On the move so can't really type too much details. After...

On the move so can't really type too much details. After coming off the investor call, hopefully those with questions were able to attend.

Key takeaways:

The discrepancy between qtrly capex and cash outflow was due to timing of invoicing and payment terms from prev qtr expenditure;

SE standalone looks likely to proceed subject to finalisation of reserve review process. As per what I had previously modelled, even if there is 100PJ of available 2P at SE1 Kingia, it will have sufficient reserve to support a 40PJ per day plant for a 8 to 10 year production life;

No CR required for the foreseeable future based on current plans. If SE standalone development proceeds (which will be supported by Macca 80mn unused facility), the additional revenue stream should definitely see STX be self-sufficient funding wise. The SE2 and 3 result will mean the field life being reduced from 15 to 20 yrs at 40PJ/d increasing to 80PJ/d, to 8 to 10 yrs at 40PJ/d - still generating an attractive c.100mn of revenue per annum albeit at much lower margins due to fixed upfront development cost and lower overall volume.

Overall a positive update especially around SE standalone development. The additional cashflow will add significant uplift to its DCF valuation while removing any doubt around a CR.

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