Ann: Investor Roadshow Presentation, page-53

Agree on first two - not sure about the third. Almost every company spent on unconventional and some like BhP have spent billions , BPT , over 100 million . DLS had a crack with limited cost compared to everyone else. Business is about taking risks. Hopefully measured risks. dLS acquisition spree was costly, and would hurt if you had bought in at 1.30 or 1.50 but buying in now, these factors and many more are priced in.
When stokes was buying, he was not buying a bargain, today though with price about 45% of his entry i think it is a bargain