Ann: HY2015 Half-Year Results Presentation, page-2

A good result overall, but I am disappointed that the PEL 101 drilling campaign has been pushed back or total off the cards for the foreseeable future. The gas is in the fields, just a matter of testing them (would hopefully have added a large amount of gas/wet gas reserves).

Also a little disappointing to see the full year production guidance 'tightened' or reduced. Clearly BPT/DLS are slowing things down on the Western Flank in regards to the tying in of wells. It will still happen, but they seem comfortable to let things slow a little.

The big change for me, is the massive reduction in work planned next FY (although I am hopeful this is more to do with development and not actual exploration). Of course, things could change with a higher oil price, but with the second half of YF2015 only having 1 high impact well, DLS will be a bit quieter than it has been for 3/4 years.

Hmph. I guess I was just hoping DLS large cash generation could better protect it from the lowering its work commitments.

Interesting to see how the market views all this. I think its the right approach and with their net debt still neutral they are still a very safe stock (IMHO).