Woodside, page-2135

Your argument would be stronger if you had any counter arguments or evidence to challenge my points. Instead you choose to attack my character, ignore facts and then make spurious claims without any evidence to support your assertions.

You state that management should cut costs and and deliver projects on time. Yet when inflation is running hot, only excellent management are capable of doing so. Most other companies' projects have long since blown out in both cost and schedule and operating costs are going through the roof.

You state that they have maxed out the credit card, again a spurious comment at best. Management has chosen to use debt funding over equity funding or cutting distributions. This debt funding is to a manageable and reasonable level. These levels will be appropriately geared back as partial sell-downs occur and from earnings once in operation.

WDS and WPL are in fact the same company, a ticker change doesn't change that, nor negate the companies' past performance or that achieved by it's shareholders.

By no means have WDS got it perfect, and I never stated as much. I feel that management are doing a good job, and making good decisions that will benefit shareholders longer term. The room for improvement would be in conducting an on-market buyback and better communicating both the benefits and impacts of the new acquisitions.

Whilst my opinion may not be reflected in today's share price, I have confidence that it will in the future share price.

To quote Benjamin Graham "in the short term, the market is a voting machine. In the long-term, it is a weighing machine”.