40c price target, page-35

Fangk,
The latest hedging was one of SXY's smartest deals.

This Saudi thing goes on for a long time.

Lower for longer.

SXY's management went to the Cooper for the exact reasons that you are now witnessing. A green movement against CSG. Gladstone needs gas and the Cooper Basin Governance will allow gas to be produced and pumped to an increasingly demanding higher priced market.

That is why we are in SXY......... The next few years will see some incredible changes in the oil and gas market.

SXY is very well positioned to take advantage of these changes.

ps The other day I got a tummy bug. As I sat on the loo I thought of our ANZACS.

We are so lucky.