Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-220

Hi Ratbox
I think that JD's assumptions are reasonable and I expect that STX will have net cash of about $35M at the end of June 2024. I am still choosing not to invest because of 3 big ticket items which I think are the key factors:

1) Gina can outspend STX and take control of the WE operatorship through the JVA without having to TO STX.
2) I expect that WA Gov will not change the LNG rules for new onshore producers, and will simply apply more pressue on Woodside to become more transparent in their dealings and to supply more gas into the domestic market since they are way behind on their 15% obligation.
3) The downgrade of SE and the commitment by STX to supply CSBP at low prices makes it unlikely that MinRes or Beach will be interested in a TO of STX because they can just receive and process SE1 gas on a tolling basis, which will not be very profitable for STX.

In the meantime, STX will play around with Walyering, compartments at SE, and sloppy corporate presentations, but they are not in a strong position.

Obviously all my personal opinions, and not investment advice.