uganda exploration drilling nzizi, page-14

re: perhaps this triggered it... TLW has a get out of jail clause in the SOA. According to the AFR, it is a drop to 50% at Chinguity; but is this 50% drop referring to the reserve, the production as per the current plan, production after the remedial drilling or what !!!

Does anybody else know any more about this?

I am trying to hold on till at least the KPMG report and the official offer which I think is 15th Nov. By then we should have news of Kingfisher, Nziizi and also Aigrette but I am also a bit concern that if they can withdraw the SOA without the penalty and they do for one reason or another, HDR will be sub dollar. I would like to hear what everyone's opinion on the chance of this happening.

If as accordingly to Citibank and Huntelys, another bid is unlikely (unless Kingfisher, Aigrette or Nziizi come in of course) then the capital is better spent on other oilers and quite a few of them are IMO buys ATM, but may not be so after Dec 15th or after the vote.