to, page-2

Hey Auto,

Cooper's AGM is Wednesday.

Should be interesting if any new presentation comes out of it. I hope you voted Auto.

What would you do with Cooper's funds if you were MS?

Just with the CASH commitment outlook on page 15 of the Sep 2008, our maximum cash commitment outlook with Seruway now exited is 41 million. Hopefully South Madura goes with it. I expect this won't be too far away. Not sure if we are committed to drilling another well or to spend more money on this permit. That will reduce the high end to 38 million made up of 25 million for 2 wells at Hammamet for 25 million, 1 well onshore at Bargou for 10 million and roughly about 3 million for cooper basin drilling.

Lets say we have:
60 million in ACTUAL cash at the moment (may be more)
Spend 37 million on exploration in the next 12 months worst case)
Earn about 45 million in revenue the next 12 months.
8 million max on admin, salary, takeover costs of ipm etc
We will still have the same cash at bank and a few spins of the roulette wheel.

Do you think Cooper should go after more acquisitions, buy some more farm ins or reserves with surplus cash or save the cash to complete the IPM takeover.

I am asking what opportunities we should use our cash for cause I Emailed Mike re buyback.
He said:
"Board continues to discuss buybacks but shareholders have misplaced optimism on their
success. Look at Salinas Energy as an example.

A buyback indicates that you have no further opportunities to invest your funds into".

Can't say I disagree. Other buybacks like IGO,CDU have only held up price for a couple of days. At the end of the day share price is based on future earnings. I just hope the opportunities he has are not blue sky ones. Oil is only $50 now. Perfect time for some opportunities of some farm ins, buy reserves etc. Must be alot cheaper buying reserves like IPM with oil prices at these levels then trying to find it.

I just hope he does something. If he does nothing, he may as well do a buyback.