A look at our new Management, page-67

Gallagher, being a Scotsman, will drive hard bargains and not be swayed by bleating joint venturers where he has control. He is pissed off with OZ regulatory regime and understandably so. The Barossa debacle was an absolute farce with activists using our money on a dumb and poorly argued objection with lies and general BS. He is doing a great job at STO and has plenty of growth options already in train (Barossa, Pikka). The potential deal with WDS was cancelled probably because he wanted a premium for all the growth options. I'm happy to hold STO long term and CVN unless a good price is offered. Will buy more CVN if price drops a few cents. So much potential but patience required. Very sad situation. Any other JV partner and we would be drilling production wells now and digging new exploration holes to expand resources.