Ann: Investor Roadshow Presentation, page-22

Yes that's it Spec
The margin is probably a key consideration which seems to be overlooked. I do believe sXY costs are a few dollars higher and of course their hedging a few dollars lower, and their prod relative to market cap a fair bit lower. In this environment the 10 dollar differential and the production, is the difference between sinking 4-5 more wells to maintain or grow reserves . The free carry for the conventional that DLS has is also another way to conserve cash and grow or maintain reserves. I think DLS are the only ones that actually have a reasonable chance of maintaining reserves and cash simultaneously.

When I invested in DlS i not only assessed the upside it oil increases as all oil stocks will rally , I looked to see who offers the best downside protection if oil stayed low for longer - DLS was by far the best protected on the downside and this view was backed up by UBS research which concluded at 54 c DLS is priced on an oil price of just above 50 long term which is actually goldmans bearish scenario