Cant help myself, topped up again at 96.5 did some calcs this...

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