Don't be Mad at Santos, page-15

At 10-11c, the BoD should be using the cash pile to buy back as much stock as they can at these prices if they have conviction that the assets will be developed. If not then return the cash to shareholders. If Dorado does get sanction from STO down the track CVN can always raise capital at much higher prices than where it's trading now. Holding shareholders get the benefit of reducing equity now at a massive discount and then again re-issuing it at a premium if/when Dorado gets the go-ahead. To do nothing until then is a sizeable wasted opportunity.