The things that changed aside from the purchase price were contractual terms relating to certainty of closure. It was clear that there was a very, very strong interest in the company.

In view of the intense interest by credible buyers, we do not intend to have a stalking horse before the commencement of the auction.

We got a great result for creditors and the company. We were also able to hang onto some other assets at the company that the bidders were prepared to let us hang on to.

This is a solid project that adds certainty to our production profile beyond 2007. The North Sea is important to our overall growth strategy, and Ettrick is a stepping stone to growing a sustainable business in this area.

In a universe of ambiguity, this kind of certainty comes only once, no matter how many lifetimes you live.

The key is certainty. Businesses need certainty on risks and costs.