amazing, page-14

El

I really am amazed by your emotional commentary - the way I see it, all COE is trying to do is take over another company. Your comments seem to be getting more unbalanced by the moment. Ofcourse in a hostile takeover teach side is going to use everything at there disposal. Recently you questioned COE's comment about the billion barrel potential of Bargou, and all they said was "potential", as hype, however when IPM willingly sanction a ridiculous valuation to defend the takeover bid your overlook it.

Its a battle and COE and IPM are both going to stretch the truth. I remember reading your IPM posts a long time ago when I was thinking about buying IPM and you were saying you were dissapointed by the money spent on Selmo development and lack of success. It seemed back then you where willing to discuss the good and the bad. Again, I have no doubt IPM is a good company, well run and undervalued, but you really must try to be more balanced. Upto now you have not explained the dividend, capital raising and buy back all within a few months

I also COE are still using the 65 million June cash figure, not the 74 milion cash equiv. Perhaps they should use "cash on hand" that IPM are now using, which is obviously not net cash and COE should claim they have 85 million.

My point to all this is the current tug of war is a bit of a game.