Spekky, Its a no brainer. They will start the development...

Spekky, Its a no brainer. They will start the development process next year with production starting in 2005. Assuming HDR avoids being taken over Mauritania will churn out the cash and loyal shareholders will be well rewarded.

Ollie, Care to hazard a guess as to the revised Chinguetti reserves? Since this well was expected to delineate the edge of the field it is remarkable to find such a large column. I suspect Chinguetti reserve estimates will be massively upgraded up to the original upper estimate at around 200 MMbls. Macquarie Banks May 2002 report suggested a fair NPV for Chinguetti at US$3.40 per barrel. 200MMbls x $US3.40 / $A0.55 / 420 million shares on issue = $2.94 per share. Thats just for Chinguetti and includes nothing for Banda, or the other 54 leads in the Woodside blocks or 40 leads in the Dana blocks. Every time they've poked a stick in the ocean they've found hydrocarbons and 4 out of 5 times they've found oil. HDR will be worth a lot of money as this value is unlocked. The future is very bright indeed.