Debt at 31-12-04 10mil Cash 2mil Net debt 8mil
STU had 2.93mmbls reserves at 31-03-05 so lets say around 2.8mmbls now at npv 20/brl = $56mil
Less 8mil net debt =$48mil divided by 62mil shares =78cps
Another 7cps for management expertise and exploration acerage = 85cps??
Price range around 78 to 85 looks fair to me at US50/per brl
I dont currently hold STU
