Ann: WE5 Production Test Update, page-42

As per my comments yesterday, I will leave the STX vs WGO alone as I think we are well and truly past that point now - especially now that they have seemingly agreed on the gas-charged depth and no compartmentalisation based on common pressure profile.

What I will comment on is regarding the lack of price appreciation with the WE4 result. Based on my risked NAV, I'd say STX price is fairly priced for WE based on where it is today. One can argue that it has retraced some 25% since it hits its all time high of 41c, but share price undershoots and overshoots fair value all the time as the market is never efficient at any particular point in time. What I think is NOT priced in at all at current price is the risked exploration value for SE. Given the potential size of the resource and the imminent drill, even a risking at 10% COS is a sizable and significant amount of value relative to current price - unless of course, one agrees with the market that SE should be risked at 0% COS.

Just MHO of course.

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