kurnia was a free carry, page-10

Pulse,

I was thinking the exact thing that STU would be a good acquisition for COE. it would more than double tjhere reserves and result in a prod profile of over 1 million barrels of oil. the payback would be very quick

The low shares on issue of STU is a big plus, can you imagine what they could buy if the issued another 40 million shares. The could acquire a Gurame, or at least a Tunisia block very easily

just because a stock trades at a certain price for years does not mean it is not a good buy today. Bazzard is the equivalent to Kurnia from an STU perspective

dont get me wrong- still think COE is a good stock for all the reasons you mention, all I am simply saying is in my opinion STU offers a good risk reward profile. ( I aslo dont mind hedging part of ones oil production either.)