more oil at 1800 bod, page-4

Jojo,

Like the news, but by my reckoning a little more modest a value than your numbers.

I am assuming at this stage the Mean OIP estimate, in the Hutton only, which the drilling announcement stated as 1064 kbo.

Assuming a 40% rf and STU's 65% interest would give STU 277 kbo recoverable. Assuming a A$30/bbl NPV gives about 13 cps by my reckoning.

Looks to me like the market has aleady added most of Toporoa #1 value today, with the rest already added on Friday.

Regardless, I still agree STU looks good value.

Entropylord