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Hardmano,

As you would know well, the present share price of HDR of $1.92 discounts only a fraction of the medium term value of HDR's share of Mauritania. There is nothing in the present price for Uganda or French Guyane.

If Uganda evolves into two successful oil fields, we will discover that operating the on shore fields is much cheaper than operating in deep water, despite the coast of Africa being a trucking distance equivalent to roughly the Murray River relative to Sydney. There is no downside in the price if Uganda is a duster, but a successful second field will double the present price of $1.92