Ann: Quarterly Report - Q1 FY24, page-36

COE hit pay with its first well drilled in the Cooper Basin, after which it was named. Then had several other successes in the same basin.

Then the luck ran out. So, it ventured overseas to places like Tunisia, Indonesia, Poland etc. All duds, and some expensive duds.

The strategy then moves back to the Cooper basin, in a limited way. And picking up near end of life assets, usually offshore, with significant abandonment obligations.

Apart from the early bright spots in the Cooper, it has all been downhill from there.

The last MD has always had a fascination with east coast gas, as evidenced by his involvement with BG (which ended badly for that company). Moved the head office to Adelaide, where his wife is from, and he worked for a number of years.

COE now has dwindling production, clapped out assets and significant abandonment obligations.

Hard to see any upside.

I got out years ago when Maxwell became MD.