how much left in the kitty, page-8

EL
you need to include the value of IPM shares value in cash equiv calculations, if you dont then dont include reserves in IPMs value as it is just as illquid, furthermore you included MOS in cash backing when you where a fan so dont change the basis of your calcs. I am also amazed with your keen interest since you sold down - remember what you said to TM about the ex girlfriend. Has coe become your ex girlfriend?

guys - the decision is prudent, it ensures underlying value continues to increase as cash is preserved. I hope they do the same analysis with hammamet, unless they farm it down as part of Bargou

The difference is cooper can with its solid CB basin cash cow take some international risks. As long as they continue to replensih reserves (and i really dont care you does) then they continue to accumlate cash to acquire permits and drill where appropriate. In terms of their failures, I would subscribe to this theory that they where solely to balme if they went it alone, however with Kunria and Gurame other companies backed the decision with cash.

Management has dropped a couple notches in my eyes for their failure to buy back shares and their relativley high packages, however todays decision proves they are not careless cowboys that will blow the cash.

I hold with comfort knowing this compnay is not a marginal producer, has no debt and will not be dissappearing no matter how bad things get, and if the market recovers so will COE.