divvy increase should come with cap return due to the PNG LNG...

divvy increase should come with cap return due to the PNG LNG selldown - when/if they pay and take up balance meanwhile IRR is best use for cash as long as they stick to the strategy - don't suck up to Aussie govt and get projects online. At some point a selldown of part of pikka when a US major wants some will provide next capital return. Unless there is franking I'll take a capital return and of course some actual capital growth as projects numbers and execution firm up. Having a CEO who doesn't want to exit would be good so STO is no longer looking for a offer so a bigger golden handshake is given!!!

Meanwhile WDS will struggle to staff and manage its projects IMO so Meg's strategy of a T/O and quick sell down of a STO project won't save her WDS. Looks like WDS going to have to maintain their infrastructure rather than let it run down.