Ann: Investor Roadshow Presentation, page-52

Autosime - none taken, hope some of my input is useful to you !

Barney

ok - I understand your point - shares (indeed any asset class) is a time-depandant "series" of returns .....

we cant buy a share "historically" ....we can only judge past events, based on what we know (or think we know - there is no such thing as complete information) ......we then have to have an estimate of future prod / costs / rev's etc ...

I concur with you re 3C comments - and this is exactly what I was referring to in patch trough versus Napp trough ......imho - there is hidden value in dls (and hence 1 reason that bpt would wish to "merge) within the tight plays .......

fyi - there are several nice papers (Ammbasador / DME / PESA) on this exact play ........again (imho) - bpt made an acquisition (adel energy) to inc exposure ......sadly - they were incorrect in terms of liquids / co2 in their part of the Cooper.....

rgds
V_H