major shareholder, page-8

Hellyeah,

Yep, I'd think the COE loyalists will be sweating it for how they will ever get their value back. Although MS will no doubt present it that way there is no way that their IPM holding can be treated fairly as "cash equivalents". With their script now bloated to 292mm and their cash payout to the new shareholders COE cash backing must be little better than 20 cents now. Market will heavily discount their holding in IPM as it does their oil reserves as clearly confidence in COE's management is not high. Taken on a lot of permits where hype and eventually drill one well, then all goes quiet. Becoming apparent they have incoherent strategy, poor focus and poor execution skills. Nevermind, for us they are just AN Other shareholder.

IPM at least has some decent new production to look forward to over the next year, plus a little exploration interest. Add a better poo outlook sometime next year and our sp should pull well ahead relative to COE's (depleting) cash based sp. Their drilling won't help, as it becomes imminent the market will look at the cash hit vs potential jackpot very unfavourably.

Not keen on oil stocks in general atm myself, but this one at least has a few supporting attributes, short, medium and long term. Little hype, just technically strong, all shareholder aligned management.

EL