Ann: STX: Walyering Update, page-7

Main points are:

1. Not on budget -Cost increases incurred have been for the well completions, the increased scope associated with improving facility reliability, and APA’s pipeline connection.
   
   
2. Not on time - Gas sales now expected only in April, and even then contingent on certain things. The only remaining approval is Strike’s safety case which will manage the safety systems for production operations and is expected to be approved in the coming weeks. With the issuance of the EP Strike can now start construction works based on its existing Safety Management System with construction expected to take approximately 6 weeks.
   Commencement of production and gas sales is expected to occur in the month of April subject
   to the completion of the connection to APA Group’s Parmelia Gas Pipeline and final quality assurances of the upstream facility.

Not on budget, not on time.
No debt facility organised.
Consecutive lower priced capital raise.

All the above, reduces the NPV and intrinsic value per share.

But none of this is Colby's fault. Let's give him some extra performance shares (and dilute the NPV per share even further).