2.10 hmmmm, page-8

re: 2.10 hmmmm rager Abeaty,

The recent rise in HDR may be attributed to the injection of large volumes of cash into a number of mid cap oilers who the men in black consider are ripe for a takeover. Companies such as Dana, Burren, Tullow, Premier and others. I believe the HDR is being pulled along by the desire to buy oil shares in London due to the time of year here and an expected rising oil price.

If this continues over the next month or so it may cause TLW to reconsider their cash offer.

There are a number of imponderables

1) will a second bid come?

2) will investors be brave enough to vote "no". In the hope TLW will increase their offer?

3) will the oil rally in London last?

The way things stand right now if TLW get HDR for A$2.02 cash offer. It will be a stunning piece of business on their part

regards

Acamas