Re Kurnia, they are shooting siesmic over the region now and if it is positive they will look to farmdown a Kurnia appraisal well and free carry. MS is not sure where there is value however COEs exploraion manager believes there is a big gas resource, so due to differences in opinion company is not willing to pay for appraisal but are willing to farmdown.
Gurame - JV partenrs met last month in Indonesia, reviewing geological model. MS said the process will take months but he feels there is value in Gurame.
`Cooper is creeping back up, some buying and volume has returned. I think we will see a move to mid 40s soon
I think any buy back decision is resting on potential acquisitions. I have no doubt of there was nothing on offer MS would commence a buy back.
If anyone is interested page 6 of annual report goes into detail of why MS got a cash bonus, I wont spoil it for you, have a read - I think it is amusing. All I can say is lucky we didnt find oil in Kurnia, we would have been up for a 50 million cash bonus to MS
COE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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