As specking, rexsh, heskumdal, invertedva and MIR have already...

As specking, rexsh, heskumdal, invertedva and MIR have already pointed out today it's a great quarterly report, in fact, one of the most comprehensive quarterly's I've ever read from STX. It's solid, nothing flashy, a cogent narrative, matter of fact and forward focused. A reminder of how far the Company has come over the past couple of years and the deep strategic, technical and operational capabilities within the team. This team really does get stuff done.

As shareholders, we are very fortunate in what has been extraordinary times of late to have the Board/management continue to progress a full suite of value accretive activities. This against an industry backdrop that has been in shock and pause mode, with cost cutting, project delays and/or cancellations top of mind.

We now have clear line of sight to EP469 JV operator plans - three wells WE 3/4/5 together with additional seismic. And beyond the JV the Company's plans and progress on our 100% owned permits/leases are starting to mature and look very promising. What is now emerging is that EP469 is just the entree to a massive Perth Basin play.

Timing could not be better, with recently announced large offshore WA projects on hold or being kicked down the road into the never-never or not-for-a-long-time categories. The demand v supply gaps forming in the WA market have dramatically increased the opportunity for Perth Basin operators, STX and Beach/Mitsui to capitalise on large future gas market demand. Add in the early signalling around Perth Basin low cost of supply and it's easy to see why the time to press hard is now.

Have to respect the determination and focus of STX to really put the foot down on this market opportunity. It's a huge prize for any company that can successfully delineate/explore/appraise their way to a multi-Tcf resource. A few hundred Bcf gets you a couple of press articles. Demonstrate a pathway to low cost multi-Tcf with a team capable of execution and you are a real chance becoming a seriously valuable player.

With such a large market opportunity available it's becoming increasingly weird observing the seemingly asinine behaviour of our JV partner WGO. It's not a time to be sleepwalking when action, progress and growing a massive resource is the direct path to large shareholder rewards.

What is increasingly apparent is that the Perth Basin STX train is leaving the station and it has a number of carriages in both its northern and southern PB permits. I don't expect STX to slow down anytime soon. The prize is massive and there looks to be a 1-2 window, while the offshore projects are stalled, for STX to become the leading player in WA domgas supply. This is a rare opportunity in a market with generally well capitalised incumbents. And the market icing is the huge backfill opportunity with the NWS which will continue to grow into the 2020's with rapid offshore field decline.

Have never been more excited as an STX holder. IMO when drilling activities re-commence and the pathway to a dominant market position becomes increasingly evident, we should easily climb back past last year's highs. The next 12-18 months could be massive.

GLTA for what is shaping up from H2 2020 to be a very fast moving and potentially very rewarding ride,

Cheers

Adaltiora