I agree about fiduciary duty - but the SXY approach was...

I agree about fiduciary duty - but the SXY approach was downright insulting. There is always a risk that a predator will go hostile and a few major holders will sell out just to cut their losses. I don't think that's in the best interest of holders.

We are still in a weird post-GFC world where a lot of resource and energy companies with solid projects just aren't valued properly by the market and can't attract the institutional support or capital. But that can change pretty quickly - COE is a good example of a company that was on the nose for many years until they picked up Sole, and then all of a sudden investors poured in. Waitsia is miles better than Sole - it's onshore, cheap, much larger and much longer life. It doesn't have the gas crisis prices that Sole will have but Sole has been known about for decades and never been developed - it needs these gas prices to work. Waitsia will more than match it for value and it will do it in a low price environment.

This will be enough funding for a BOO model like they said, where somebody else will build the gas plant and operate it. But I actually hope they go it alone with BPT and build it themselves. I think they will need about $150M upfront to do that, net AWE.