major shareholder, page-26

Jovial,

Those that wanted to/needed to take cash out of their portfolios probably sold some on market recently.

It's those that were dudded into taking COE's script that might be feeling a little dudded, rather than merely dissapointed.

$xx million for the 30% FREE CARRY Kurame, $20mm for the near certain Seruway chocka full of exciting appraisal and exploration (after issuing 10% of the company for it in the first place). Now going to spend something like $20 mm for a crack at 30% of a mere 25mmbo target in the fiscally challenged Hammamet permit. One wonder what kind of elephants the fairies have been telling stories about in Bargou. We know from bitter experience with COE they will be expensive, presumably white - in this case I prefer black.

EL