An Interesting Read , page-16

Chinguetti

Thanks for your rational voice. However, being a long-term HDR shareholder is a very testing business and some things that happen are just plain annoying. The extent to which leaks seem to happen is a concern - when you are not one of those that get the information in advance! If I had known as some others seem to have, that there would be a placement at 70 cents I too would have sold in the 80s after the Banda results so as to buy back in at around 70 (knowing that the price would fall towards the placement price). I have held for a long time but I also trade some. So now this loyal shareholder has lost the opportunity to 1) take profit from a good drilling result (which has vapourised due to the placement) and 2) have that cash available to buy back more at around 70 cents. This pi**es me off not because they are raising funds but because its not a level playing field. I don't have a bottomless pit of money to just keep buying more (and HDR is already well overweight in my portfolio).

Having thus had my grumble - I agree that HDR need to raise cash and a placement is a better way to do it, but why at 70 cents??? Don't you think that its too cheap? We have had two more significant oil and gas discoveries since the $1.10 placement to Woodside last year and the Banda data indicates that the many turbidite sand plays are looking good as well.

Cheers

H



With regard to