Karoon Coming Milestones, page-24

That’s not really the debate, which is to do with whether free cash should be used for a dividend payout since the Who Dat acquisition. If you have drawn down debt, it makes little sense to start pay divs as it means leaving more debt for longer, so over time you pay more interest (and earn less interest if you had cash in the jam jar) and that’s in nobody’s interests. (And obviously the contingent payments depend on POO being above various tiers from US$55-70/b so couldn’t be paid early as they may never have been required at all should POO have not behaved.) There was no debt v divvies debate surrounding Bauna before Who Dat.
Look, I do think a token gesture dividend is on it’s way, just for starters and this will increase every year and become more significant when Bauna contingent payments are done and dusted and then after 2029 when the Who Dat debt related notes mature. Now that I think about it and I don’t know if you have thought about this or will agree - perhaps the Notes issue, albeit at higher interest rates, are actually a way of making a token dividend make more sense, because they mature on a specific date in 5 years and aren’t designed to be drawn from or paid back early like the RBL was? Maybe that’s the thinking? I imagine many will carry on complaining when they only see a token div coming, but as long as there is a clear path set out to higher payouts, I think market sentiment will begrudgingly improve.
Any road up, can we please get back to like $2.45 where this belongs right now on its way past $3 later this year? Sub $2 is plain stewpid and can have nothing to do with earnings and everything to do with market sentiment this fuss over divs has caused.