a late night thought , page-4

Jesimore

I assume they would have realised an Australian oil price of about $130-135 over the 3 months once you include theie few dollar Tapis premium. Avergae oil production I would also think is sligtly higher at about 1,100 barrels per day, as prod. for the last month and a bit would have been about 1,300-1,400 bpd.

Once we see some stability in the markets, a few oilers will quickly be rerated. I agree with Cugel that I dont think 90% will be achieved, however a big holding in IPM is not a bad investment. The small oilers have been sold down as if theye where zinc or nickel producers. Where nickel has dropeed about 65% of its peak , in Aus dollar terms oil price only about 20% of its peak. In addition as we all know Cooper is a low cost producer at around $20 dollars a barrel. Therefore they still net over $100 per barrel.

I would think a takeover for cooper would not occur until the IPM matter has been worked out. Whether successful or not COE will be a very good takeover candidate if it doesn't get re rated soon.

Tapis in Aussie dollars still $124, 8$ higher than last years average oil price Cooper achieved. If we multiply this quarterly revenue (whatever it is) by four, that should provide as with a good indication of the annual revenue Cooper will achieve in 08/09. I think we will come in at around 12.5 -13 million.

The big question for me is when MS pull the bargou rabbit out of the hat. Before Nov 3rd???