chart - geothermal sale, page-45

First up let me say that I only sold HRL because I think that its a little overhyped right now.

I think they have excellent prospects, and if its straight up from here, then well done for everyone.

I basically think that in raw % terms, EHR is a better home for my capital right now. Put simply, I think EHR is more likely to double than HRL, but I may be wrong.

The predictions that HRL will become a takeover target this year, or that the sharemarket will recognise the value in it are not ridiculous. However, I have little understanding of the possible corporate manoeuvrings. What I do understand, is that HRL have excellent prospects but are further away from producing power than EHR, despite potentially having reduced lead times on drills etc.

For me, buying on the hope that a big company will come in and buy HRL outright, or start buying them, is - well - speculative. Now all the best to you, and perhaps your speculation will pay off hard. So, no, I don't really think HRL is "overpriced" as I said before. However, I do think the market is currently recognising more of the value in HRL than it is in EHR, although I respect the opinions of those who have disagreed with me and I do question my own decisions although not too much because I've made a profit on HRL, will wait for possible re-entry, and am comfortable holding EHR.

Have changed sentiment to hold to reflect my own uncertainty, despite actually having sold myself.