Ann: Chairman's Address and Managing Director's Presentation, page-45

Jake,

"What the STX "rampers" fail to acknowledge, is that ANY value added to STX will be, by default", added to WGO in some manner.
Even if value is added to STX because of the inherent value of say Wayerling or South Erregella, some of that upside will by default, flow through to WGO."

It is true that WGO will rally with any new discovery. WGO indeed looks cheap. But as the JV discovers more resources in EP469 that also adds significant value to STX's other 100% owned ground. It also allows STX to define many technical parameters for their 100% owned ground.
Logging of sections such as the current 2nd interval will add further value (and technical knowledge) to the 1850km2 of wet gas play they have further south in the basin.

I have said it many times, but I will say it again. WGO is very cheap here, I think it is a great buy. BUT so is STX, and arguably more so.

IMO the gap widens not the other way around.