HDR- Press reports, page-4

AFR article

This tells us what we didn't get yesterday - that the Banda field is large (around 4 times the areal coverage of Chinguetti) so the 23 metre oil leg (at least) will yield around 100 mbbl (recoverable).

This article is very positive and says that Chinguetti will be developed and that Banda is commercial in its own right. Further drilling may increase the size of ther oil accumulation.

It will be interesting to see where the share price heads today after this good press. I noted yesterday that the first response to the news was a sell down to 78 on around 3.5m shares, then there was a pause and then strong buying back up to 82 on much larger volume (around 6m shares to a total of 9m). Then it drifted to a lower close. From this I would expect (hope) that on this good press it will head back to around 82 plus. We will see.

I have to say that the details provided in the press today are what the market needed and should have had yesterday. If you were cynical (and I am) you would think that the "disappointing" release yesterday was designed to drop the price so that those "in the know" could buy in cheaply (and they did when it ran back up from 78 to 82).

All just my interpretation so please don't listen to me!

Cheers

H