Ann: Woodside Merger Teleconference Transcript, page-2

Nice!
Listened to the Q&A but clearer to read it.

My takes:
- GoM assets could be divested? First question was whether WPL was a LT holder or seller and MO replied that GoM assets are high margin that bring significant near term cashflows to fund development. Well avoided and perfectly scripted, Meg!
- Clears up matters surrounding the 1bn, complete non-issue IMO. Merger happens, WPL pays itself. Merger doesnt happen, can still take Scarborough to FID this year.
- 1bn for 26.5% implies total asset is worth 3.75bn, is that overs? Sell down in progress anyway.
- PT2 selldown is conditions percent for Scar FID.
- Data rooms open for PT2 and Scarborough. Great interest and very interested parties, and number of players in data room respectively for each asset. Seems PT2 newsflow should happen soon
- Sangomar data room open but not as much pressure to selldown now
- Remediation cost still the biggest issue, I counted 3-4 questions on it. MO seems bullish that WPL can come in unders
- Transaction expected to be completed Q2 22 (vote and shares issued, point of dilution) BUT effective date of transaction is 1 July 21....
- So Fiscal 22 BHPP earnings belong to WPL! FY22 BHPP earnings are USD2.4bn!

More dust settling on price and I think WPL are edging head on points.
Alleviate pain points on remediation and somekind of future facing energy strategy and fortunes will turn pretty quickly.