The nose is sweet on heather-honey with some hints of smoke. Not very much of the PX sherry in here. The mouthfeel is hot first but then gets warming and nicely coating. On the palate the PX is much more dominant and can stand the heavy honey-sweetness. It is a mainly two-dimensional dram - rather limited in its complexity but very easy to sip. The finish is of medium length and very sweet again with lesser PX notes that are almost fading out here. But some nice liquorice aromas join at the very end.
With water the nose gets more alcoholic before some additional spices pop up. Both the mouthfeel and taste get smoother and more peppery but loose on the PX sherry dimension. The finish gets even sweeter and more chewable but now a little woody at the very end. I like it better when neat.