will the speculator take another punt

The speculator bought COE back in late 2004 at .26 however sold out after a few delays on Kurnia. Will he be tempted with the potential of a couple of company makers in the next few months.
Here is the 2004 article.

We have another horse in the race, however, and the punters haven't over-backed it yet. Cooper Energy (ASX: code COE), at a recent price of 26¢ with 137 million issued shares, is capitalised at $35m and has $10m in cash reserves. It holds interests ranging from 25% to 30% in five petroleum exploration licences in the Cooper basin.

They include three producing oilfields (Worrior, Christies and Sellicks), from which Cooper's share in the June quarter was 31,016 barrels yielding revenue of $2.7m. Reserves at the beginning of calendar 2004 totalled 1.1 million barrels. That has been recently lifted to 1.25 million and director Greg Hanc ock sees potential from current drilling to boost reserves to 1.7 million barrels by Christmas.

Unusually heavy winter rains in the outback delayed field work for weeks, while restricted access for tanker road trains on one field is limiting production to about two-thirds of capacity. Hanc ock predicts daily production could rise to 1200 barrels a day before Christmas.

That's significant because I notice a research note from broker Intersuisse to clients in early October expected production to increase to at least 1000 b/day by the end of 2004, netting Cooper around $1m a month from then on. Intersuisse branded the stock a "strong buy" at 26¢. The broker expected earnings of 6¢ a share in 2004-05. It should well exceed that if production is lifted further, putting the stock on a lowly potential multiple of close to just four times current year earnings.

With no debt and no oil price hedging in place, Cooper Energy is well placed to benefit from the continuing high oil price. It has also dipped the corporate foot into a 20% interest in a hydrocarbon play in Morocco, where it will contribute $US175,000 ($240,000) on a seismic survey.