pe 4 with more to come, page-3

I suspect STU's capital requirements may be part of the reason it is trading well below fair value. Some direction here from management would be good.

I also suspect that had they not farmed into Bazzard, or not been in the refinery JV, the market would find them a simpler company to value. As it is, whilst the need for diesel in northern SA would appear to be a no-brainer, it is not the sort of thing that most oiler investors go for.

However, on their existing reserves alone, and their record of cheaply replacing and extending those reserves, it looks cheap compare with other producers.

I agree Warrior is a vast proportion of their production, but it come from a number of different wells in the field, that are onshore, in Australia, not in a cyclonic area, and with low technical risk. Better eggs in that basket than in Africa, the Philippines, or Venezuala!