Ann: 2017 Half Year Results Investor Presentation, page-37

Thanks for your insights, I understand that tight oil drillers' claim they are making money at $50 U.S but you have to reconcile this with your observation of the cost to employees and contractors.
Improvements in technology are coming up against the reality of well interference in all the tight oil plays except for the Permian which can continue to grow production at $50.
The best crews in the sweet spots of the best plays can make money, the marginal barrel of oil is very cheap. The more you need the more it costs.
Even if demand was to drop we are going to fall off the depletion cliff of the conventional fields in a few years.
Tight oil is mainly a U.S phenomenon due to the infrastructure required.
No-ones going to spend the billions in Africa for the same outcome.
Climate change is real, unfortunately oil goes into everything and there is as yet no alternative.
Yeah I only ever had a very small stake to get me interested in researching MRM AHS. I am hearing what people are saying and still not buying.
I like to take big positions with a lot of confidence in a business and I don't see that here.