bloomberg interview with simon potter, page-9

agent Cooper

Reasonable comments .... if you are taking a short-term view. I prefer to regard it as a good thing that management is being realistic and upfront. Don't forget that Chinguetti flow will be enhanced over time by Tevet and then we should have Tiof. Uganda looks promising for an early development and it has the potential to produce up to 10,000 bopd for HDR from Waraga nd Mputa (assuming Mputa flows like Waraga).

I'm also pleased that HDR is being realistic in not taking on additional new ventures to those already planned so as not to spread themselves and their funds too thinly. Simon saying that they have to adapt to available cash flow is most likley also setting the scene for a farmout of Guyane ... rather than trying to go it alone (which was unlikely anyway).

Once again I'm looking at the glass half full.

H