vote against adopting the renumeration report , page-15

EL

Why arent IPM shares liquid - isnt there a cash offer at 1.05 on the table? lol. I do appreciate how your views on the market and stocks has changed.

Recoop - I do think a buy back is a serious consideration and I also agree cooper is a TO target. COE will struggle to defend it for the points you raised plus lack of Divi. I know that early this year a takeover price would have had to be 80s plus for it to be a true risk whereas now I think something in the 60s even 50s would be a done deal

We have all made our thoughts known on the company and management. For me the management have done and ok job to date and there ability to take advantage of the market falls by buying back shares now is key to how highly I continue to rate them. In my view I see absolutely no reason not to buy back shares.

Time will tell and I am keen to see if my faith in the management is vindicated.

In a couple of weeks we have the first small drills in the CB. Although by no means company makers if succesful that should add 1-2 quarters of production. This would mean that we could replenish reserves drawn in 08/09 so far, with a chance of increasing these once the west flank drilling commenences next year. Cooper basin success is very important to cooper as it provides the cash flow for future growth so I personally value every find in the CB, specifically since they can produce very low cost oil