Hi All Did my best to be positive after last week’s...

Hi All

Did my best to be positive after last week’s disappointment, but this is devastating - it seems our gas volcano is morphing into a water spout.

Aside from the immediate financial kick in the guts from the share price, there are also longer-term consequences.

1. Suddenly the pending announcement from the WA Government means a lot less to Strike than a week ago. Put simply, we have little or no gas to sell overseas.

2. Any takeover premium has been stripped from the share price. Gina - or others - would only pay a pittance as things stand, and our Board would not accept. Nil sum game.

3. Without substantial reserves against which to borrow, finance will be more expensive at best and difficult to obtain at worst. Our future hopes now depend on near-term expensive and uncertain reworking of a dubious reservoir, and/or longer term exploration with all the uncertainties that entails. All that needs to be financed and I’m not sure Walyering cashflow is up to it.

Looking more like Sydney or the bush for long-term holders like yours truly.

OOO