stuart summary

Blackspot wrote

"Thanks for the tip on Stuart ... sounds like it is worth looking at ... and if you want to say do your own research ... feel free .. I will anyway ... but with only 60 million shares ... what percentage of the reserves do they own ?"

Worrior, 70%
Acracia, 75%
Reg Sprigg West, 18%
Derrilyn, 35%

They tend to own 65-100% of their various PELs.

" ... is there any infrastructure to call on or do they have to build it all from scratch to recover the reserves ?"

They play in the Cooper Basin. You truck the oil to a Santos facility, and they pay you cash.

Gas is a slightly different story, as it needs pipelines and stuff. Stuart's one gas find (Kiwi, probably about 6 bcf tops) hasnt been put into production.

" ... what is their cash situation like and will they have to do a massive placement in order to raise funds ?"

You will know when Stuart do a share placement, as shortly following their next board meeting you'll read a story in the Adelaide Advertiser "Brutal Shotgun Slaying in Rundle St : Oil Exec Tino Guglielmo gunned down by unknown assailant", followed by their appointment of a new CEO and Stuart's board authorising a petty cash voucher for paying the bill to dryclean the blood stains off John Branson's suit.

Seriously, Stuart have not done a share placement, and I do not ever expect them to do so. Ever.

They are currently raking in ummm probably $40K a day in cash. Could be as high as 55, depending on what Acracia is doing (they have hedged their current production ... I posted something a while ago on it). They have negotiated a major line of credit with a bank, and are basically doing quite well thank you very much.

Ian Whitchurch