Ann: Phoenix project drilling update, page-39

Peter, cuts to exploration and production capex worldwide including conventional exploration are forecast to total over $1 trillion between 2015 and 2020. Discovery of new oil fields is it's lowest since the 1940s. Growth doesn't abate with this drop in investment - it keeps on going. The shale myth is completely distorted by spot prices and it's so-called affect on global supply. Have a look at the figures for the amount of drilled but uncompleted shale wells - and check the figures for the oil production per rig for the US shale plays. If you're in for more than a couple of months, and have a five year outlook, the cycle will be very favourable.