hartleys valuation 95to133cps , page-7

The Hartley's recommendation:

Cooper Energy Limited (“Cooper”,”COE”,”Company”) has two potential company making wells scheduled for the next six months in Indonesia. Firstly, the rig has been mobilised to drill Kurnia-1 (COE 30%) in Sumatra. Kurnia-1 is expected to spud in mid July, targeting recoverable
hydrocarbons of 200mmbbl oil and 256 BCF gas. Secondly, Gurame-6, in the Seruway PSC in Java (COE 22.5%), is planned for H2 CY2007, targeting 400–2,700BCF recoverable gas and 20-150mmbbl recoverable
condensate. With Kurnia-1, eight Cooper Basin wells and Gurame-6, the Company will have significant newsflow over H2 CY2007. As well as the active drilling
program, Cooper has planned a 1,000 km 2D seismic survey to be shot next month in the Bargou Block, Tunisia (COE 100%). The quality of assets in the Cooper portfolio continues to grow, underpinned by the
Cooper Basin ‘cash engine’. With the impending commencement of Kurnia-1 and an active second half, we have upgraded our recommendation for Cooper Energy Limited to a Speculative Buy.