Ann: STX: Walyering gas field commences production, page-103

Good news this morning, Walyering production has reached 20 Tj/day for the first time, around 66% of nameplate capacity. If this trend continues, the project will likely be fully derisked by the time the SOA vote comes around. I don't know if STO can frontload what they take under the GSA, if not, we may soon see spot sales into the JV. Given the rising spot price, revenue from Walyering is set to comfortably exceed even recent estimates IMO. Throw in W7 and the value of Walyering continues to rise, unlike the STX SP.