The Strategic Review was brought about by the MIN LD sale disrupting FID on WE. Stu clearly had an issue with Hancock delaying FID, and there is now commentary from multiple sources inferring that (a) the relationship broke down irrevocably, and (b) Jill is charged with repairing that. So, while we hit the pause button, the BOD are not scrutinised on lack of progress at Walyering, lack of progress on Ocean Hill, and lack of progress on the Macquarie refinance tranche.
Once the Macquarie refinance goes through, look for these updates to miraculously materialise.
Ocean Hill I think will be good news, a rig booking for OH2.
Walyering I suspect will be bad news, too many analysts are forecasting flat revenue in FY26, and that is a worry because it infers no increase to the 25Tj/day vs nameplate of 33Tj/day. That is despite W7, W8, and the DBNGP interconnector.
If the Macquarie refinance tranche doesn't go through then raise the massive red flag.
STX Price at posting:
18.0¢ Sentiment: Hold Disclosure: Held
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