wal,With close to $400m in the bank, and no debt, they are more...

wal,

With close to $400m in the bank, and no debt, they are more than capable of paying a substantial divy. But they choose not to.

So what's the difference whether they do or don't? Just because we don't physically get a divy, does not mean as holders we're any worse off. If they can put that capital to a better use, then I'm happy not getting a divy. They've made it clear that they're on the acquistion trail, the old shop 'til you drop strategy is in play. I'd be quite happy if they snared a bargain like TAP. Will be of greater benefit to the holders longer term than any divy in the bank now.

Your concerns about potential upside are interesting. There's a little basin over there in NZ called Taranaki. Drilling is planned there later this year. Talk is that it could exceed Tui. So a big success there will lead to a significant re-rating of the company sp, and perhaps the divy that you're looking for.

Cheers.