Massive Rerate Tomorrow, page-131

Warnie, these are genuine questions that are not intended to inflame. I actually like opposing points of view shared on a public forum, so I'm not in the least bit 'offended' by you taking a more negative point of view than the vast majority here.

Most IRRs are conservative and very mathematically driven, and there is still a lot of relevant information still missing from the one released for 88E yesterday to adequately quantify the commercial prospects of this project. Based on what you have seen with other IRRs and subsequent shifts (or information from your Santos neighbour), can you see possible significant improvements that would bridge the gap between this IRR and the far more optimistic internal report/analysis? The gap from 1.4b to 3.6 billion barrels is very significant. Is it possible that the company has positive information which still needs to be verified before it can be released to the market?

Secondly, I'm surprised you still hold this stock when I can't remember your sentiment to be anything other than 'sell'. Are you holding just in case there is significant upside?

As I said, these are genuine questions.