Ann: CEO Transition and Strategic Review, page-71

Re your post at 1702. As you know I hang off your every word Invert. Another Calima mate - trading at a massive discount to intrinsic value. I wonder what Macquarie think of this. I do hope they cleared it ahead of market release - in relation to the outstanding loan documentation.

"There is no certainty that the SR will lead to any particular outcome or transaction". Without Mac we are hopelessly under capitalised - significantly weakening our bargaining position. SE downstream project was SN masterstroke. That helps. SN did not seem to get the credit he deserves for this. SE is a real big deal in MC valuation.

We also need that 3D analysis of OH - Steven Bizzell you need to keep your promise to me on OH 12 years ago when i was young and handsome - at the Royal Pines Resort Gold Coast during the Bow Energy days.

Lunacy to give it all away right now. DO NOT SELL US DOWN THE RIVER! "Life is all about being in the right place at the right time" This is NOT the right time! We cannot walk away from WE for 2/5th of fk all.

I am struggling to understand why SN pulled the pin pre release of reserves update for ED and Walyering AND Macquarie loan confirmation. Only approx 3 months in it.

VWAP plus 20% will piss me off big time. Clearly offers on the table and SN hates them all but the BOD disagree. Just my guess. What would i f cking know. Whip me beat me but I hate to say it - SN has promised over and over no more SPP's. I hope that's not the reason he jumped ship without serving his notice - or was he thrown overboard? I think he was. Lost BOD confidence. Next quarterly due in 2 weeks - will make interesting reading.

Time for a large glass of my national drink. Glendronach from the Spey Valley not far away from Banchory where my Scots WGO mates live - whom i detest. - 18 years matured in port wine oak casks - nectar of the gods. The thought of a merger ending up with scrip in (rudderless) Beach would drive any sane man (or woman) to drink. Maybe SN will end up there as CEO. wouldn't that be nice. They sure could do with him.

The only sure thing is 'whats her name' will have no clue on how to read a 3D for OH. Just look at the Board - Lets see now - we have John - has a Bach of Commerce with the dean's medal and served as Chair of Christ Church Grammar School, Celebrate WA - how useful is that; then we have Nev - with 4 decades of experience in mining, minerals, construction but ex MD of Fortescue and delivered- thats good - he might put in a good word to you know who - our best asset after Stu;

Stephen Bizzell - bean counter - but adds value - a very good pro; Mary Hackett an Irish mechanical engineer among other things and a mate of our new CEO; Andrew Seaton - ex director of failed Andromeda Metals and struggling ACDC listed at 20c now 5c with Chemical Engineer quals - waste of space. Give us a break Andrew - just resign - tell me one thing you have done that has added value to STX - do you just sit there and stew in your own juice during a board meeting? Can you tell me the diff between a 2D and a 3D?; Jill Hoffman - our new MD has an MBA , knows the gas market - worked for Woodside - institutionalised - ex Chair of Fremantle Ports - whoop de doo; Justin Ferravant - head bean counter - like the dentist - we all need one; then we have juicy Lucy - legals; but now we come to our 2 gems - Kevin and Crispin - to cut a long story without them we would not be where we are. SN acknowledges that.

The point i am trying to make is who is going to read the 3D at OH and tell us in which direction to poke the drill? And how do we know that the technical advice we get is sound? No one on the board can tell us that. Who is going to challenge the results of the reserve certification? Nobody on the Board can. We are fcked. The BOD is tired and wants rid of it. Anything for a quiet life. They have sucked off the soft underbelly for years - had their fill - and now its time to bail! God bless and Good night! VWAP + 20% here we come. A valuations report will be produced telling the BOD what they want to hear - seen it all before.