WA Govt Gas Policy Report Today, page-140

Thanks roch, appreciate the response.

to be fair, you're making assumptions about my own analysis (that i'm forgetting SE new reality), but that actually wasn't central to my question, nor am I overlooking it.

whether stx can re-engineer an outcome at SE that at best still becomes commercially significant, if not is minimally viable, or at worst turns to ashes....is a matter on which we are and will continue to see endless uninformed conjecture. Par for the course.

but you've responded with back of the napkin numbers which again seem to be downplaying likely commercial reality. There is less risk / variability in Walyering forward earnings than there is in, for instance, se future.

i can easily see a $120-150m post bottlenecked but pre W7 expansion revenue stream.

your assessment of opex seems unreasonably high, my understanding is stx have this at an impressive low.

which could mean $60 to 70m pa in npat could it not?

is 7x the accepted P/E for stock like stx, or is it closer to 8x?

Because 8x at 70 gives me over half a billion on Walyering alone, not the $150m you state.

i myself don't mind what a lot of the longer term stx holders see as negative jawboning. Without a doubt this forum has suffered from 'irrational exuberance' for too long (which I occasionally push back on)

but I reckon your numbers could do with a re-cal. Which then speaks to both likelihood and timing of a CR. I'm not as convinced that it is short term imminent...