Woodside can easily cover this, and can cover dev capex from...

Woodside can easily cover this, and can cover dev capex from cashflow. It's more a question if WPL conserve cash for NWS PE (especially if more than one JV goes to market) and work with LUKOIL or if the impact on the US supply chain + debt markets is too big a risk with LUKOIL as a partner. On the scale of projects WPL is used to, SNE is small.

WPLs valuation of SNE from their write down is slightly above the LUKOIL price so they could go either way here.

Basically 75% of SNE is 1/4 the size of what Pluto was in dev capex, 1/3 WPLs share of Scarborough costs, 1/2 the size of WPLs Browse dev costs. It's not a major issue for WPL, should have around US$8 bil in liquidity in the half yearly I'm expecting, the cash is there ready to be tapped, we'll have to wait and see what the decision by WPL is. It's worth noting the delay in Scarborough and Browse mean cashflow from SNE (particularly cost recovery pre gov take) aligns better with upcoming CAPEX profile so it could be quite attractive to PE for WPL now that capex no longer overlap as much with other growth projects.