silence, page-12

acquaman/michael,
I agree with your points. things havent been going well, but that was due in part to a build up of expectations prematurely.

I think the NTA is pretty significant of the risk involved here.

Workforce allocation shows how they are geared towards the future. WDS is below its asset value, and given the onshore gas outlook over the next 10 years, I think they are well undervalued.

The statement about delayed rewards even if FIDs come now makes sense, but it is about the outlook going forward for the industry. I dont see any point in retrospectively valuing them given the delays to their core business.


I guess in my opinion, I see a very very bright future for both WDS and AJL who are trading at 3 year lows. The BG and STO FIDS I believe are a very good bet for going forward and almost all of the major risks have been closed down in the sector for at least 2 of the projects to go ahead.

Time to be more Forward Looking; and Looking Forward to some positive results in the next 2 years.

SF