Taking some of your post as I don’t honestly have time to...

Taking some of your post as I don’t honestly have time to comment on all of your queries and go into the valuation detail:

• I give no value to OH. STX has tried to farm it out twice in the last few years, unsuccessfully. From what I have seen of it, not least from the old UIL website, its probably going to be tight if there is anything there
• SE1 may well have some value but there is a cost to tying it back plus Hancock need to agree plus my feeling is that it is almost certain to be unitised with WE reducing Strike’s interest in it
• WE - Strike has sold 100pj to CSBP in exchange for the $5m option payment in May 2019 which got them out of a cash flow hole. You can see from their 5Bs in 2019 how close to the wire they were. Of course, CSBP will also only pay a decent (ie very low) price for those PJs. Not clear what that price might be as it’s never been published but given the then market price of gas in the basin (in 2019, a long time ago - it was around $4.50 as I recall) I would expect it to be well below $4 GJ. That leaves them 60pj of certified 2P in WE.
• WE- Strike delayed all development of the field. They won’t have cash flow from it for some time and there is major Capex required prior to that. If Hancock decide to fund their share of the processing plant and infrastructure from cash funds then query whether Strike on their own could borrow enough on acceptable terms to fund their 50% plus the extra costs for processing SE1gas and the tie back.( I think they should have gone with WGO jointly to the lenders when they still could have got a sensible deal)
• Valuing Walyering is hard and I don’t know how to assess the risk profile properly given it is highly compartmentalised. I think Strike will be lucky to find much in W7. Informed guess, but still a guess given the relative paucity of useful data, is the total for Walyering 1P and 2P might be 80pj. Don’t hold me to that, it might be less. It’s undoubtedly a short life asset which will adversely affect its value.
• Little chance export ban lift will help. All NW shelf participants would have to agree to take STX gas and STX doesn’t have the necessary volumes net of CSBP
• Quick summary now, back of the envelope not to be relied on for any decisions at all:
• if WGO worth $440 effectively for WE then STX WE interest worth less due to CSBP contract now sitting some $0.05 or so below current gas prices plus STX funding issues - say $350m back of the envelope npv calc
• WA and SE1 plus the ragbag of other stuff might be worth $50m -$100m. Take top end to be charitable.
• Haber is dead, geothermal is dead, carbon capture is a fantasy. You can’t ascribe values to any of them.
• Total value $450m. Per share 20.45c. Roughly where the market is now.