Is this what you were after? Ben Wilson (Royal Bank of Canada,...

Is this what you were after?

Ben Wilson (Royal Bank of Canada, Analyst): G'day Peter and Sherry. I just had a quick question on your Senegal
activities. Firstly, on the resource size that you're thinking. If I recall back to the acquisition, I think you implied a gross
resource of about 560 million barrels.
Firstly, whether there's any thoughts post-appraisal drilling on that initial resource estimate in your mind? And secondly,
the operator at the time, Cairn, about a year ago, gave some pretty detailed figures, or outlook, about development
scope, plans and costs, and whether you've got any thoughts on how those may have changed?
Lastly, whether you foresee any requirement for any further appraisal drilling before sanctioning a development there?
Thanks very much.
Peter Coleman: Okay. Look on total resource size, our view hasn't changed. What we have recognised though, is that
the upper 400 series of sands is quite complex. We knew that going in, but of course, you never know the true degree of
complexity until you start drilling wells.
The lower sands, the S500 series, is a nice blocky sand. So, we said look, we've got a couple of things that we need to
do. To fully appraise the upper sands would take some time, and capital that we just said can be better deployed
elsewhere. We wanted to make sure we locked in these low costs in the market, and also of course, we do have some
requirements under the PSC to ensure that we have a development plan in by early next year.
So, with all of those factors, we said we could spend a lot of time trying to understand the upper sands and probably
never be satisfied. So, the best thing is put a low-cost development in, get it moving and then at the same time dedicate
a number of wells to the upper sands, and produce and learn as you go. So, it's really trying to de-risk the forward
capital for us.
I think we've talked about that initial development will be just over 200 million barrels, or thereabouts, of that 560. That's
well underway, and the cost that I mentioned in the pack is basically around the FPSO drilling packages, subsurface
and so forth, for that particular development.

There'll be then a phase 2 of development that will be some time later, after we’ve – basically, after we’ve had long-term
production tests, and so forth, on these upper sands to work out the best way to produce them. So, that's how we're
thinking about it. Cairn's very aligned on that. We just had the resource independently certified and of course
Woodside's numbers are starting to move closer to the operator's numbers. We started off in a more conservative
position, and we're starting now to move more towards where Cairn has been projecting their numbers. So, our
differences are changing there.
What’s changed, or do we need to drill any other wells? The answer is no. We believe the field is fully appraised for this
first phase of development, so we don't expect to drill any further wells. We do have in plans a view that we need to drill
an appraisal well on FAN, and the FAN discovery. You may recall we made the discovery and then we drilled a well
quite some distance south of FAN. That well was unsuccessful, but it did not delineate or appraise the FAN discovery
itself. So, we’re working with the Government of Senegal and the regulator there to secure rights to be able to go and
drill that appraisal well. That, then, would be a tie in into the base development for Senegal.
Ben Wilson (Royal Bank of Canada, Analyst): Okay, that’s great. Thanks very much, Peter.