Dexter Agree on all points, west Hammamet dangerous and no doubt...

Dexter

Agree on all points, west Hammamet dangerous and no doubt costly, and Menzel Horr is now the only decent prospect from a risk reward perspective. This is where I see failing, its ability to acquire permits in the last two years. When oil was 120 plus, the argument from them was opportunities were too costly, then in the GFC hit and the only thing they have managed to acquire is the Indonesian permit which even they admit is break even and strategic vs revenue generating.

While COE haven't had anything to meet their risk criteria, Tap have acquired a Ghana permit with a one well commitment near billion barrel oil fiedls, AED have farmed into Brunei which looks promising, RIA have acquired many prospects, CVN have acquired good Indonesian propsects etc etc etc.

To add insult to injury, COE have expanded their share base and thus insured the size of the prospects need to be even bigger to have a good share price impact. However the most insulting part is they are trying to argue in their last preso that market cap is an indication they have grown the value of the company even though 90% of shareholders who bought in the last 4 years are under water. The only reason market cap has grown is they have issued more shares at higher process and retained the cash. despite the harsh criticism, doesn't mean I wont buy back in at the right price, however I am definietely less positive about the ability of management