Ann: Investor Roadshow Presentation, page-61

Just a quick point about DLS corporate actions. Auto, I think your points are pretty much accurate. The Ambassador acquisition was particularly good as it basically paid for itself with the cash and $42 million in free carry. ACN however, sadly has yet to provide what was really envisioned, which is so frustrating considering that its assets are very much proven, yet only really economic with the AUD oil price above $80 (Flax/Juniper). However, in the right hands I actually think those assets are worth a fair bit, but... for now more of an option on the oil price.

I can only agree that BPT made a massive overcommitment on the central basin gas accumulation. Even the Dehli acquisition was never really justified. Anyway, old news. As Auto mentioned, if BPT does sell its core 20% in the Moomba plant, then it would be very logical to buy DLS. Anyway, best way to stay in the oil sector is through DLS.. IMHO.