another email to hardman, page-19

I find myself in agreement with Rager1965 in this discourse, HDR and WPL management have huge responsibilities and many, many considerations to balance and manage, financial, operational and political. I truly appreciate all the information that is explored and discussed on this forum, however it is not HDR management's responsibility to disclose all information that advantages diligent traders. I think a mood of pessimism has taken root at present due to the sequence of exploration failures , I trust management are managing the affairs of the company in the best interest of all their competing obligations to the best of their ability.
On the matter of Tiof, my understanding is that WPL has disclosed a contingent resource of 289 mbo and this was estimated prior to Tiof 6 flow test, which were better than expected. HDR have a slightly higher estimate. The JV partners will now meet to decide the whether/what further appraisal work is required before deciding whether to declare it a commercial proposition. The bowl of spaghetti analogy is simply saying it is a complex multi layered structure and my assumption is this was understood when their contingent resource estimate was given
Seems to me a mood of negativity has clouded our expectations. Take heart, I expect we will be rewarded, but if the risk is proving too high for you to sleep soundly, then I suggest you reduce your holding.

Open briefing 1/3/2005 Simon Potter
”Tiof sits halfway up a paleo-continental shelf, with reservoirs comprised of fast moving sediments deposited in channels weaving backwards and forwards in a broader 2 kilometre wide channel. Chinguetti is actually set at the bottom of similar channels where the sands are actually emerging out into the less constrained and wider base of the continental shelf… The Tiof reservoir … is a much flatter, linear structure two kilometres wide by about eight kilometres long. The sediments are a much more silty, mixed sand composition and more complex. It is for these reasons we anticipated lower flow rates for Tiof.”