Can someone explain the discrepency between the STU operations update on 24-09-04 and the October activities report 25-10-04.Namely,the $3million per month revenue reported on 24-09-04 and the only $4.6million revenue for the entire quarter reported on 25-10-04. The 24-09-04 ann.says “Worrior #2 has boosted Stuarts net production profile above 2500 barrels per day from the Cooper Basin,comfortably above hedged production levels“. it goes on to say ........“Stuart today has revenues in excess of $3mil a MONTH and produces oil from five wells.“
In contrast to this,the activities rpt 25-10-04 states sales and production totalling only 110900brls and revenue of $4.6mil for the entire QUARTER.This is well below what I am led to believe from the 24-09-04 ann.(ie $3million revenue per month). Also,STU have hedging in place for 45000brls per month which equates to 135000brls per qtr.How can 1st qtr production and sales of only 110900brls put STU comfortably above hedged levels?
Hopefully,this error is probably not intentional,but if they make glaringly misleading statements like this,what else are they wrong about?? To be fair,I do not currently hold STU and will look at it again after the dust settles.
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held