drilling success in the worrior field, page-11

EL,

I think you are being ultra conservative with your reserve assumption and therefore with the 3 cent per share valuation you ascribe to coe for these wells. For a company to comment on the likely productive ability of a well, I would suggest we have a decent size reserve increase on its way.

The point is these wells in combination with callawonga coming into production will mean coe should easily exceed 300kbbls of oil this coming year. In addition it should help to extend the size of the production profile over the next few years.

So far of the five wells, 4 have had success to some level. lets hoew we keep this strike up. I feel much more comfortbale now that the intrinsic value of the shares has gone up further and a good level of profitability will be assured for a least a 2-3 more years