Ann: Karoon Acquires Pacific's Interest in Santos Basin Blocks,STO-KAR.AX, page-16

posted this on the BRU thread but very relevant here as well !

https://au.finance.yahoo.com/news/oil-rebound-never-happens-210000064.html

"
But the world is still oversupplied with oil, and the recent ramp up in production from OPEC could lead to low oil prices for a few years. Libya is set to bring back around 600,000 barrels per day (although those claims are questionable), and Nigeria has already returned somewhere between 200,000 and 300,000 barrels per day of interrupted supply. Production in the U.S. has also recentlyleveled off over the past month at 8.5 million barrels per day, after nearly 18 months of declines.

The IEA expects global supplies to exceed demand through next year, and inventories to continue to build through 2017. Crude oil and refined product inventories are only slightly down from record levels, and will take a few more years to get worked through. "

All of that is to say there is a good chance that ample supplies could ensure relatively low oil prices for several years, perhaps as long as towards the end of this decade"