Mark Taylor: Our longer-term outlook hasn’t really changed. We still forecast a long-term oil price of $60 Brent. We think that’s the sweet spot, where it's efficient incentive to encourage production that the world needs, while not overly incentivising U.S. shale gas producers to over-produce and lead to weaker oil prices.

At the moment with the oil prices near $70 a barrel Brent we think that’s possibly a bit high and could encourage some over production. We've seen the oil price rise from a sub-$30 low to get to the level its at now. So, it's already had a very good run. To some extent you are possibly coming in if you do at this time a bit late to the story. There is still some reasonable value in some companies, but there has also been some takeover corporate activity happening as well, which has sort of added fuel to the fire.

Companies like Woodside we think still represent reasonable value, excellent growth prospects ahead of them. Santos: another good quality company, Australia's number two independent oil and gas company. It's had a very strong run from being in the sin bin and very oversold levels, share price's come right up and most recently, takeover talk once again has sort of added fuel to the fire. We think it's trading a little bit below fair value. So, reasonable level but certainly not the value that was on offer sometime ago.