incredible shrinking oil company, page-8

Fed/Jojo,

Don't worry, also hanging in for an eventual recovery, but agree it may take 12 mths, SP has lost all credibility and WPL F'd up big time. He's mislead us on several Mauritanian issues, is now highly elusive/back footing on Uganda, and has dithered and mislead us on Guyane, and "new" JVs. You start to wonder whether HDR could organise a pi** up in a brewery. I believe the intentions have been there, but the realities and execution have got in the way (which is disturbing with his pedigree).

Neverthess, I do the sums on PSC B assets, look at our partners in the other JVs, Dana and Tullow in Uganda and the value these credible successful partners place on these assets and it all looks rosier.

Still feel a mug buying at near $2. I fear we may be sub 150 for another year, until the Chinq fiasco is resolved, progress towards the motherlode in Uganda, a "real" drill program for Guyane etc. A new CEO, or a takeover might also help.

Will agree, tis the time for patience, the time for selling was months ago.

Entropylord