Not all CRs are nasty by the way, just thought I'd clarify...

Not all CRs are nasty by the way, just thought I'd clarify that Raising capital to invest in future high ROE incoming producing asset is more than fine.

That said, I don't think STX will need to raise capital for the foreseeable future. The GSA with S32 and AGL will lead to FID, which will be used to activate the 80mn Macca SE debt facility to pay for SE phase 1 gas processing plant, with the remaining 10 to 20mn to come out of existing cash pile. That will leave approx 85mn in the bank.

Drilling and testing of SE2 and SE3 will probably cost around 25mn say, leaving 60mn.

Drilling of W7, ED and SWE will cost another 35mn say (25mn for ED and SWE, 10mn for W7 as it's a shallower and more simple drill), leaving 25mn.

Overheads and other activities such as seismic, etc, will be within that 25mn.

In the mean time, Walyering will generate c.30-45mn (without TPD) or c.65-80mn (with TPD) depending on when we can get the pipeline issue sorted and hit nameplate production rate of 33TJ/d. That should see us out till SE phase 1 come online.

Just some quick number-crunching off the top of my head as I'm sitting in a park with fam enjoying the glorious Melbourne weather So don't take this post as gospel but rather as a rough guide

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