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15/12/03
10:25
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Blackgold,
Yes, STU hunts for rabbits.
Their game plan is lots of interest in lots of holes aiming at high-probability targets, as 10% of 20 mmbl is the same as 75% of 2.4 mmbl.
They have Panning gas, aiming at 255 bcf of gas over 4 holes. This probably gets drilled next year.
But their main interest is turning their 30 or so oil prospects into money, which they will do quite successfully.
As a reminder, STU have missed on Karbine. Acracia 1,2 and 3, Worrior and Kiwi all hit.
OK, so Kiwi was marginal (probably single digit Bcf), but it'll still make money once Panning block gas is drilled and hit.
In the meantime, STU have about 800 bopd from Worrior, and the same from Acracia. That's pretty healthy cash flow.
Ian Whitchurch
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