agm, page-2

Overall i found the presentation very irritating

let me explain why
1. I agree with Ron in regard to cash - they keep harping on about it like the earned it
2. The say they made small profit on ipm - the bought the on market parcel at 115 from memory then issued shares at the equivalent of 30 cents and they paid Euroz over a million dollars for the advice - could have raised some cash today by issuing 33% less shares - I see that as a loss not a small profit
3. Tazerka not mentioned - I am told by an analyst today that this has been pushed down the priorities - would be good to be informed.
4. MS refers to COE as a speculative growth stock hmmmmm
5.Fuschia 1st quarter drill reliant on rig availability
6. Don't mind them holding cash for acquisition but don't agree about holding it for development - because if they were to succeed in finding oil in Fuschia or Hammamet west SP price would be much higher so best to issue capital and raise development funds then. Also development of either would be 2-3 years away min

Overall I am disappointed with relatively aggressive presentation that seemed to suggest a take it or leave it approach.

I think pre Fuschia we will be relying on the TA traders to take this higher as it doesnt seem there is much else to take it higher by via of JV or drilling in the next few months