Analyst Update, page-288

I cannot understand why some posters refuse to accept the Chair's statement of the 28 Feb 2024.

It clearly states that West Erregulla project is a JV. between STX and Warrego Energy.

The announcement is post the disappointing test results from South Erregulla 2 an3 wells, so no further surprises.

Any discussions between STX and Warrego Energy prior to this time would have been about the JV and not TO, otherwise he would not have made this statement.

IMO, and based on this information, Warrego is not planning a TO at this stage.

And I don't see how a TO would benefit any but a few current shareholders hanging out for a few bucks.

I see no indication in the announcement that a friendly bid is being discussed with any company.

Forget about a TO bid from Warrego at this stage.

With respect to a hostile TO, who would give a high premium bid for a company in its current parlous state and currently valued at 22 cents for the next 12 months, by analysts associated with the major lender.

IMO. J L..