vote against adopting the renumeration report , page-14

Hey Trader

If transatlantic are serious about taking over IPM and have alot of cash then they would be silly not to takeover COE for the cash plus reserves price of 40 to 45 cents CASH OFFER. They would get coopers cash, 1.4 million barrels of reserves of tapis at Austn tax rates for cost price and all the exploration permits for free, 22 million franking accont which could pay 51 million in franked dividends and the important 27% stake they want in IPM for also effectively free. Cooper is dead set easy prey at the moment cause the directors hold very little shares and the majority of shareholders are disgruntled with the directors at the moment. No way could cooper defend a bid like IPMs board did. IPMs board holds about 12% of shares. Cooper maybe only 2% max. made up mostly by Hancocks 3 million shares.

Also TRADER
I suggested to Mike to look at a couple of microcaps 5 to 10 million market caps like ADX and KIK cause of the tunisian acerage they have that surrounds ours. I mentioned they would be cheaper to acquire then our 35% farm in of Hammamet.

He said:
"We have looked at both these companies and the Tunisian acreage that they hold.

We are not interested in them as the geology in these permits is very high risk.

We only do farm-ins where the risk is acceptable and the prospectivity is good. Your
observation that our farm-in to Hammamet is worth more than these companies is probably
correct. Just having km2 of acreage isn't the critical factor - having prospective
acreage is the factor.

I believe Kairikie also recently exited from the Tunisia acreage - perhaps telling you
all you need to know.

However, I appreciate you bringing such things to my attention. It's good to have more
eyes out there looking for opportunities.

We kiss hundreds of frogs per year - one or two turn into princesses".


This makes me nervous about our Tunisian blocks if the surrounding blocks around them have no prospectivity.
I really hope he is right but it is hard for me to understand why our blocks have such a better chance all be it only a 21% chance at fuschia. I don't pretend to understand the geology but after the high risk Kurnia drill 10% chance and the 75% chance at Gurame, I can't 100% trust his comments regarding we only do farm-ins where the risk is acceptable and the prospectivity is good. He is the expert in this field and I have no idea so I have to take his word for it. He seems genuine and a top guy for giving me his time.

Could ronisteb or someone with some oil and gas background let me know how surrounding blocks around past discoveries can be such a higher risk due to the geology?