Ann: Intention to demerge Coles - Briefing Presentation, page-52

I think that buying OSH is crazy. OSH is heavily weighted to PNG, which is high risk; however, way you look at it.

Also, they are buying something that is pretty expensive during a time when world gas prices are pretty cheap.

If they bought OSH now, they would be repeating the mistakes of the past when they bought Coles Group.

The USA is in its ninth year of a massive bull market that will end in due course, so maybe WES is best to wait for global equity markets to sort themselves out with a correction before trying to swallow up a 10 billion dollar business.

Also, I think interest rates (and thus) the cost of capital will rise making the famous WES hurdle rate that much tougher to leap over.