going up, page-7

attn b2 I think the market has over-reacted to Arwon on both COE and STU.

Beeville is having more impact on STU than it should ... it's a 1 mmbo target, and STU paid in at even money for 20% (ie about $300k).

If it comes in, it's only worth circa $3m to STU, which is about 5% of their market cap.

If it doesnt, well they pay for it out of cash flow during the drilling.

But it's causing STU to gyrate between about 91 and about 97 cents ...

COE is it's usual self ... over-reacting to bad news. I believe that they are working on several deals, but we dont know when those news events will come thru - could be days, weeks or months. In the meantime, they will continue along making money from Worrior and Christies.

Ian Whitchurch