stuart up 8c, page-11

re: great value, some numbers Good observation Brunette,

I have used the concervative estimate of $10 a barrel for oil in the ground.

At todays prices,and for oil in the Cooper Basin from producing wells it could be arguable more justified to value this oil at say close to $20 a barrel.
(I am sure that Ian will jump into this argument)

This would bring the valuation already to todays Market Cap, disregarding value of Exploration tenements which are in Stuarts case very prospective.

It also disregards any value for upside from the exploration program which has a history of above average results in Stuarts case.

Last I would like to point out that his company has the possibillity to make a profit in the next 18 months equal its own Market Cap, this in my opinion tells me a lot of why this company is undervalued.

As always comments are welcome.

jojo