Ann: Interim Financial Reports, page-2

This is a simply fine business, with rare and privileged asset position.

A great pity long-serving CEO Mick McCormack is retiring given the significant amount of shareholder value that was created during his 14-year tenure.

As a shareholder, I would have liked it if he was still on board to sign off on whatever US acquisition the company might make. After being placed on hold during the CKI process last year, listening to the webcast suggests to me that expanding into North America is receiving renewed strategic focus.

Ordinarily, I would not be overly thrilled at that prospect, by this management team has a track record of allocating shareholder capital in a disciplined and prudent fashion.

And I assume that McCormack's departure won't change that discipline, especially if he is replaced by someone internally.

I also suspect that any acquisition in North America will be accompanied by a capital raising, as is the fair way APA have raised equity capital in the past.

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