Andy Inglis: Yeah. Thanks Subash, we just take that. I think when we talked about the 550 we’ve talked about it from two dimensions. We’ve talked about a sort of base maintenance capital of 300 to 350, which so that covers the infill drilling program in Ghana, the continuing development of Jubilee, it covers the infill program in Equatorial Guinea that I talked about earlier. And then what sort of post the startup of windfall and then at Tiberius looking longer-term, the additional wells there. So I think we probably are allocating capital to that. And clearly those are very high-return projects. And then we’ve talked on top of that about sort of 200 to 250 of spend that would be in growth, include the two to three projects that we’re focused on today are Tiberius and the Yakaar-Teranga with an expansion project at Tortue.
And that capital on that 200 to 250 incorporate spend on those projects sort of post-financing, bank financing of the FPSO on Yakaar-Teranga. So I think we’re what we’re clear about the forward projection of the Company, where we believe we can not only can we can grow. It’ll be more modest right than we have done over the last two years. There is growth in high-quality projects and it will be a mix of sort of half to low-cost, low-carbon oil, EG Tiberius, low-cost low-carbon gas EG and expansion of Phase 1, EE Yakaar Teranga. And it’s sort of mid single-digits, middle single-digits sort of growth rates. But at the same time with our capital level of 550, now we believe we can — we have significant free cash flow which as Neal says, we can direct to the paydown of debt.
And then subsequently when we get to the right leverage levels, we can look at shareholder distribution. And I think that’s ultimately what differentiates Kosmos as a company. It has an organic activity set which you can sustain really through decade and beyond. We have an RP of over 20 on a 2P basis. So the ability to it creates something now which can not only continue to grow, but can actually return cash and with we think a really competitive free cash flow yield is something that’s quite unique. So that’s our objective now. So we’re clear about the frame. And I think that’s a point that I absolutely want to emphasize on the call. The 550 in that sense is clear and where we’re clear about the capital frame and therefore how it’s going to be allocated.
Subash Chandra: Got it. Okay. So I hear you loud and clear so no real interest in external opportunities. I mean given what seems like a greater churn in sort of the assets whether they’re stranded gas or the Gulf of Mexico et cetera, you’re going to stick with the with the footprint you have?
Andy Inglis: Yeah. I think what we’ve been clear actually Subash is that on any inorganic has to be accretive from a cash flow basis that actually that accelerates that journey. Yeah. And I think that having set that out as the organic path of the Company to improve upon it you have to accelerate it through an organic and inorganic that actually is cash — significantly cash flow accretive which it has been the case for the three acquisitions that we’ve actually done as we’ve grown the Company. Equally well, there may be opportunity and particularly on the gas side to lighten the portfolio which again accelerates that objective. So I think we were absolutely clear about the company we’re building and therefore, as it were how an inorganic opportunity would fit.
What we don’t have to do clearly is, buying things to mitigate the decline. We do not have declined. And I think that’s again what differentiates us from others. So if something is accretive from a cash flow perspective inorganically accelerates those quality assets, then clearly those are the things we look for equally well the reverse. If we can accelerate the delivery of free cash flow for our shareholders and by lightening, let’s say on the gas assets then we would do that.
Subash Chandra: Okay. Thank you for that.
Andy Inglis: Great. All right. Thank you.
Operator: Thank you. Ladies and gentlemen, since there are no further questions at this time, I would like to bring the call to a close. Thanks, to everyone joining today. You may now disconnect your lines. And thank you for your participation.
