Unlike Strike, WGO management are less promotional and progress...

Unlike Strike, WGO management are less promotional and progress focused. No quixotic Haber aspirations (only place for ammonia / urea is the Pilbara for the 0.4 MMtpa wheatbelt WA market. Spanish assets hardly valued. But sentiment seems to have turned now. In WA this is a domgas only play (not LNG price linked) and that should be profitable enough. There is clearly a valuation arbitrage with Strike (and NWE) on MC as a function of the prospect of medium term cash flows at WA gas prices.