BPT buy?, page-317

From the AGM presentation -

"Slide 25–Capital Management
This talk of free cash flow brings us to a very important topic and a question we get from many shareholders –what are your plans for this free cash flow?
In a nutshell, our views on this topic are unchanged: Beach is a growth-oriented company. Our preference is to generate total shareholder returns through reinvestment in our business, with capital appreciation reflected through the share price.We have three years of attractive capital opportunities ahead of us. As you know, we are about to embark on major development projects in the Victorian Otway Basin to refill the gas plant there, and in the Perth Basin for Waitsia Stage 2. Most of our free cash flow therefore occurs once this investment phase ends, in late FY23, or in more than two years’ time."