Ann: Investor Roadshow Presentation, page-92

The price of oil had already crashed before Stokes bought in. You'd have to think they knew what they were doing albeit they may have misjudged the potential for the scale of the sell off by funds in Australia of all energy companies. I was taken by surprise myself when the prices of the energy companies ignored the 26% bounce in the oil price and kept falling. My average is a little higher than yours but I will buy more when I think the time is right, maybe on further falls (unlikely) or in the reversal.

I do think Stokes is in for the long term. He even put his son at the helm. That probably says a lot for their time horizons.

By the way the news is just ignoring what's happening in Yemen at the moment. The US backed Saudi coalition have had a big push on in the last week for the area around Marib. Marib is the main oil producing area in Yemen and the pipeline which carries the oil has been blown up many times in the last few years (google marib oil pipeline and you'll find many stories). http://www.exxonmobil.com/crudeoil/about_crudes_marib.aspx http://www.tradingeconomics.com/yemen/crude-oil-production

This guy explains the conflict in his blog pretty well and if he is to be believed there have been approaches made in Feb 2015 in the Russian capital on behalf of the Ansarullah movement.

https://arirusila.wordpress.com/2015/03/29/battlefield-yemen-democracies-in-action/

You've also got to remember that Yemen lies on one side of the Bab-el-Mandeb which "acts as a strategic link between the Indian Ocean and the Mediterranean Sea via the Red Sea and the Suez Canal. In 2006, an estimated 3.3 million barrels (520,000 m³) of oil passed through the strait per day, out of a world total of about 43 million barrels per day (6,800,000 m³/d) moved by tankers." https://en.wikipedia.org/wiki/Bab-el-Mandeb

Not sure what the current oil traffic is. I'll try and do some more reading.

Eshmun