Kahuna
You are a gem, you now have the award for the longest "non pasted" post in HC history, where do you get the drive ? I am worn out after 20 lines LOL,
well done.
Regarding the content, very interesting read especially the references referring to HDR. From the very start WPL have understated the results of drills at Mauritania, starting with Chinguetti when they estimated about 50% of HDR's figure, now you could understand the different relevance to each company at the time, with HDR it was the first major oil find and they wanted the "good news" story out in the press, but WPL seemed content to hide behind the low reserves figure until the subsequent drill results were indisputable when they then used close to the HDR figure, conservatism is one thing but using what seemed like "worst case senario" is another.
The latest Wildcat drill at Tevet is still being estimated at 50 to 100 mmbls except that this time HDR and ROC seem content to release the same figures, I would like to see more accuracy in that estimate but as a potential tie-in well for future years it will not be a priority for the JV.
The dropping of Banda in the reserves figure has analysts giving it zero value in their figures, at the Melbourne meeting it was stated that Banda would need to be 4 to 6 trillion before being considered for development and it was currently estimated at 3 to 4 trillion, lets hope that this years Banda appraisel boosts the oil and gas reserves, it is still a very valuable asset IMHO and British Gas seem to agree.
Other WPL actions do try the patience, such as the TIOF drill announcements however good things come to those who wait and next week our waiting may be over with the announcement of good flow rates [ hopefully LOL,] and after more number crunching we may see a Tiof reserves figure of upwards of 600mmbls, now would'nt that be nice !
Thanks for all the work and for the post.
cheers
HDR
hardman resources limited
