Graham,Cooper Energy have a major case of Beach-itis ... the...

Graham,

Cooper Energy have a major case of Beach-itis ... the market hates junior oilers who sit on large bags of cash.

On the flip side, once the market got told what Beach was going to do with the money, Beach ran about 50%.

I expect Cooper to do the same thing, once the market knows what they are going to do with their $10m pile of cash.

By my numbers, $10m will pay for 4 onshore wells and $2m of seismic (enough to have a shot at a greenfields basin), two or three North Sea/Gulf of Mexico drills, one and a bit offshore Australian wells, or about a quarter of a deep offshore drill.

There's a fair amount of potential excitement there.

Frankly, what they found in Christies-2 compensates for what I expected Arwon to discover.

In any case, they have exploration country, cash and cash flow. What more do you really want in an oiler ?

Ian Whitchurch