Ann: Morgans Corporate Investor Presentation, page-13

I think your post addresses the right issues but pushing for a BB is IMO a bit counter intuitive.

The cash being generated needs to be reinvested in the business, as you say the life of the project is relatively short so pushing forward with developments in the Neon complex and exploring Clorita (for feedback into the Bauna FPSO) is important. They also still have phased repayments for Bauna and they should also look for complimentary acquisitions. Much prefer that than BB's IMO.

BB's, tend to be when you are either generating significant cashflows, way in excess of what is required within the business (we aren't at that stage) or you have run out of ideas how to spend your cash (I sure hope we aren't at that stage either).

I think you are right on the token dividend. They will approach this in a similar way to BPT, low yield but with a dividend, but mainly focused as a growth stock with a small yield.