SP relative to Brent Crude, page-30

Based on the Q4FY18 results they had revenue of $470 million, free cash flow of $150 million approx. If they sell the 30% interest in the otway basin that will probably be at least another $200 million.

I'm think the Q1FY19 revenue will be higher than the $470 million and so will the free cash flow. So if oil prices hold at the current levels, BPT could be looking at about a $2 billion of revenue for FY19 $600 million in free cashflow. And zero net debt if they sell the 30% interest in the otway basin.

I would imagine after the FY19 half yearly results they will start to lift the dividend substantial. With underlying profit also in the $400-$500 million region for the FY19 year. I still think BPT is cheap, if you are basing your valuation on the FY18 results you are way off the mark....

I have no problem you telling me I'm wrong once the Q1FY19 results come out, but if the revenue is close to $500 million and the free cashflow is around $150 million you can eat my shorts..