Ann: Commsec Investor Update Presentation, page-24

Just reread your reply - in particular where you ask "what is missing" .

It makes sense to capitalise development costs and depreciate them . Should they be depreciated over only the production phase in proportion to the level of production as a proportion of economic ultimate recovery ?

There might be SEC rules for the number of years Oil and Gas related assets can be depreciated over .

We are told these projects are low risk but for Denbury , Grieve has not gone exactly to plan . Won't be long before we see how Grieve performs in practice .