negative enterprise value per barrel, page-11

Trader,

Anything in resources that isn't at least 25, probably 30% up from it's lows probably needs some extra thorough DD imho.

COE is deeply undervalued based on easily liquidated assets, cash plus the CB reserves that could easily be sold even in this market.

However one always has to look at what will be done with the assets, what value destruction might occur, what blackholes they might be attached to. And indeed it is in this respect that that market is viewing COE, TAP, BRU and no doubt a number of others with the same mind. Neither NZO nor PPP are exactly overvalued based on cash plus reserves either, and neither of them have made a series of value destroying steps - nor look likely too.

COE desperately needs to show a change of management form, and for that new faces are required. I am not even sure that a discovery in Hammamet would add substantial shareholder value given my only broad view of the required capex and of the fiscal terms - Fuschia certainly doesn't look like a potential company maker to me, and then the pos is not huge.

EL

EL