Ann: 2023 Annual General Meeting, page-38

The meeting went well. I did submit my questions via the voting platform however the technology failed and they did not get answered during the meeting. I approached John Poynton after and he was happy to provide the following comments.

Walyering delays were mainly due to over optimistic schedule, inexperience of the Strike team and some Suppliers letting them down. It was a good learning experience however it Will Not be repeated in the future. The Board is actively involved with the plant design process and have strengthened their project delivery capability for the phase 1 of the proposed SE.

JV with Hancock is developing. Initially Hancock had preferred for the processing to stay on the lease and were not happy with STX as the Operator. Over recent months the relationship has settled down. Poynton is very positive and excited about the prospects of the drilling next year and wants to get the development of the field moving ASAP. Potential to double the reserves with successful drilling.

WA Government to release preliminary report into Reservation Policy on the 22 December. Potential for a relaxing of the export ban is real.

The meeting room was full with many people standing at the back. I would say over 150 people were in attendance.

Shareholder participation in the voting of the resolutions was around 40%. I thought this was quite low. Its looks good on paper to have over 96% of shareholders in favour.

Stu’s presentation was numbing even though it was delivered with passion. Some of the KPIs were interesting and would be setting new standards for the industry. Being older than 45 and male made me feel past my used by date.


The Board stayed behind after the meeting. I also spoke with Mary Hackett ex Woodside. Again very experience and very positive about the future of the company.

SE3 70 meters from the primary target. Potential to be the quickest drill in the Perth basin thus far. Significant gas shows in the Bee Keeper likely to be tight gas. Stu showed some video of the flaring which was quite impressive. Logging needs to be analysed further.

Came away from the meeting with the intention to hold for several years to see this evolve.

go Strike.