Hurricane has made significant progress this year, becoming debt free with a growing cash position ($77m net free cash end August) that could be used to diversify the asset base. Production from Lancaster remains strong, but further drilling activity at the field remains uncertain given the lack of regulatory approvals around flaring levels. Financials H1/22 Results: Production averaged 9,000b/d, in-line with management expectations, generating $160m revenue (from three liftings); after $35/bbl opex this generated $110m of operating cash flow, with net cash at end June of $48m. The remaining $78.5m convertible bond was repaid in July with the company now debt free, with $77m net free cash as end August (c.$61m is held in restricted cash to fully fund decommissioning liabilities). Strong Operational Performance High Uptime: The Aoka Mizu FPSO continues to perform well with 98% uptime through H1/22. The annual planned maintenance shutdown was completed through September, with next lift in early October. Production is currently 8,700b/d (boosted by post maintenance flush production) and is expected to ease back to 8,300b/d with 48% water cut and continue in natural decline. Further Drilling Uncertain: Further drilling at the Lancaster field (specifically the P8 well) still requires regulator consents around gas flaring levels and at the moment a resolution has not been reached. In addition, the Halifax license has been relinquished given a low chance of progressing a development. Deal flow Time to Diversify: Given balance sheet strength the company continues to look at a range of deal opportunities, both at the asset and corporate level, to diversify the business. However, volatile commodity prices continues to present challenges.