I also attended the AGM. I have cut and past eddiev's post and added additional commentary from the meeting and also from conversation afterwards:
1)Jaws still ongoing and will still be allocating capital as still huge potential, this is pioneering technology They have three people on site at any one time and it is largely automated. Stuart seemed positive regarding JAWS but reiterated patience is the key. They are taking it as slow as possible, even if that means keeping pumping rates stagnant or even reducing. This time last year he was pretty confident they were on the cusp, but with hindsight realised they had pushed it too hard. All the fracs are communicating as per dyes that had been injected during the stimulation. 2) Board are concerned with potential manipulation of share price, and are monitoring They feel something could be going on with the trading(shorting and takeover both mentioned) but very hard to track down with nominees etc. Have been watching the register closely. Very much undervalued as per the Petra report. 3) Capital raising had taken place given external market conditions, including other raises, advice by Capital raisers and the Board did not want to raise when coffers were bear. They feel comfortable with the raise. It's always going to be difficult with so many dynamics at play. They went into the TH a day earlier than planned due to the SP movement. 23c was the absolute best they could get. Stuart had to fight hard to get 23c. It was pretty obvious there was going to be a raise. Stuart stated even his 4 year old daughter could have seen that a raise was imminent. There has to be some upside for the sophs that's how they operate, right?. Prefer to be in the position where they have enough cash for next year and raise when they did rather than WGO who will most likely have to raise again at a price less than 28c. During conversation afterwards it was mentioned that WGO will hold on very tight WE-2. I came in on the end of this conversation but it seemed as if Stuart would like a consolidation of ownership. I'm speculating that WGO will have to raise capital before June 30 next year. A merge may be the best way forward for WGO holders vs dilution if the price is still low. Regardless of the SPP, STX have enough cash for next year. 4)Looked at cornerstone partners but also this could hinder future potential or potential taker over They will be able to look at debt funding going forward for development and can build value without significant dilution. They are not desperate and would not be realising full value on the asset by locking in partners at this stage. Interestingly Stuart mentioned he had become an expert in petrochemicals recently due to all the calls he had been receiving from companies. 5) WA gas market heading the same way as East coast gas prices Current forecasts are pricing in all the gas coming on stream from complex and expensive off-shore projects with many owners. The cost curve of supply is rising which over time will translate into higher prices. Plenty of upside in usage of gas in WA, 40% electricity still coal based. Long term supply contracts for industry attract higher pricing. 6) Processing facility wont be an issue Currently a lot of spare capacity. Even building their own plant does not bother them. 7) Board want to realise the full price potential of Strike given what they have, cheapest gas, Highly prospective land holding, and not give the company away. I have confidence in the Board and Stuart going forward. The Perth basin success is only due to Stuart's foresight and he wants to follow this through. He is switched on and very much want's this to succeed. A great opportunity for himself and his career (and shareholders). They have the right man at the helm with some heavy hitters on the board. Finally, the question was asked during discussion after the AGM regarding the Orica holding. This all went to a single fund but he could not disclose.
(20min delay)