battle over 26 cents continues, page-5

Sushi,

Personally, I think there is a fairly large-scale turtle trader operating with COE.

They were trading in a 23-25 cent range - buying in 100K blocks at the lower end, then selling at the higher.

Never the less, it's broken thru 25 cents, and now appears to be floating around 26-26.5 (note the lack of trades at 25.5 recently).

As far as bad news affecting COE, I just cant see it.

Worrior is their key asset, and it's going to get upgraded rather than downgraded, and Sellicks and Christies are producing steadily ... and sooner or later they'll tell us about the jet pumps.

The reaction of the market to a decent but not great gas find by INP shows the Cooper is a hot area, and COE have cash in the bank, reserves in the ground and good cashflow.

I dont see them going ker-boom with 20% in a week, but I do think they'll edge up about half a cent every couple of days for the next month or so.

Ian Whitchurch