ipm qr tough for coe to match

Hi COEers,

IPM's QR out today. Not a lot of point you guys bothering to read it though as you won't be getting your hands on the assets.

Therefore I"ll let you know it was a cracker, production up 18%, A$ revenue up 18%, and no doubt profit even more.

Also as well as developing Edirne, and the imminent free carry oil wildcat in Central Turkey, IPM has two low risk gas appraisal wells in California in Nov/Dec (twinning previous ancient discovery wells) and an oil well after that. KMD production will wait until next year though.

Current year PE should be closer to 4 than 5. Substantial production growtrh should more than arrest any poo decline in coming years just based on the lowest risk/high probability stuff.

What's all this got to do with COE - well very little except envy from the COE boardroom roulette table actually.

Trimmed back to it's namesake COE would be great, but small, alas too small for high salaries.

EL