ann out new issue, page-7

El

I felt the same way that someone was buying COE today, not just average investors. It seem to have some volume and size behind todays orders

Recoop, I agree with the point you raise against ELs IPM expample, no seller but no buerys. Infact my view is given that IPM has the protection of a bid, and even if there was only 25% chance it would succeed, that chance, plus IPMs undervaulation would make me think people would be more willing to buy since it so cheap. How do you explain the lack of buying interest.

EL, you also keep claiming MS is maverick, up himself etc. Doesnt the logic of buying IPM (from a COE perspective) simply prove he is a wise investor, he has simply, after reviewing many opportunites concluded that IPM is the best buy, just like you.

Assuming the cash plus shares bid was successful, that would mean an additional 159.3 million shares. Therefore the combined company would have 411 shares on issue and prod of approx 900k barrels prod per annum plus gas income and about 45 miilion in cash. (Assuming IPM have 5 million n cash). Therefore will still have about 11 cents per share in cash and an income that would deliver big exploration without cash depletion. i see the logic of the bid, but I also undertand EL how for you, it probably advantages more the COE shareholder than the IPM one over the medium term. Never know mate you might have two takovers on the table,one or COE and one for IPM.