Ann: South Erregulla Update, page-153

Disappointing result for STX holders and not a good outcome for all other operators in the Perth Basin. I posted back in 2022 that oil & gas explroation isn't like shooting fish in a barrell and you shouldn't believe the BS spun on South Erregulla until you've drilled, appraised and tested it. Remember the field is only defined by mostly 2D seismic, the region is highly faulted and complex from a reservoir compartmentalisation view.All other operators have has surprises at Lockyer Deep, Trigg and Elegans. Booking Resource numbers as they did was 'bullish' to be polite.

The ASX release doesn't mention anything about well head pressure at SE-2 or how much water has been lifted by the well. What equipment are they waiting for to continue the test (a bucket, downhole plug, more TCP guns to perforate a new zone ????). We haven't been given half the story here.

I feel for the retail shareholders who bought into STX hype without the whole story. The selling immediately before the SE-3 halt and todays announcement needs to be investigated - the Insiders will get caught.

The good news is that the SP is now at a price I might consider buying - if only to get the uplift on the takeover rally I expect to commence shortly

Answers please ......