Noble remains on track to meet full year 2017 guidance for both production and capital spend. But net debt continues to creep up, and gearing now stands at 41%. Noble is one of the most financially stretched within our Diversified Independents peer group, and further action will be needed to strengthen the balance sheet. A sell down of its interest in Tamar is expected in the next 12 months, along with another drop down to its MLP. The sale of non-core assets is also being considered.