WGO Value Puzzle, page-124

If STX can't find commercial gas in SE, it will be a disaster for STX. Looking at the enterprise values of STX, WGO and TPD, I think the market is already valuing SE more than WE. Walyering is not a significant resource. Otherwise, the market value of TPD would be high.
It makes financial sense if STX raises money and tops up their WGO holding to 20% while the value gap is large. However, they will probably wait for the well results before another cap raise?