Andy,
Good article in boilingcold.
The way I see this WA Gov't announcement is ... it also just gave STX a green light to have a monopoly to service the Domestic Market .... all the way South of Waitsia into Perth. Our largest compeitor Beach are now out of the Dom Market.
ALL of Waitsia gas , some 125 Tj / day will go into the Pipeline and the pipeline will be reversed to accommodation those North flows.
AND ... Woodside will then also need to swap gas ..given it can no longer send gas South in the pipeline to met its 15% reservation requirements. (meaing Strike pick up all of the domestic customers off Woodside)
SOOOOO ... How BIG is that Domestic Market SOUTH of Waitsia ... How many Tj / day ... Is it Bigger than Strike planed 200 Tj / day .....
AND at what Price.
Euroz Valuation of Strike is based upon $4.50 per GJ.
So IF the domestic WA market ... in 2023 .. can accommodate $4.50 GJ ...... this is a NET positive for Strike.
Its clearly a deal done to protect Woodside from spending unwarranted capex and it allow Beach / Mitsui to feed into the NWS .... to maintain its service contracts and return of investment from maintaining its through put ...... BUT i maintain ..... Strike could be the silent beneficiary here also ....... assuming the Perth market can handle 200 Tj/d at $4.50 .... Strikes valuation upside is maintained IMO.
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