roc announcement, page-33

re: roc announcement/ production production wont rerate hdr to our expectation if hdr can't find reserves to replace what they will be producing.

several issues. firstly, if they cant resolve the gas issues and tiof remains in a prolonged state of limbo things wont look pretty for as long as these issues remain outstanding. secondly, cash (production) from ching wont be reflected in the share price until management can demonstrate a better return on exploration expenditure and an ability to make value added deals (see guyane).

so lets not hang our hats on ching development to change our fortunes markedly!!!!