I disagree to some extent Auto. DLS/BPT have brought on some new...

I disagree to some extent Auto. DLS/BPT have brought on some new fields recently, and there is a large amount of scope to further develop them over time as their production rates get more secure etc (more appraisal wells and in turn hopefully more reserves proved up etc). Also the wet gas and DLS conventional gas assets are actually quite big, but largely undeveloped. Hence again why BPT is getting the better deal.

Even at a Brent price of US $55, a merged entity is going to make a lot of cash, especially when compared to their bigger brothers like STO etc. At least they are going to make more money than AWE, damn, they have huge 2p, but have never made a cent in true profit.

Auto - btw - I think if you get time, take a look at BPTs hedging program, I think it was you that mentioned they did have some hedging, and I had originally thought not much, but.... they do have quite a bit. Will try and find it later if I can. (Not as good as DLS, but... not inconsequential)