For those who noted COE's 3rd Qtr production figures, it will come as no surprise that Worrior's production was down 11% vis-a-vis Qtr 2.
Now we know why - "failure at a pump at the Worrior facility" and a "mechanical issue at the Worrior 6 wellbore". Good news that the reduction is mechanical and not (unduly rapid) field decline....
Despite this, those who read more closely will note that cashflow improved by $3.6m v Qtr 2 due to reduced development costs.
STU have reaffirmed that Bazzard will spud in September. Also, with a number of Cooper Basin drills starting shortly, the flow of news should see greater focus on STU amongst those who react to short-term stimuli.
For the rest of us, with Tapis at over US$120 barrel, it is a good time to be producing oil at an OPEX per barrel of less than A$30!
DYOR.
STU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
