Any interest from U.S. gas explorers in Grandis would hinge on...

Any interest from U.S. gas explorers in Grandis would hinge on two things: strategic value and staged risk. The strong USD makes Aussie assets relatively cheap, and East Coast gas supply issues make Grandis worth a look—but only if EXR can prove real commercial potential.Given current market conditions, any JV would likely be structured: low upfront, with staged commitments tied to well results. The bar’s high, but not impossible if Lorelle-3 delivers.

Also, your share price comparison doesn’t stack up - what actually matters is market cap, not nominal share price (but you know that fully well). For example: EXR has ~1.5B shares on issue, so a 10c price = $150M market cap. Compare that to a producer at 20c with only 300M shares - that’s a $60M company. Totally different scale.

This is exactly why takeover valuations focus on asset value and strategic upside, not just share price or management history. Majors look at what the acreage can deliver long-term, especially in tight gas markets.

Yes, EXR is high risk - but that’s baked into the current price. If Lorelle-3 or Grandis starts to look commercial, 8c–10c could be dirt cheap. You don’t need perfect management for a good asset to get snapped up—just the right buyer with the right strategic reason.