See, this is where I disagree and bear with me here. STX has...

See, this is where I disagree and bear with me here. STX has SCGB, you are correct and WGO has Spain.

Irrespective of the number of shares, WGO share price is (at the time of writing) 8.0cps. STX is 9.1cps. To date the share price has been closely aligned with around about a maximum 4cps difference correct?

So what does WGO lose by accepting a 1:1 scrip offer? To me, not a single thing. Instead we all end up with 100% of WE, 63% of Jaws AND you get 100% in on South Erregulla. When the share price does go up, we all go up together.

To make it even better, STX was going to let you keep Spain. If STX hits gas in SE (and they will), you won't own 50% of 1tcf you will own 100% of what could potentially be 2tcf of gas.