Ann: Investor Conference Call Details, page-56

Ok, but wouldn't the difference between ROACE on organic and inorganic projects be a function of cost - ie the cost of developing existing assets are easier to predict so have a higher expectation.

We'll see what that comparison to GOM companies (Billion dollar companies that are producing steadily and directly leveraged to oil price) looks like if GC21 comes in. Bear in mind Otto has sunk over $50M (more than its current market cap) into GC21, if you include finance charges and hedges, without any return - that makes Otto quite an outlier. Once GC21 result is known, try OEL against BYE, STX, and CVN over the same period.