Ann: West Erregulla receives EPA Approval, page-103

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

I can't guarantee WE FID, but I believe all boxes are now ticked. WE FID is leverage in the Domgas policy discussion so IMO it will be withheld until after the review concludes. What obstacles to FID do you perceive, if any?

The DBNGP is one of a number of practical solutions in relation to increasing Walyering up to nameplate. I remain comfortable that pricing at name plate is the mature approach. There is an argument to value based on lifting production to above nameplate, ie 40 Tj/day, but I don't ascribe that just yet.

In relation to the current SP, WE FID is priced as "not proceeding" and Walyering is priced at production is capped at 24Tj/day. Both views are flawed IMO.