STO Well positioned, page-507

If we’re sticking to the 40% payout policy, we should be at 0.168 USD (see table below)

Lots of unknowns in the full year dividend:

1. How is the PNG LNG sale of $576m handled - I’m assuming it’s being paid out to shareholders
2. WDS merger: don’t believe there will be any direct

leverage of dividends in the merger although the PNG LNG sale will be excluded in the 2P reserves based share exchange ratio, which will allow for the Kumul payments to be paid out as dividends, as per above.

If the PNG LNG sales is included, the dividend could be up to 0.239, which sounds like a lot but not uncommon when you’re being targeted by Goliath!