I thought the QR good, apart from the Well rectification work...

I thought the QR good, apart from the Well rectification work being delayed. Total production of ~40kbopd with improvement of Who Dat output declared at 30Jun24.

The previous QR cash looked dreadful, although the BOD indicated then that a delayed shipment impacted cashflow.


I noticed LLOG fully acquired 41 blocks in deepwater GOM 7 days ago.

I would expect a Trump presidency to drill, drill, drill as he has promised previously. GOM CY25 block leases will be back on the agenda. Also Alaska exploration licences.




Look at all that available liquidity, with another US$94M about to come. That's over A$900m available. What are they planning?

Major Oilers up last night.


A$21.6m (US$14.4m) in franking credits justifies a dividend of ~$A50m or 6.25cps.

Buyback announced of A$37.5m (US$25m) or 4.5cps.

Total shareholder returns of ~10.75cps. A yield of 6.14% on $1.75. The SP would be $2.69 to yield 4%pa. Of course, this is only the interim FY24 dividend, so more like over 12%pa.

Major Oilers pay an average dividend yield of 4%pa, unless you're a national Oiler like Petrobras.


Shareholder returns of 20-40% x NPAT should achieve ~?

An NPAT of A$600m for the full year, would result in A$120m-A$240m or 15cps-30cpspa. Although I would expect H1FY24 NPAT to be below H2FY24 leading them to conservatively announce H1FY24 shareholder total returns of 10cps.

I'd be happy to see a dividend fully franked and sharebuyback extended to absorb any balance.

Future franking credits won't increase until KAR is paying Australian taxes. Foreign taxes paid cannot contribute to franking credits.

The KAR Balance Sheet indicates accumulated losses but its impossible to determine if they equate to accumulated Australian losses for tax purposes.

Did we result in a tax payable situation for TY23? If so, taxes would've been payable in Q2FY24, increasing the franking a/c balance. Otherwise no tax payments until H1FY25.

No one wants unfranked dividends.