Shareholder Returns

At this share price, I'd be happy for the BOD to buy back all the shares but mine. Then I'll be a billionaire.

In H1FY24, we had to pay US$74m in CapEx and the Petrobras DAL of US$86m. We still paid US$25m in dividends and US$25m in share buybacks.

In H2FY24, we only have the CapEx of US$74m. Although we've now declared a share buyback of US$25m. I'm expecting a higher dividend of just under 10c (20% franked) or equivalent share buyback.

In H1FY25, we have the final large Petrobras DAL payment of US$86m. Similar shareholder returns to H2FY24.

After the CapEx and Petrobras DAL payments are finished, shareholder returns should further increase.

If Kar En can pay US$210m in H1FY24, then the equivalent in dividends would be about 40cps ... and that's for 6 months! Although with the ever diminishing SOI, it may be more.

I would expect less, because the BOD were pressured to pay the US$50m in shareholder returns for H1FY24.


There's no dispute shareholder returns power the share price ... but all in good time.


With a potential reserve of 18MMBBLs (Kar En NRI) in Oil, Condensates and NGLs, Who Dat West appears to be the drill results that will fully justify the Who Dat acquisition. Final results appear to be timed for next years 2024 AGM in May25.


In the meantime, the shorters have time to play.


Conoco Philips have a MC of US$127b and a SP of US$110. They declared a dividend for the quarter of US$1.78 and a share buy back for the quarter of US$2b.

The dividend announced represents a yield of 6.5%pa. Kar En's H1FY24 dividend represented a yield of 6.5%pa. The share buyback similarly.

The CP buyback announced is for US$2b for the quarter, representing a yield of 7.2%. Kar En's was 6.5%. CP have increased range of share buyback up to US$20b.