Shell is selling non-operated interests in the Bongkot concession for US$900 million. Bongkot is one of Thailand's largest gas/condensate fields. We value the stake broadly in-line with the purchase price. This valuation is for the remaining life of Bongkot until contract expiry in March 2023. We have excluded decommissioning liabilities as there are uncertainties surrounding regulation and we also understand Shell will retain a portion of decommissioning liabilities as part of the deal. Possible valuation upside includes a 10-year award of the post-expiry contract for Bongkot. Bongkot was Shell's only upstream asset in Thailand, and an obvious target in Shell's US$30 billion disposal programme. The deal marks a new entry into Thailand for KUFPEC. We expect M&A activity to accelerate this year as Majors sharpen their portfolios by selling off mature and mid-life fields.