mw03 SBR is a bit of a special case. Exploration activity has...

mw03

SBR is a bit of a special case. Exploration activity has never reached a level from which it could plummet. If Matt's salary is included in 'Admin' it is probably better allocated to exploration as there's no one else really involved in the operations, such as they are.

However, the drastically reduced E&D expenditure that you mention is likely to ultimately lead to higher values for JORCed deposits ready for development. Existing deposits are depleting and, whilst there is a downturn in demand, there is still demand and it is absorbing production and stocks. The day will come when new sources will be needed.