Analyst Update, page-355

How did I stumble across the Perth Basin; mainly by chance, I guess.

I have held fertiliser stocks for years, IPL, ORI and NRZ /MTN.

STX was regarded by some in NRZ as all out competition in a world that was crying out for urea. That's when I followed STX closely, not wrt gas but urea.

I have held OSH, BPT (sold out at a high around 2020 and I won't hold it again as an investment), LNG (bloody disaster. this is what happens when you are in the peloton and not ahead of pack), and still hold STO and WDS hoping that they will be able to transition to clean energy, but if they have a good run I'm out.

I find STX a most interesting stock to dibble in and chase a few bob as a hobby. I will pop in and out as I see opportunities so I will never class myself as a holder, so don't expect me to state a position on this stock unless I deem it to be an investment.

From what I have read, Hancock definitely wants a slice, if not all, of WE. But my understanding is that there is a JV in place and currently I would expect that they are negotiating details.

I believe that it will have to take all of STX if it wants the other half of WE.

You could not leave STX with Walyering alone particularly with a suspect SE, which at the moment is not very big. I don't see TSX going very far without WE. IMO, STX will not be an easy target. And half of WE might be enough to suit Hancock's needs if not its wants.

Best of luck with your TO, but if it happens soon, statistically speaking it will not be above about 35 cents.

At the moment, I would have a stop loss so far up its freckle that if its stomach rumbled, I would be out. No downward surprises will be tolerated by the market at the moment.

Now don't sell me short on fundamentals. I am on a steep learning curve on gas production, but I know when I am being sold a pup.

As you have seen, I look mainly for the hurdles because they are the things that will bring you unstuck. And I will continue to do so, to the ire of many. Positives stand out like the proverbial. It is what has kept me living comfortably off my share portfolio since 1995. And I suspect that others might be happy to do likewise. But remember a life of indulgence has little purpose or satisfaction, and there is nothing better than to have a reason to get out of bed in the morning.

I have rambled on, but if it has cleared anything up, good. If it hasn't, well I've done my best. And remember whatever our disagreements may be, your enemy I am not. J L.