Ann: Warrego raises $15 million via two-tranche placement, page-87

That, and i think WGO trades at a discount to STX because of the WGO management itself.

There's no joint marketing of the gas from WE. Which leads to the interesting situation where 1 GJ of gas from WE will have a different value to STX and WGO.

Because WGO do not have a GSA or infrastructure agreement yet, there's more uncertainty about the economics on the WGO side.

e.g. they might not be able to sell their share for the same price as STX; AGIG could charge them a higher toll; their foundational customer might not be in Perth and they need to pay more pipeline toll to get to them, etc.

Which means that if say STX is able to achieve $1/GJ profit, but WGO is only able to get 50c/GJ; then the EV for WGO is immediately half of that of STX for the same asset.

I'm not saying this is how it'd end up being. Just that there's more uncertainty on the WGO side right now. Which increases risk and leads to a lower valuation.