3rd quarter results, page-34

I wouldn't worry too much about the aspirational 20 to 30%.

My view is that applies to exploration all opportunities where we are seeking enough umph to be transformational, and where we've decided we can afford to put a little more on each spin of the RLD.

For production or development assets that affordability question probably leads to a much smaller stake being a preference. E.g. Even when we were drilling at the 15 to 20% level we were quite happy to take 5% in Maari.

As we saw in the GFC even that 5% of Maari was quite hard to swallow when you are in troubled times. I hope we restrict purchases of any development or production assets to about 5 mm bbls net, unless of course they are a real steal.

EL