sentiment since the agm., page-2

gerber, we all have a high opinion of guyane's prospects but do we consider it too highly and let it haze our hdr valuations? hdr haven't bothered to book a drill rig and are taking an eternity to farm it out. what message does this send to prospective farminees? surely one way of brokering a suitable deal, though risky, is to have had a firm date for the first well and calling these prospective farminees bluff.

we have all seen the seismic and matamata looks like a worthwhile prospect to drill alone if the bluff doesn't work. it would also put hdr's money where it's mouth is!

there are many other stocks with exploration acreage that are as attractive as hdr's yet they are capped at a fraction of hdr.

so with the current woes, what is the incentive to cough up inexcess of $1 billion for hdr?