Ann: Corporate Presentation, page-12

I think the sentiment has changed and the standard E&P valuation methodologies don’t stack up like they used to. It’s clear that shareholders value FCF right now and marginal economic production to show growth is not being rewarded. While I haven’t as yet done the research I’d say a better way to look at names would be on a FCF yield basis and those companies that are spitting out more cash probably have a multiple premium but everyone is still focused on EV/EBITDA

Sentiment remains weak for the sector but l ike I said before I think it’s a bit overdone at the present OP

SEA will get re-rated once the cash comes and the debt goes down. It remains a highly leveraged play on oil and the business also has the baggage of a poor track record - yes I know recently they’ve done what they said but prior to that the market lost confidence. I don’t see too many Instos on the register.