Ann: Annual Report 2020, page-14

I’m holding on for the following reason

the results aren’t good, it was below expectations

but no cap raising, that is enough for me.

Just finishedkey takeaways after listening in

1. Unless they can sell downtown their share of new development, namely sangomar to 50%<they won’t go ahead = there will be a one off gain from the sell down

2. Their realised prices in jan are all upper end and they DONT have any new contract with a the option to reduce cargo like they did last year

3. lukoil participation won’t involve sanction, because the min is 30% + for Russian participant. They don’t mind them being part owner, if they can contribute to the development cost

4. They sound overly jolly about the year ahead. Because of contractual agreement, they can discuss prices in public. But ceo kept saying they made a killing out of January spike and those prices are averaged out in months ahead, not just the December / Jan.



5. Dividend guidance is 50% min and to 80% but most likely on the lower end if their FID go ahead. Their project with BHP is revised up fro 8 million to 10 million tones or whatever. So the project scale are upped accordingly. The commercial contract have already been signed, it’s a matter of when, the project will go ahead

6. no capital raising, he told off one of the anal list for even suggesting it. I think that anal list name is Tom.