I think it is dangerous to put all three facilities in the one...

I think it is dangerous to put all three facilities in the one basket, they are unique and credit will treat each one individually, on their individual merits, I am sure you would agree.

loan 1 - Done deal - Refinance, underwritten by Walyering revenue. Two wells flowing, third probable, GSA's and track record of revenue in place. Revenue uplift expected. Track record on debt reduction. My interpretation is that this loan is fully approved but not yet documented. Should be drawn down in Q1FY25.

loan 2 - Probable - WE facility, approval in principle at best. Multiple wells, Tier 1 JV partner, now supported by 2 GSA's, but still subject to STX FID and regulatory approvals. Expect all conditions will be met once enviro approval received.

loan 3 - Possible - SE facility. Macquarie most likely have reviewed the STX model and given an indicative approval of what they may be willing to consider. There are so many moving parts in that model that I would guarantee the final number will move one way or the other. However, given STX don't have any regulatory approvals in place, I don't place any value on it today, I doubt the market will either. Once we get a bit further down the track, and some of these variables get nailed down, things will become clearer.