$1.97+ close?, page-6

Hi all,

We are all entitled to our views and investment styles and I thought I'd put another two cents worth. The debate can go on and on and there is no right or wrong. Bottom line, money can be made using FA, TA or a combination of both.
Thought I'd put up a quick snapshot of Cairn for a little comparison fundamentally. Many of us believe we have a blue chip in the making where HDR are concerned and I stand by this statement I first made on the StockHouse forum in 2000. Many also think I may be mad and I wish them all the best in their quest for wealth. Unlike many on this forum and others, I like to see us all do well and discuss and debate without wishing bankruptcy on one another! Can't believe some of the posts! An absolute joke!

GOOD LUCK TO ALL !!!


Average production of 24,799 boepd
Market Cap $A6.063 billion

RAJASTHAN OVERVIEW

Basin potential
Estimated ultimate recoverable reserves 400 million – 1.25 billion bbls Reserves potential
40 wells drilled 22 Exploration, 18 Appraisal 10 Discoveries Success rate 1:2.2

Cairn discoveries to date

Current estimated oil in place To date ~ 2 billion bbls oil in place discovered
Mangala Field 1 billion barrels in place 110 – 320mmbbls recoverable reserves

GROWTH POTENTIAL

Bangladesh $350M
Ravva $100M
KG Basin $15M
Gujarat $150M
Rajasthan $1600M - $2000M

OPERATIONAL HIGHLIGHTS

• Five oil discoveries (Mangala, N-A, N-C, N-V and N-R) onshore northern Rajasthan
• Appraisal drilling of the Mangala and N-A fields successfully completed
• Independent determination of one billion barrels of oil in place at Mangala
• Mangala and N-A fields target 60,000 to 100,000 bopd commencing Q4 2007
• Northern extension of Rajasthan block granted
• Successful Raageshwari gas appraisal well
• Completion of acquisition of Shell's upstream assets in Bangladesh
• Agreements signed for five new exploration blocks in Nepal




For more information on liceces on blocks visit :
http://www.cairn-energy.plc.uk/about/index.htm


Cairn Rules Out Sale of Rajasthan Fields
AFX News Limited Tuesday, September 07, 2004

Bill Gammell, chief executive of the FTSE 100-bound oil and gas explorer Cairn Energy PLC, has ruled out selling any parts of the business, including the group's Rajasthan fields in India. "We have no plans to dispose of Rajasthan," Gammell told reporters in a conference call. Cairn will keep Rajasthan -- which is believed to hold oil in place of over two billion barrels -- "right through the development" of the fields, he said. The sale of any parts of the group's business is also out of the plan, he said. He assured that Cairn has "tremendous financial flexibility" to fund the vast Rajasthan project. Gammell was responding to speculation that the group may opt to cash in on Rajasthan following the series of oil strikes this year, sending Cairn's share price soaring for the past months. He declined to comment on persistent bid talks hounding the company, with analysts citing France's Total and Indian state-owned Oil and Natural Gas Co as among the likely predators. The development of Mangala, the first of the five major discoveries in Rajasthan, and the N-A fields to bring them into production in three years' time will need about 500 mln usd, the chief executive said. Cairn currently has about 185 mln usd in cash and 240 mln usd in credit facility. Mangala and N-A fields are scheduled to come on stream in the fourth quarter of 2007 with production of anywhere between 60,000 and 100,000 barrels of oil per day. Mangala alone is seen to have oil in place of one billion barrels, with recoverable reserves of 100-320 mln barrels, according to estimates checked by independent auditor DeGolyer and MacNaughton. An update on the N-A field will be published before the end of the year once it has completed the evaluation of the appraisal well, Gammell said. Cairn will be stepping up its exploration work in India, carrying out a "drill-till-we-drop" programme in the coming months.
To date, it has drilled 40 wells in Rajasthan. It will be spudding at least 15 holes in the coming months, and running five rigs at the same time until May 2005 when the exploration work on the block is set to end. But Gammell tried to douse investors' enthusiasm over the project, as he preferred that the group "underpromise and overdeliver" on its performance. "We think Rajasthan has a lot of potentials but we have to wait and see. We're still in the embryonic stage in exploring and understanding the fields. There's still an awful lot of things to do," he said. Cairn gave the Rajasthan fields update after it delivered a pretax profit of 22.9 mln stg in the first half, down from 38.3 mln last time, after turnover fell 22 pct to 61 mln stg, hit by the fall of the US dollar against the sterling. Average production has fallen to 24,799 barrels of oil equivalent per day from 30,625 previously, as Cairn's share of the output in Ravva and Sangu fields decline. At 9.48 am, Cairns shares were off 14 at 1,461 pence.