Ann: Corporate Presentation, page-21

STO may simply be seeing it better not to talk about future capex to an audience that sees it as a red flag, at least until they can present a plan showing it to be modest after divestment of a chunk? Also don’t want to wave a new oil project at some folk earlier than you have too. They were notably playing up the CCS card in their presentation.

I don’t read Phil as a Disallowed salesman, so I believe he must have good grounds for what he has presented, but as I’ve said, perhaps by year end is a little too optimistic, and timing is all up to STO, but you don’t line up an FPSO and then let it float away, do you?

EL