o & g weekly comments

A couple of comments by John Campbell in O & G weekly that will be of interest to forum followers.

Firstly:

"Cooper Energy will drill the Menzel Horr well on to the next formation over this weekend after tests of the zones which had shows failed to return moveable hydrocarbons.

If this well is a dud we expect Cooper to drop to around $0.33.

But bear in mind COE also spudded Parsons #3 a development well in the Cooper Basin last week. That could have a result, and most likely a positive one, late next week.

So we will look to buy Cooper Energy on any post Menzel Horr dips in advance of better news we think we could expect from Parsons #3."

So! a prediction of a potential up & down in a week. Should get some interest from day traders; but, what if both wells have positive news? especially with the other 10 'back to back' Cooper Basin wells with a target of 2 MMBBL over the next few months.

Then there is the takeover speculation by JC:

"We are also wondering if Cooper might be the next Cooper Basin player to fall to a predator.

As with Stuart Petroleum the market has undervalued COE?s reserves. Were it to become a target the offer price would have to be well north of where the shares are today, almost at cash backing.

Who could buy it?

Maybe AWE Ltd. Or even Beach Energy. Both have shown a willingness to grow through acquisitions and mergers. With Tapis oil at $115.90 a barrel, the small Cooper Basin oil pools are very profitable indeed their size no longer a disincentive to would be marauders."

One way or another, we are in for an interesting week.

And, don't forget the Polish 'Pola Oil Field Appraisal' where, from the September Investor Update, COE reported:

"40% share in Joint Venture with RWE"

"? 7 million barrels (P50, 100% JV)

? Pola-2 (frac) is key to economic viability of field"

and

"? Key well test data expected by 2Q11"

Note the 'by 2Q11" not in 2Q11; so information on this prospect expected in March.