left field induction

Gents,

Now is the time for the circling sharks to home in... both WPL and ROC have disclosed their information in relation to Chinguetti performance or lack thereof. The former's reserves interpretation is way more significant than the latter's given that it is the operator with a seriously material stake (as opposed to ROC's minor interest - hence ROC's somewhat mischievous, impromptu negative reserves releases). The ammo is spent.

The full S of A documentation is now laid bare for thorough analysis and in the public domain following Court approval. All releases to date and recent share trading activity (especially ML's capping and shorting activities) are now open to rigorous scrutiny in light of the recent chain of events... not so innocent now, huh?

We can take heart in HDR's performance today. In fact I would like to see the market discount all of the Mauritanian assets to zero including the existing infrastructure and FPSO (go on analysts you know you wanna - dare ya, double dare ya - finance another coup even, publish it in the WA papers and the AFR, go on).

Stakeholders can then focus on the real issue at hand -the energy bonanza that is Uganda.

This will be huge, no doubt about it. Even better it's onshore and the drilling rig is there whenever, wherever, 24/7 - heck, let's commission the construction of a couple more for good measure so we can own them, drill more holes and perform multiple drills in parallel so we can find oil in double quick time! How much is that worth? Answer: A lot less than offshore drilling! Maybe one duster in Mauritania? How much for seismic acquisition in the area? Cheaper too I bet. Etc. Etc.

I'll just say this again... CHINA IS VERY INTERESTED IN AFRICAN ELEPHANT HUNTING... the clock is ticking. Do you reckon Simon could handle being HQ'd in Beijing and paid in RMB? What would Mrs. Potter think?

Cheers. M.