General Thoughts, page-3580

kkw. In the investor webinar in mid March they did announce further info. Have a look at slide 9 which highlighted 7 different Early Cretaceous plays in the seismic data. I personally found this interesting as it highlights characteristics typical of big oil/ gas systems. Have a read of the Mopane and Graff discoveries where there a more than one play type on the table. I felt the March investor webinar did provide further important snippets to keep us encouraged. Let’s face it, the flip side could have been that we found nothing of initial interest!

In terms of James Parr’s comments I also felt encouraged. Woodside are a conservatively run company. They are cautious with conducting further greenfield exploration after dusters and disappointments elsewhere. E.g. Myanmar. You might recall that soon after mentioning the deal with PCL, Meg was questioned why are WDS changing strategy, as previously WDS had indicated a desire to only enter into advanced projects such as Senegal. To me, anyway, it’s pretty clear, especially after the initial discoveries offshore Namibia followed up by the latest one by Galp that, as James Parr said, "It is one of the newest and most attractive areas being explored by the industry and we are very excited by the discoveries so far.” I don’t think James would be “ very excited” if the 3D seismic showed nothing!! I don’t think James would have even been at the conference if nothing was on the seismic!

I mentioned that WDS are conservative. They will take their time and meticulously tick all the boxes before committing to drilling. It’s not only protesters singing drunken environmental sea shanties at their recent AGM that are causing problems, but also bonfide long term major investors who questioned Meg as to why they have changed their strategy now targeting early exploration opportunities. Meg will just want to make sure the team gets it right. Sit tight everyone. A decision will come, presumably June/July? and then we are off to the races! Good luck all.