undervalued????

COE must be one of the juniors due for a rise in the share price with added production and oil revenues happening as we speak.

Just some number crunching.

COE COOPER ENERGY NL

shares on issue approx 137 million
market cap 33 million
share price 24 cts
cash in bank (as per 30 june 2004) 9.5 million
combined proven&probable oil reserves 1.2 million barrels and growing

Oil Production (current)

worrior 1 = 1200 bod COE 30% = 700 bod
christies = 500 bod COE 25% = 125 bod
sellicks = 130 bod COE 25% = 32 bod

Total current production for COE = 875 bod

Added Oil Production (new wells)

worrior 2 = 2000 bod COE 30% = 700 bod
christies 2 = 1000 bod COE 25% = 250 bod

Total upcoming new production for COE 1000 bod

Total Oil Production for COE = 1807 bod

Upside from:
Christies 3 spudded 18 sept (250 bod)??
Arwon exploration well bod ????

Oil Revenue

1807 bod @A$35 = $63245 per day
= $23 million per year
= 16 cps
using multiple 6 = 80 cents per share.

current share price 24 cents

Following the above numbers we should keep in mind that oil wells do not always perform 100%.

Bad weather such as flooding, technical problems and delays in oil off take can bring revenue down.
But even if we are extremely negative and look at only half of the above revenue achieved we would still look at a share price far above 24 cts.

comments appreciated

jojo