quarterly report - the high points

The big surprise for me is that Acracia is now going at 1600 per day. STU's share of that is 75%, or about 1200.

Worrior is also going at 1600, so that makes 2400 bopd share for STU.

At net A$20 per barrel, call it a net fifty grand a day.

Full year production is expected to be between 300 and 350 000 barrels.

4-7 well program for 2004, depending on farmin arrangements "with various local and international companies" (I could tell you more, but then I'd have to kill you).

The short version is the company is spewing cash, and using that to drill more wells and build infrastructure. The note about increasing their bank facility should reassure those of you worried about a share issue (which just aint goanna happen).

All in all, just what I expected.

I wish I could buy STU right now ...

Ian Whitchurch