Sure. In 2014 with the build and completion of GLNG at...

Sure. In 2014 with the build and completion of GLNG at Gladstone, Santos under David Knox went about saying a lot of things to the market about how good it was going to be with a value of 20 bucks etc. Then the oil price crashed, re Russia and the Saudi's. Basically, Santos had developed the largest overpaid middle management of any company in Australia but all of a sudden its fat NTA's were worth one hell of a lot less. Plus, at about this time the Greens started to really kick in re anti-fracking. Ethical super and Australia's biggest uni decided to sell their shares in them. So, they fired heaps of contractors and brought in completely new upper management, cut costs and have rebuilt from $2.50 to $7 today but really it was just the oil price recovery. Middle management remains a catholic stronghold, preventing a lot of upward talent from progressing. Santos is essentially an old boys club that cant re-invent itself, and will be replaced by new energy companies. Knox got out at the right time and is doing better sitting on boards in this direction. In short, the market doesn't trust Santos anymore so no one is rushing back in. Having said all this, 10 bucks year-end if oil keeps improving.