I think you are right about reducing forward cash outflow expectations, Hesk. With ED and Walyering East, you can expect them to preserve cash until the way forward in terms of a corporate transaction/takeover becomes clear. If they sell WE for a decent price, we won't have any shortage of funds to develop OH, Walyering and SE. Also, they will want a decent cash buffer should - god forbid - walyering go down. (I hope they've got good security systems installed out there). For me, STX is a short-term play on corporate activity for the next few months. Having debt rolled over and some cash in the bank means counterparties can't bend us over. You don't want to be selling assets under duress, like MIN.
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