Ann: Independent Certification of Sth Erregulla Wagina discovery, page-15

(Sorry, realised I made a typo entering Beach reserves in the previous post)

Just as a rough metric, we now have more 2P+2C reserves than Beach in the Perth Basin.
Strike : 982 PJ
Beach : 796 PJ
(From last annual report, pg. 32)

Now to put this in context, Beach's Perth Basin 2P/2C reserves represent 31.5% of their total reserves. Their market cap is $3.5 billion, so a very rough see-through value is $1.1 billion, with fewer reserves than Strike.

A say very rough because Beach is already producing from the Perth Basin and has a large oil business elsewhere. Having said that. the Perth Basin constitutes a large proportion of its future upside in terms of reserves and future production. Hence, why I think they will be incredibly interested in Strike.

My basic point, however, is simply that, which ever way you cut it, Strike seems incredibly undervalued based on independently certified reserves. These sorts of anomalies can persist for a long time, but the market normally sorts it out one way or another.