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Anton - Tanker update. The 'Front Seoul' arrived last night but anchored up about 30kms NE of the FPSO. Will probably start loading tomorrow (hopefully!). If so back to 15 day interval suggesting mid-60's.

Slide 17 - Offshore CPR Update. Its interesting that

2C 'Oil & Condensate' has jumped from 42.8 MMboe to 361.5 MMboe (+761%)

2C 'NGL' has jumped from 0 MMboe to 215 MMboe

The MD Offshore guy was very impressive.

Register here: https://sparklive.lseg.com/SEPLATENERGY/events/ac147311-1d5a-4bce-b81f-8196e3a4854d/seplat-capital-markets-day-2025

The slides https://www.seplatenergy.com/media/i5uh22i5/seplat_energy_capital_markets_day_18_sept_2025_final_.pdf

It's best to filter Jmax!

Well it was a surprise to me! But anyway, depending on the price (assuming it goes through) it could be extremely good news.

This is a surprise......

"Potential sell-down to NNPC

We have been in discussions with the Nigerian National Petroleum Company Limited ("NNPC") regarding the potential sale of a 10% interest in the NNPC/SEPNU Joint Venture ("JV"). If concluded, this would result in SEPNU owning 30% and NNPC owning 70% in the JV assets with Seplat continuing to be the Operator. The discussions would remain subject to parties agreeing terms and executing a substantive agreement.

The new dividend policy announced today, including the minimum distribution of $120 million per annum, would remain unchanged should such a transaction be concluded."

What would 10% (one quarter of the MNPU transaction) be worth now with those mighty impressive reserves upgrades?

Highlights for the Offshore Assets Only - Reserve and Resource estimates as of December 2024

· 2P Reserves increased by 40% from 394.6 MMboe to 551.7 MMboe.

· 2C Resources increased by 378% from 246.6 MMboe to 1,178.2 MMboe.

· Combined 2P & 2C Reserves and Resources increased by 170% from 641.3 MMboe to 1,729.9 MMboe.

Some mighty impressive reserves upgrades in there.

And it doesn't necessarily mean MIM have added all those shorts in one go since the data only captures short positions over 0.50%

JMAX could have replied to the previous enquiry from moosteroil. But didn't. I'll do it

There are standard events, such as

End of 1H 2P Reserves Report, usually out end of September.

Nov Trading Update, end of that month.

Kosmos 3Q Results, early November.

We are also waiting for news on (i) Refinancing and (ii) Finalisation of Kenya sale and receipt of $40m + $40m.

Petrocom production data for July/Aug could arrive at any time.

Plus any other titbits TLW IR through our way!

Suggest everyone filters JMAX as most of their content is irrelevant to this forum.

Why on earth don't you lot filter Jmax? Try it! It might clean up this board!

Anton - to illustrate my previous point about multiple tankers arriving (or not arriving) - there are now 3 tankers vying for the next offload. "Tina 5" and "Awin" both arrived with "Jubilee" as destination 5 to 10 days ago. One having travelled a considerable distance from China. The other from the Canaries, or thereabouts. We now have a 3rd "Front Seoul" due 23:00 18/Sept from Spain. If I was a betting man I'd suggest Front Seoul is probably the actual tanker with offload starting on the 19th, or 20th. But anyway - lets see what happens.....

Whilst we are at it. I see we have late trade no. 190 (830,544 shares reported as 'buy' at 10.289p). Why are these reported late - as presumably this went through earlier in the day?

Can't say I've ever paid attention to whether a particular trade is a 'buy', or 'sell'. Correct me if I'm wrong but aren't buys and sells electronically matched trades? i.e a buy is a sell and vice-versa? e.g.

"......buy and sell orders are matched electronically on the London Stock Exchange (LSE) using a matching engine that processes orders on an electronic order book. When a buyer's bid price and a seller's ask price align, the LSE's system automatically matches these orders and executes the trade. This order-driven system allows for the automatic matching of buy and sell interests to complete transactions for shares."

Most logical explanation is people are selling.

Anton - That tanker arrived last week and has been drifting aimlessly ever since. Yes - if it starts loading on the 15th then yes that would be positive. But all sorts of tankers are supposed to arrive and don't, or do arrive but don't start unloading when they originally thought, or arrive and leave without loading at all! So we just have to wait and see when the next offload actually starts. As an example "Elayna" destination "Jubilee" arrived in the Jubilee area when it said it would, waited around for about 6 weeks, then took an offload from ENI's FPSO next door (nothing to do with Tullow).

SC - Not 100% sure but just as an observation - reductions in net debt have been broadly similar to FCF generation over the years - suggesting debt repayments (as opposed to interest) are made out of free cash flow?