Ann: Revised Harbour Energy proposal, page-54

The table below sums the performance comparison among the majors.  '29 Mar' is the day before the offer made public.  The % was calculated with respect to today's close price.  BPT is the best performer and make an all-time high today.

One can make his own judgement from the data.  What I would like to say here is that STO had performed very well since the '2017 Low', increased by 119% vs the average of 30% of wpl. org and osh; and increased by 25% since '29 Mar' vs the average of 12% of the other three.  Comparing the rate of increase, the TO actually has slowed down STO's momentum since 29 Mar 2018.  

When comparing to the '2014 High' before the crash (the last column), STO actually has a lot more to run.  People may argue about the increase in number of shares.  SP should be determined by EPS.  STO's EPS in 2014 is $0.38, and its best was $0.57 in 2012.  As I said before, if the POO (Brent) remains above US$70, STO should have EPS above $0.60 which would be an all-time high. Why should sell STO at a sub $7?

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8
1	Price&%	29-Mar	2017 Low	2014 High	Today	frm 29 Mar	frm 2017 Low	to 2014 high
2	Brent	70.27	46.7	115	78.8	12%	69%	46%
3	WPL	29.24	27.8	43.7	31.96	9%	15%	37%
4	BPT	1.215	0.55	1.77	1.8	48%	227%	-2%
5	ORG	8.7	6.7	14.18	10	15%	49%	42%
6	OSH	7.15	6.38	9.83	7.99	12%	25%	23%
7	STO	5.07	2.9	13.3	6.36	25%	119%	109%