Hardcash, Great to see your enthusiasm is back. You went a bit...

Hardcash,

Great to see your enthusiasm is back. You went a bit quiet for a while.

I'm similarly of the view that this story is finally close to unlocking the potential we've all been hoping to see.

Went back through a lot of material today, including some long but worthwhile reading of the AWE transaction. If there any finance or M&A experts out there please jump in but if AWE has ~410 netPJ (2P) at Waitsia and its about 75% of the company value then that's ~$350m - $400m.

This is all IMO but if West Erregulla could end up at similar numbers or better (not sure how many wells needed to prove it out/up) then that is huge share price upside on its own.

Then you go to PEL 96 and the prospective 4TCF and it potentially gets very interesting. If we get some commercial flows it will be so hard to value as the question will be how much money needs to be spent to give confidence around total field size. But by hard - the difficulty will be in the huge optionality that may be available.

With West Erregulla as a new and potentially valuable opportunity it has made it easier to feel like its not all about the Cooper. The duck or no dinner outcome. With West Erregulla as a backstop I'm totally prepared to take the ride over the next few months on STX and the Cooper. If the gas flows it will be fabulous to be a holder, watch all the corporate moves, machinations, analysis and press and see where it all ends up.

Cheers

Adaltiora