Ann: 2Q FY24 Quarterly Report & Appendix 5B, page-55

It’s a bit of a dilemma…what’s Gina’s end game? Does she think she has enough gas for her own needs at WE or does she need more plus wants a seat at the export table?

It’s hard to imagine she hasn’t already have a grand plan but it’s difficult to fathom from past actions. Why did she take 100% of Wgo (non operator) thereby contributing $130M to stx coffers when she could’ve converted into stx’s offer and sat menacingly on the register awaiting inevitable multi cap raises to fund our program. Similarly, she could’ve further hamstrung stx with a counter offer for tpd. The purchase would’ve paid for itself and denied stx the funding it requires making us more vulnerable to shorting & CRs.

So again, was taking CE’s wgo shares an error or a conscious decision as she doesn’t want stx or believes she’ll get it anyway…with plenty left on the table, even at 80c. If that’s what she’s thinking let’s hope the new export policy brings on an aggressive Mitsui with its govts imprimatur to secure the gas for Japan.