Ann: South Erregulla Update, page-33

Well I managed to sell all of my WGO, and switched into STX.
I purchased them on the premise that WGO were undervalued based on their proven WE assets. And I held on because I continued to think the market would eventually price them more fairly. (I should've listened to Rexsh when he and Autosime were having it out over this issue several months ago)
But yesterday's stupidity was the final straw, with egos coming before shareholder interests yet again. This is a long line of stuff ups going all the way back to the rejection of the merger proposal.
I also held onto WGO because I thought, if the market didn't value WGO fairly, they would be taken over. But even this escape route seems less and less likely:
a). because most of their gas is contracted already. And the most likely candidates to take them over would be doing so because they wanted the gas for their own purposes.
b). the top shareholders are also the managers. The continued silly decisions (which smacks of bruised egos) suggest they will continue to see the company as extensions of their own members. So unless they get a ridiculously generous offer, I think they will reject any reasonable takeover bids that come their way, and then sit back, collect their paypackets and 'performance' shares, and take glamour shots for their LinkedIn profiles.

Finally, the main upside for WGO is the re-drilling of WE3, which holds the potential to significantly upgrade their uncontracted gas resources. But, given the state of the JV relationship - and the fact that Strike can search for new reserves in SE at their own leisure (not to mention Waylering) - I can't see them agreeing to re-enter WE3 any time soon. Or at the very least, STX will drag their feet.

Last but not least, I just can't handle the continued incompetence anymore. I really feel for SN and the team. It must be driving them insane, having to issue unnecessary "what ifs" modelling just to rectify an issue that shouldn't have been an issue in the first place.