Ann: West Erregulla 2 Update, page-52

There are a few scenarios that could play out IF both were to be successful.

IMO the most likely is this:

WE-2 ( assuming Waitsia deliverability and resource size) would be aggressively bid up by Mitsui or BPT, both are on the hunt for more proven resources (especially BPT as its short of large scale new proven resources and has a quickly increasing balance sheet capability) and they would also see the running room in the UIL tenements. So there could be a play for all of those assets. That could go for a lot more than you think. 600+ mil possible with operatorship on EP469 alone IMO - without UIL.
Then you have the rest of the PB assets.

Initially on success at WE-2 i think we could see a move to 30-35c, then the market will want to know the plan for further appraisal drilling or whether its a take-over / farm-out scenario from there. At ~30c though it wont be overly dilutive to drill another well (50mil shares possibly). We may not even last long enough to drill another well if WE-2 looks like Waitsia though.

Success at the cooper would likely mean a farm-out as the development costs are large. The resource size is also very large so farming out would be sensible IMO.

The go slow approach to keeping the PB assets and proving up another well after WE-2 would likely mean larger mid-cap status eventually. But i think it is a much more likely probability that a take-over offer would get large enough (via BPY or Mitsui) and we would be left with the UIL assets and the cooper (farmed-out) with about 600m in the bank, some wells being developed in the cooper, 3D being shot over other UIL and PB targets and some plans for more WE-2 like discoveries.

One can only hope that proves to be the outcome !

IMO