Andrew Blakely Oil Quotations

I am from the oil industry and remember when the price was $US10 (a barrel) in 1999 and everyone was saying its going to $US5 (a barrel) ... it was unbelievable to even comprehend a $US50 (a barrel) oil price.

We see a lot of people scrambling to develop new assets given the high oil price environment.

The basic principle for doing the hedging is that it's fairly heavy oil and they want to basically have early production hedged. They seem to have done quite reasonably.

The news should not have a material impact on (Woodside's) operations. Contract negotiations are an ongoing part of oil projects that are moving from exploration into development.

The figures were a little bit below my numbers but not a whole lot as I'd already taken out a bit on cyclone damage. We're seeing positive commentary on Pluto-3 well and what that encountered, and coupled with higher oil prices the market will probably look through this slightly disappointing result.