uganda, page-8

re: uganda..cornelius I simply estimted one well out of two successful at 100mbbl.. that's 50mbl to HDR and valued it at A$10 per barrel because of its isolated location and cost to transport of process on site. Its around the same value per barrel as given to offshore developments. So...$500m worth to HDR divided by 680m shares .. around $0.80 maximum and $0.50 minimum (downgraded further for its location etc and in the case that POO is below US$55 at the time). If POO is > US$70 at the time add another $0.20.

All just guestimates. But it is exciting.....without wanting to sound like I'm ramping. Its the % equity and the control that HDR has that's exciting IMHO. The best case scenario is that both are successful at > 100mbbl .. say a total of 300mbbl+ ... that would mean $1.50-$2.40 per share. Now that's looking attractive.

H