undervalued????, page-4

There seems to be some confusion about the price per barrel? How do you get to $10 per barrel? Below is COE announcment

COOPER ENERGY NL ASX CODE: COE
MEDIA RELEASE 15 SEPTEMBER 2004
ELS452005
COOPER REACHES $1 MILLION OIL SALES
PER MONTH MILESTONE
Cooper Energy has received payment of $1.05 million for oil production from the
Christies, Sellicks and Worrior fields in July 2004.
The payment represents the sale of 15,670 barrels of oil at a price of close to US$50
per barrel.
Cooper CEO Michael Scott said that this represented a milestone achievement for
the company and was testimony to Cooper’s unhedged oil position.
“Not withstanding a minor softening in the oil price since we recorded this result, we
should be able to maintain this level of cash generation in the foreseeable future
through increased production,” he said.
“The outstanding success of the Christies-2 (PEL92) and Worrior-2 (PEL93)
development wells are expected to launch Cooper into a period of rising oil
production.”
Cooper recently forecast a trebling of production, currently 500 barrels per day, from
the Christies field following the discovery of two new oil pools in the Namur zone in
the recently drilled Christies-2 well. These discoveries are expected to double
reserves at Christies, and is significantly higher than the previously reported 45%
increase.
Mr Scott said that in the near future Cooper was looking forward to increasing the
present production levels of 750 barrels of oil per day by at least 30%, and breaking
through the 1,000 barrels of oil per day mark.
“The enhanced production profile will continue to generate significant cash flow for
Cooper so that we can continue to leverage our way into further outstanding growth
opportunities.
“The Christies-3 development well and the Arwon-1 exploration well, if successful,
will also enhance Cooper’s production and reserves position,” he said.
MIKE SCOTT, CEO, COOPER ENERGY 08 9368 5833
MAX NIND, WARD HOLT CORPORATE COMMUNICATIONS 08 9221 8722