looks like something is up, page-5

good value, cooper alone I don't know anything about extra-basinial rumours, however I have stressed in several recent postings what good value I believe STU to be, based solely on the Cooper basin business. I've also since the last QR, more than tripled my modest holding that I have held since 2003. I see STU as a longterm holding at or around the stake I have.

I reckon anticipation of a little more prdn from Worrier and Derrilyn, perhaps Harpoono is good, perhaps significant offset of reserves decline.

Hedging down to quite minor levels by 1 July will give profitability per barrel approaching COE (who are unhedged), and should boost perception and the sp.

Refinery FID in April, presumably with details of (and much warranted gloating about) the attractive economics should suprise many who see STU all wrong, or not at all.

Best of all, the development and production from Padula and Toporoa over coming months should have a huge impact on cashflow and confirm a step change in reserves.

Then there is further exploration, eg Dalray, coming up. STU's nearterm drilling agenda may not look as exciting as some, as they are mostly doing development and appraisal wells at present, but a company of this size with 2 rigs flat out on mostly 66% to 100% held acreage is reason enough itself for some shareprice action.

I'd say the sp movement has been a few small buyers with better timing skills than myself getting in "just in time".

One of the things I like about STU, is that it is easy to understand for someone without geo skills. They have acreage, generate mostly low risk propects, drill holes, boringly produce oil & money, and grow the company.

I"ll be delighted if they pick up some good overseas assets, as I don't reckon they will do a deal, unless it's robust, with very little downside, and stepchange upside, suited to their skills.

Just my opinions, but well worth researching.

Entropylord