The Diversified Oil & Gas Board is recommending a final dividend of 3.50 cents per share making the total dividend attributable to the full-year 13.92 cents per share (2018: 11.225 cents per share). If approved, the final dividend will be paid on 26 June 2020 to those shareholders on the register on 5 June 2020.
Other financial highlights include:
Exited 2019 producing 94.8 MBoepd from long-lived wells
o ~0% net decline from the Company's legacy, largely conventional assets providing stable production
o Reinvested just 6% of Adjusted EBITDA2 (hedged) as recurring CapEx (generating a ~25% free cash flow yield)
o Adjusted EBITDA (cash operating) margins ~53% (48% unhedged) reflective of low unit operating costs including G&A of just $1.29/Mcfe in FY19 (4Q19 exit rate $1.18/Mcfe)
Reduced debt with average monthly principal payments of ~$13 million in 4Q19 in addition to $23 million of dividend payments and $5 million of share buybacks; gearing sits at 2.3x on a declining trajectory net of monthly payments
Progressed proposed move to the Premium Segment of the Main Market with targeted move in 1H2020, subject to regulatory approvals