Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-48

Oil is entering it’s closing phase, no doubt about it, but it will be slow decline for another decade, or decade and a half.

Plenty of scope for fields like Dorado, but perhaps better not to count on any frontier exploration coming to fruition.

Russian production going the way of Iranian or Venezalian production is very supportive for fields like Dorado filling the down curve. Events of recent months don’t support the return of Iranian production either. And the wild card is always Saudi, the powderkeg in the room.

I am moving out of oil, but holding CVN for a much better exit, even if that means holding into production.

EL