Cashflow will drop significantly over the foreseable future.1....

Cashflow will drop significantly over the foreseable future.

1. Mahato - There is a lot of capex to be spent on new wells plus, the production sharing contract is complex but in short, the first 5 years from 1st oil, they do not pay the DMO tax. At year 5, being 2026, they start paying this tax which also reduces free cash flow significantly. So going forward, cash flow will be significantly less than it has been over the last few years.
2. Sampang - This is near end of life and they either spend $20+m on new development if they get approvals or it stops producing cash flow. If they get the approvals, $20m of capex will drain balance sheet for a few years. However, this cash flow dries up very soon.
3. Maari - maybe 2028 end of life or maybe they get extension till ~2032. In either case, they have a ~$25m decommissioning liability (that will grow between now and then) that they have to begin provisioning for on their balance sheet.

I think the 2c divi was a one off and going forward, it's more likely to be 1c per annum.

It's not crazy expensive like other small cap O&G producers but it's not cheap.