Ann: Investor Presentation - E&P Success in the Perth Basin, page-79

Second,

Beach acquired 50% of Waitsia as part of the Lattice Energy purchase from Origin. At that point Waitsia had been proven via multiple wells and it was the main prize within the Lattice assets.

They have done multiple asset balancing deals to be a true JV with Mitsui on the Waitsia tenements, and also the JV's push into supplying the NWS.

It is far from a comparable situation to STX / WGO.

This goes back to which company would be taken out IF any corporate activity were to occur. IMO there is no way the non-operator would be taken out first. An acquirer would be better to pay up for the operator and then mothball WE and bleed the non-operator dry. This is especially the case given BPT own the tenements all around WE and can concentrate their time and money there whilst adding further technical knowledge into the trough.

IMO

(note: I hold WGO and think they are cheap. But I struggle to see how they can outperform the operator over time. And WGO really should have presented that 1.2 : 1 offer to shareholders. That is looking like a really poor decision.