Ann: Becoming a substantial holder from AMP , page-8

As most of you would have noticed the big IO players are all building huge war-chests by selling assets or cutting costs. I my way of thinking they are all waiting for a significant shake-out in the IO market when they can come in a selectively pick out the best for integration into their own operations. A few years ago the chinese started trying to buy IO supply by way of takeovers that has now ended in being a total sham due to political interference. You would think the chinese would have been reputable enough, but now totally disgraced, to buy supply via TO to become much less dependent of the majors, but they haven't been successful. At some point the junior producers will have their day.