Ann: Quarterly Report and Appendix 5B, page-12

Hello All

I'm breaking my golden rule here by commenting on a stock I don't own.

Firstly, I hope you all make good money and I expect you will. WE is a rock solid asset that will improve as tricky wells are re-entered and re-appraised. 350BCF is likely to exceed 700 based on the knowledge imparted by O&G blokes on the STX thread I more usually inhabit.

That said, it is interesting to read comments here about watching grass grow, etc. It's not like that over at STX central, where we speculate about the current drill of WE's near neighbor SE, our success at Walyering, and our other prospects in the Basin.

The point I make is that your management sold you short when it recommended rejection of Strike's merger proposal. WGO will do okay but has little upside; STX will do okay, too, but has massive upside that you guys should be sharing. I believe your management was negligent in its duty to represent shareholders' best interests - instead it represented its own best interests in terms of tenure and salaries.

The train has left the station. Strike has bought eight per cent of WGO - in my opinion, as a defensive ploy. I don't see Strike proffering a second offer. Why would it? It certainly won't pay over the odds for 42 per cent of a good but finite asset when it can more productively allocate capital to blue sky projects either proven or likely based on geological knowledge gained to date.

I feel a bit like Daniil Medvedev here, the rifleman sent to shoot Bambi. I considered not posting and would not blame anyone here for torching me for impertinence. However, based on today's quarterly, Warrego shareholders deserve a balanced view ... balanced because, I repeat, I expect your company and its shareholders to do okay, but equally you need to apply the blowtorch to management's belly to keep it honest given the opportunity spurned.

OOO