It looks to me like plenty of organic growth. Neon being the obvious one that they seemed focused on (late CY 2028/ early CY2029 production), but also plenty of growth around Who Dat that will deliver growth starting this year.
With so much cash being thrown out even after CAPEX, Karoon could opportunistically do M&A too. Would make sense for them to do more in Brazil, particularly with their Board filled with experienced ex-Petronas executives.
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