simon potter makes a statement of reassurance, page-19

Hi Hmph and others

I have just spent the last 30 minutes in a frank discussion with a contact at HDR.

The following points may encourage HDR investors

1.HDR management will hold discussions with an HC representative to visit their office and sit in on their company presentations. (This is not insider information but the same material as given to brokers and corporate.)
2.The flow rates (good or bad) at Waraga-1. They will only be starting flow tests on the next two sections over the weekend and flow results may be available midnext week.
3.An announcement on Flamant spudding should be in Tuesday’s announcement.
4.Guyane is still on. (Encouraging discussion) but am waiting for further clarification tonight before I print anything further.
5.Chinguetti flow rates (35,000 barrels a day) have indeed stabilised and in some part increased. So rumours of further falls are just rumours.
6.Reserves will only be available next February. And even if there is a drop (my words not HDR) the current SP has more than factored this in.
7.There will be a statement about Uganda reserves on the 28 August in HDR half-yearly report.
8.Why has the SP fallen? Investors are making their own decisions on Chinguetti reserves and exiting before February.
9.We discussed other points, but I will wait for further clarification before reporting.

Angers