Ann: Maari Presentation , page-20

Woofa,

"I would like either you or ron to tell me a better oiler for the money as you say there are plenty. name one so I can check it out . "

I never did say their were. I was dismissing the use of last years PE. I never even said there was one better oiler.

Furthermore wrt WPL I actually said that it wasn't comparable on PE criteria.

I don't claim to know all the small oilers, but CUE is about the only one I still have reasonable confidence in, and in which I retain a sizable holding. This however is Not because if it's PE. You need twenty plus years of stable production foreseeable before you can starting thinking about oilers on PE terms. No one knows what CUE will be producing in even 10 years, not even in 5. One thing is certain, and that is the E that can be banked on, ie from existing projects, will be a fraction it is today in 10, if not 5 years.

I like CUE because I am convinced that it is reinvesting cash flow wisely. If I had spare cash I'd probably be buying quite a lot more ATM.

That CUE sp doesn't behave with the same exuberance of MEOs is not a fault, and does not need to be "looked at".

EL