Ann: Executive Appointment, page-77

Hi all,

I used to know Gordon quite well during the 90's when he was the analyst at SSB/Citigroup and we raised a bit of capital together. Having been one and dealt with analysts off and on for 30+ years, I put these guys into 2 basic categories: Visionary optimists or Technical realists. Gordon was in the latter camp and good at it.

I was a bit surprised at his appointment for the simple fact that FAR already has a reasonable amount (for a junior) of corporate/investment/commercial skill sets in Nick Limb and Ben Clube. But no doubt FAR has quite a few important asset/equity decisions coming up and needs the analytical horsepower to make the best ones. Gordon will find it interesting being on the other side; good analysts tend to have varying degrees of a 'god complex' which require varying degrees of stroking inside the banking world. But I don't recall that being too much of an issue for Gordon. Anyhow, a corporate wouldn't bring someone like him on board unless asset purchases/sales (using debt and equity) are definitely part of the business plan and relatively soon, I suspect.

I'm fairly confident this is a value-add move and will not be a replication of other oil analyst moves into the corporate world such as at MEO and TPT.

As to his motive? Ask him on the next road show. But I suspect after 20+ years in the banking world he may just want to help build something rather than clip a ticket, for a change.

Cheers,