Chinguetti's HDR Valuation, page-2

Thanks veejay, it was two years in the making and I've updated it after every analyst research report & material asx announcement. When HDR give more details on the drilling program later this week I will be able to update it again. One frustrating omission is that no one has ever published a list of the names and PSC locations of the 40 leads. If anyone has this info, please post it.

http://home.mindspring.com/~smstuart/myfiles/mauritania_winners7.xls