takeover dead, page-7

Jessimore,

I am not sure I know much at all, however I try to look at the changes in the underlying value, rather than focus too much on the sp.

In the case of IPM I also bought most of mine around $1, mostly 1st and 2nd Q 08. I only wish everything else I had or had bought was only down 18% (12% net of dividends).

More importantly to me is:
* Edirne has prgrgessed well as an asset, CF positive late 09.
* The Californian assets have appeared, and look like low risk, high return. Probably CF positive sometime 09.
* Selmo. Has always had upside. Recent positive prdn gains, I expect more as the 09, 010 program unfolds. [I suspect COE is being unrealistic, perhaps even naive, certainly underestimating the field complexity in simply stating they will accelerate drilling].
* Turkish exploration. Looks to me they've been building longterm options.

Meantime 6 cps pa dividend (6% on our entry levels, 7.5% on sp now).

Cooper have dissapointed in contrast, and this bid has really made me have to compare the two sets of outcomes. All COE really has to show for 5 years is what BPT and STU have done for them. Even their own limited efforts as operator in their northern CB permits were overhyped and in hindsight near farcical, with parrallels to the latter Kurnia (where they even stuffed up the free carry farmout to the point where we must have paid more than our equity share, LOL NOT).

EL