Ann: Investor Roadshow Presentation, page-71

Hi folks
I have it on good authority that stokes is keen on see DLS and BPT as one company and has had discussions in the past with Cole of BPT. May explain why Cole has been offered a non executive director role at Bpt.
Also interesting is that if one looks at the underlying reserved DLS has just over a third of BPT reserves and DLS trades just under a third of BPTs market cap. However when one digs deeper , one realises the difference is on the mix with Bpts reserves relative to DLS. DLS has almost 40% of reserves in oil but BPT is about 28%. . In addition DLS reserve replacement chances look a whole lot better with oil growth coming from Pel 91 which DLS has 60% and BPT 40%. When one Considers DLS is one third BPT size it is very likely DLS will replace reserved a lot easier than BPT. Then if one considers DLS has hedging at 60 dollars for 50% production and BPT hedging is at 45 dollars for 25% of production any merger would have to be a a decent premium for DLS