Rexsh From a progress perspective, I agree that Jaws seems to be...

Rexsh

From a progress perspective, I agree that Jaws seems to be travelling well. On one of the recent conference calls Stuart noted that the biggest risk (or challenge) he had envisaged re Jaws success was the drilling and completion of the horizontal. This indicates that the management team have confidence in the reservoir fundamentals.

As a shareholder focused on Jaws progress in the Cooper, it's been a bit disconcerting acknowledging the value and potential upside of initiatives in another area, the Perth Basin. However, I'm a lot more settled now and actually pleased that the Company has the confidence to go after plays where conventional wisdom is being turned on its head. (read Southern Cooper coals and Perth Basin at large depths). There is massive upside in getting these calls right and following through with great execution.

I prefer not to have the dilution from a bunch more shares on issues. That said I get the resilience argument of having more than one play, however good it is. Stuart mentioned on the conference calls that larger instos need to see diversity before they join the story. This will become much more relevant down the track, especially if one or both plays are successful. then the bigger instos will hopefully been a source of strong demand for the stock. The market thesis around gas supply v demand is acknowledged by everyone.

As to the SPP I don't get some of the whining going on. No-one has a gun to their head regarding taking up the SPP. It's basically a free option. If the share price is north of the 11.5c come the 16th, or you are confident the share price could pop soon after (a positive announcement) then take it up. If you have a contrary view leave it alone. It's not actually that hard a decision. I can only imagine all the carry-on on this forum if the SPP wasn't offered to the punters.

As to the minor cohort of posters hammering the Company about a lack of disclosure, what lack of disclosure? There has been the October Update, a Quarterly Report, two conference calls (the second with free food and drinks - I think?), an opportunity to meet the management team and reps from the drilling company and an Independent Expert's Report on the value of STX and the fairness of the UIL takeover offer coming out this Friday for all UIL shareholders, which will be posted up on the ASX. Oh and Stuart appears happy to take calls from shareholders direct. Seriously, I don't see the Company hiding from it's shareholders, nor from it's disclosure obligations.

I'm also a long-term holder and at times have been very frustrated with progress. And probably more frustrated I didn't sell out years ago and come back-in hard now. That would have been smart!!! I also know that if you are thinking of getting access to a 10-15 bagger, then there is usually a chance that you could end up with a duck-egg. Looking back over the last 18 months I actually feel very fortunate that this one has turned and IMO we could be in for a helluva ride over the next 12 months. We went very close to a duck-egg.

Still, plenty of risk remains which is why, for now, we are still at 11.5c. I can't predict with certainty whether 'Who Shot The Barman' will win the Melbourne Cup. I like the name, the pedigree and the form is good, so will probably have a $20 bet on the nose and hope it wins. However, I can be a lot more confident that 'Extra Brut' will win the Victoria Derby. In fact I'd go so far to call it a moral...

Let's see what the Independent Report says on Friday and as Rexsh said, look out for a Jaws update prior to the 16th. Plenty of data and context to make any short-term decisions around the SPP.

GLTA

Cheers

Adaltiora