Ann: STX: Walyering Update, page-48

I re-worked this last night and made a downwards adjustment to the condensate net revenue (trucking costs eat into revenue -> now using AUD$45/barrel net).

To get in line with STX $40M net p.a. I have to use $6.75/G/j for the gas price.

Given current spot price and how much uncontracted gas we will be selling, this price is still too low IMO.

I note that they prefix the $40M with an approximate symbol, perhaps they are just rounding down? Or, the $40M was just gas revenue, hard to say without further disclosure from STX.

Even aligning TPD earnings with STX capped at $40M, I still get TPD on a PE of 3.8.

JMO.