Ann: Annual Investor Update , page-6

Well, I've had good success recently buying WPL on these big dips, because it's always rebounded well, but I am not trying to trade it, I'm trying to accumulate LT so it doesn't mean much.

But someone looking for ST trading could have done well over the last six months buying the dips and selling a week or so later for 10% profit.

It's funny because the market seems to attach almost no value to the LNG projects, either east or west coast. But that's the main attraction to me, Australia is set to become the second-largest LNG exporter in the world and companies like WPL, ORG and STO are all Aussie blue chips with steady incomes outside their LNG projects.

FIDs, new customers signed on, environmental approvals, reserves upgrades - each one is a substantial de-risking in the projects and each one is resolutely ignored by the market.

I know there is some risk from the environmental protests surrounding both east and west coast projects, but I can't honestly see them managing to stop the projects that are already under construction.