STO $6.86, page-54

The institutions (instos) don't like STO because WPL has lower cost production. Consequentially the comparative valuation is still relatively attractive (though I am in long term hold mode as STO represents 46% of my portfolio, I won't buy more at these prices). If you assume that oil price falling back is an unknowable "risk" and have a myopic focus on the shareprice only (worried about the "risk" that it will fall rather than the opportunity that would present) then STO is "risky".
If however you rationally view the present oil price as a foreseeable consequence of prior speculative long term over-"investment" decisions, recognise that future prices will reflect the present systemic under-"investment" and the cost of production with a long term view then there is no risk.
As this becomes a mainstream view the intos will "rediscover" this stock which is why I am continuing to hold my shares for a fair offer above $7-8 depending on how events play out.
As sure as day follows night the shareprice will fluctuate, traders/speculators will lose money on aggregate, institutions will at best match the market and the patient graham and doddsville investor will outperform.
Merry Xmas to all, another year holding Santos and watching the world spin around to my way of thinking, very satisfying.