Ann: March 2015 Investor Pack, page-4

Agreed Jake002. However, the 'cash' backing you refer to is 39M with the remaining 13M in ASX listed resource stocks. Their 22% interest in BAS is only a small fraction of this investment leaving them holding minority stakes (less than the 5% requiring disclosure) in a number of other O&G companies responsible for a larger deterioration in their 'cash and investments' than their capital spend.

I'd like to see these divested along with the Tunisian acreage to fund their gas developments. Whilst many are picking the floor for oil, an imminent (circa 2-3 month) global crude storage shortage is likely to put further downward pressure on crude and O&G resource stocks in general. Lets hope they are actively managing their portfolio.