hdr, page-9

re: hdr considered a speculative stock Difficult to tell what will happen, although I tend to favor this stock. But even from the brokers (Aegis) seem to think its worth the punt.

As they have stated,
HDR's Mauritanian acreage has yielded significant oil discoveries at Chinguetti and Tiof, and gas discoveries. The company's strong position in this new oil province is exciting, and the key attraction. However, it is still early days, and HDR should therefore be considered a speculative stock, with considerable uncertainty attached to the valuation. Our HOLD recommendation and share price target is already assuming further success in the upcoming drilling program, which is a risky assumption.

Ace..