Ann: Investor Roadshow Presentation, page-29

Auto / Spec

both DLS and BRU hold shale / tight gas dirt .......

one has access to a market (and will take a discount to value for this).......one had access and threw away a contingent GSA (which you can use to finance a bit of steel...)....BRU has astounding potential .........but you have to build it and they will come ........

agree with your thoughts re dls and any move to acquire Amadeus assets (which will potentially get to market earlier than buru) ....just imho .....

the "problem" in the CB - is finding 300k - 1.5mm fields doesn't "drive" a company (Stuart was fortuneate with Warrior!!!).....and so you spend majority of FCF to grow the resource book ........hence M&A becomes one of the only tools to "add value" .....

if you tot up all the $$$$ spent by Beach (and DLS) on acquisitions .......it will be approx. 50% greater than their respective current mk caps .......

rgds
V_H