Ann: STX: West Erregulla Update, page-38

Higher gas prices. Discovery of more gas at we3. Ever increasing chance of discovering more gas at 4 and 5. Supply demand dynamics still working in our favour . Overall share market performing well. Yet share price is down.

Value is higher now than ever before. Relative valuation disparity between our jv partner is also a telling sign. Of course I would much rather stx management at the helm of both entities however the valuation difference assumes we will continue operating as our own company. Can’t see wgo existing in two years. Imminent rerate is impending. My ambitious guess is that we are given an offer after 4 and 5 that is simple too good to refuse. Could be wrong, time will tell.

Just a thought, but wgo management may actually be working hard in the background to get us a cracker deal. And perhaps they think it will be better than 1.2 strike shares. If that is the case we could all be very happy shareholders.