Since 2021 the global oil & gas sector has faced unprecedented challenges generated by the demand to replace fossil fuels by renewable green energy to address legitimate climate change concerns. The rationale for the changeover was ill-conceived as it didn’t address energy security & the impact of energy price shocks on the cost-of-living during an inevitable transition period. This impacted investor sentiment and political expediency in Europe to delay & put in place regulatory hurdles to frustrate the development of oil & gas sector assets. Access to capital & finance needed for business development growth became restricted & more costly. "Swimming against the tide" would be an apt description for the oil & gas sector, particularly impacting smaller independents during this period leading to a contraction & near-elimination of the farmout market. Fast-forward to the past 12 months: energy security & cost-of-living crisis has replaced the former political narrative as a result primarily of the Middle East wars. Few pragmatic & fair-minded people would deny the importance of fossil fuel to sustain the Energy Transition & ameliorate the cost-of-living crisis by developing indigenous oil & gas resources. #PRD has survived this period of turbulence to be in a position to now "swim-with-the-tide". The change in sentiment in political, financial ®ulatory circles is now being utilised by #PRD to drive our operations forward in 2026 in a manner that was not previously possible. We’re very pleased with current progress given the unpredictable impact of the Middle East conflict on the global logistical supply chain. So far there has been no consequences for #PRD. This window of opportunity must be exploited before the cycle of positive sentiment might yet turn again, as politicians are fickle, depending on which way the votes blow!