Impact of SE, page-24

Pretty sure I've posted my risked NAV previously, but here it is again FWIW.



Assumptions:
* Resource size is the GIIP discounted by 15% for impurities
* SE GIIP is as per the P50 GIIP resource size (STX share) stated by STX from their announcement on 9th June 2020
* SE COS still risked at 10% which is the standard industry average COS for wildcats
* WE is only risked at 50% COS given the unknowns/inconclusive outcomes at WE3 and WE5

Without stating the obvious, a success at SE will be huge in terms what it will mean to STX but WE alone more than underpins current share price. As such, I'd be surprised if we do not see any run up in the share price leading up to the spudding of SE and the approach to TD given the potential huge significance a successful drill will bring.

Just MHO, DYOR.

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