Ann: Macquarie Australia Presentation, page-20

I like the GOM too. There are a number of companies that have been looking to sell of GOM assets over the last few years, most of them majors that are trying to pivot into green energy, but that presents opportunities for mid size producers like KAR.

Shell, BP, CNOOC, Petrobras, Conoco all put assets up for sale last year. Now some of these are probably too big for KAR to acquire in full (Shell were looking for US$1.5bn for their 50k bopd producing assets), but a minority stake in some of those fields might be the way to go. Non-operated interests are fine as long as you generate enough cash to keep up with the Operators capex requirements which I suspect we would be, with the amount of production we have going forwards.

Whilst I'd like another producing asset, I'd also like us to pick up those cheaper marginal fields that we can fairly easily link back into the Bauna / Neon hubs (assuming we go with the Neon hub concept that I'm hoping we do).