get on b4 its to late!, page-8

Anyone care to comment if I my sums are in the ball park. Speculating the value of COE, on the P50 assumption of South Madura, if the well is successfulll.

South Madura (COE 45%). The license is immediately north of Oyong (15mmbo and 120bcf of gas) and Jeruk (pre-drill undiscovered reserves of 170mmbo) fields.

Drill planned Q1 of CY2006. P50 estimate (see latest presentation) of 199mmbl discovery*.45 = 89.55 mmbl to COE, based on a A$10/bbl (afraid to use A$20) for discoveries not yet developed = A$895.5 million divided by 140 million shares = $6.39 per share.

These are conservative values, this does not include a valuation of possible gas find with P50 estimate of 256Bscf * .45 = 115.2bcf to COE at possibly $3-4million/bcf
115.2*3 = $345.6 million divided by 140 shares = $2.46 + 6.39 = $8.85


So a $10 share price for COE in the next 18 months on success of South Madura P50 assumption though extremely optimistic is not out of the question.

Please make your own calculations as I’m no expert. cheers