Dont get carried away with director buying. The amount involved is not the issue. The message it sends is far more important.

A cap raise will be coming just after the meter is reset at the August meeting. STX bet the house on this well - it looks to have come good but more cash, lots of it, will be required from here before any meaningful reserves can be booked prior to selling gas - hopefully to CSBP.

CSBP took a punt on this well also with the 5 mill they kicked in. Im presuming their reward will be cheap gas. Perhaps this should be disclosed at some point? Im not critical of the deal - it was necessary (and brilliant) in order to pay for the well, but more info is needed in order to value the discovery. Elliot5 alluded that Waitsia gas could not get a home at $3 so CSBP must have signed up for materially less than this?

STX P50 for the Wagina is 124 Bcf (50% share). CSBP is for 100 PJ ~ 100 Bcf (depending on gas composition) so a low gas price will impact on any valuation of the STX share of the discovery. Kingia gas is not contracted though.