STO - BUY IMO, page-60

It's cheap because of consistently poor management decisions destroying shareholder value over the past 5 years or so. I'd rather stick to smaller producers, some of which are dirt cheap as well, for a leveraged play on the price of oil o one of the lower cost larger producers for a more stable and conservative investment.

Santos really doesn't offer much to investors in its current state in my opinion. Shake up the board and senior management and fix the corporate culture (it runs like a bloated public service department) and I'll give it the time of day.