Leakage from the Cooper suggests STO has found the wet stuff plus a bit of gas in Reg Sprigg 3. Not material from an overall STO SP, but mildly encouraging for the nearby Galilee hole for STU and BPT. Reading between the lines on STU's announcement today, appears that their production profile will be higher than recent indications for 2003/4-closer to 390,000 bbls than 350,000. In addition the drilling target of 14.8m bbls (recoverable around 6m bbls), plus a comparatively low risk gas play should ensure some fun in the share price over coming months-starting next week with Galilee!
STU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
