If You’re SXY and You Know It..., page-57

We've gained a bull at the expense of COE...

Cooper Energy loses a bull after ongoing issues at its Sole gas project in Victoria state alters the stock's risk-reward balance for Macquarie, which now sees better value in Senex Energy and Carnarvon Petroleum. "Clearly a surprise rampup in Sole production can drive upside to the stock," Macquarie says, dropping to neutral from outperform. "However, we also see realistic scenarios where there could be meaningful downside (e.g. more extended outages, renegotiated gas contracts)