While Woodside declined to comment on the payment, analysts and fund managers said it should be firmly on the agenda of chairman John Akehurst's special briefing to institutional investors in Sydney this week.

"It is something we would expect them to consider," said one Melbourne-based analyst. Despite expecting to report a lower calender year profit of $725 million, analysts believe the surplus will be sufficient to pay extra dividends without stressing the balance sheet.

This week's briefing will also give Mr Akehurst a chance to explain to to both the media and investors his company's immediate growth strategy.

Woodside has come in for a barrage of criticism for failing to complete two big overseas acquisitions - first Veba Oil, and more recently the US-based Westport Resources Corporation.

Not helping Woodside's cause was last week's disappointing announcement by partners in the Sunrise gas project that both development options for the eight trillion cubic feet gas Timor Sea field were deemed not viable.

"Akehurst needs to explain exactly where the growth will be. We heard a lot from him when Shell was active but since then there's been a cone of silence," said one Sydney-based fund manager.

Deutsche Bank however is one of many in the market who believe the criticism of Woodside is unjustified with the German giant saying the market had over-reacted to Sunrise's demise because the project had not been abandoned altogether.

Perth-based brokerage house DJ Carmichael said the disappointment over Sunrise should be tempered by the fact that it is just normal outcome from doing global business and Woodside still has many growth projects in its portfolio.

"We believe the shelving of the project leaves Woodside in a strong position to take up future opportunities as they arise, enhancing both shareholder and earnings growth," DJ Carmichael said in its weekly newsletter.

It recommends share investors buy the stock. On Friday, Woodside shares closed 25c higher to finish at $12.25, which is quite a long way from the $14.80 major shareholder Shell offered in its failed takeover bid last year.