Ann: Continuation of On-market Share Buy-back, page-11

Here goes, I await the ridicule but......

Last year I doubt anyone really knew the extent of oil price pressure and what was about to unfold across the industry.

Now we know the turmoil and what has happened. We know the SP is well below cash backing and we know our prospects and what is in the pipeline ( accept that could argue last year we also knew our prospects 'but not extent of global sentiment')

So armed with all that how could a responsible board make a decision to renew buyback unless it was confident the timing is now right.

I repeat, the company arguably know all there is to know now about the immediate landscape for Karoon and the industry. There would have been countless debates with industry consultants in the corridors over the past year to help formulate a view.