HardmanoI think enough has been said by both Hardman and...

Hardmano

I think enough has been said by both Hardman and Woodside to make it very clear that Tiof development will not be easy and will take longer than first thought. I don't think an announcement would have that much effect given that those statements have already been widely circulated.

I think the HDR share price has been pushed down by several factors -
1. Price of oil
2. String of dry holes
3. Uncertainty over Labeidna
4. Problems with hoses on Berge Helene
5. Tiof development issues
6. Chinguetti cost overruns
7. Shorters taking advantage of negative sentiment

I personally think the combination of these has pushed the share price below a fair value based on the potential of Labeidna to be a commercial find, tied back to Chiguetti.

I also think there has been an over-reaction to the Tiof development issues, its a big reservoir of good quality oil, and once it sinks into Don Voelte's head that we are not going to see oil at $24 a barrel again, he might consider it in a better light than he does now.