According to a friend at WDS (yes I (a) have a friend!; and (b)...

According to a friend at WDS (yes I (a) have a friend!; and (b) speak to people who work in the dirty energy sectors...) the WDS exploration people have not been very successful explorers. Indeed it was put to me that WDS had not added a barrel of reserves from greenfield exploration over the last 20 years (despite numerous projects). Hence the M&A activity to keep WDS growing. In my friend's view it was due to WDS being too timid when considering new opportunities but at the same time being too aggressive in drilling marginal opportunities (eg Myanmar which was too small to be economic and the fact they walked from it under the cover of a political event).

Let's hope that WDS have finally got the mix right and get lucky with Namibia...

GLTAH NFA DYOR

Best

BSP