Ann: Changes to Non-Executive Directors, page-49

I'd like to think STO would be keen to do some drilling given previous success rates. Pavo South is the obvious choice as COS is 60% I recall. The theory is it's connected to the very successful Pavo north area. Finding more oil would improve the value of Bedout and CVN. Doing nothing waiting for STO to go FID in a few years will not help the SP and may cause a fall as investors give up. This would play into Rusty's plan to dump at say 30c. CVN is worth more than that and if we had FID I reckon the SP would be north of 40c at least. As they keep reminding us Dorado alone is the best WA discovery in 30 years and one of the best in OZ in quite a while.

I'd like to see WDS get involved and partner up but I think both STO and WDS would like to be operator to maintain control. Gallagher ain't gonna allow WDS to control anything. That's what I'm seeing with the failed WDS/STO merger talks.

Bottom line for me is STO will continue to put development on the backburner as Gallagher focuses on Pikka, Barossa and some PNG expansion that may have some cost over runs. Anyone know anything about this as I can't find anything on it?

The STO AGM made no mention of Dorado. That says it all.