Ann: Investor Conference Call Details, page-60

A problem of assessing organic growth compared to new investment opportunities is that as an operator OEL has little to no control over when or even if more organic growth will occur .
That is all in the hands of the operator .
Large amounts of cash on the balance sheet only have small interest revenue streams .
Cash and no debt though does allow them to choose when and if they hedge any future production .

The metrics say that a buyback now is value acretive and can be done with a decent proportion of their free cash flow and still build cash for organic or inorganic projects .

There has been a large improvement in the financial health of the business over the last year on the back of the strong energy prices .
However the production was down by 24% from the previous year and we are yet to see how much of that will be recovered by GC21 and the 3 successful exploration wells .

A problem will be that an on market buy back will see cash go off the balance sheet and probably would not be judged to be a return to shareholders event for the purpose of MU's agreement .
I would be very upset if that is the reason why a share buy back has not been listed as an option in any of MU's Pillars for looking after share holders .
It seems that " everything is on the table " except a buyback that I think would go a long way to removing the management discount that exists in the share price .