Ann: Participation in Onshore Exploration Prospec, page-13

re: Ann: Participation in Onshore Exploration... I remain extremely cautious on PSA. They appear to have no clear strategy and just make things up as they go. Remember the AGM last year when they spent over half the time taking about Shale only to kill the whole thing off a few months later. They also said at the same AGM that Marathon was a long life asset - afew months later they say it will be all over in 3 years. More recently they said they would make an acquisition in 12 months - now it looks like prices are too high for assets. Yemen goes without saying - since when was the middle east part of their strategy ? Especially since it was dumped by AWE.