An interesting post. However, I feel that I have been a little...

An interesting post. However, I feel that I have been a little misunderstood.

On Walyering, no, horrid mistake IMO. Price it at nameplate would be the base line, if you subscribe to the theory that it will never hit nameplate then I believe that logic is flawed.

If you want to bet on max 24 Tj/day for Walyering and no FID on WE, don't buy STX would be the natural choice.
Walyering has the capability of nameplate capacity, I have no doubt at all. It's the only bright light at the moment.

But, until the interconnect is completed, presumable this year sometime, it will never get to operate at nameplate capacity, or in fact increase to 40TJ/d.

It's time for STX to be a little more accurate in the interconnect progress. Should be front and centre of any announcement.

With the Tranche A $60M refinance facility approved, that major obstacle is cleared IMO. Tranche B, the WE facility, has since taken two major leaps forward, this is now very close to a done deal IMO. Tranche C, SE plant, meh, can watch that unfold over the next 5-6 months. It's on the periphery.

Funding is not a problem for WE. IMO.

STX can always revert to a CR.

Time overrun is STX's immediate problem.

So, I put it to you, if you can't guarantee that WE FID, the completion of the interconnect, the Walyering extension, and approval of the peaking project are on time as scheduled, don't buy STX at the moment, would be the natural choice

Until the interconnect is completed, I would not even contemplate buying. Walyering provides the life blood (cash) for the whole project. Just my thoughts. J L.