Ann: South Perth Basin Farmout to Pilot Energy Complete,PGY-EGO.AX, page-33

Disteric, I wasn't particularly pointing to a specific share price on a particular day - whoever said that our market is supposed to be efficient must have read it from a textbook in my opinion, theory and practice usually aren't the same from experience, I was more talking about the overall drop in price over the year or so....to me the market has spoken about the company via the continual drop in the market price. I am sure there are lots of buyers at these prices but that doesn't mean that the company hasn't made bad decisions though and that effectively the market has spoken about the value they think of the market. I wouldn't sell my stock at these prices either... so its not sellers faults....and equally if I ws a buyer putting more money into this stock I would have to question how much do I really want to buy it - if a little - hide my buy as you say, or if a lot, then its a question of timing, when do I get in and how much to ensure I get it. I suspect there are a few companies who probably wished they had of bid more than 45c to buy ERM's stakes, and because they didn't, they missed out...ce la vie

I assume your one of the buyers LOL - but seriously if buyers thought we were way underpriced then surely as a buyer you would buy as much as you can up to some sort of set price to ensure you can get something to make profit, otherwise as a buyer if you don't get any, you cant make any profit - ie you have to be in it to win it...

Obviously there are no other buyers out there like MIN who are prepared to pay a premium to market to get what they want - regardless of the reason they want it..