Hi all
haven’t been posting here regularly because there hasn’t been much to say . However reading the quarterly and the nuanced language, I think both Aus and Spanish green lights are fast approaching
I see the STX / WGO TO discussion still gets mentioned. It’s interesting to see the cost of SE drilling thus far with one success and one well that delivered a sun optimal outcome vs the value of four drilled wells in WE in a certified reserve that will convert to production wells. I still look at gas discovered with field still to be proved up vs gas certified , drilled and ready to produce differently. At the very least one needs to place value on sunk costs. it becomes easier to see the value WGO has at present.
Believe me , this is not about a wGO vs STX relative value discussion , I am over that and I think the companies are taking different paths, but simply sharing my opinion how one should look at and value gas fields at the various stages of development. STX are already under WGO net cash levels even after recent placement . Going 100% carries more upside , more costs and more downside. I wish all holders success , but I do feel something is brewing in the WGO camp and continue to feel very confident on the near to medium term rerate
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