ann out new issue, page-9

Jojo,

"What bothers me most in this current take-over of IPM is the fact that the assets will be spread all over the globe." Glad someone other than me can see that. Made that point myself a couple of days ago.

"It will be a good investment for COE if all goes well and IPM can keep doing where they are good in and have a large corner stone investor." I wouldn't have a complaint there either, a PASSIVE investment would have me thinking Scott was an "astute" investor as Auto would say (well maybe after MOS I'd need to see more).

What some people seem to be missing is that it is not just geographical spread, but skillset spread, and management depth and experience which should concern people about COE's aspirations. You don't just go in take out a team's founder like McGann and expect the team to not only stay intack, but grow in the way that it was. This is about people as much as assets, and I think this is a point Scott and co have overlooked.

Also lots of things to handle well which are partly relationship derived, eg with the Turkisk govt via Australian agencies. A hostile bid does not help.

COE's best success has been PASSIVE investments in PEL 92 & 93. Stick to your skillset Mr Scott, don't go killing geese for a couple of golden eggs.

EL