research report, page-2

Manz,

You need to be aware the comparision with COE ignored several important points:
1) COE has about A$20 million of cash, and it's Cooper basin operations are already hugely cashflow positive.

2) This pile of cash is despite it funding a very attractive international exploration portfolio

3) COE is now really an junior international explorer, with a great CB cashcow. I would say 1/3 to 1/2 COE valuation should be ascribed to international assets.

This would leave a "CB only" non-cash comparision more like A$40 to 50 million. Then note COE has only got that valuation after being cashflow positive for nearly 2 years. Much more sobering.

I wasn't impressed with the RM research.

Entropylord.