Ann: Half-Year 2018 Results and Briefing Pack, page-52

Remember that this POO flows into Dec qtr LNG pricing.The excess of cash in this half will make for an interesting discussion at the board level. The board will need to weigh up whether to keep the cash on the balance sheet and use for the CAPEX pipeline and potentially save a cap raising or a sell down of equity in the projects, or return the ash to shareholders and risk that the good times will continue to roll on.

As a long term shareholder, I hope that they hold onto the cash as the risks around commodity pricing is too great. Having the cash to do the CAPEX and not sell equity stakes in the projects to help fund them means that like Pluto, the benefits to WPL share holders are immense.

These are long life projects (20 to 40 years plus). Getting the lion's share of them sets WPL up for a very long time. 

HT1