Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-300

BD I have been reluctant to buy into this hypothetical debate for one simple reason, there is no current evidence that the JV partners are not aligned in their thinking. OT reported back from the AGM that the relationship got off to a rocky start but had now improved. The JV partners have agreed to a drilling program and STX has adequate cash to cover it's share of drill costs. At the half yearly, Stu foreshadowed FID at WE later this year and again stipulated a cost that was within STX's means. I can't see any fractures arising out of that plan.

Processing WE gas remains a variable but the domino effect of SE2/3 failures means the $80M uncommitted facility for SE should be able to be re-purposed for WE given the cost should be around half of that and GSA's are in place. Walyering revenue will also support new debt as current debt will be extinguished or close enough to it by the time a hypothetical WE plant build commences.

Feel free to critique but other than a full blown TO by Hancock or others, I see the roadmap to production for WE as being pretty visible to SH and achievable.