Ann: West Erregulla Update, page-102

thanks for your respectful reply
the thing that is missed is in pursuing all the other growth prospects one has to assume further dilution which reduces your per share value of both WE and SE. How many wells will SE need to prove up that kind of resource all funded via further equity and 100% carried by STX . Remembering that phase 1 gas revenue will go to paying down debt and funding phase 2. look at WE , and look at cost ( across both JV partners ) dollars raised and the issues encountered. What will be the figure to prove up WE and complete the WE2 ang the three wells in this campaign ? Over 100m !

i think your value if WE is to high and particular so if you consider GSA in place and gas balancing agreement. It is far higher than any broker unrisked valuation of WE that I have seen

I agree with the commentary by some that sand issues may be a result in chasing a headline grabbing flow number , I dosn’t know about others but that’s the stuff of inflated egos if that is indeed the case