markets ripe for flurry of growth activity, page-24

Simon has put his credibility on the line being positive that the dispute will be settled shortly (even if off record). Being very long on HDR I certainly hope it is. If it goes to arbitration then we expect we'll see sub 1.80s once again.

In my view Simon's record isn't great now, recollecting positive statements he made about Tiof last year (initially the lunch, and later inferring there would be a 1 month delay in the decision, at which time of course we were simply informed the decision would be delayed to Q2 06 pending further analysis).

Anyone notice that in the Euroz presentation in now only mentions 'several' leads being greater than 100mmbo. This seems a far cry from previous presentations suggesting 40+ targets of that size or larger. Perhaps Simon is becoming more conservative, or perhaps realistic given the recent drilling results.

I'm don't mean to sound negative, I think HDR will come good - very good, sometime. Not sure how much longer I'm prepared to wait though when there are other opportunities. Whether or not arbitration with the Mauritanian Govt occurs (to me this will be a sign of Simon's credibility in talking to shareholders) may decide it for me.

Good luck to all
KA