more positives, page-183

I have much admiration for STO (many a time thought of exiting all ASX O&G positions but for BRU & HZN and putting the balance in STO). IMO STO is the premier operator in the Cooper Basin and BPT is akin to Jethro.

(Still think long term that STO is a perfect acquisition target for CVX - just fits so nicely into their LNG strategy and STO has done much of the heavy lifting CapEx already.)

The work which STO has done is to the West of BPT's PEL218 but still very relevant to our JV. If I were CVX I would be paying a lot of attention!! - especially since CVX needs to make a Stage 2 decision.

Here are 4 slides from STO Dec'13 presentation (just a little different to the Dec Investor pres they released). The last slide shows that even STO can change their mind as back in May it was approx 3 appraisal wells and approx 9 development wells in the Gaschnitz pad. STO are on their way to developing a production pilot pad - that has to be getting CVX attention. Just has too!

Also I think the terminology they use is more definitive - just like what I was saying with EIA data - it was just the shales - so the REM and not the deeper BCG from Patchawarra formation. May help the way we talk about our acres.

If the belief is our acreage is "sweetest spot" then our results ought to be better also.

Here is link to STO preso - only 12 slides
http://www.pir.sa.gov.au/__data/assets/pdf_file/0009/214677/0945_C.Greenstreet.pdf