular the challenges of moving crude through the Strait of Hormuz, and other political and geopolitical developments in the region have opened up other routes for exporting and necessitate other routes for exporting Iraqi oil and other regional oil to other outlets. As you probably know, I am sure you know, a lot of the Southern Iraqi oil is now moving up by truck through the pipeline through Turkey, but also through to Syria for export. As new export routes develop and new export arrangements develop, this opens up opportunities for other producers in the region to also seek other outlets.
Bijan Mossavar-Rahmani: There are possibilities now that have opened up for movements of oil to the Mediterranean through Syria, which was closed during the turmoil of the civil war there. But with political stability there other routes have opened up for Iraqi oil, including Kurdistan oil and our oil to move west through Syria. We are looking at those possibilities and opportunities. There is, again, more oil coming into Turkey from the south and the new pipelines are being put in place. So there is a lot more activity now to find export routes from Iraq and from Kurdistan, which as you know, is landlocked to markets facing west there rather than just the Turkey option and the option of moving southern oil through the Persian Gulf. We are very actively looking at how else we can move our crude.
Bijan Mossavar-Rahmani: In the meantime, we have been able to raise the value or the pricing of our crude into the local market in Kurdistan. We started the year just a little bit above $30. We are into the Q4 with $45 prices, which is an almost 50% increase in our price just in the past 10 months. We are actively looking at other arrangements which will move that figure up even higher. It is a combination of a bigger push on our part to get better prices and not just higher prices, but the certainty of payments. That is key to us, and we continue to push for that and get paid in dollars into our international bank accounts.
Bijan Mossavar-Rahmani: All of the challenges of the past in terms of getting paid on time, not that we are getting paid on time, we are getting paid in advance. The payments are received, and the barrels equivalents of payments received are then loaded up into our buyers' tankers. That remains key to us, and we have been prepared over the past year or more to trade higher nominal prices for lower certain prices. That has been key, not just as a financial matter for us, but it has also allowed us to have revenue, which we have then used to drill more. We are the most active driller in Kurdistan by far. I think right now we may be the only IOC that is drilling. As Chris mentioned, we have two heavy rigs drilling deep wells.
Bijan Mossavar-Rahmani: We have our own Sindy rig, which is used for workovers, but also for drilling shallow wells into that Jeribe formation, which we are producing from Tawke for some time. We now have the go-ahead to negotiate a third well. So we are drilling very actively, and these wells will give us both longer term production increase, but also as prices are raised, we have more oil that we can immediately put into the market at those prices. So, the certainty of payment has been also a very basic part of our growth strategy in Kurdistan. So we are very bullish, and I think our price trajectory over the past year is showing that we were able to achieve higher prices as we go, and we will push even harder to do that.
Bijan Mossavar-Rahmani: On the ConocoPhillips asset, that is obviously a very important asset and it is an important acquisition, and we understand a number of companies have looked at it. Obviously, we are looking to grow in Norway, as Chris has mentioned, and we look at assets large, small, and medium size. We had the best acquisition last year. The small assets are the best, from our point of view, medium-sized assets to acquire. We successfully acquired them. We acquired the small assets, not just assets, production and reserves, but a very strong team that Sval had put together, and we inherited that team, and they are the backbone of our Stavanger office, working with our own team from the pre-acquisition. We are showing very good results, as Chris has indicated. At the time we made the acquisition this fall, our price was a full and fair and strong price.
Bijan Mossavar-Rahmani: I think the market looked at it and said that DNO paid a bit of a premium for that. We were happy to do that to succeed with the acquisition. But with these higher prices for oil and gas this year, I think we have pretty much covered our acquisition, and we are very pleased with it. Those assets have a long life. We are going to continue to look at acquisitions and assets, and where we can make them work, we will make them work. Chris, you after that?
Chris Spencer: I think that covers it. I can pick up on Teodor's last question with respect to Lyra, which is going to take me a while to get used to the new name, Teodor. I think on the CapEx side, it is in the sort of $20 to 25 a barrel of oil equivalent CapEx range. That was what we guided, I think probably in the Q1 presentation where Morten was here that we expected for the portfolio of FIDs this year. Similarly, across all those projects, we will be doing a sort of $40 to 45 a barrel breakevens. On the production side, of course, we are planning for the H1 2028. So it is a very exciting week at the moment because it is immediately on the back of the final investment decision. Big contracts are being awarded, rigs are being committed.
Chris Spencer: I would just like to take this opportunity to recognize the project teams, Aker BP. I am pleased to say there is a number of DNO staff in key positions there as well. Done a brilliant job to get the project from discovery to final investment decision in less than 18 months. Let us not forget all the hard work ahead together with the service companies and drilling companies that we have. We are continuing to push for acceleration even in this next phase of the project. So we are hoping that we can meet the target of Q1 2028, Teodor, but the official guiding is H1.
Bijan Mossavar-Rahmani: Good. Thanks, John. That is helpful for those of you who are not Norwegian speakers, Lyra is a hard one to learn to pronounce, but also I understand Lyra in Norwegian means meatball. So goodbye meatball and hello.
Chris Spencer: Lyra.
Bijan Mossavar-Rahmani: I am sorry for Lyra means, but Kjøttkake was a bit awkward as Sjefkarco. It is good to move on from there.
Teodor Sveen-Nilsen: Real quick, when you say $20 to 25 per barrel, how many barrels are you assuming? Is that 37?
Chris Spencer: Yeah, the 37 is the gross number I think now.
Teodor Sveen-Nilsen: Yeah.
Chris Spencer: Which is, I am not sure all of that is bookable at the end of it. It gets a bit confusing, Teodor, because
Bijan Mossavar-Rahmani: Not all of that will meet the SPE classification requirements at the end of the year for the reserves and resources, 37 is reserves and resources. We also have a very nice upside in Lyra, which is probably still going to be classified as contingent resources. The numbers, there are a few numbers to track on that, but 37 is the gross that we used in the decision documentation anyway.
Teodor Sveen-Nilsen: Okay, thanks. Just one final quick question from me. I am not sure, Birgitte, if you mentioned, but what do you expect as cash tax payment in Q4?
Birgitte Wendelbo Johansen: I briefly mentioned it. It is USD 230 million expected cash tax in Q4, but of course, that will rely on the currency fluctuations as we pay it in NOK.
Teodor Sveen-Nilsen: Sure. Understood.
Birgitte Wendelbo Johansen: But that is actually a combination of the tax installments and also the final part of the 2025 tax, which has a payment in November. So it is a combination of the 2026 first or second installments and the latter part of the 2025 tax.
Teodor Sveen-Nilsen: Thank you.
Bijan Mossavar-Rahmani: Thanks.
Jostein Løvås: Thank you, Teodor. Now there is a chance for others to chime in as well. There is no one on the list at the moment, but if you want to, you can push the. Oh, here we have from Bård. I believe you will have to introduce yourself and click the unmute button.
[Shareholder] (Individual Investor): Yes, hello, this is Bård. I am an investor in DNO. Of course, a great report and happy birthday. I just want to know if you can expand a little bit on the dividend policy going forward, or if you are planning to do some share buybacks. Thank you.
Bijan Mossavar-Rahmani: Good. I should also mention, I think Birgitte, she says she's 50, she looks younger. But I just want to also note that this is DNO's 55th birthday this year. The company, she was not born when DNO was formed, I was. But we're very pleased that DNO is now 55, and I look forward to, if not personally, but someday the company celebrating its 100th birthday. There are not very many international oil companies around that have survived 55 years. So it's a proud year for DNO. We've survived because we've taken care of our shareholders, our investors, our bondholders over the years. Our dividend policy, again, is very shareholder-friendly. We do realize as a company, as a board, that when we set this dividend level, maybe five or six quarters ago, our dividend yield at the time was around 10%.
Bijan Mossavar-Rahmani: It's now down to about 5%. The good news is that the share price has moved up as much as it has, and that's obviously important for shareholders too, in addition to just the dividend distribution, the share price matters hugely. I recognize that too, as a shareholder in the company myself. We do have, as you say, several tools in terms of creating shareholder value or distributing shareholder value. Dividends, share buybacks, which we've done in the past, but also special dividends. I think to the extent our share price reflects higher oil and gas prices, and it does in parts, but not exclusively so. Part of, again, the rise in our share price over the last years has had to do with our success in operations and how we manage the business. But share prices and gas prices may come down. They will come down.
Bijan Mossavar-Rahmani: When, and by how much, and for how long, no one knows. But we've been careful not to overreach to increase shareholder distributions and have to pull them back, as we're conservative and cautious and thoughtful in terms of what we do. So we thought we would retain the current dividend amounts through the end of the year, and we will revisit this as we do every quarter at the board level, and we will decide into 2027 whether to maintain our dividend level at the level it is, or to buy back shares or to do a special dividend distribution or some combination at that time. But we are very mindful of the importance of providing dividend distributions to our shareholders, and have had a pretty steady record.
Bijan Mossavar-Rahmani: I think since we started dividend distributions, but also buybacks, we've returned, I believe, after the current quarter, or the Q3 dividend distribution sometime in November, we will have distributed, I think, over $600 million to shareholders during this period. So we have a track record at the end that's important and it's impressive, and it's what we want to maintain. Beyond that, I have nothing more to say. No decisions been made. But we are focused like a laser, not just in terms of our responsibility and our commitment to our bondholders, but also to our shareholders. You can certainly be assured of that.
[Shareholder] (Individual Investor): Thank you.
Jostein Løvås: Thank you. Well, we have one other question here from an analyst, Tom Erik Kristiansen. Please go ahead, Tom Erik.
Tom Erik Kristiansen: Yes. Congratulations on the good results. Just thinking big picture and looking a bit forward here, Norway obviously has become very large already. How are you thinking about the M&A market and further growth? Are you thinking that you are at a fine size now compared to earlier being maybe too heavy on the development side after having a significant exploration success? Are you equally eager to acquire production? The second question is, with all that exploration success in the history of the recent years, are you looking to increase even the drilling program, even though you probably have the most active one if you compare to market CapEx on the competitors themselves? Are you looking to even expand that or not?
Bijan Mossavar-Rahmani: Well, we will keep drilling. We have not changed our mind and our approach to our portfolio. Chris described that in some detail in that larger slide and in terms of our operations. We are going to keep drilling. As you say, we have been a very successful driller in the North Sea. We will keep drilling. We have been a successful acquirer in the North Sea. We will keep looking at acquisition opportunities, and we are branching out elsewhere. We have made two approaches in the past several months, one in Kurdistan and one in Egypt. As Chris said, we are looking at other opportunities in other countries, and we have a shortlist of countries and areas where we think, as Chris mentioned, we have a competitive or comparative advantage. We are actively looking at those opportunities and involved in discussions, some preliminary, some a bit more advanced in terms of specific opportunities.
Bijan Mossavar-Rahmani: We want to grow this company. We already have had a track record of growth, and we want to continue that. You could assume that growth and the larger size is important to us. The company has a mandate to do so. However, again, as Chris mentioned, as we've said repeatedly, capital discipline is important. It's not growth for the sake of growth. It's growth for the sake of the profitability and performance so we can increase dividends and grow our size, and size matters. Again, the larger you are, the more you approach a credit rating, the more you're able to, again, lower your cost of capital, and that matters, too. Size gives you those opportunities. It makes it possible to do bigger deals. Governments like larger companies to come in rather than smaller ones.
Bijan Mossavar-Rahmani: There are strategic advantage to growth as well as commercial, financial, operational ones. But being careful to have capital discipline is hugely important as well. We've seen a lot of companies of our size and larger, smaller and larger, go belly up because they went too aggressive and didn't show capital discipline. The fact that we're still around after 55 years, I think there have been a lot of different management groups that have been involved with DNO, a lot of different people have been involved, but over time, I think, and certainly in the most recent period, we've shown that we are disciplined, and we've taken care of the, managed the assets well and grown the company and grown it profitably as the last quarter and earlier quarters have shown.
Tom Erik Kristiansen: Yeah. One follow-up on that. Should we read that as in the context of the couple of recent years, I think every analyst has been thinking that the next acquisition is happening in Norway, that we wanted to grow the base here. That maybe, and that was the second leg to the Kurdistan business, which now is firmly established and probably on valuation bigger even than Kurdistan. Is the third leg basically, call it a third base somewhere where you take a significant position. Is that the right way to think that that's maybe strategically even of higher importance than growing in Norway? Or you can probably do both, I guess, if you find the right deals.
Bijan Mossavar-Rahmani: I think we can, maybe three legs is important because it's like a stool. A two-legged stool isn't very stable. A three-legged stool is a lot more stable. One of our legs, Kurdistan, has been challenging for reasons you know, whether it was local politics or regional challenges during the ISIS crisis, obviously that impacted our operations. The missile attack in 2015 obviously affected our business. We went out of production for a while. We came back very rapidly. The challenges are receivables. So Kurdistan has been great for DNO, and remains a very important part of our business. But there are challenges that we don't control, not operational ones, but political ones, the security ones. For quite some time, Kurdistan carried DNO.
Bijan Mossavar-Rahmani: Operations in the North Sea were started recently in terms of the history of DNO, and Kurdistan allowed us to grow the business in the North Sea. Then Kurdistan was affected by these security issues and the drone attacks and the challenges, the North Sea carried the company. But now we want to have a third leg so that we have even greater support for our business, and diversification is good. We do not want to overextend ourselves by diversifying into too many places. No one company has the ability, even the largest companies in the world, the largest oil companies, I think 80% of their revenues and profits come from 20% of their assets is some rule. So you cannot be everywhere. But we think three makes very good sense, and DNO has had, in the past years, a third and fourth leg.
Bijan Mossavar-Rahmani: We had a leg in Yemen, but as Yemen started to unravel, we had to shut down our business there. We retained one discovery, but that is not going to come on stream anytime soon, we do not think. But Yemen was an important leg for DNO, and I think DNO had produced the equivalent of 100 million barrels in Yemen. Much of this is before my time with the company. That is pretty impressive. But that leg disappeared, and we then went back to one important leg, Kurdistan. We added Norway in the North Sea as a second leg, which has become very important to us. A third one is important to us and we are pursuing it. But in looking for a third leg, we have seen other opportunities that we might be able to bring in, and we are looking at those, too.
Bijan Mossavar-Rahmani: I think we have maxed out at four for now, and if we do another leg, we would want to make sure we strengthen that leg before we look at something else following that.
Jostein Løvås: Okay, yes.
Tom Erik Kristiansen: Perfect. Thank you.
Jostein Løvås: We are fast approaching the one-hour mark. I think there is room for one last question from Tobias DF. You might have to introduce yourself. Please remember to unmute yourself as well. Okay, it seems like we have a problem. We might have been on this.
Bijan Mossavar-Rahmani: Or we answer this question.
Jostein Løvås: Yeah. Maybe we answer this question. Okay. With that, I think we will have to wrap it up. Thanks for taking part and all of your questions, and we look forward to see you again in three months' time. Thank you.
Chris Spencer: Thank you.
Birgitte Wendelbo Johansen: Thank you.
