At 30 Jun 07 had 49m assets, 16m debt (decreased from 31m debt...

At 30 Jun 07 had 49m assets, 16m debt (decreased from 31m debt last year). Aiming for about $35 profit from oil production this year and more for next year.

Big current income about 250K/d - so may have just about cleared their debt now - I'm sure that would be a priority.

Portfolio is in Aust but there are some big targets. The MD presentation recently describes these. I particularly like the target of 50 million barrels in the Bazzard project plus other good looking projects.

Getting into refining diesel and fuel supply is a big positive as well.

IMO STU looks very good for the LT - maybe another TAP or BPT, or even STO - but go through Ann report to pick the fine details. I think it is about 25-50% undervalued right now, though there are a lot of undervalued stocks around, I like INP, SAE, PYM and BUR too if you are looking at oilers, BLR for U, and MIS, MMX, POL & BRM (formerly YML) for iron ore. You can't go past RMS, currently at a discount, for gold and producing.