Ann: Oil Search acquisition in Alaska - Presentation, page-9

Morgan Stanley note out today is headlined "Confused".

He seems to think this brings into question the timeline for PapuaLNG. He also questions the quality and price but equally assumes it was a competitive process so a full but fair price.

I can't say I agree at all. The expansion of LNG is a separate issue and we are not going to be constrained by cash to expand. We are more at the mercy of Exxon and TOTAL and their respective timelines. I don't think this acquisition is related to expansion of LNG and is not intended to "allay fears" about LNG expansion. Regarding pricing, further appraisal will tell the story (as he points out) so nothing new there.