Ann: STX: West Erregulla Update, page-140

For those wondering , the analyses as at April 9th 2021 by Bridge Street Capital can be obtained on Warrego Energy's website under 'investor relations - research reports'.

This is public knowledge and therefore any opinion using these publicly showcased figures is legal, which is fantastic.

It is exciting that we have significant potential upside if one were to compare the pair (WGO and STX) on a relative MC basis.
The companies each hold 50% interest in the WE asset and when evaluating both companies individually, most of the levers used are similar for both. But significantly, one can't help but notice that a key lever being the the booked domgas pricing in each GSA with (Alcoa for WGO and CSBP for STX) differ by approximately $1/GJ. See Bridge Street base case valuation numbers used in the photo I attach.

As a WGO holder myself this for me further exemplifies why I would prefer to be invested in warrego energy over strike energy, if I had to choose one of the two. Obviously it is each to their own when selecting investments for one's portfolio- other people may prefer the Strike story for reasons I have not touched on.

Either way I hope both companies succeed in fulfilling their objectives. We as shareholders of the JV should support both companies and I for one enjoy reading what Strike are proposing in the coming years. I'm merely stating my thought process for electing my investment.

Cheers and see you guys at 40c.