Autosime,I am also a dissapointed past holder of STU. In general...

Autosime,

I am also a dissapointed past holder of STU. In general fully endorse Jojo's sentiment and comments.

STU had a wonderful opportunity with 70% of Worrier 4 years ago. Whilst COE with 30% and half the overall reserves that STU had in the CB made great profit, and built reserves AND cash, STU went backwards. Bad decisions, esp foolish hedging, an early preoccupation with gas as well as oil, and low return drilling (such that all cashflow appeared to go backinto the ground despite a lot of drilling covered by farmins!!).

Add to that the fiasco wrt the refinery Jojo mentioned, overpromising and underdelivering in 06, failure to acquire acreage outside the CB. Can probably add the belated expensive foray into the Bass Strait as another in the long list of poor judgements.

Better to stick with management that has a habit of making smart decisions. As they say leopards don't change their spots.

EL