tunisia, page-18

Pmunt,

"would you prefer to invest in a company that limits drilling prospects to > 1mmboe? C'mon EL - get real or get out!!! Go get some 'safe' bank shares and eliminate the risk of the junior oilers; but! don't forget that all of the larger oilers were small in the beginning."

Three years ago I had an investment in a small Cooper Basin explorer/producer with about 120 mm shares, $25mm in cash, who has since then produced about a million barrels, and still has about 1.4mm bbl in reserves. Imagine what that investment would be worth today, if they hadn't embarked on expansion? I'd hazard perhaps 80 cps??? rather than 40 cps. Imagine if they'd paid out fully franked along the way. Would have recieved about 40 cps, and would still have a 40 cent share earning about 15 cps fully franked.

Bigger is not always better, esp for shareholders vs directors. It's about cash, ROE, reinvesting in high ROE investments or else paying the cash back to it's OWNERS.

I remain very happy with my high ROE IPM investment, and I do not own bank shares, only ever one small parcel many years ago.

EL