Ann: Corporate Presentation, page-18

I doubt they can do much, I expect their value in the JV is and has always been subsurface, in particular in presenting different angles on the exploration. I might be wrong, if they’ve latched onto a particularly valuable consultant. I doubt they’d want to do much off their own bat, as once you get onto the facilities side of things you are getting into massive manhour expenditures and very multi-disciplinary work.

It was good the note though that STO was reentering FEED, wouldn’t be doing that if they weren’t strongly inclined to proceed to execution. No point doing work on specific FPSOs available now and then going into recess again.

As for the capacity, I suspect the facilities engineering folk have kicked the reservoir engineers out of the drivers seat?

I suspect Phil will always get STO’s ear, but I doubt they even pick up the phone for Rusty.

EL