Ann: Equity Raising and Corporate Update, page-3

Interesting use of funds.

The obvious one is confirmed - locking in drilling slots for the Ensign rig for Waylering and SE (sorry seahunt).

More interesting is the large amount earmarked for development of the Ph1 Gas plant. This has got me wondering whether they might try and go it alone on the gas processing plant (as opposed to getting AGIG to build and operate it). It would make sense given Strike would prefer not to be paying a commission on the all the gas coming from WE and, in the future, SE. Why pay someone else a commission if you can afford to fund the plant yourself, right?

Did anyone else have this reaction/intuition reading this announcement?

Finally, if much of the money devoted to Ph1 gas plant isn't for the purposed of "going it alone", then this would imply these 'long-lead items" are necessary for the JV to connect to the AGIG gas plant (assuming this is still going ahead). This would imply WGO is going to be on the hook for similar cost, right? And that they will need to raise capital too. Perhaps, like last time, they will wait until after flow rates.

Interesting (and exciting) times.