ESG Report 2026
Released
Released
Announcement PDF
2026
ENVIRONMENT, SOCIAL
& GOVERNANCE REPORT 2026
REPORTING SCOPE AND BOUNDARIES
1 The ‘operational control’ reporting boundary is based on asset operatorship and involves consolidating data for all assets operated by the
company even if partly owned by other companies, with 100% of the data from the operated assets being included in reporting.
2 The ‘equity share’ reporting boundary is based on asset ownership, and involves consolidating data from all owned, or partly owned, assets
in proportion to the reporting company’s percentage share of equity in the assets, irrespective of who the operator is.
Strike is the operator of all its assets, and
information is reported in this report on an
‘operational control’1
basis. Strike has joint venture
partners and, as a result, Strike also reports GHG
emissions on both an operational control and
an ‘equity share’2
basis. Strike’s assets and joint
venture shares and partners are listed in Table 1.
The scope of this report considers activities
undertaken by Strike for the duration of
the reporting period, reported as totals.
People-related data is disclosed based on
numbers at the end of the reporting period and
not as an average or total across the reporting
period. People-related data included in this report
refers to all direct employees and contractors
within Strike’s operations.
The location of data and disclosures associated
with each of the material topics in this report is
indicated in the Global Reporting Initiative (GRI)
Content Index. A summary of key performance
metrics is provided in the Performance
Data section.
This report covers Strike’s direct operations
only and includes the following entities: Strike
West Pty Ltd, Strike South West Pty Ltd, Strike
South Pty Ltd, Strike North West Pty Ltd. During
this reporting period, exploration activities
included the drilling and well testing of the
Walyering West-1 well. Metrics associated with
the drilling activities have been included in
Greenhouse Gas (GHG) Emissions, Work Health
& Safety and Asset Integrity and Critical Incident
Management Chapters only and not included in
the Non‑discrimination and Equal Opportunity
Chapter as their personnel are not direct
Employees or Contractors.
ABOUT THIS REPORT
The FY26 ESG Report provides an overview of performance relating to Strike
Energy Limited’s (Strike) material Environmental, Social and Governance (ESG)
topics for the financial year ending 30 June 2026.
This report aims to describe and measure Strike’s
positive and negative impacts and includes
performance against specific targets as well
as information on how Strike manages impacts
related to each material topic. This is Strike’s
fifth annual ESG Report. Users should read
this report in conjunction with its FY26 Annual
Report covering the 12-month period from 1 July
2025 to 30 June 2026 to gain a comprehensive
understanding of Strike’s business, operations,
and overall performance.
In this report, unless otherwise stated, references
to ‘Strike’ and the ‘Company’ refer to Strike
Energy Limited and its subsidiaries, and all
references to currency are in Australian dollars.
This ESG Report was prepared by MCC
Sustainable Futures in collaboration with Strike
and has been reviewed and approved by Strike’s
Board of Directors.
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STRIKE ENERGY LIMITED | ESG REPORT 2026
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ACKNOWLEDGEMENT OF COUNTRY
Strike respectfully acknowledges the Aboriginal and Torres Strait Islander Peoples of this nation and
their ongoing connection to culture and country. We are committed to maintaining positive, long-term
and trusting relationships. We pay our respects to their elders and leaders, past, present and emerging.
FRAMEWORKS AND
STANDARDS
This report has been prepared with reference
to the Global Reporting Initiative (GRI) sector
standard GRI 11: Oil and Gas Standard (2021), as
well as the GRI Universal Standards (2021).
Strike is currently preparing to report in alignment
with Australia’s mandatory reporting framework
Australian Accounting Standards Board S2
(AASB S2) in the next reporting period. Prior to
this occurring, Strike continues to prepare this
report with guidance from the Taskforce for
Climate‑related Financial Disclosures (TCFD).
As global reporting shifts towards a more
standardised approach, Strike expects its
disclosures to continue to evolve in alignment
with these standards.
DISCLAIMER
This Report includes forward-looking statements
within the prevailing regulatory laws of applicable
jurisdictions. Forward-looking statements can
generally be identified by the use of words
such as “may”, “will”, “expect”, “intend”, “plan”,
“estimate”, “anticipate”, “believe”, “continue”,
“objectives”, “targets”, “outlook” and “guidance”,
or other similar words and may include, without
limitation, statements regarding estimated
reserves and resources, certain plans, strategies,
aspirations and objectives of management,
anticipated production, study or construction
dates, expected costs, cash flow or production
outputs and anticipated productive lives of
projects and mines. Such statements are subject
to prospective risks and uncertainties and may
cause actual developments to differ materially
from the reported results.
The forward-looking statements in this Report
were prepared based on the present intentions
of the current Strike board and management
team, numerous assumptions concerning current
conditions and future events, as well as the
business environment where Strike conducts
business. Strike shall have no obligation to
guarantee that all the valid information presented
will bring the specific results as expected.
Refer to the Important Notices section for further
information regarding future statements.
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STRIKE ENERGY LIMITED | ESG REPORT 2026
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CONTENTS
01 Overview
About Strike
Our Purpose
Our Strategy
Our Values
FY26 ESG Highlights
A Message from the ESS Chair and Managing Director
Strike’s Assets, Operations & Value Chain
Strike’s Governance
Strike’s Stakeholders
Industry Association Memberships
Strike’s role in the energy transition
5
5
5
5
6
7
9
13
15
15
16
02 ESG at Strike 17
ESG Materiality & Performance at Strike
Structured Approach for Determining Materiality
FY26 Material Topics
ESG Targets Overview
17
18
19
20
03 People & Community 22
Work Health & Safety
Non-discrimination & Equal Opportunity
Local Communities
Engagement with Aboriginal and Torres Strait Islander Peoples
22
28
32
33
04 Climate Resilience 35
GHG Emissions
Climate Adaptation, Resilience & Transition
35
38
05 Responsible Environmental Management 42
Biodiversity
Decommissioning
43
44
06 Acting with Integrity 45
Asset Integrity & Critical Incident Management
Economic Impacts
47
49
07 Appendices 50
Important Notices
Performance Data
Biodiversity Data
Acronyms
GRI Content Index
Corporate Directory
50
51
53
58
59
66
Overview
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ABOUT STRIKE
Strike Energy Limited (ASX:STX) is a leading independent energy company delivering reliable domestic
gas and developing flexible power generation for Western Australia. Strategically located near
key processing and transmission infrastructure in the Mid West, Strike is building a
diversified portfolio of gas production, power generation and exploration
assets. Strike has one of the largest discovered gas
portfolios in the onshore Perth Basin and Mid West,
including the expansive Greater Erregulla Permian
fields and condensate rich Walyering Jurassic field.
OUR PURPOSE
Our purpose is to deliver secure and reliable energy to support Western Australia’s transition to a
lower‑emissions energy future while creating sustainable long-term value for stakeholders.
OUR STRATEGY
Our strategy outlines how we will achieve our purpose.
GENERATE
Maximise value from
producing assets
GROW
Convert resources into new
revenue stream assets
DISCOVER
Build the next generation
of growth assets
OUR VALUES
Our values guide how we achieve our purpose. They shape the way we behave and the standards we
set for ourselves and others.
RESOURCEFULNESS: Delivering low cost and innovative solutions
COLLABORATION: Strike works in partnership with all of its stakeholders
AGILITY: Strike is nimble, and responds faster than the competition
OPENNESS: Strike is transparent and receptive to alternative views
LONG-TERM FOCUS: Strike’s focus is on the horizon to create multi-generational value
COMPETENCE: Strike’s actions are backed by qualified people who are experts in their fields
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Overview
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FY26 HIGHLIGHTS
Zero fatalities
41% of Strike’s employees
Continued industry-leading female workforce participation, with women representing
AASB S2 reporting requirements
Readiness activities undertaken to support future
Western Australian-based companies
Strong Local Content with 64% of Strike’s procurement from
$11,000
contributed to local community organisations
Zero significant spill events
Cooper Basin, South Australia
Substantially progressed decommissioning activities in the
Increased local spend in the Mid West region
Strengthened engagement and partnership with Traditional Owners
through ongoing water quality monitoring delivered in collaboration with Yamatji Water
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Overview
A MESSAGE FROM
THE ESS CHAIR
AND MANAGING
DIRECTOR
FY26 was a year of substantial operational
activity for Strike as we progressed the
development of our portfolio while continuing
to strengthen the way we identify, manage and
report the environmental, social and governance
impacts of our business.
Central to this approach is transparency.
We recognise that responsible reporting
requires a balanced account of our performance
- acknowledging progress while also openly
reporting adverse impacts, challenges and
areas where further improvement is required.
ESG considerations are not separate from the
performance of our business; they form part of
how we manage risk, make decisions and seek
to create sustainable long-term value.
During FY26, Strike recorded zero fatalities and
zero significant spill events. Women represented
41% of our workforce, maintaining Strike’s
industry-leading level of female participation.
We continued to support the communities in
which we operate through sponsorship and
64% of our procurement was with Western
Australian-based companies.
We also strengthened our engagement and
partnership with Traditional Owners, including
through ongoing water quality monitoring
undertaken in collaboration with Yamatji Water, a
majority-owned Yamatji Nation business for and
on behalf of the Yamatji people, and substantially
progressed decommissioning activities in the
Cooper Basin in South Australia.
As Australia moves towards mandatory
climate‑related financial disclosures, we undertook
readiness activities to support future reporting
under Australian Accounting Standards Board
(AASB) S2. This included further developing the
systems, governance and processes required to
support these disclosures and integrating climate
considerations more closely with Strike’s broader
risk management and strategic planning.
FY26 also demonstrated the practical role Strike
can play in Western Australia’s energy system.
South Erregulla Peaking Power Plant (SEPP)
progressed from construction into commissioning,
with the power plant achieving mechanical
completion and successful introduction of South
Erregulla Field gas to the facility.
As Strike moves into FY27, our focus remains on operating responsibly,
strengthening the transparency of our reporting, and continuing to
embed ESG and climate-related considerations into our governance,
decision-making and operations.
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Once operational, SEPP will provide up to 85 MW
of fast-start gas-fired power generation into the
South West Interconnected System (SWIS). It’s
ability to respond when renewable generation
is unavailable or insufficient will provide firm,
flexible capacity as renewable penetration and
electricity demand increase, and coal-fired
generation progressively retires. The 2026 WEM
Electricity Statement of Opportunities reaffirmed
the long-term need for dispatchable capacity
within the system.
As Strike moves into FY27, our focus remains
on operating responsibly, strengthening the
transparency of our reporting, and continuing to
embed ESG and climate-related considerations into
our governance, decision-making and operations.
We recognise that responsible operations
require continuous improvement. Our objective
is to understand, manage and minimise our
impacts while contributing constructively to the
communities in which we operate and to a reliable
and evolving Western Australian energy system.
A MESSAGE FROM THE ESS CHAIR AND MANAGING DIRECTOR
Sincerely,
Jill Hoffmann
Non-Executive Director & Environmental, Social
and Sustainability (ESS) Committee Chair
Shelley Robertson
Managing Director & Chief Executive Officer
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Overview
STRIKE’S ASSETS, OPERATIONS & VALUE CHAIN
Strike’s principal activities during FY26 were
within the oil and gas sector and included the
exploration, development and production of
hydrocarbons as well as the construction of SEPP,
completed in June 2026.
The majority of Strike’s petroleum assets and
tenements are located onshore in the northern
Perth Basin in the Mid West and northern
Wheatbelt regions of Western Australia (Figure 1,
Table 1). Strike defines its significant areas of
operation as locations where Strike has an office
or development activities. For this reporting
period, the areas of significant operation were
Perth, West Erregulla, South Erregulla and
Walyering project areas (Figure 1). Strike defines
the local community for its Perth operations as the
Perth Metropolitan Area, the local community for
West Erregulla and South Erregulla projects as the
Shire of Mingenew, Irwin and Three Springs, the
local community for Walyering operation area as
the Shire of Dandaragan and the local community
for Ocean Hill as the Shire of Carnamah.
Strike’s revenue was primarily derived from the
sale of gas and liquid hydrocarbons. In FY26,
Strike also secured a strategic investment
commitment of up to $88 million from Carnarvon
Energy, strengthening the Company’s financial
position and supporting the development of its
core gas assets. The investment is expected
to support the progression of South Erregulla
towards first production and advance West
Erregulla towards a final investment decision.
3 Project life modelled on average throughput of ~1.3 PJ per annum. Refer to ASX announcement “Peaking Power Plant submission supported
by South Erregulla” dated 24 June 2024 for key assumptions and information relating to the project.
4 Refer to Important Notices section for important information regarding oil and gas reserve and resource estimation.
Originally discovered in 1971, Strike appraised the Walyering Field in 2021, making a
significant discovery with the Walyering-5 well. Within 22 months, Walyering became
Strike’s maiden producing asset. Brought online in September 2023, the field has
produced a total of ~22 PJ into Western Australia’s domestic gas market. During FY26,
Strike drilled and tested the near-field Walyering West prospect resulting in a gas
discovery. Independent certifiers have assessed both the producing Walyering Field
and the nearby Walyering West Field together to contain net ~16.5 PJ of 2P Reserves3
after produced volumes. Walyering is 100% owned and operated by Strike.
1 WALYERING
Discovered by Strike in 2022, the South Erregulla Field is 100% owned and operated
within production licence L24. South Erregulla holds an independently certified net 2P
Reserve of 45 PJ and net 2C Resource of 37 PJ4
, which will provide more than 20 years
of reserves coverage for Strike’s proposed 85 MW peaking power plant3
which has
been constructed on Strike’s 3,500 hectares of freehold farmland.
2 SOUTH ERREGULLA
Discovered by Strike in 2019, the West Erregulla Field is Strike’s flagship project, with
50% equity and operatorship of production licences L25 and L26. Strike’s share of
West Erregulla holds an independently certified net 2P Reserve of 251 PJ and net 2C
Resource of 10 PJ4
.L26 contains the neighbouring Erregulla Deep gas discovery and
material near-field prospects delineated on the recently acquired Natta 3D seismic
survey. Erregulla Deep contains an independently certified 2C Contingent Resource
of 38 PJ3
.
3 WEST ERREGULLA
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Overview
Ocean Hill
Kadathinni
Erregulla Deep
South Erregulla
West Erregulla
Walyering
L 24
EP 447
EP 447
L 23
EP 447
EP 489
EP 488
EP 495
EP 506
EP 505
EP 503
EP 504
L 26
L 25
EP 447
L 23
EP 447
EP 489
EP 488
EP 447
EP 495
EP 506
EP 505
EP 503
EP 504
L 26
L 25
L 24
The Ocean Hill Field is 100% owned and operated by Strike. Discovered in 1991, Ocean
Hill was drilled to test the Jurassic play that has since been proven at Walyering.
Since the success at Walyering, Strike has acquired 3D seismic over the EP495
block and independent advisory firm, RISC Advisory, have certified net 180 PJ of 2C
Resources and 190 PJ of 2U Prospective Resources within the Ocean Hill structure5
and an additional 678 PJ of 2U Prospective Resources within the adjacent Ocean Hill
South structure5
.
4 OCEAN HILL
Situated on Kings Park Road, the suburb of West Perth is home to Strike’s corporate
headquarters and remote operations centre.
5 PERTH
Figure 1: Strike’s portfolio as of 30 June 2026
Perth Basin Permits
Legend
STX Farm
Leads & Prospects
Gas Fields
Gas Pipelines
Oil Fields
Oil Pipelines
STX Permits
Other Permits
5 Refer to Important Notices section for important information regarding
oil and gas reserve and resource estimation.
WESTERN
AUSTRALIA
Ocean Hill
Kadathinni
Erregulla Deep
South Erregulla
West Erregulla
Walyering
L 24
EP 447
EP 447
L 23
EP 447
EP 489
EP 488
EP 495
EP 506
EP 505
EP 503
EP 504
L 26
L 25
EP 447
L 23
EP 447
EP 489
EP 488
EP 447
EP 495
EP 506
EP 505
EP 503
EP 504
L 26
L 25
L 24
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Table 1: Strike’s assets and activities as of 30 June 2026
Asset Name Permit Ownership Brief Description
Perth Basin (Onshore Western Australia)
Walyering L23 &
EP447
Strike 100%
(operator)
Three production wells and associated production facilities
operated by two personnel onsite plus remote operations
capabilities from Perth. FY26 saw steady-state production
of ~22 TJ/d of gas and ~104 bbl/d of condensate,
generating ~$63 million in revenue for the year. Field
extension and compression projects were advanced to
support ongoing output, while near-field exploration at
Walyering East identified a potential new discovery.
West Erregulla
& Erregulla
Deep
L25 &
L26
(formerly
EP469)
Strike 50%
(operator)
Hancock
Energy
(EP469) Pty
Ltd 50%
Material conventional gas accumulation defined by four
wells. In FY26, development planning was ongoing and a
Reserves update was completed. The JV is targeting an FID
for the West Erregulla project in FY28.
South
Erregulla
L24 &
EP503
Strike 100%
(operator)
Conventional gas accumulation defined by one well. In
FY25, the 85 MW SEPP was sanctioned to deliver firming
capacity into Western Australia’s main electricity network,
the SWIS. Construction of the Power Plant commenced
in April 2026 with progress reaching ~94% by end of
reporting period. The project is supported by 45 PJ of 2P
Reserves, certified Reserve Capacity Credits, and secured
network access.
Ocean Hill EP495 Strike 100%
(operator)
Exploration well drilled in 1991, successful flow test of gas
to surface, but deemed non-commercial. In FY26 Strike
conducted well planning for the Ocean Hill 2 appraisal well,
targeting drilling in late FY27.
Perth Basin
Exploration
Permits
EP447,
EP488,
EP489,
EP504,
EP505,
EP506,
EP437
& L7
Strike 100%
(operator)
Strike 25% in
L7/EP437
Basin wide portfolio of exploration permits prospective
for conventional gas, condensate and oil. In FY26, Strike
progressed planning for seismic surveys in EP503, EP504,
EP505, EP488 and EP489. Strike applied to surrender the EP
506 permit and withdrew from the L7 and EP437 permits.
Cooper Basin
PEL 96 PEL96 Strike 67%
(operator)
One exploration well. During FY26, Strike substantially
progressed the abandonment and rehabilitation of its
legacy Cooper Basin assets, completing all planned well
abandonment activities across PEL 96 in January 2026.
The assets have since transitioned to monitoring and
surface rehabilitation activities in preparation for licence
relinquishment, with one well converted to an artesian
water well for ongoing landowner use.
Aldinga PPL210 Strike 50% One production well. The Aldinga shallow oil field is
operated by Beach Energy and is no longer in production.
Offices
Perth Headquarters Main company office with 44 employees.
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Overview
OUR VALUE CHAIN
Downstream value chain
Direct operations
Upstream supply chain
Suppliers: Strike sources goods and services from local, national and international suppliers. Strike is
committed to maximising opportunities for local suppliers where possible. A breakdown is provided in
the Economic Impacts section of this report.
Customers: Export of product into the domestic market via pipeline (gas) and road tanker
(condensate). Strike currently supplies gas to customers in Western Australia, with liquids being sold
in South Australia. Strike’s current customers include Santos Ltd. and major local energy suppliers,
supplying critical fuel and services to the community. Today, energy produced by Strike powers homes,
industry, public and essential services.
Exploration & Development:
Exploration for and development
of natural gas resources is
possible through partnerships
with landholders and the local
communities in which
we operate.
Production: Strike produces
natural gas and associated
condensate for sale to the
domestic market. Strike operates
with an emissions design-out
methodology to enhance
operational efficiency and
reduce its Scope 1 emissions via
the incorporation of renewable
energy sources and minimisation
of flaring, venting, fuel use and
fugitive emissions.
Joint Ventures: Strike is the
operator for all its assets.
Strike has one joint venture
partnership in the West Erregulla
and Erregulla Deep gas fields,
where Strike has a 50% equity
share with Warrego Energy
EP469 Pty Ltd also holding
a 50% share, a subsidiary of
Hancock Energy.
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Overview
12 STRIKE ENERGY LIMITED | ESG REPORT 2026
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STRIKE’S GOVERNANCE
Strike recognises that robust governance practices underpin its ability to achieve
its vision and purpose.
Governance Structure
The Board of Directors is responsible for defining
its strategic direction and priorities, to safeguard
the continued viability of the business. The Board
oversees the implementation of the organisation’s
governance framework to ensure that ethical
business conduct is integrated into all aspects of
its operations. The Board’s remit is outlined in the
published Board Charter. Further detail can be found
in the Director’s Report in the FY26 Annual Report.
The Board delegates responsibility for the
oversight of specific focus areas to three
dedicated sub-committees, which support
the Board to oversee risk management and
compliance, monitor performance and drive
continuous business improvement (Figure 2).
Nomination and Selection of
the Board
Board members are appointed based on their
relevant background, experience, professional
skills, personal qualities possessed, and ability to
enhance the Board’s collective skills, experience
and capabilities. Gender diversity is also
considered as part of the appointment process,
to meet Strike’s diversity objectives which are
outlined in its Corporate Governance Statement.
The nomination and selection processes for the
Board and its sub-committee is managed by the
Nomination and Remuneration Committee, which
operates as a sub-committee of the Board.
Strike Energy Board of Directors as at 30 June 2026
Audit & Risk Committee
Environmental, Social
& Sustainability (ESS)
Committee
Nomination & Remuneration
Committee
John Poynton AO
Chair & Non-Exec. Director
Stephen Bizzell
Chair
Shelley Robertson
CEO & MD
Neville Power
Member
Mary Hackett
Member
Stephen Bizzell
Non-Exec. Director
Neville Power
Deputy Chair &
Non-Exec. Director
Mary Hackett
Chair
Mary Hackett
Non-Exec. Director
Neville Power
Member
Jill Hoffmann
Member
Jill Hoffmann
Non-Exec. Director
John Poynton AO
Chair
Will Barker
Non-Exec. Director
Will Barker
Member
Jill Hoffmann
Member
For the 2026 reporting period the
Committee met 5 times.
For the 2026 reporting period,
the Committee met 4 times.
For the 2026 reporting period,
the Committee met 5 times.
The specialist Board Sub-Committee Charters are available on our website at
www.strikeenergy.com.au/corporate-governance/.
Figure 2: Strike Energy’s governance structure
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Overview
ESG Responsibilities
The function of the Environmental, Social and
Sustainability (ESS) Committee is to review,
oversee and make recommendations to the Board
in relation to:
• Effectiveness of safety leadership and
health, safety, environmental, heritage and
sustainability governance;
• Compliance with legal and regulatory
obligations, including approval and
authorisation conditions;
• Management of environmental, climate and
cultural heritage risks;
• Integrity and transparency of sustainability,
climate and carbon reporting;
• Effectiveness of policies and standards in
supporting an ethical, values-based culture;
• Indigenous engagement and cultural
heritage management;
• Responsible carbon management
and alignment with energy transition
objectives; and
• Emerging regulatory, industry and stakeholder
expectations for sustainability performance.
The ESS Committee also assesses ESG related
impacts and risks and tracks Strike’s performance
against published targets.
The ESS Committee is responsible for reviewing
and approving the annual materiality assessment
that identifies material ESG topics relevant to the
reporting period. This process is outlined in the
Structured Approach for Determining Materiality
section of this report. The Committee delegates
the management of these impacts to the CEO,
Director of Operations and the HSE team.
The Strike leadership team are responsible for
the day-to-day management of the Company in
accordance with the strategy, policies, programs,
values and risk appetite approved by the Board.
During the reporting period, the Board advanced
its ESG knowledge and governance capability
through receiving management updates, external
auditor briefings on evolving sustainability and
regulatory requirements, and an independent
Board performance review. Together, these
activities supported continuous improvement
in governance, Board effectiveness, and
ESG oversight.
STRIKE’S GOVERNANCE
Performance and Remuneration
The Nomination and Remuneration Committee assesses
the performance of the Board against qualitative
and quantitative indicators that are established
by the Committee. The Committee reviews the
composition, size and structure of the Board and
provides recommendations to support its ongoing
effectiveness and governance. FY26 saw several Board
and Management changes, with the incumbent CEO
and Managing Director, Mr Peter Stokes, succeeded by
Ms Shelley Robertson as of 1 June 2026. Additionally,
following an independent Board review, Mr John Poynton
AO and Ms Mary Hackett retired from the Non-Executive
Chair and Non-Executive Director roles on 30 June 2026,
with current Deputy Chair Mr Neville Power succeeding
as Non-Executive Chair from 1 July 2026. Further detail
can be found in the Remuneration Report in Strike’s 2026
Annual Report.
Strike’s Non-Executive Directors receive fixed Director
fees only and do not participate in performance-
based remuneration arrangements. Key Management
Personnel (KMP), however, receive a combination of
fixed remuneration and performance-linked incentives,
which includes both short-term and long-term incentives.
The value of STI awards is determined based on a
combination of performance against the Company’s
scorecard and individual performance outcomes. For
KMP, 50% of any STI outcome is paid following the
completion of the performance year, with the remaining
50% deferred for one year and delivered in the form of
performance rights. The deferred component is designed
to streng
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