now here's a laugh :-))

This would have to be the funniest bidder's statement that I've ever seen.

(check out the spelling, typo's & grammar)




COBRA RESOURCES LIMITED 2003-05-07 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
The company advises that it has received the attached document titled
"Bidder's Statement" from Mr Stephens. The company is seeking legal
advice as to the effect of this document.


Make the following conditional offer for all Fully Paid Shares in
COBRA RESOURSES LIMITED of Western Australia

The offer is a CASH Offer one quarter of a cent per fully paid share
Funding for this offer is private cash

Broker to be nominated within 14 days

I make this offer on the condition the company and its share holders
agree to sell all shares listed in Cobra Resourses Limited to me, so
as I am able to hold 100% of the company.

The company would be delisted from the ASX as a delisted company
there would be no shares inssued or for sale in the company.

I have made this bid based on what the directors them selves have
valued the company at with their current offer.

I am offering to buy this company as I do not beleive the current
board have its best interest at heart or the interest of the share
holders.

I currently hold no shares in Cobra Resourses Limited nor have I held
any shares in Cobra Resourses Limited for over 12 months, nor have I
traded in the stock either privatly or through any other person or
company.

I am unable to purchase this company or its shares in any other
manner as I am barred from being a company director or manager due to
actions taken by the ASIC.

The action taken by the ASIC was unjustified and will be chalanged in
due cause.

I plan to put the North QLD sites into production within a short
period of time after taking control of the company, and also plan to
do the same with the other off shore leases.

I believe that the company Cobra Resourses Limited is of great value
and can and will be very profable over time with the correct
managments team in place to run the company as a private concern and
not a public concern.

I will not purchase any part of the company shares anless I am able
to obtain 100% of the shares as I have no confidence in its current
managment and Board of directors.

If this offer is not taken up by the Board and the current share
holders then it may be that I will attempt to buy all stock available
on the stock market, but as yet it has not been decided to take this
action antill the Board and the Share Holders of Cobra Resourses
Limited have voted on if they will accept my offer.

I have made this statement about my background and my intention in
relation to Cobra Resourses Limited so that there can be no
misunderstanding of what I intend doing or the actions I may take.

Any share holder that may have questions can contact me through the
postal address of P.O.BOX 590 BELMONT VICTORIA 3216 and I will
respond to them.

All ASIC and company regulations in relation to a take over will be
acted upon in relation to this offer.


Terry N Stephens