@gbgirl ...."what you do not understand is one thing STX soi...

@gbgirl ...."what you do not understand is one thing STX soi will go up massively"

We have already covered this in the STX threads, but it is relevant over here. Even at current SP a 100M share issue will raise $33M. That assumes the SP doesn't go up a lot after WE4, which is possible.
Strike then will have the current $16m + raised $33m + $28m in loans (currently not drawn), a total of $77M available. Warrego will have ~$35M (assuming no further raise short term).

Cost of WE4 is shared 50/50 so assuming ~$20m total or $10m each (very roughly), then WE5 another $10m each, then back to complete WE3 ~$5m?.
Warrego left with ~$12.5m Strike with ~$54m. (of course normal admin, wages, etc will eat a few more million each).

Basically Strike will have ~$50m available to drill SE and only have 1.8b shares on issue, an increase of only ~6% on current shares.

If Strike finds gas at SE it will be beneficial here, as part of that prospect lies on the JV land. However it would have a much greater positive effect on Strike's SP, because of EP503.

It's pretty obvious that after the full WE campaign both will need to raise. If SE fails then a merger of the 2 companies should happen as equals. I'm fairly sure that Strike's Mcap would come back to be nearly the same as Warrego's if SE fails, with EP469 being the major asset of both companies in that case.