The CEO said at the end of the Annual Report recital and just before the Q&A, that shareholder capital reurns decision have been deferred by another 6 months ... because of the 6 week Patola shutdown.
This didn't really pass the Pub Test or the Sniff Test with me. H2FY23 profit was still within guidance. I mean they could've started with a nominal dividend to get the ball rolling.
I got the impression he was moreso (very) interested in M&A in the Gulf of Mexico, even a non operating interest but is waiting for the Price is Right. Existing finance is being renegotiated, despite FY24 FCF. What other reason could there be?
He sounded most positive about Neon, although with first production still 5 years out, he was interested in a fill in asset between Bauna and then. In particular, he was seeking a partner to develop it, for cost mitigation.
Notably, he said strong demand for Bauna crude still exists and at a gross premium to the Brent price.
Ann: Annual Report 2023, page-3
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