A Lesson in Long Term Investment: Woodside Keeps on Giving, page-15

In 1997 woodside was a significant O&G company, it has discovered the north west shelf in the early 1980s I believe.... one of the most significant discoveries globally.

Correct me if I am wrong, however WPL sold interests in NWS to fund the cost blow outs and its development costs. It was already producing well into the 1990s.

CVN has a minority interest in a potentially significant asset. But why buy CVN who has no means of funding it? STO owns most of that project. Better off taking a punt on that once company. At least it has cashflow to find developments. Albeit it’s been a dog of a LT investment due to over gearing and subsequent dilution.

In my 20 years of investing I’ve learnt to not buy anything that doesn’t generate cash flow. You’re literally gambling on those explorers and 99.99% end up losing you money. Don’t look for the next big thing, it generally doesn’t happen, stick to large cap with a mix of mid caps if you want to increase risk and potential returns. Ie BPT or a STO as a mid cap. WPL safe and stable returns.