The 1H16 results did not contain any operational surprises. Compared to early January, the FY16 Capex Guidance has been reduced by US$35-55 mm. We anticipated that amount would boost the previous YE16 Net Cash guidance of US$225-275 mm provided early 2016. Instead, the YE16 Net Cash guidance range has been reduced by US$50 mm, suggesting an underlying negative swing of US$85-105 mm compared to previous expectations. The swing is too large to be only attributable to oil price and is material r
