Ha - I have no idea. It's more broader economic sentiment driven...

Ha - I have no idea. It's more broader economic sentiment driven now. If you believe that within the next 6-12 months a farm-in will be achieved, then it's certainly a buy - as that's the only missing piece here - a FarmIn. Galp reports next week, looks like they have something that should be economic (based on their recent upstream news). TotalEnergies moving towards FID (late 2025/early 2026). Further results from others pending. These tariffs have just thrown a 'cat amongst the pigeons' so to speak - big companies will be scrambling to wrap their heads around how they will impact them. The good thing is large companies (such as supermajors) typically have set their strategies looking out 5-10yrs+, so are unlikely to pivot from their strategic direction in the mid-term. It's a logical buy zone for me - but during times of panic 'logic' typically goes out the window.

TA wise, we've pretty much done a round trip back to late 2021 levels - all while the entire Orange Basin is starting to look like 'swiss cheese'; and a few FID's are planned. The immortal quote 'Markets can stay irrational for longer than you can remain solvent' always comes to mind.

I think from a mindset perspective it's a case of continued patience, attempting to 'look through' the noise (which is hard i know - but oil is not suddenly going to dissapear). Infact, if anything, the historical conclusion of economic collapse, is unfortunatly war (which creates oil demand all over again) - it might just take time. I'm confident PanCon are doing what they can; and the Namibian Energy conference next week; so the industry can come together and establish how best to move forward while Mr Trump is playing tariff games.

It's all outside of our control anyway - buy, sell, hold are the only choices. My two cent.