Totally agree. What WDS has in spades is a great balance sheet. It is throwing off huge free cash flow which could be used to develop Bedout if it could get its hands on it. Gallagher is the problem. He's a prickly beast to deal with as evidenced by the failed WDS merger talks. Having said that Gallagher is under a lot of pressure to improve investor sentiment and hoarding great undeveloped O&G assets with the clock ticking is not helping. Developing Pikka and Barossa did not move the needle for STO despite their massive addition to production.
Something needs to give.
Ann: Changes to Non-Executive Directors, page-53
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