RE:careful nowAgree with all of that. I have considered the cash drain for the divy is significant. The company's ability to regenerate cash has tempered my enthusiasm with expectations for what you mention, namely depletion rates. As that rate is yet unkown, it may be offset by rising oil prices - maybe not - in any event, risk is always there.
WRT dividen policy - perhaps. Perhaps not as he may not want to commit those funds ? A policy as such would necesitate that he does.
Feels like this special divy was a late decision having failed at finding suitable investment vehicles for the cash. JMO