Ann: STX: West Erregulla Update, page-101

Personally I am not hacking away at JV . With both companies best of luck . But as someone who likes to invest on hard numbers more than big picture stories it’s critical to internalise the difference a different gas sales price has on cash flow.
If we assume gas will be produced at 2.25 and STX will be selling at 375 vs wGO at 4.50 then the margin difference is 1.50 vs 2.25 or about 50% higher

returns are a combination of earnings vs dilution . wGO earning 75c more in phase one makes their resources more valuable but also decreases risks on future dilution . It’s the first time I have it confirmed ( won’t say high ) that WGO GSA is at a significantly higher price than STXs