HDR - 133 m Hydrocarbon Intersection, page-26

The market seems to have been expecting a much larger oil column. The truth is, that we don't know what oil column was assumed in the 250-300 million barrel estimate for Banda. Perhaps it was a 20m oil column and the 23metre column will be at the higher end of reserve estimates. Ellyard has said this oil find covers a 'very large area'. Look for a big rebound when they announce the reserve estimates.

Keep an eye on Fusion in London tonight. They might give us the reserve estimate. In the past they have been supplying the market with more information than Woodside, who have a vested interest in downplaying Mauritania.