Ann: 2015 AGM CEO's Presentation, page-19

Well as I said I took out a little hedge against the downside by lightening up my position at over 80cents as I disclosed at the time. My trade here is on the oil price first, the CB fundamentals come second. In fact there aren't many stocks on ASX that give you leverage to an oil trade and that's why I liked DLS for its big conventional oil exposure. The merger will limit the choice even further, but I'm happy holding the largest onshore energy producer in Australia to ride out the rest of this oil trade. I've done well in the past with hold for the long term strategies and I'll be holding for as long as it takes with a few small trades to keep it interesting. When you have enough stock you can play around trading a bit without fear of letting your core holding slip away. I'll come out of this current dip with more shares than the last time it rallied.

Eshmun