Some major back-pedalling from last week's announcement. Reading...

Some major back-pedalling from last week's announcement.

Reading between all the unnecessary geological detail (designed to throw readers off the main news?) - the wireline data has downgraded the pay considerably. STX should be able to tell you how much conventional pay you have within a few hours of getting the logs - the fact they haven't suggests a major downgrade.
The comment on more data needed from WE4 and WE5 to update resource numbers is rubbish. The data in WE4 is available now and their Geo's can tell you within 24 hours what the volumes look like. Perhaps the reason for waiting for WE5 is the hope that results are better than WE2 (no usable logs) and WE4 (bad result?) - what happened to Continuous Disclosure?
The Wagina is very variable in nature based on the dozens of wells in the area which is why you should always wait for the wireline data before popping the champagne.