The WA gas market has been the way it is for a while now. The market conditions in WA didn't suddenly change on Monday when our reserves were booked. So it's interesting that there was virtually no chatter about that 2 or 3 weeks ago and everyone was eagerly awaiting a massive resource from WE2, which was delivered. But I do understand we are all looking at justifications for the recent SP insanity.
IMO the SP has dipped due to a snowball effect of the CR, and probably some nefarious tactics by the instos, which was exacerbated by the SPP which capped the price at 23c. All this negativity preyed on the scared retail investors, which has worsened the problem.
The fundamental principles and facts haven't changed. We do have one of the biggest conventional onshore gas resources in Australian history and that still holds tremendous value, in good markets or bad. Not to mention all the other assets in our portfolio... I am anticipating a return to some level of normalcy after the SPP closes.
Now at 20c !!!, page-58
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