Strathcona Resources Ltd. Confirms Closing of Sale of Montney Business and Provides Update on MEG Strategic Alternatives Process
Strathcona is now a pure-play heavy oil company producing approximately 120 Mbbls / d (100% oil) with a 50-year 2P reserves life index and plans to grow to 195 Mbbls / d by 2031. In addition, Strathcona currently has approximately $200 million in positive net cash and marketable securities (2) after deducting all debt, inclusive of approximately 4.6 million shares in Tourmaline Oil Corp. (TSX: TOU) and 23.4 million shares in MEG Energy Corp. (TSX: MEG) ("MEG").
MEG Strategic Alternatives Process Update
While Strathcona is pleased that the board of directors of MEG (the "MEG Board") has elected to pursue a strategic alternatives process, it is disappointed that in the nine weeks since Strathcona submitted its original written offer to the MEG Board on April 28, 2025, the MEG Board has declined to have any dialogue with Strathcona to learn more about its offer, Strathcona's business, or if an alternative structure could be agreed to.
The MEG Board's behavior does not match feedback Strathcona has received to date from MEG shareholders, who have indicated they would like to see the MEG Board engage with Strathcona to see if a win-win outcome can be reached for both Strathcona and MEG shareholders. Strathcona remains ready and willing to engage with the MEG Board, including as part of its strategic alternatives process. Alternatively, Strathcona remains committed to continuing its direct dialogue with MEG shareholders in advance of the September 15 tender deadline for its offer.
About Strathcona
Strathcona is one of North America's fastest growing oil and gas producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life oil assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).
For more information about Strathcona, visit www.strathconaresources.com.
Offer Information
Strathcona's offer to acquire all of the issued and outstanding common shares of MEG (the " MEG Shares") not already owned by Strathcona (the " Offer") provides that each holder whose MEG Shares are taken up in the Offer will be entitled to receive 0.62 of a common share in the capital of Strathcona plus C$4.10 per MEG Share in cash. The Offer will be open for acceptance until 5:00 p.m. Mountain Time on Monday, September 15, 2025.
More information regarding Strathcona and the Offer can be found on Strathcona's website: https://www.strathconaresources.com/meg-energy-offer/
Shareholders who have questions or require assistance in depositing MEG Shares to the Offer should contact the Information Agent, Laurel Hill Advisory Group, by email at [email protected] or by phone at 1-877-452-7184 (Toll-Free).
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to buy or sell, or a solicitation of an offer to sell or buy, any securities. The Offer to acquire MEG Shares and issue Strathcona common shares in connection therewith is made solely by, and subject to the terms and conditions set out in, the Offer to Purchase and Bid Circular dated May 30, 2025 (the " Offer to Purchase and Circular") and accompanying letter of transmittal and notice of guaranteed delivery. The Offer to Purchase and Circular and the related documents, contain important information about the Offer and should be read in its entirety by MEG shareholders.
Additional Information About the Offer and Where to Find It
This press release relates to the Offer. In connection with the Offer, Strathcona has filed and will file relevant materials with the U.S. Securities and Exchange Commission (the "SEC"), including a registration statement on Form F-10 (the "Registration Statement") under the United States Securities Act of 1933, as amended, which includes the Offer to Purchase and Circular and other documents related to the Offer. This press release is not a substitute for the Registration Statement, the Offer to Purchase and Circular or any other relevant documents filed with the applicable Canadian securities regulatory authorities or the SEC. MEG shareholders and other interested parties are urged to read the Registration Statement, the Offer to Purchase and Circular, all documents incorporated by reference therein, all other applicable documents and any amendments or supplements to any such documents when they become available, because they do and will contain important information about Strathcona, MEG and the Offer. The Registration Statement, Offer to Purchase and Circular and other materials filed or that will be filed by Strathcona with the SEC will be available electronically without charge at the SEC's website at www.sec.gov. The Registration Statement, Offer to Purchase and Circular, documents incorporated by reference therein and other relevant documents may also be obtained on request without charge from Strathcona by email at [email protected] or by phone at (403) 930-3000 or Laurel Hill Advisory Group, the information agent for the Offer, by email at [email protected] or by phone at 1-877-452-7184 (Toll-Free), and will also be available electronically at www.sedarplus.ca.
Non-GAAP Financial Measures and Ratios
This press release makes reference to certain financial measures and ratios which are not standardized financial measures under IFRS® Accounting Standards (the "Accounting Standards") and might not be comparable to similar financial measures disclosed by other issuers. Non-GAAP financial measures and ratios are used internally by management to assess the performance of the Company. They also provide investors with meaningful metrics to assess the Company's performance compared to other companies in the same industry. Investors are cautioned that these measures should not be construed as an alternative to financial measures determined in accordance with generally accepted accounting principles ("GAAP") and these measures should not be considered to be more meaningful than GAAP measures in evaluating the Company's performance.
" Net cash and marketable securities" is comprised of cash and marketable securities less debt, as derived under the Accounting Standards.
Production and Reserves Information
Strathcona's oil and gas reserves estimates have been prepared in accordance with National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities ("NI 51-101"), which prescribes oil and gas disclosure standards for Canadian public issuers engaged in oil and gas activities that differ from the oil and gas disclosure standards of the SEC under Subpart 1200 of Regulation S-K. NI 51-101 permits oil and gas issuers, in their filings with the applicable securities regulatory authorities in Canada, to disclose proved, probable and possible reserves, and to disclose reserves and production on a gross basis before deducting royalties. The SEC definitions of proved and probable reserves are different than the definitions contained in NI 51-101. Therefore, Strathcona's proved and probable reserves may not be comparable to those disclosed by U.S. companies in reports filed with the SEC. Moreover, as permitted by NI 51-101, Strathcona has determined and disclosed its reserves and the related net present value of future net revenue from its reserves in its NI 51-101 compliant reserves disclosure using forecast prices and costs. In contrast, the SEC requires that reserves and related future net revenue be estimated based on historical 12 month average prices rather than forecast prices, but permits the optional disclosure of revenue estimates based on different price and cost criteria, including standardized future prices or management's own forecasts. Consequently, the oil and gas reserves estimates of Strathcona that are prepared in accordance with NI 51-101 are not comparable to oil and gas reserve estimates provided by U.S. companies in their filings with the SEC.
In respect of 2024 year-end reserves information contained in this press release, Strathcona's reserves have been evaluated in accordance with Canadian reserve evaluation standards under NI 51-101. McDaniel & Associates Consultants Ltd., an independent petroleum consulting firm based in Calgary, Alberta, has evaluated the petroleum and natural gas reserves associated with Strathcona's interests in Alberta, British Columbia and Saskatchewan. Such estimates constitute forward-looking information, which are based on values that Strathcona's management believes to be reasonable and are subject to the same limitations discussed under "Forward-Looking Information" below. A complete filing of our oil and gas reserves and other oil and gas information presented in accordance with NI 51-101 are included in Strathcona's Annual Information Form for the year ended December 31, 2024, which can be found at www.sedarplus.ca.
This press release contains various references to the abbreviation "boe" which means barrels of oil equivalent. All boe conversions in this press release are derived by converting gas to oil at the ratio of six thousand cubic feet ("mcf") of natural gas to one barrel ("bbl") of crude oil. Boe may be misleading, particularly if used in isolation. A boe conversion rate of 1 bbl : 6 mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 bbl : 6 mcf, utilizing a conversion ratio of 1 bbl : 6 mcf may be misleading as an indication of value.
References to "oil" in this press release refer to bitumen and heavy oil. All production is presented on a gross basis (as defined in NI 51-101) unless otherwise stated.
This press release contains metrics commonly used in the crude oil and natural gas industry, including "reserves life index". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Readers are cautioned as to the reliability of oil and gas metrics used in this press release. Management of Strathcona uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Strathcona's projected performance over time; however, such measures are not reliable indicators of Strathcona's future performance, which may not compare to Strathcona's performance in previous periods, and therefore should not be unduly relied upon.
Forward-Looking Information
Certain statements contained in this press release constitute "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of applicable U.S. securities laws (collectively, "forward-looking information"). The forward-looking information in this press release is based on Strathcona's current internal expectations, estimates, projections, assumptions and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Strathcona believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon.
The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: Strathcona's business strategy and future plans; expected operating strategy; Strathcona's 2025 production, reserves, liquidity and capital spending guidance; Strathcona's long-range plan, including production growth to 195 Mbbls / d by 2031; the Offer; the intention of Strathcona to engage with the MEG's Board and MEG shareholders directly.
All forward-looking information reflects Strathcona's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of Strathcona's current expectations with respect to such things as: the success of Strathcona's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserve volumes; expectations regarding Strathcona's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; the availability of third party services; prevailing and future royalty regimes and tax laws; future well production rates and reserve volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Strathcona's assets; decommissioning obligations; and the governmental, regulatory and legal environment, including expectations regarding the current and future carbon tax regime and regulations. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, it cannot assure readers that these expectations will prove to be correct.
The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in commodity prices; changes in the demand for or supply of Strathcona's products; changes in general economic and market conditions in Canada, the United States and elsewhere; determinations by the Organization of the Petroleum Exporting Countries and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change, royalty rates, tariff rates or other regulatory matters; changes in Strathcona's development plans or by third party operators of Strathcona's properties; failure to achieve anticipated results of its operations; competition from other producers; inability to retain drilling rigs and other services; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Strathcona's oil and gas reserve and contingent resource volumes; limited, unfavorable or a lack of access to capital markets or other sources of capital; increased costs; a lack of adequate insurance coverage; and the impact of competitors. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Strathcona. Strathcona's Annual Information Form for the year ended December 31, 2024 and other documents filed by Strathcona with the applicable Canadian securities regulatory authorities (available under Strathcona's profile on SEDAR+ at www.sedarplus.ca) further describe risks, material assumptions and other factors that could influence actual results.
Management approved the production guidance and long-range plan contained herein as of the date of this press release. The purpose of the production guidance and long-range plan is to assist readers in understanding Strathcona's expected and targeted financial position and performance, and this information may not be appropriate for other purposes.
The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Strathcona does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
3 hours ago
- Cision Canada
Aura Minerals Announces Filing of Early Warning Report Regarding Altamira Gold Corp.
ROAD TOWN, British Virgin Islands, July 3, 2025 /CNW/ - Aura Minerals Inc. (TSX: ORA) (B3: AURA33) and (OTCQX: ORAAF) (" Aura" or the " Company") announced that it has entered into a subscription agreement (the " Subscription Agreement") with Altamira Gold Corp. (the " Issuer" or " Altamira") pursuant to which it acquired, in a non-brokered private placement (the " Private Placement"), 6,000,000 units of the Issuer (" Units") at a price of C$0.10 per Unit for an aggregate purchase price of C$600,000. Each Unit consists of one common share (each, a " Share") and one-half of one common share purchase warrant (each, a " Warrant") of the Issuer. Each Warrant is exercisable to acquire one Share of the Issuer at an exercise price of C$0.15 per Share until June 30, 2027. Prior to entering into the Subscription Agreement, Aura held 24,000,000 Shares and 24,000,000 Warrants, representing approximately 11.3% of the issued and outstanding Shares on a non-diluted basis and approximately 20.3% of the issued and outstanding Shares on a fully diluted basis. Immediately upon the closing of the Private Placement, Aura holds 30,000,000 Shares and 27,000,000 Warrants, representing approximately 11.3% of the issued and outstanding Shares on a non-diluted basis and approximately 19.5% of the issued and outstanding Shares on a fully diluted basis. Aura acquired the Units directly from the Issuer in the Private Placement and not through the facilities of any stock exchange or other marketplace. Aura acquired the Units for investment purposes given the exploration potential of Altamira. Aura may, from time to time and depending on the market and other conditions, acquire additional securities of the Issuer, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions, reformulation of plans and/or relevant factors. For additional information on Altamira, readers are encouraged to visit: Altamira's head office is located at Suite 1500 409 Granville St., Vancouver, British Columbia, V6C 1T2. This press release is issued pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also require a report to be filed with regulatory authorities in each of the jurisdictions containing additional information with respect to the foregoing matters (the " Early Warning Report"). A copy of the Early Warning Report will be filed with the Issuer's documents on the SEDAR+ website at About Aura 360° Mining Aura is focused on mining in complete terms – thinking holistically about how its business impacts and benefits every one of our stakeholders: our company, our shareholders, our employees, and the countries and communities we serve. We call this 360° Mining. Aura is a mid-tier gold and copper production company focused on operating and developing gold and base metal projects in the Americas. The Company has 5 operating mines including the Aranzazu copper-gold-silver mine in Mexico, the Apoena, Almas and Borborema gold mines in Brazil, and the Minosa mine in Honduras. The Company's development projects include Cerro Blanco in Guatemala and Matupá both in Brazil. Aura has unmatched exploration potential owning over 630,000 hectares of mineral rights and is currently advancing multiple near-mine and regional targets along with the Carajas (Serra da Estrela) copper project in the prolific Carajás region of Brazil Forward-Looking Information This press release contains "forward-looking information" and "forward-looking statements", as defined in applicable securities laws (collectively, "forward-looking statements") which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the Company acquiring or disposing the Issuer's securities and the filing of the Early Warning Report. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved. Known and unknown risks, uncertainties and other factors, many of which are beyond the Company's ability to predict or control, could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the most recent Annual Information Form on file with certain Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements, which include, without limitation, volatility in the prices of gold, copper and certain other commodities, changes in debt and equity markets, the uncertainties involved in interpreting geological data, increases in costs, environmental compliance and changes in environmental legislation and regulation, interest rate and exchange rate fluctuations, general economic conditions and other risks involved in the mineral exploration and development industry. Readers are cautioned that the foregoing list of factors is not exhaustive of the factors that may affect the forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.
The Market Online
6 hours ago
- The Market Online
@ the Bell: Energy and tech see modest moves on North American markets
The TSX fluctuated between gains and losses throughout Thursday's trading session, with various sectors contributing to key movements as investors assessed new economic data and ongoing global uncertainties. The TSX reached another all-time high. However, on Wall Street, the Dow Jones Industrial Average experienced some upward momentum alongside pockets of pressure, while the Nasdaq followed a similar pattern. Congress passed President Trump's megabill on the eve of the Independence Day holiday. The Canadian dollar traded for 73.75 cents US compared to 73.54 cents US on Wednesday. US crude futures traded $0.47 lower at US$66.98 a barrel, and the Brent contract fell $0.33 to US$68.78 a barrel. The price of gold was down US$14.70 to US$3,333.93. In world markets, the Nikkei was up 23.42 points to ¥39,785.90, the Hang Seng was down 151.47 points to HK$24,069.94, the FTSE was up 48.51 points to ₤8,823.20, and the DAX was up 144.02 points to €23,934.13. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein.
Cision Canada
6 hours ago
- Cision Canada
Ceres Global Ag Corp. Receives Final Order for Arrangement with Bartlett Grain Company
MINNEAPOLIS, MN, July 3, 2025 /CNW/ - Ceres Global Ag Corp. (" Ceres" or the " Corporation") (TSX: CRP) announced today that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced statutory plan of arrangement pursuant to which 1001239530 Ontario Inc. (the " Purchaser"), a newly formed entity controlled by Bartlett Grain Company, LLC (" Bartlett"), will acquire all of the issued and outstanding common shares of Ceres (the " Shares") for a price of US $4.50 per Share, in cash (the " Transaction"). Subject to the satisfaction or waiver, where permitted, of the remaining conditions to closing contained in the arrangement agreement entered into among the Corporation, Bartlett and the Purchaser dated May 20, 2025, it is anticipated that the Transaction will be completed by the parties on or about July 7, 2025. Questions for Depositary Registered shareholders who have questions or require assistance submitting their Shares in connection with the Transaction may direct their questions to TSX Trust Company, which is acting as depositary in connection with the Transaction, by telephone at 1-800-387-0825 (toll-free within North America) or at 1-416-682-3860 (outside of North America), or by email at [email protected]. About Ceres Global Ag Corp. Ceres and its subsidiaries add value across agricultural, energy and industrial supply chains through efficient sourcing, storing, transporting and marketing of high–quality agricultural commodities, value–added products and raw materials. Leveraging its network of commodity logistics centers and team of industry experts, Ceres connects farmers to customers around the world. Ceres is headquartered in Golden Valley, Minnesota, and together with its affiliated companies, operates 10 locations across Saskatchewan, Manitoba, and Minnesota. These facilities have an aggregate grain and oilseed storage capacity of approximately 29 million bushels. The Corporation also owns membership interests in three agricultural joint ventures that have an aggregate grain and oilseed storage capacity of approximately 16 million bushels. Ceres has a 50% interest in Savage Riverport, LLC (a joint venture with Consolidated Grain and Barge Co.), a 50% interest in Berthold Farmers Elevator, LLC (a joint venture with The Berthold Farmers Elevator Company), a 50% interest in Farmers Grain, LLC (a joint venture with Farmer's Cooperative Grain and Seed Association), a 41.6% interest in Gateway Energy Terminal (an unincorporated joint venture with Steel Reef Infrastructure Corp.), and a 25% interest in Stewart Southern Railway Inc. (a short–line railway located in southeast Saskatchewan with a range of 130 kilometers). For more information about Ceres, please visit Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States securities laws. Forward-looking information may include, but is not limited to, statements regarding the Transaction and anticipated timing for the closing of the Transaction. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", "may have implications" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Key assumptions upon which such forward-looking information is based are listed in the "Key Assumptions & Advisories" section of the MD&A for the period ended March 31, 2025. Many such assumptions are based on factors and events that are not within the control of Ceres and there is no assurance they will prove to be correct. The risks and uncertainties the forward looking information is subject to include, but are not limited to, the risk factors described in greater detail under "Risk Factors" of the management information circular relating to the special meeting of shareholders of the Corporation with respect to the Transaction filed on SEDAR+. These risks and uncertainties further include (but are not limited to), as concerns the Transaction, the failure of the parties to satisfy the conditions to the completion of the Transaction, failure of the parties to satisfy such conditions in a timely manner, significant Transaction costs or unknown liabilities, failure to realize the expected benefits of the Transaction and general economic conditions. Failure of the parties to satisfy the conditions to the completion of the Transaction or to complete the Transaction, may result in the Transaction not being completed on the proposed terms, or at all. In addition, if the Transaction is not completed, and the Corporation continues as a publicly-traded entity, there are risks that the announcement of the proposed Transaction and the dedication of substantial resources of the Corporation to the completion of the Transaction could have an impact on its business and strategic relationships (including with future and prospective employees, customers, suppliers and partners), operating results and activities in general, and could have a material adverse effect on its current and future operations, financial condition and prospects. Furthermore, in certain circumstances, the Corporation may be required to pay a termination fee pursuant to the terms of the arrangement agreement which could have a material adverse effect on its financial position and results of operations and its ability to fund growth prospects and current operations. Factors that could cause actual results to vary materially from results anticipated by such forward-looking information include, among others, risks related to weather, politics and governments, changes in environmental and other laws and regulations, competitive factors in agricultural, food processing and feed sectors, construction and completion of capital projects, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, technological developments, global and local economic conditions, the ability of Ceres to successfully implement strategic initiatives and whether such strategic initiatives will yield the expected benefits, the operating performance of the Corporation's assets, the availability and price of commodities and regulatory environment, processes and decisions. Although Ceres has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results that are not anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Ceres undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information. SOURCE Ceres Global Ag Corp.
