Ann: Warrego enters into Scheme Implementation Deed with Beach, page-78

I have a bit of a different view to some other posters. IMO what Donald has done is basically put WGO up for auction. In other words, rather than WGO retaining their 50% and proceeding with the development of WE (with associated development risk, delays, dilution for funding WGO share of development costs etc), they have recognized that a much more efficient structure (and lower risk structure for WGO shareholders) is to join with a bigger co to develop WE.

So we are now in auction mode and WGO will be sold off to the highest bidder.

It's a bit of a gamble by WGO management however it may turn out quite well for WGO shareholders depending on what other bids (if any) come through.

The alternative was to keep persevering as a 50% partner in WE however fundamentally this structure is very inefficient and higher risk - in the oil and gas industry scale is critical.

GLTA & DYOR