Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-323

Bigdaddy,




A bit late to this (have a bit of spare time today) but back on the 8/3/24 you stated "WE- Strike delayed all development of the field" (screenshot above), I'd love to see your facts around that statement, as it appears to be an idiotic assertions to me.

Currently they are still waiting on the EPA approval. I don't know how they can develop the field prior to this. Also the EPA proposal is from AGIG who was building the gas/processing plant. So again please explain how Strike delayed the development of WE?

Looking at at previous quarterlies. Q3 2021 "During the quarter Strike continued funding its share of the security required for the AGIG procurement of the gas plant long lead items required for the proposed 87 TJ/d Phase 1 gas processing plant. Security now totals ~$3m Strike share with a total expected commitment of up to $16m prior to AGIG making their construction undertaking and then taking the procurement processes onto their balance sheet" - To me this indicates that Strike was doing all it could to make sure the development could happen ASAP once approved.

But later reality set in with government approval delays Q3 2022 "The West Erregulla 87 TJ/d Phase 1 development remains in its environmental permitting process with the EPA. All substantive expenditure has been pushed out or re-phased until the project receives the necessary approvals and financing is procured"

Quite frankly the directors did a great job of focusing on other things within their control, while waiting for WE approval. Such as discovering and developing Walyering, so now they have cash flow to fund further activities.

Also Q4 2020 stated "During the quarter, Strike in co-ordination with Warrego, re-engaged with several major lending institutions to facilitate project financing." So again your dig that they should have "gone with WGO jointly to the lenders" is incorrect as it appears that initially they did. Why they didn't secured joint funding I don't know....and I'm not one to make assertions, so won't comment on that further