time to sell , page-12

Time to sell............NOT.

Back in July this year COE had just spudded Kurnia-1. A potential company making 200 mmbo oil target in the primary Kujung carbonate target.

The share price was at about 81.5 cents.

Today we are a little above that (84.5 cents).............but what have we achieved in the interim.

1. Kurnia-1 successfully drilled, albeit with some delays, to total depth. Hydrocarbon shows oil/gas in the secondary and primary targets. Now a production test, at least one, in the primary oil target. Nearby wells, namely West Madura see CNOOC ann 2002 produced oil and gas.

"(Hong Kong, December 13th, 2002) - CNOOC Limited (the "Company", SEHK: 883; NYSE: CEO) announced today the successful completion of KE 40-2, an appraisal well on KE 40 discovery in Madura Block in Indonesia.

KE 40-2 was drilled to a total depth of 7225 feet and encountered 174 feet of gas pay in the Kujung I carbonate build-up and 28 feet of oil pay in the Kujung III limestones. During drill stem tests, pay zones in the Kujung III limestones flowed 1430 barrels of oil and 6.86 million cubic feet of gas per day on 64/64" choke.

The Company has a 25 % working interest in the Block operated by Kodeco Energy Company, Ltd."

So all bodes well.

2. Successful Cooper Basin developmental OIL wells namely,

Callawonga 2, 3 and 4.
Worrior 5 and 6.

3. Successful exploration wells namely,

Cleensweep-1
Parsons-1.

4. A major SPP and cash raising allotment giving an extra 60 million AUD to COE. Plus an extra 100 million shares on issue to boot. This dilution came with a plus.

5. Tunisia - Hammanet PSC farmin. That contains a potential non-completed oil discovery.

6. Guarme6x well to be drilled 1st 1/4 2008. Large gas prospect already discovered. Commerciality the only issue. Near a underutilized LPG plant.

This has to be one of the best junior oilers that is not only making money from oil production, has reserves and now an international oil/gas drilling program in 2008.

84.5 cents........................sounds cheap.

All the best to the regs. Have been watching from afar but still believe like JoJo that all good things come to those who wait with COE.

Pulse.

PS DYOR above is my opinion and gut feeling only.
I HOLD.