Santos strategy since 2016 had the company re-organised around five core areas: Cooper Basin, GLNG, PNG, Northern Australia and Western Australian gas. Accordingly, the focus for exploration changed to those core areas. In the short term, E&A will look to maximise value by providing additional volumes to existing infrastructure. In the longer term, Santos will continue to seek growth opportunities around those core areas and for high value gas targets in other locations. Santos's overall 2009-2018 exploration performance improves significantly compared to a year ago, with 10-year full-cycle returns at 9%. This has been underpinned by a significant improvement in conventional IRR. The added value can almost entirely be accredited to Dorado. With significant upside likely to come from Dorado and surrounding acreage, future value creation looks robust.