arrived and no one wants it, page-9

From previous buy-back observations in AMU and SAE I have to say there is very little evidence to suggest that this action is actually SP supportive, at least not in short term.

However the low liquidity in IPM and the obvious value of signaling to the market that the SP is undervalued make this a reasonable exercise.

True value will be unlocked by maintaining the dividend, keeping SELMO production steady or higher but mostly from the commercialisation efforts of the rather large gas reserves in Turkey, and US and TURKEY drilling [these will happen in 2009].

Great value though here under $1 for the patient, I will be accumulating more in late 2008.