4000 BARRELS PER DAY, page-15

Regardless of the actual value assigned to the Jingemia discovery, I think most have understood its real value in terms of providing HDR an option for funding ongoing Mauritanian exploration. The West Australian investment substantially improves HDR's short term position (we are all hoping the longer term takes care of itself). Kudos to Ted et al.

On another matter, the options still look expensive (imho). I was hoping to have a flutter, but HDRWMA still values HDR at 79c (Nov 28). I wonder how these are being valued - I'm not sure Black-Scholes is valid given the price is hardly log normal mean reverting. A simple decision tree would be better ...

Finally, I wonder whether setting the AGM (Nov 29) for the day after the option expirey is coincidental.