Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-223

Hi Ox

Few people would know what that particular agreement says, but I presume there will be some clauses in it that will handle this hypothetical situation:

Step 1 - Gina presents a proposal to go to immediate FID for a $1 billion processing plant to be built by the WE JV because it's the right thing to do ensure the reliable supply of gas to the WA domestic market, and the WA Gov already supports this proposal.
Step 2 - STX says it can't afford $500M without a massive CR and/or huge debts that it could not service.
Step 3 - Gina says, No problem. She will immediately buy 25% from you for $250M on the proviso that you use those funds to pay for your remaining 25% interest in WE. And she will become the operator because she now owns 75%.