FY25 could be anything before 30th June next year. Technically Macca is corrected in that WE FID has been "delayed" relative to the original targeted timeline of CY24 Q3 (so end of Sept which finished yesterday). At least they are now very consistent in terms of dragging their feet with the good news but jumping onto the bad news faster than the Flash. I am betting that even if ED1 flows at over 80mmCFpd and likely result in a large reserve upgrade for WE, we would hear nothing from them for a few weeks, maybe even months - until the next bad news when they will merge the good with the bad and say they offset each other. Adding 7mn NPV to WE gas for 20% export is almost laughable, if not insulting. As per my modelling, STX can export up to 61PJ from WE across the 3.5 years (2027 to 2030) based on 87TJ/d plant... and their NPV for that is 7mn or 0.2cps post tax.
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STX Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
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