Strike announced in March 2018 that the farmin to EP469, then 100% owned by Warrego, was subject to several conditions precedent including the execution of a JOA. As it went ahead you can assume that there has been a JOA in place at least since mid 2018. We do not know the extent to which it may have been modified but I doubt that huge changes happened as these would probably have surfaced during the WGO takeover saga.
The letter you reference from Poynton is a typical piece of corporate spin. We now know there is no material quantity of gas in the South Erregulla and frankly not very much in the grand scheme of things in Walyering. On Strike’s own figures W7 has a maximum of 37pje. That’s not share price transformational.
As for Ocean Hill, well, neither UIL before the T/O nor Strike managed to farm it out to anyone. That must say something about its prospectivity. There might be something here in relation to Ocean Hill about making a PR virtue out of a work obligation necessity….
Analyst Update, page-274
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