re: attn b2 B2,What exactly dont you like about STU's management...

re: attn b2 B2,

What exactly dont you like about STU's management ... especially compared to, I dunno, VPE's.

STU have never overpromised and underdelived, for a start.

I see VPE as a speculative bubble, pure and simple.

Yes, unlike 2 years ago there is some reality under it, but Rookwood is not as good as some people hope, they only have 5% of Jing and 35% of Rookwood, and by my numbers this means they can't support a lot of Cooper drilling in FY04-5 ... they'll need to pay around $600k for oil wells and call it a round mill for gas wells.

Add the admin costs, and I just dont see a sustained drilling program without more share issues (Ventura will help, but at 200 bopd, thats roughly $6k a day of cash flow split between everyone. While nothing to sneeze at, a years Ventura production pays for only about 1.5 wells).

Ian Whitchurch