answer for ex stu investors, page-11

Cant help myself, topped up again at 96.5

did some calcs this week, STU reported 3.08mbo 2P reserves on 31-10-07

Peter from StockAnalysis guesstimates STU had ~$8mil debt at 23-01-08.

STU budget ~300,000 brls production for June HY 2008

At that rate I reckon STU will have zero debt at the end of March qtr (considering no drilling atm), and 2.75mbo remaining 2P reserves.

At 96.5cps, that equates to an Enterprise value of $60mil and EV/brl 2P developed reserves = AUD22

At sp $1.15 EV/brl = AUD26

At sp $1.30 EV/brl = AUD30

Bazzard doesnt seem to figure into the equation atm unless the market is pre writing off the $20mil drilling cost from STU's balance sheet without adding anything in for the risked expltn value.

Bazzard will cost STU $20million or 30cps

Bazzard risked is 85cps and unrisked $5.60/sh

despite looking cheap, I remain confident I can slowly accumulate this one under $1.00 for the next coupla months