STO may simply be seeing it better not to talk about future...

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