Ann: Cooper Accepts TransAtlantic Bid for Increme, page-6

re: Ann: Cooper Accepts TransAtlantic Bid for... Triage,

I think you sum up the market view, however I do NOT believe COE will now move back towards 40, would have, but post the half baked IPM fiasco it is sans credibility, waiting to blow $88mm.

Remember had the market held better, or the poo held better, then the original bid was extremely opportunistic, naive and doomed. They started out irritating IPM shareholders whilst expecting them to take COE script, then played right into TPA's hands by going final when goaded to, getting themselves sent off field, while TPA got to play with the ball all by themselves.

Clumsy at best, from woe to go. On top of MOS, the very expensive "free" carry for Kurnia, the expensive sure thing in the Seruway permit, an overpriced farm in to Hammamet, fairy elephants in Bargou it no no wonder the market isn't willing to trust the $88mm will be well spent.

Trouble is I am not sure any of the board has served an apprenticeship as an oil finder, or even as a savvy investor. They can thank their original geo for picking PEL 92 and PEL 93 - bring him back!!!

EL