Ann: Woodside Enters FEED for Pluto Train 2 Project, page-5

I just rechecked the dividend policy 50-80% of NPAT - had it confused with FCF for some reason (my mistake)... so yes will see some pretty reasonable cash build this year (2019).

The CapEX requirements look pretty manageable while keeping gearing below 30%. At least with a average oil price of around $55, you aren't much shy, a few halfs at 50% dividends, or potentially a few halfs with a dividend reinstatement scheme easily cover it. CapEX timing in Browse is a bit unclear, That said I'm not too worried if gearing pops above 30% for a few quarters - preferable IMO than holding cash for extended periods of time. Higher oil price or more rapid deprecation of GE / SNE may actually avert these funding issues anyway - unless we drop a concurrent Myanmar development in the mix as flagged in the investor briefing day (RFSU of 2023).