powering, page-6

Owngoal,

I am glad I am not the only one overweighted HDR/ROC.

It's Africa isn"t it, risk overstated and so much of it being virgin unexplored ELEPHANT country simply ignored. After Africa all that will be left will be the Artic and Southern Ocean regions. Almost everywhere else it will be leftover crumbs, or the strict domain of the NOCs of the prophet.

The beauty of it is many African govts must find it so much less intimidating dealing with mid cap/juniors from a small nation than the majors and supermajors from powers with severe ability to bully militarily and/or economically.

People forget Africa has had a fraction of the turmoil in the last half century to what Europe had in the previous half, but no problems investing there 5, 10, 20, 30 years after Hitler. Regardless, African dictators and wars are remembered by investors forever.

Chancelor Brown adds an extra 10% tax on oil, and the USA talks of a windfall profits tax, but it is an African govt that gets cited as having soveriegn risk for the termidity of challenging (via due legal process) some ancillary terms. Most of these countries are too desperate for investment to do much unilaterally (unlike OECD countries).

I can't understand the rush to invest in 10 bopd stripper wells in the USA, producing 98% water, when there are severely underrated opps like HDR, ROC (and perhaps BKP). I quite like the more established Cooper basin juniors also.

Looking forward to a good couple of months I think, as punters return to the (underexplored) Mauritanian story, and in the case of HDR ELEPHANT hunting in East Africa. I hope they"ve pegged on the other side of the lake.

Entropylord