hartley's value whn @ 19c per share, page-40

sorry your plan is to now downramp a report from a company you liked only yesterday....

my favourite bit is towards the end of the report



RECOMMENDATION & RISKS
INVESTMENT THESIS & RECOMMENDATION
We are recommending WHL Ltd as a high conviction Speculative Buy due to the magnitude of the acreage position and the sheer size of the identified leads and prospects. We recognise that it is early stage and frontier, but also that the East Coast of Africa is heating up as a destination for increased oil and gas investment. WHL has acquired its assets at an ideal time in the cycle from our perspective, considering that there have been eight exploration discoveries in the last 12 months. The geological analysis supports prospectivity of the region, which is considered to be underexplored. With the achievement of milestones, such as quantification of prospect sizes through interpretation of modern seismic and farming out to a credible partner, we believe that share price appreciation is certain.