Ann: Half-year results presentation, page-4

The company is slightly under the radar because under previous owners it was a different beast and there is not so much liquidity.

Now they are perfect on the capital allocation front and have very simple cash flow producing assets.

However, believe there is another re-rate emerging with the following catalysts:

- infill well drilling in china later this year. Historically they have been very very successful over many years with infill drilling and converting 2U into 2P.
- this leads directly to increased cash flow and increased distributions in short time frames
- maari extension will be a material positive. The reserve only makes up ~1/3 of production but would increase 2P significantly and once again cash flow then distributions for a long period of time
- Meerenie acquisition was very good, essentially debt funded the whole thing with non-recourse debt from Macquarie. Won't make a huge difference to total cash flow but 100% accretive because no equity needed and it's cash flow positive. This will start showing through in upcoming quarters.