Bell Potter 26c target, page-14

kfann

Yes instos are most likely reducing oil exposure across the board. We have lost most of the previous top 20 insto holders but a couple of new ones have come on board.

I am very happy to buy at around these prices having entered initially much higher. The oil price is the only thing that concerns me with regard to our longer-term "reward". Then again if rig costs were double what they are now (in a higher oil price environment) we would only be able to fund one well and be looking for funds. As it is we are comfortable for the first 2 and that should do nicely!

H